Glacier FarmMedia MarketsFarm — The ICE Futures canola market retreated on Tuesday despite overall support from comparable oils.
Chicago soyoil, European rapeseed, and Malaysian palm oil were in positive territory. Crude oil was also higher as tensions in the Middle East outweighed hawkish sentiment from the United States Federal Reserve.
At mid-afternoon, the Canadian dollar was up two-tenths of a U.S. cent compared to Monday’s close.
Crop consultancy Strategie Grains projected 2024-25 rapeseed production in the European Union to decline by seven per cent at 18.4 million tonnes due to a sharp drop in planted area.
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Glacier FarmMedia — The ICE Futures canola market was weaker on Monday, settling below nearby chart support after trading to…
There were 48,699 canola contracts traded on Tuesday, which compares with Monday when 52,311 contracts changed hands. Spreading accounted for 34,392 of the contracts traded.
SOYBEAN futures on the Chicago Board of Trade (CBOT) rose for the second day on Feb. 6. Although the March contract surpassed US$12.05 per bushel during the session, it settled below US$12/bu.
Crop consultant Dr. Michael Cordonnier left his Brazilian and Argentine soybean production estimates unchanged at 149 million tonnes and 52 million, respectively. His production estimate for Paraguay’s soybean crop was raised 500,000 tonnes at 10.5 million, while also projecting South American production to gain 18.8 million tonnes from last year.
The top soybean-producing Brazilian state of Mato Grosso has nearly finished 40 per cent of its harvest.
AgRural reported Brazil’s soybean harvest at 16 per cent complete, up five points from the week before.
In Argentina, 14 per cent of its soybean crop is in the filling stage and is in need of timely rains.
For the first time in five sessions, all three major United States WHEAT varieties rose. However, the March Chicago and Minneapolis spring wheat contracts failed to close at or above US$6/bu. and US$7/bu., respectively.
Winter wheat ratings in Texas improved four points to 46 per cent good to excellent as of Feb. 1.
The price of 12.5 per cent protein Russian wheat for free-on-board delivery declined by US$7 per tonne at US$228. Russian wheat shipments rose to four-month highs due to better weather at ports.
Russian President Vladimir Putin is expected to visit Turkey on Feb. 12 for discussions in re-opening a Black Sea shipping corridor for Ukrainian vessels.
For the third time in four sessions, the March CORN contract declined. It was the first time the contract closed below the US$4.40/bu. mark.
Cordonnier kept his corn production estimates for Brazil and Argentina at 115 million tonnes and 56 million, respectively, citing mixed weather conditions. He also projected a gain of 900,000 tonnes in South American corn output this year compared to last.
AgRural reported Brazilian corn planting at 27 per cent complete as of Feb. 1, up 16 points from the previous week.
Argentina’s corn crop is 34 per cent pollinated, 15 per cent filling and three per cent maturing.
Ukrainian sea exports from the Port of Odesa totaled more than 20 million tonnes since August, including 14.3 million tonnes of grain. January’s grain shipments out of Odesa were 6.3 million tonnes.
