WINNIPEG — The ICE Futures canola market had small losses on Wednesday, despite finding support from comparable oils.
Crude oil extended its recent rally driven by upcoming supply cuts from OPEC+. Chicago soyoil, European rapeseed and Malaysian palm oil were also higher.
The Canadian dollar was up one-quarter of a United States cent compared to Tuesday’s close, pressuring canola.
The Foothills in Alberta could get up to 40 centimetres of snow through Friday, with Calgary expected to see 10 to 15 cm. Meanwhile, the eastern half of the Prairies is to remain dry with high temperatures above 10 degrees Celsius.
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There were 41,715 canola contracts traded on Wednesday, which compares with Tuesday when 44,958 contracts changed hands. Spreading accounted for 27,252 of the contracts traded.
WINNIPEG, April 3 (MarketsFarm) – The May CORN contract at the Chicago Board of Trade (CBOT) made a small gain on Wednesday, but not enough to recover its losses from the past two sessions.
The United States Energy Information Administration (EIA) said that 1.073 million barrels of ethanol were produced per day on average during the week ended March 29, the most in more than a month. Ethanol stocks increased by 324,000 barrels at 26.416 million.
Reports said that China is asking importers to reduce receipts of corn in order to support the domestic market. China will also expand plantings of GMO corn varieties this year.
The USDA’s ag attache in Brazil reduced its Brazilian old crop corn production estimate by two million tonnes at 122 million, while also projecting 2024-25 crop production at 129 million on 22 million hectares. Ending stocks for 2024-25 were estimated at 7.9 million tonnes.
Taiwan purchased 65,000 tonnes of corn, likely from Argentina.
SOYBEAN prices ended a five-day downturn by moving into positive territory. However, the July and August contracts failed to close above US$12 per bushel.
Prior to today, soymeal prices fell to their lowest levels since late February due to the recent detection of avian flu in dairy cows, prompting demand questions. Meanwhile, live and feeder cattle prices at the Chicago Mercantile Exchange hit two-month lows.
Malaysian palm oil prices rose 84 ringgits overnight and were at their highest since March 2023.
All three major U.S. varieties of WHEAT rebounded with double-digit gains. Kansas City hard red wheat made the largest gains on Wednesday, after being hit the hardest on Tuesday.
Next week, substantial rains are expected to fall onto Kansas and eastern Colorado, as well as western Oklahoma and western Texas.
Saudi Arabia issued a tender of nearly 800,000 tonnes of wheat for June-July delivery, while Jordan tendered 120,000 tonnes of milling wheat.
Tunisia tendered 50,000 tonnes of soft milling wheat and 50,000 more for durum wheat.
Japan is expected to buy 113,500 tonnes of wheat from the U.S., Canada and Australia.
