WINNIPEG — The ICE Futures canola market saw small declines due to harvest pressure and vegetable oils. Statistics Canada (StatCan) also reported a 13.7 per cent rise in canola ending stocks compared to last year at 1.506 million tonnes as of July 31.
Chicago soyoil, European rapeseed and Malaysian palm oil were all down on Friday. However, crude oil went up due to extended supply curbs from Saudi Arabia and Russia.
At mid-afternoon, the Canadian dollar was up a quarter of a United States cent compared to Thursday’s close. StatCan also reported today that the nation’s unemployment rate remained at 5.5 per cent.
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Temperatures across the Prairies were expected to be in the high-teen to low-20 degrees Celsius with rain in northern parts of Saskatchewan.
About 32,215 canola contracts were traded on Friday, which compares with Thursday when 31,637 contracts changed hands. Spreading accounted for 15,734 of the contracts traded.
For a sixth straight day, SOYBEANS on the Chicago Board of Trade (CBOT) alternated between gains and losses, ending Friday in positive territory.
According to the United States Department of Agriculture’s (USDA) weekly export sales report, 155,600 tonnes of old crop soybeans were exported during the week ended Aug. 31 despite the trade’s highest estimate being zero net sales. For new crop, 1.783 million were exported, mostly to unknown destinations and China.
Soymeal sales totalled 297,100 tonnes for old crop and 143,100 tonnes for new crop. For soyoil, there were 900 tonnes of net sales cancellations for old crop, mostly from Canada, as well as 2,500 tonnes of new crop sales.
Argentina’s soybean crop for this year was projected at 50 million tonnes, compared to 21 million harvested the previous year.
The December CORN contract ended the day slightly lower, having been below the US$5 per bushel mark since Aug. 21.
The USDA’s weekly export sales report showed that there were 15,200 tonnes of net cancellations for 2022-23 corn. Meanwhile, net sales for new crop corn totalled 949,700 tonnes during the week at the higher end of pre-report trade estimates, with nearly half going to Mexico.
The Buenos Aires Grain Exchange expects El Nino rains during the corn-growing season as it estimated production for its 2023-24 corn crop to be 55 million tonnes compared to the drought-affected 34 million harvested from the previous year.
The USDA’s weekly ethanol report showed cash prices averaged US$2.11 to US$2.28 per gallon regionally, between six to 15 cents higher for the week.
For the second straight day, all three U.S. WHEAT varieties were in the red, but were all higher compared to one week earlier.
Statistics Canada reported a 2.2 per cent year-by-year decline in wheat stocks as of July 31 at 3.584 million tonnes.
There were 370,300 tonnes of new crop U.S. wheat exported for the week ended Aug. 31, up 13 per cent from the previous week but down 11 per cent from the four-week average. In addition, 11,200 tonnes of 2024-25 wheat sales were made to Mexico.
Argentina’s wheat crop for next year is expected to be 16.5 million tonnes, compared to 12.2 million taken off the fields last year.
South Korea rejected all offers in its 45,000-tonne tender for Canadian milling wheat.
