WINNIPEG — The ICE Futures canola market showed weakness and tested support levels on Wednesday despite strength in comparable oils.
While Chicago soyoil was down, Malaysian palm oil was up and European rapeseed was mostly higher. Crude oil gained more than US$1 per barrel after Tuesday’s explosion at a hospital in Gaza City. Iran’s foreign minister has called for an oil embargo on Israel.
The Canadian dollar was down two tenths of a United States cent compared to Tuesday’s close.
Much of Saskatchewan and northern Alberta will see rain today, while high temperatures throughout the Prairies will range from 10 to 20 degrees Celsius.
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About 42,431 canola contracts were traded on Wednesday, which compares with Tuesday when 38,694 contracts changed hands. Spreading accounted for 35,258 of the contracts traded.
CORN prices went up at the Chicago Board of Trade (CBOT) on Wednesday, halting a slide over the past three sessions.
The United States Energy Information Administration (EIA) reported an average of 1.035 million barrels of ethanol produced per day for the week ended Oct. 13, a six-week high. Ethanol stocks tightened by 414,000 barrels to 21.112 million.
Taiwan has purchased 65,000 tonnes of corn from Brazil for shipment in December.
A French growers group is forecasting France’s maize crop to be 13.1 million tonnes in 2023, 23 per cent more than last year’s crop.
SOYBEANS extended its rally to three straight sessions, with the November contract closing the day above US$13 per bushel for the first time since late September.
A source from China said that the country is preparing to step up its imports of U.S. soybeans and is currently watching transportation issues in the U.S. such as the low water levels on the Mississippi River. The USDA announced a 132,000-tonne sale of soybeans to China this morning.
ABIOVE is forecasting Brazil’s 2023-24 soybean crop to be 164.7 million tonnes, above the USDA’s estimate of 163 million. ABIOVE also projected soybean exports to be 100 million tonnes compared to 97.5 million from the USDA. However, ABIOVE’s crush estimate of 54 million tonnes was lower than the USDA’s at 55.75 million.
WHEAT prices on the CBOT were up three to 10 U.S. cents per bushel, with the March Chicago wheat contract closing back above US$6/bu. after settling below the mark on Tuesday.
The European Commission, the Ukrainian Grain Association and the Ukrainian and Romanian governments have increased access to Ukrainian grain vessels at the Port of Constanta in Romania. From January to September, 10.5 million tonnes of Ukrainian grain were exported through there.
The European Commission reported 8.81 million tonnes of wheat were shipped this season so far, compared to 11.3 million one year ago.
India raised the price it buys locally produced new-season wheat by seven per cent to US$27.33 per 100 kg to encourage farmers to expand production.
SovEcon has cut its Russian wheat production estimate by 200,000 tonnes to 91.4 million due to deteriorating prospects in the Urals and Siberia.
