Glacier FarmMedia MarketsFarm – The ICE Futures canola market had its best day since late November on Monday, seeing some independent strength as chart-based positioning provided support.
While Chicago soyoil and European rapeseed traded higher, Malaysian palm oil was mostly lower and crude oil was down as price premiums from Middle East tensions slowly disappear.
At mid-afternoon, the Canadian dollar was up more than one-quarter of a United States cent compared to Friday’s close.
Light rains were expected for much of the Prairies today, with the central Prairies expecting to see five to 10 millimetres of precipitation this week, while western Manitoba and the Foothills would see 20 to 30 mm. High temperatures were set to range from the mid-teens to low-20s Celsius.
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There were 54,619 canola contracts traded on Monday, which compares with Friday when 44,915 contracts changed hands. Spreading accounted for 26,266 of the contracts traded.
Two days after hitting its lowest price since the end of February, the July SOYBEAN contract gained more than 30 U.S. cents per bushel since then, including more than 10 cents on Monday at the Chicago Board of Trade (CBOT).
In excess of 435,000 tonnes of U.S. soybeans were shipped during the week ended April 18, according to the U.S. Department of Agriculture, down 11,000 from the previous week but at the higher end of trade estimates. Cumulative total exports this marketing year reached 38.49 million tonnes, down from 47.05 million last year.
The Buenos Aires Grain Exchange (BAGE) estimated 14 per cent of the Argentine soybean crop is harvested, up three points from the week before but down from the 36 per cent five-year average.
The Argentine government released its soybean production estimate of 49.7 million tonnes on Thursday.
All three U.S. WHEAT varieties saw their respective July contracts rise by the double-digits on Monday. While July Chicago wheat had its biggest one-day gain since earlier this month, its Kansas City hard red and Minneapolis spring wheat counterparts had their best trading days so far in 2024.
More than 450,000 tonnes of U.S. wheat were exported during the week ended April 18, down from 620,000 the previous week and near the lower end of trade estimates, according to the U.S. Department of Agriculture (USDA). So far this marketing year, 16.44 million tonnes have been shipped, down from 17.89 million one year ago.
Russian missiles attacked Ukraine’s Pivdennyi port in southern Odesa on Friday, destroying grain storage facilities.
Ukrainian railways lifted a recent ban on grain deliveries to the Black Sea port of Chornomorsk earlier today.
The USDA projected Turkey to produce 4.4 million tonnes of durum wheat in 2024-25, up 10 per cent from last year, while exporting two million as well. A Russian trade group forecast durum production in Russia to be 1.8 million to two million tonnes in 2024-25.
July CORN settled just shy of the US$4.50/bu. mark, but surpassed it for the first time since April 5 during trading.
The USDA reported 1.624 million tonnes of corn were shipped, 270,000 more than the previous week and above trade expectations. U.S. corn exports totaled 30.33 million so far this marketing year, eight million more than one year ago.
The USDA’s Cattle on Feed report released on Friday showed 11.8 million head as of April 1, up 1.5 per cent from one year earlier. Placement volumes for March dropped to 1.75 million, 12 per cent below the same month in 2023.
The BAGE reported that 17 per cent of Argentina’s corn crop has been harvested, two points more than last week, but well below the five-year average of 36 per cent at this time of year.
