WINNIPEG — The ICE Futures canola market extended its losses on Wednesday while comparable oils had mixed sentiment.
Chicago soyoil was lower, but European rapeseed and Malaysian palm oil were on either side of unchanged. Meanwhile, crude oil was in positive territory, adding onto gains made the previous day.
At mid-afternoon, the Canadian dollar was down more than one-tenth of a United States cent compared to Tuesday’s close.
The Bank of Canada announced this morning it will leave its key interest rate unchanged at five per cent.
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Temperatures across the Prairies were expected to range from the high-teens to the mid-20 degrees Celsius with parts of Alberta and Saskatchewan experiencing rainfall.
About 34,838 canola contracts were traded on Wednesday, which compares with Tuesday when 37,567 contracts changed hands. Spreading accounted for 21,282 of the contracts traded.
Despite deteriorating crop conditions, the December CORN contract on the Chicago Board of Trade (CBOT) closed Wednesday relatively unchanged from the day before.
The United States Department of Agriculture (USDA) reported on Tuesday that the corn crop was 53 per cent good to excellent, down three points from the previous week. Illinois’s and South Dakota’s corn crops fell 10 points while North Dakota’s improved by five. Out of the crop, 93 per cent was in the dough stage, 67 per cent was dented and 18 per cent was mature, all above their respective averages.
S&P Global estimated the U.S. corn yield at 177.5 bushels per acre for record production at 15.111 billion bushels.
Agritel projected 2023 Ukrainian corn production to be up 5.8 per cent to 29.3 million tonnes, while CONAB estimated Brazil’s total 2022-23 corn production at a record 131.8 million.
The November SOYBEAN contract made its biggest one-day jump since Aug. 28. However, nearby contracts remain below US$14 per bushel.
U.S. soybean conditions dropped five points from the past week to 53 per cent good to excellent, with Kansas seeing the largest decline at 12 points. From the crop, 95 per cent was setting pods, while 16 per cent was dropping leaves, both above average for this time of year.
S&P Global estimated the U.S. soybean yield at 51 bushels per acre for 4.205 billion bushels of production.
CONAB projected Brazilian soybean production for 2022-23 at a record 154.6 million tonnes.
The USDA announced on Tuesday a sale of 251,000 tonnes of new crop soybeans to unknown destinations.
While the December Chicago WHEAT contract nearly gained 10 U.S. cents per bushel, those for Kansas City hard red wheat and Minneapolis spring wheat moved up by at least 20 U.S. cents/bu.
The spring wheat harvest in the U.S. was 74 per cent complete, three points below average. Meanwhile, the winter wheat crop was only one per cent planted compared to the three per cent average.
Analysts estimated Canadian wheat stocks prior to Friday’s Statistics Canada stocks report to be four million tonnes on average, 340,000 tonnes higher than last year.
Russia attacked the Ukrainian capital of Kyiv as well as a grain port located on the Danube overnight.
South Korea bought 55,000 tonnes of feed wheat, while Japan is tendering for 60,000 tonnes.
