WINNIPEG — The ICE Futures canola market ended Friday with its worst showing of the week, pressured by a stronger Canadian dollar.
Chicago soyoil and European rapeseed were both lower, while Malaysian palm oil was mixed. Crude oil gained more than US$1 per barrel due to optimism over a potential resurgence in Chinese demand.
At mid-afternoon, the Canadian dollar gained more than four-tenths of a United States cent compared to Thursday’s close.
About 31,900 canola contracts were traded on Friday, which compares with Thursday when 35,940 contracts changed hands. Spreading accounted for 18,828 of the contracts traded.
Read Also
Canadian Financial Close: Loonie gives up tenth of a cent
By Glen Hallick Glacier Farm Media | MarketsFarm – The Canadian dollar eased back on Monday, positioning ahead of Wednesday’s…
CORN prices struggled to find direction on Friday before settling lower.
The United States Department of Agriculture (USDA) reported that 1.132 million tonnes of U.S. corn were sold for export during the week ended Jan. 12, exceeding trade expectations of between 250,000 to 800,000 tonnes.
The Buenos Aires Grain Exchange has rated Argentina’s corn crop at five per cent good to excellent and 47 per cent poor to very poor. However, rains are expected over the next two weeks.
SOYBEAN prices continued their slump to end the week.
Weekly export sales of U.S. soybeans came in at 986,000 tonnes for the week ended Jan. 12, right in the middle of trade expectations between 600,000 and 1.2 million.
In Argentina, its soybean crop was rated at three per cent good to very good and 60 per cent poor to very poor.
Chinese soybean imports totalled 91.08 million tonnes in 2022, down 5.6 per cent from the previous year. Imports from the U.S. dropped 10 per cent to 29 million tonnes, while imports from Brazil decreased six per cent to 54.4 million.
WHEAT acted independently from corn and soybeans to end the week in an upturn.
The USDA reported this morning that export sales of U.S. wheat totalled 473,000 tonnes for the week ended Jan. 12, more than the range of trade guesses from 75,000 to 400,000 tonnes.
Ukraine has shipped 18 million tonnes of grain so far under the Black Sea Grain Initiative. However, Russia is slowing down inspections of vessels on the Black Sea, while its wheat is dominating offshore export markets.
