Glacier FarmMedia MarketsFarm — The ICE Futures canola market extended its rally on Wednesday courtesy of rising prices for most comparable oils.
European rapeseed and Malaysian palm oil were up while crude oil was stronger due to weakness in the United States dollar and a drawdown in stockpiles. However, Chicago soyoil was slightly lower.
At mid-afternoon, the Canadian dollar was down less than one-tenth of a U.S. cent compared to Tuesday’s close. Earlier today, the U.S. Dollar Index fell to its lowest level since May after the Japanese yen rallied.
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Glacier FarmMedia | MarketsFarm — Canola futures on the Intercontinental Exchange rebounded from recent losses in the middle of Wednesday…
One analyst described the Chicago soy complex as “suspect” and mentioned lower export demand for the U.S. crop for its relative weakness. The analyst also expects canola to trade within a range of C$600 to C$650 per tonne.
There were 39,022 canola contracts traded on Wednesday, which compares with Tuesday when 41,932 contracts changed hands. Spreading accounted for 15,164 of the contracts traded.
All three major United States WHEAT varieties were on the rise for the first time in four sessions on Wednesday. Prices at the Chicago Board of Trade (CBOT) were supported by a weaker U.S. dollar.
The European Union exported 788,200 tonnes of wheat during the first half of July according to the EU Commission. This paled in comparison to the 1.5 million tonnes shipped in the same period one year ago.
Egypt purchased 770,000 tonnes of wheat on Tuesday with 720,000 coming from Russia and the rest from Bulgaria.
Japan is tendering 115,200 tonnes of wheat with more than 55,000 coming from the U.S. and the rest from Canada and Australia.
Poor weather has led Germany’s farm co-operatives to cut their wheat production estimate by 140,000 tonnes at 20.2 million.
The September CORN contract touched on the US$4 per bushel mark for an intraday high before closing lower. It was the sixth gain over the past seven sessions.
Iowa, Illinois and Indiana received at least 25 millimetres of rain on Tuesday from the same system that flooded parts of Toronto. Southcentral Illinois received more than 150 mm in some areas. However, Nebraska, Iowa, Minnesota and Wisconsin are expected to see some dryness in the coming days.
The U.S. Energy Information Administration reported 1.106 million barrels of ethanol were produced per day on average for the week ended July 12, the most in one week since last December. There were 23.16 million barrels of ethanol stocks, down 443,000 from the previous week.
The Ukrainian Agrarian Council is anticipating the country’s corn crop to be reduced by 30 to 35 per cent due to heat and dryness. However, rain is in the forecast for much of Ukraine next week.
Taiwan purchased 65,000 tonnes of corn on Tuesday night, likely from the U.S.
August and September SOYBEAN contracts were higher for the second-straight day, but its November and January counterparts were in the red.
Flash flood warnings were posted from northern Arkansas to southern Illinois and Kentucky on Wednesday morning, affecting numerous corn and soybean fields.
Brazilian trade association Abiove raised its estimate for the country’s soybean crop by 700,000 tonnes at 153.2 million, more than the estimates provided by CONAB and the U.S. Department of Agriculture.
