The ICE Futures canola market took a step back on Monday following overall weakness in comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil all retreated. Crude oil was also down after peak demand from the Independence Day holiday in the United States dissipated and lackluster economic data from China.
At mid-afternoon, the Canadian dollar was nearly down three-tenths of a U.S. cent compared to Friday’s close.
There were 39,870 canola contracts traded on Monday, which compares with Friday when 30,785 contracts changed hands. Spreading accounted for 15,356 of the contracts traded.
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The September contracts for all three major United States WHEAT varieties on Monday fell to contract lows as markets came off Friday’s mixed World Agricultural Supply/Demand Estimates (WASDE) from the U.S. Department of Agriculture (USDA).
Almost 534,000 tonnes of U.S. wheat were shipped during the week of July 11, nearly double from last year, according to the USDA. Accumulated shipments for the new marketing year were 2.27 million tonnes.
IKAR raised its estimate for Russian wheat production by 1.2 million tonnes at 83.2 million.
August soybeans at the Chicago Board of Trade (CBOT) had its largest single-day loss in nearly a year with the deferreds losing between 24 and 26 U.S. cents per bushel. Like wheat, they also hit new contract lows.
Nearly 169,000 tonnes of U.S. soybeans were shipped during the week ended July 11, up five per cent from the year before. Year-to-date exports were 42.02 million tonnes, down 16 per cent from last year.
The net short position in soybeans by spec funds was up by 29,000 contracts at 162,800 as of July 9, the highest level in five years according to the Commitment of Traders report from the U.S. Commodity Futures Trading Commission.
The National Oilseed Processors Association (NOPA) released its monthly crush report showing 175.599 million bushels of soybeans were processed in June. The average trade guess was 177.9 million bushels of soybeans crushed during June. Soyoil stocks came in at 1.622 billion pounds compared to the average trade guess of 1.669 billion pounds.
September CORN also hit a new contract low but closed a few cents above it on Monday. The contract fell below US$4/bu. for the sixth-straight session, but it was the first time it fell below US$3.90/bu.
The USDA reported 1.079 million tonnes of U.S. corn shipped last week, more than double from one year ago. Accumulated shipments this marketing year were 44.592 million tonnes, up 31 per cent from last year.
During the weekend, parts of the U.S. Northern Plains and the Midwest received anywhere between 25 to 100 millimetres of precipitation. Most of the U.S. Corn Belt will see more than 25 mm over the next seven days, with parts of Arkansas, Missouri, Illinois, Indiana and Ohio expecting to get 75 mm or more.
Spec funds added onto its record large net short position for corn with 10,000 more contracts for a total of 356,400.
Brazilian farmers harvested 74 per cent of its safrinha corn crop as of July 11, up 11 points from the previous week and more than double last year’s progress, according to AgRural.
Ukraine’s ag minister said a heat wave bringing temperatures above 40 degrees Celsius will prevent record corn and sunflower harvests.
