WINNIPEG – After prices bounced back on Thursday following two weeks of losses, the ICE Futures canola market put in another positive session on Friday. It is the first time since Feb. 22 that canola has advanced in two consecutive days.
Both Chicago soyoil and European rapeseed moved higher, while Malaysian palm oil and crude oil took losses.
At mid-afternoon, the Canadian dollar was down four-tenths of a United States cent compared to Thursday’s close.
About 41,203 canola contracts were traded on Friday, which compares with Thursday when 38,344 contracts changed hands. Spreading accounted for 27,462 of the contracts traded.
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CORN prices made their biggest gain since Dec. 1.
The United States Department of Agriculture (USDA) reported another sale of corn to China this morning, with 204,000 tonnes of old crop sold.
The Buenos Aires Grain Exchange kept its production estimate for Argentine corn production steady at 36 million tonnes, but it rated the country’s corn crop at six per cent good to excellent, down one point from last week. However, rains are in the forecast for northern and central Argentina.
A senior Lloyd’s of London official said that insurers will continue to cover grain shipments from Ukraine, but war-cover policies will need to be renewed every seven days.
SOYBEAN prices advanced after a three-day slide.
The Buenos Aires Grain Exchange also held its production estimate for Argentina’s soybean crop steady at 25 million tonnes, rating it at two per cent good to excellent and 73 per cent poor to very poor.
The Rosario Grain Exchange also anticipates Argentine soybean imports to rise 139 per cent to 7.9 million tonnes this year due to ongoing drought.
Spot soybean prices in China fell to a one-year low earlier today.
A survey from Farm Futures is projecting 89.62 million acres of seeded area for U.S. soybeans in 2023-24, up 2.5 per cent from this year.
All three major U.S. WHEAT varieties were higher on Friday with Chicago and Kansas City moving up more than 26 U.S. cents per bushel.
A Russian newspaper is reporting that the country may temporarily halt wheat and sunflower exports after a recent large drop in global prices.
As of March 19, the hard red winter wheat crop in Kansas was rated 50 per cent poor to very poor due to drought, while Oklahoma’s and Texas’ hard red winter wheat crops were rated at 43 and 44 per cent poor to very poor respectively.
Farm Futures is also projecting that U.S. wheat area will total 45.74 million acres for 2023-24, 5,600 more than the year before, with 6.3 per cent fewer spring wheat acres and 3.4 per cent more winter wheat acres.
