Glacier FarmMedia MarketsFarm – The ICE Futures canola market finished slightly lower on Wednesday after recovering most of its losses late in trading.
Malaysian palm oil was mostly higher, while Chicago soyoil was up and crude oil rose despite growing United States stockpiles. European rapeseed was lower.
At mid-afternoon, the Canadian dollar was up two-tenths of a U.S. cent compared to Tuesday’s close.
There were 92,532 canola contracts traded on Wednesday, which compares with Tuesday when 48,699 contracts changed hands. Spreading accounted for 72,416 of the contracts traded.
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The March CORN contract on the Chicago Board of Trade (CBOT) declined for the second session in a row on Wednesday. In doing so, the contract also hit a new low of US$4.3275 per bushel.
The United States Energy Information Administration (EIA) reported that 1.033 million barrels of ethanol were produced per day on average for the week ended Feb. 2. Ethanol stocks rose 509,000 barrels at 24.779 million.
In total, 189 million bushels of corn were shipped from the U.S. during December, according to monthly Census data, up from 141 million in November.
SovEcon reported Ukrainian grain exports for the month of January at 5.3 million tonnes, with 60 per cent comprising of corn.
Approximately 20 to 90 mm of rain fell in Buenos Aires over the past two days, with two more waves of rain expected this week for most of Argentina.
SOYBEAN prices fell after a small two-day rally, with the March and May contracts now below US$12/bu. As a result, both contracts hit their lowest levels since June.
U.S. soybean exports totaled 177.3 million bushels in December, a three-month low. However, soymeal shipments hit an all-time record with 1.45 million tonnes shipped during the month, while soyoil shipments totaled 5,700 tonnes.
Crush association Abiove reduced its estimate for Brazilian soybean production to 156.1 million tonnes.
Parts of central Brazil will see scattered showers next week, allowing for progress in its soybean harvest.
The March Chicago and Minneapolis spring WHEAT contracts were up, with the former closing above US$6/bu. for the first time in nearly a week.
U.S. wheat exports for the month of December were 54.95 million bushels, a 12 per cent increase from the previous month.
Crop institute Arvalis said French production of durum wheat could be lower than last year’s due to a shorter planting window and mixed field conditions. Last year, France produced 1.28 million tonnes, its worst crop since 1997.
Tunisia has issued an international tender for 100,000 tonnes of durum wheat.
Jordan purchased 120,000 tonnes of milling wheat from optional origins.
Japan issued a weekly tender of 136,000 tonnes of wheat from the U.S., Canada and Australia.
