By Glen Hallick, MarketsFarm
WINNIPEG, July 6 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures lost its gains to finish slightly lower on Thursday.
Pressure from losses in comparable oils overpowered support from dry conditions across much of the Prairies. Temperatures across the regions to rise above normal next week with very little rain in the forecast, other than for Alberta.
Along with sharp declines in the Chicago soy complex, there were more modest decreases in European rapeseed and Malaysian palm oil. Global crude oil prices were relatively steady, providing little direction to the vegetable oils.
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Saskatchewan reported that approximately 60 per cent of its canola was blooming.
The Canadian dollar was weaker at mid-afternoon Thursday, as the loonie fell to 74.87 U.S. cents, compared to Wednesday’s close of 75.34.
There were 31,995 contracts traded on Thursday, which compares with Wednesday when 37,424 contracts changed hands. Spreading accounted for 12,864 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Nov 762.10 dn 1.00 Jan 766.40 dn 1.50 Mar 770.00 dn 1.50 May 772.60 dn 1.50
SOYBEAN futures at the Chicago Board of Trade fell hard on Thursday, as sell-off took back some of the strong gains made recently.
With the Independence Day holiday, the United States Department of Agriculture has delayed its weekly export sales report to Friday.
In the USDA monthly census, May soybean exports came to 986,000 tonnes for a 60 per cent drop from the previous May. The year-to-date to the end of this May reached 50.48 million tonnes, accounting for 92 per cent of the department’s forecast.
U.S. soymeal exports in May were 1.08 million tonnes, with the year-to-date at 9.08 million. Those for soyoil tallied 22,777 tonnes with the year-to-date at 111,672.
A report said the European Union will consider loosening rules for genetically modified crops as a means to increase production.
CORN futures were stronger on Thursday, as much-needed rain for the U.S. Corn Belt will not be as much as initially hoped for.
USDA census data showed May corn exports of 6.09 million tonnes, down 15.6 per cent from a year ago. The year-to-date at the end of May was 33.40 million tonnes.
The U.S. Energy Information Administration reported average ethanol production for the week ended June 30 was 1.06 million barrels per day. Ethanol stocks were down 719,000 barrels at 22.26 million.
Brazil said its safrinha corn harvest was 20 per cent complete.
Strategie Grains cut 900,000 tonnes from its call on the 2023/24 European Union corn crop, now pegging it at 61.2 million tonnes.
WHEAT futures were mixed on Thursday, with losses for Chicago and Kansas City and a slight uptick for Minneapolis.
The USDA census placed May wheat exports at 1.42 million tonnes, up 4.6 per cent compared to May 2022.
While rain delays hampered the winter wheat harvest across parts of the U.S. Southern Plains, dry conditions posed a threat to the spring wheat on the Northern Plains.
In international purchases Algeria bought 200,000 tonnes of durum, and Thailand secured 60,000 tonnes of feed wheat.
