By Glen Hallick, MarketsFarm
WINNIPEG, May 4 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures finished mixed on Thursday, with a small decline in the old crop July contract. Trading in the July accounted for more than half of today’s activity.
Canola spent much of the session vacillating between either side of steady, as the Chicago soy complex had its ups and downs today. In the end old crop soybeans nudged up and new crop fell back, while soyoil and soymeal were lower.
European rapeseed edged higher, and the Malaysian palm oil market was still closed for a holiday. After coming away from steep losses in recent days, global crude oil prices were narrowly mixed.
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Crush margins have seen little movement, as the nearby positions are either side of C$200 per tonne above the futures.
The Canadian dollar was stronger at mid-afternoon Thursday, with the loonie at 73.85 U.S. cents, compared to Wednesday’s close of 73.44.
There were 20,085 contracts traded on Thursday, which compares with Wednesday when 25,788 contracts changed hands. Spreading accounted for 11,542 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change Canola Jul 715.10 dn 0.80 Nov 693.20 up 3.30 Jan 699.00 up 3.60 Mar 703.30 up 3.40
SOYBEAN futures at the Chicago Board of Trade (CBOT) were mixed on Thursday, with small gains in the old crop months and moderate losses in the new crop positions.
The United States Department of Agriculture (USDA) issued its export sales report for the week ended April 27. Old crop soybean sales were 289,700 tonnes with new crop sales of 67,000 tonnes. Both were within trade expectations.
U.S. soymeal export sales included 179,600 tonnes of old crop, which came within market projections. New crop sales saw a net reductions of 17,000 tonnes, Soyoil sales came to 14,000 tonnes of old crop, also within market guesses.
WHEAT futures were higher on Thursday, due to improved export sales.
The USDA said old crop wheat sales were 211,100 tonnes, and there were also new crop sales 279,700 tonnes. Both were at the high end of trade predictions.
The Kansas Wheat Tour is slated for May 15 to 18.
Despite Russia’s latest allegations claiming the U.S. was behind the drone attack on Kremlin – said to have been an assassination attempt on President Vladimir Putin – it will continue with talks to extend the Black Sea export agreement.
Egypt purchased 655,000 tonnes of wheat with most coming from Russia and a portion from Romania.
Agritel upped its forecast on Ukraine’s 2022/23 wheat crop at 16.34 million tonnes from 15.04 million. However, due to Ukraine’s territorial losses that will down from last year’s 20.5 million tonnes.
CORN futures were slightly higher on Thursday, propped up by spillover from wheat after corn had dismal export sales.
Due to large cancellations by China, U.S. corn export sales incurred a net reduction of 315,600 tonnes of old crop, which were to the low end of trade expectations. Those were slightly countered by net new crop sales of 121,000 tonnes, which were about mid-range.
