WINNIPEG — After three straight days of declines, the ICE Futures canola market rebounded on Friday as it took a page from crude oil and Chicago soyoil.
Crude oil was up more than one U.S. dollar per barrel, while Chicago soyoil continued its recent rally. However, European rapeseed was down.
The Canadian Grain Commission reported on Thursday that 67,800 tonnes of canola were shipped during the week ended Nov. 5. Total canola exports this marketing year are at 1.65 million tonnes, down more than 152,000 from one year ago.
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At mid-afternoon, the Canadian dollar retreated one-tenth of a U.S. cent compared to Thursday’s close, giving a lift to canola prices.
There were 33,313 canola contracts traded on Friday, which compares with Thursday when 26,679 contracts changed hands. Spreading accounted for 18,346 of the contracts traded.
After losing more than 20 United States cents per bushel on the Chicago Board of Trade (CBOT) on Thursday, SOYBEANS had their first positive day on the markets in three sessions on Friday.
The Buenos Aires Grain Exchange said that only 6.1 per cent of soybean areas have been planted compared to the historical average of 13 per cent, but rains may ease conditions.
China cut its soybean production estimate by 564,000 tonnes to 20.89 million due to dry conditions, but is still 600,000 tonnes more than last year.
December and March CORN contracts added onto Thursday’s losses, falling to their lowest levels since July 2021 before settling above them.
In Argentina, the Buenos Aires Grain Exchange reported that corn planting is at 24.7 per cent of the expected 7.3 million hectares to be planted for this year’s crop.
Ukraine’s agriculture ministry said the country has harvested 71.5 million tonnes of grain and oilseeds this season.
All three major U.S. WHEAT varieties also extended their losses on Friday with Kansas City hard red wheat falling the furthest.
The Canadian Grain Commission reported on Thursday that Canadian wheat exports totalled 374,000 tonnes for the week ended Nov. 5. Total exports for this marketing year are 5.51 million tonnes, up 7.7 per cent from one year ago.
The Rosario Grain Exchange cut its production estimate for Argentina’s wheat crop by 750,000 tonnes at 13.5 million.
Rains have delayed France’s wheat plantings, for which progress was at 67 per cent, compared to 91 per cent last year and a five-year average of 83 per cent.
