By Glen Hallick, MarketsFarm
WINNIPEG, June 30 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were pulled lower on Thursday, by losses in comparable oils.
Declines in global crude oil prices, especially West Texas Intermediate, weighed on vegetable oils. In turn that brought down Chicago soybeans and soyoil, as well as European rapeseed and the off session for Malaysian palm oil.
Ahead of the Statistics Canada report on planted acres, analysts pegged those for canola at 20.20 million to 22.70 million. Last year, farmers seeded 22.48 million acres of canola.
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Saskatchewan reported the development of its fall cereals stood at 76 per cent normal, with spring cereals at 58 per cent, oilseeds at 46 per cent and pulses at 69 per cent.
The Canadian dollar was a pinch higher with the loonie at 77.70 U.S. cents, compared to Wednesday’s close of 77.65.
There were 21,183 contracts traded on Thursday, which compares with Wednesday when 18,400 contracts changed hands. Spreading accounted for 13,066 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Jul 913.00 up 13.90
Nov 878.50 dn 13.60
Jan 886.50 dn 12.80
Mar 894.40 dn 11.40
SOYBEAN futures at the Chicago Board of Trade (CBOT) were weaker on Thursday, following a series of reports.
The United States Department of Agriculture (USDA) issued its planted acres and quarterly stocks reports. The USDA placed soybean acres for 2022/23 at 88.3 million, up one per cent from last year. The department estimate soybean stocks as of June 1 at 971 million bushels, for a 26 per cent jump from the previous June.
The USDA reported export sales of soybeans included a marketing year low of 120,200 tonnes of old crop, while new crop sales are 127,600 tonnes. Old crop soymeal sales tallied 23,900 tonnes, plus 47,900 tonnes of new crop. Soyoil came in at 1,200 tonnes.
CORN futures were also weaker on Thursday, due to spillover pressure from soybeans and wheat.
Planted U.S. corn acres were pegged at 89.9 million, down 4 per cent from a year ago.
The USDA said corn stocks increased six per cent from last June, now at 4.35 billion bushels.
Old crop corn export sales also hit a marketing year low at 88,800 tonnes and those for new crop came to 119,300 tonnes.
Datagro boosted its call on Brazil corn production for the current year by 1.5 per cent at 116.1 million tonnes.
South Korea bought 136,000 tonnes of corn on the international market.
WHEAT futures were down hard on Thursday, due to a lack of demand for U.S. wheat and favourable weather conditions in the Midwest.
The USDA tallied planted wheat acres at 47.1 million, up about one per cent from last year.
All wheat stocks were estimated at 660 million bushels, dropping 22 per cent from this time last year.
The USDA said wheat export sales were 496,700 tonnes.
Ahead of the Statistics Canada planted acres report on Tuesday, the markets peg wheat acres at 23.7 million to 25.4 million. Last year farmers seeded 23.36 million acres.
Egypt purchased 825,000 tonnes of wheat on the international market.
