Glacier FarmMedia MarketsFarm — The ICE Futures canola market tumbled and tested new support levels on Friday as comparable oils provided negative sentiment.
Chicago soyoil and European rapeseed were lower. Meanwhile, crude oil was down partially due to demand concerns. Malaysian palm oil was higher.
The Canadian Grain Commission reported 152,100 tonnes of canola exports during the week ended June 9, down from 238,400 tonnes the week before. Cumulative exports this year total 5.716 million tonnes, down from 7.359 million last year.
At mid-afternoon, the Canadian dollar was steady from Thursday’s close.
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There were 59,889 canola contracts traded on Friday, which compares with Thursday when 64,580 contracts changed hands. Spreading accounted for 35,596 of the contracts traded.
Kansas City hard red WHEAT at the Chicago Board of Trade fell to its lowest price since May 2, while Minneapolis spring wheat dropped to a price unseen since April 22. Chicago soft wheat contracts continued to alternate between gains and losses.
The Canadian Grain Commission (CGC) reported 294,200 tonnes of wheat exports for the week ended June 9, similar to the week before. The cumulative total for the current marketing year was 18.627 million tonnes, up from 17.03 million last year.
Texas and Oklahoma will remain dry this weekend while northcentral Kansas should see some precipitation.
France’s ag ministry kept its soft wheat crop at 62 per cent good to excellent, its lowest rating since 2020.
Strategie Grain cut its estimate for European Union wheat production by 1.7 million tonnes at 121.8 million, while also forecasting Russia’s crop to be between 78 million to 80 million tonnes.
Ukraine’s ag ministry anticipates 21 million tonnes of wheat production this year with exports at 15 million.
SOYBEAN contracts at the CBOT reported losses on Friday, but not enough to erase Thursday’s gains.
The trade is expecting the United States National Oilseeds Processors Association (NOPA) to report its May soybean crush at an average guess of 178.35 million bushels, which would be NOPA’s largest May crush ever. Soyoil stocks were pegged at 1.775 billion pounds.
The Buenos Aires Grain Exchange projected Argentina’s soybean crop at 50.5 million tonnes while marking the harvest at 96 per cent complete.
Conab cut projected Brazilian soybean production by 330,000 tonnes at 147.35 million, compared to 153 million from the U.S. Department of Agriculture.
The July CORN contract matched its largest one-day loss since May 5 after encountering resistance at the US$4.60 per bushel level.
Parts of Kansas, Nebraska, Iowa, Minnesota and the Dakotas are forecast to see heavy precipitation next week.
Argentina’s ag ministry said the country’s corn harvest was 52 per cent complete compared to the historical average of 58 per cent.
Conab raised its Brazilian corn production forecast by 2.5 million tonnes at 114.14 million, below the 122 million projected by the USDA.
Ukraine’s ag ministry increased its 2024 grain production forecast 3.6 million tonnes at 56 million, including 28.5 million tonnes of corn.
