Glacier FarmMedia MarketsFarm — The ICE Futures canola market made gains on Monday partly due to support from comparable oils and a weaker Canadian dollar.
Chicago soyoil and Malaysian palm oil were up while European rapeseed was steady to higher. Crude oil advanced more than US$1 per barrel.
At mid-afternoon, the Canadian dollar was down one-tenth of a United States cent compared to Friday’s close.
There were 39,916 canola contracts traded on Monday, which compares with Friday when 38,858 contracts changed hands. Spreading accounted for 21,526 of the contracts traded.
Read Also
Canadian Financial Close: Loonie slips prior to expected interest rate freeze
By Glen Hallick Glacier Farm Media | MarketsFarm – The Canadian dollar gave up a quarter cent on Tuesday, ahead…
The May CORN contract ended a three-day slide on Monday at the Chicago Board of Trade (CBOT) despite hitting a new contract low of US$4.0875 per bushel.
In total, 1.242 million tonnes of 2023-24 United States corn were exported during the week ended Feb. 22 according to the U.S. Department of Agriculture (USDA), up nearly 200,000 from last week and double the total from the same week last year.
Brazilian consulting firm AgRural estimated the country’s safrinha corn crop at 73 per cent planted, ahead of 56 per cent at this time last year. Much of the country will experience favourable weather conditions over the next 10 days.
Corn reached a net short position of 328,600 contracts, the second-largest on record, according to the Commitment of Traders report from the U.S. Commodity Futures Trading Commission (CFTC).
Statistics Canada reported that Canada’s cattle herd was down 2.1 per cent at 11.1 million cattle and calves as of Jan. 1, its lowest level since 1989. Meanwhile, Canada’s hog herd was down one per cent at 13.76 million, at its smallest since 2006.
The May SOYBEAN contract also had its first positive session in four tries on Monday, but during the session, it hit a new contract low of US$11.3350/bu.
Nearly 975,000 tonnes of old crop U.S. soybeans were exported during the week, down 316,000 from the previous week.
AgRural cut its Brazilian soybean production estimate by 2.4 million tonnes at 147.7 million. As of Feb. 22, the country’s soybean harvest was 40 per cent complete compared to 33 per cent one year ago.
A fire at the Paranagua port in Brazil on Friday halted operations at three berths where 20 vessels carrying soybeans, soymeal and wheat were expecting to dock.
Three vessels loaded with soybeans in northern Brazil are expected to head to the U.S. in April, the first such bulk shipments since last summer. The charterer for the ships is livestock and poultry producer Perdue Farms.
The May contracts for all three major U.S. WHEAT varieties settled higher, approaching their respective Monday highs. However, the May Minneapolis spring wheat contract dropped to a new low of US$6.41/bu. earlier in the day.
U.S. wheat export shipments were 482,000 tonnes of old crop, 62,000 more than the previous week.
Russian wheat export prices fell to their lowest level since 2020 last week, with the price of Russian 12.5 per cent protein wheat scheduled for free-on-board delivery in March and April down to US$215 per tonne. The price was down US$4 from the previous week.
South Korea purchased 172,300 tonnes of wheat, of which 36,400 tonnes were from Canada.
