By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 14 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures closed higher on Monday in a turnaround from Friday’s losses.
Support for the Canadian oilseed came from strong upticks in the Chicago soy complex. Losses in European rapeseed tempered further gains, while Malaysian palm oil was relatively steady. Slight declines in crude oil prices added a little bit more pressure on the vegetable oils.
Prairie temperatures in the mid 20’s to low 30’s degree Celsius are forecast for the week. Aside from scattered showers there’s to be no significant rainfall across the region until the weekend at the earliest.
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The Canadian dollar was slightly lower at mid-afternoon Monday, as the loonie slipped to 74.28 U.S. cents, compared to Friday’s close of 74.39.
There were 28,583 contracts traded on Monday, which compares with Friday when 23,797 contracts changed hands. Spreading accounted for 14,552 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Nov 770.80 up 8.90 Jan 776.40 up 8.70 Mar 779.10 up 8.40 May 779.60 up 9.90
SOYBEAN futures at the Chicago Board of Trade were higher on Monday, after the United States Department of Agriculture announced a private sale of 416,000 tonnes of new crop soybeans to unknown destinations.
The USDA issued its export inspections report and for the week ended Aug. 10, outbound movements of soybeans were 297,797 tonnes, up 4.7 per cent from the previous week. The year-to-date topped 51 million tonnes but was 7.6 per cent behind those from this time last year.
Despite projections of the second largest U.S. soybean crop on record, the USDA said the country would remain firmly behind Brazil as the world’s top soybean producer and exporter.
Ahead of Tuesday’s crush report from the U.S. National Oilseed Processors Association, market expectations averaged 171.34 million bushels of soybeans. Soyoil stocks are projected to be 1.69 billion pounds.
China reported its July soybean imports came to 9.73 million tonnes. Its year-to-date reached 62.3 million, up 15 per cent from last year.
Iran issued a tender for 12,000 tonnes of soymeal, likely from South America or India.
CORN futures were slightly higher on Monday but turning around from losses for most of the session.
The USDA placed corn export inspections at 398,269 tonnes, up 2.7 per cent on the week. However, at 35.61 million tonnes the year-to-date continued to severely lag behind those from last year.
The Pro Farmer crop tour in the U.S. is set for Aug. 21-24.
The second Brazil corn harvest was reported at 73 per cent complete as of Aug. 10. This time last year the harvest was 83 per cent done.
Ukraine said its total grain exports in July were up 17.7 per cent from a year ago.
Iran was looking to buy 180,000 tonnes of corn from either Brazil, the European Union, Russia, Ukraine or other Black Sea sources.
WHEAT futures were lower on Monday, as the forecast for the U.S. Midwest called for cooler temperatures and wetter conditions.
Export inspections of U.S. wheat tallied 183,289 tonnes, down 47 per cent from the previous week. So far in wheat’s 2023/24 marketing year nearly 3.22 million tonnes has been exported, compared to almost 3.90 million a year ago.
A Russian warship fired warning shots at dry cargo vessel that was making its way to the Ukrainian port of Izmail. After the captain initially refused to stop to be inspected, the vessel halted, was inspected and then allowed to proceed. Meanwhile, Ukraine has offered to place any cargo ships under its protection.
SovEcon projected Russian wheat exports for August to be 4.8 million to 5.1 million tonnes. The country’s wheat harvest brought in 55.5 million tonnes as of Aug. 10, down from 61.3 million the same time last year.
