By Glen Hallick, MarketsFarm
WINNIPEG, July 15 (MarketsFarm) – Despite gains for most of the session, canola futures on the Intercontinental Exchange (ICE) closed slightly lower on Friday.
Support for canola was derived from upticks in Chicago soyoil, European rapeseed and the off session for Malaysian palm oil. Gains in global crude oil prices spilled over into vegetable oils. However, pressure came from the front months of Chicago soybeans, as well as soymeal.
The Canadian dollar also weighed on values as it regained lost strength. At mid-afternoon, the loonie rose to 76.72 U.S. cents, compared to Thursday’s close 76.12.
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A trader said crops across the Prairies are in good shape, except for those in areas of drought or excessive moisture.
The Canadian Grain Commission reported canola exports for the week ended July 10 were 87,000 tonnes, down a little from last week. Year-to-date exports pushed over the five million-tonne mark, about half of where they were this time last year.
There were 15,530 contracts traded on Friday, which compares with Thursday when 15,346 contracts changed hands. Spreading accounted for 5,976 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Nov 843.40 dn 0.20
Jan 850.20 dn 0.70
Mar 856.90 dn 1.30
May 860.90 dn 2.00
SOYBEAN futures at the Chicago Board of Trade (CBOT) were mixed on Friday, with declines in the front months.
The United States National Oilseed Processors Association (NOPA) reported the June soybean crush amounted to 164.68 million bushels, slightly higher than trade expectations.
Planalytics nudged up its call on U.S. soybean yields by a 10th of a point at 51.2 bushels per acre.
Egypt issued an international tender for 3,000 tonnes of soyoil and 1,000 tonnes of sunflower oil for August delivery.
CORN futures were mixed as well on Friday, with a dip in the nearby August contract.
The weather outlook for the Eastern U.S. Corn Belt has called for up to 2.5 inches of rain over the next week. The Western Corn Belt is expected to remain dry with above normal temperatures.
The U.S. Department of Agriculture (USDA) announced this morning a private sale for 133,000 tonnes of new crop corn to China. However, early this afternoon the sale was cancelled.
The Buenos Aires Grain Exchange (BAGE) placed the corn harvest in Argentina at more than 58 per cent complete. That’s four points behind this time last year and 12 points under the five-year average. The BAGE is expected to raise its production estimate from 49 million tonnes due to better than expected yields.
WHEAT futures were lower on Friday, with double-digit losses in Chicago and Kansas City contracts.
Russia reported its 2022/23 grain harvest has brought in 20 million tonnes so far, including 15.5 million tonnes of wheat.
France said its wheat harvest is half finished.
The BAGE stated that hot, dry conditions are taking a toll on Argentina’s wheat crop.
On the international market, Japan bought 130,900 tonnes of wheat and the Philippines acquired 110,000 tonnes.
