Glacier FarmMedia MarketsFarm — Despite repeated attempts to make gains, the ICE Futures canola market went back into negative territory on Thursday, mainly due to weakness in comparable oils and a stronger Canadian dollar.
Chicago soyoil and Malaysian palm oil were both in the red, while European rapeseed was up. Crude oil had a negative correction after rallying over the past few days.
At mid-afternoon, the loonie was up nearly four-tenths of a United States cent compared to Wednesday’s close.
Tonight marks the Winter Solstice at 9:27 p.m. CST, after the shortest period of daylight in any day this year.
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There were 33,225 canola contracts traded on Thursday, which compares with Wednesday when 43,684 contracts changed hands. Spreading accounted for 21,446 of the contracts traded.
For the first time in four sessions, the March CORN contract at the Chicago Board of Trade (CBOT) ended the day higher.
The United States Department of Agriculture (USDA) reported 1.01 million tonnes of 2023-24 corn were sold for export during the week ended Dec. 14, which were within trade expectations. However, they were down 29 per cent from the previous week and down 33 per cent from the four-week average.
In addition, 1,000 tonnes of 2024-25 corn were sold to Colombia.
Railroad companies and major U.S. agricultural groups continued to urge the Biden administration to re-open two rail crossings on the Texas-Mexico border to restore trade routes that were closed on Monday due to an influx of migrants. The White House said it is working with Mexico to resolve the issue.
SOYBEAN contracts fell for the third straight day. The January contract closed below US$13/bu., while the March contract ended Thursday just above it. However, it traded below the level at one point for the first time in a year.
The USDA reported export sales of 1.989 million tonnes of 2023-24 soybeans and were within trade expectations. The total was up 84 per cent from the previous week and up 51 per cent from the four-week average.
Also, 144,000 tonnes of 2024-25 soybeans were sold.
Soymeal export sales totalled 147,800 tonnes, below trade expectations, while 3,100 tonnes of soyoil were sold to Canada.
Celeres projected Brazil’s soybean crop to be 156.5 million tonnes in 2024, with 42.1 million coming from the state of Mato Grosso. However, others have estimated production from the state to be as low as 36 million.
While the March Minneapolis spring WHEAT contract ended Thursday in the red, the March Chicago and March Kansas City hard red wheat contracts were slightly higher.
On the lower end of trade estimates, 322,700 tonnes of 2023-24 U.S. wheat were sold for export, down 78 per cent from the previous week and down 51 per cent from the four-week average.
In addition, 3,200 tonnes of 2024-25 wheat were sold to Trinidad and Tobago.
Strategie Grains estimated European Union wheat production for 2024-25 to be 124.8 million tonnes, down one per cent from this year’s total.
