WINNIPEG -– For the fifth straight day, the ICE Futures canola market alternated between up-and-down sessions, following the lead of vegetable oils to end lower on Thursday. The Saskatchewan crop report noted the province’s canola, as of July 24, was 35 per good to excellent, while 58 per cent was poor to fair.
August Chicago soyoil nearly lost two U.S. cents per pound, while Malaysian palm and European rapeseed were both down. Crude oil was up nearly than US$1 per barrel after another decline in United States stockpiles.
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At mid-afternoon, the Canadian dollar was steady compared to Wednesday’s close.
About 23,742 canola contracts were traded on Thursday, which compares with Wednesday when 27,912 contracts changed hands. Spreading accounted for 10,470 of the contracts traded.
For the third straight day and the fifth time in six sessions, price movement for CORN was negative on the Chicago Board of Trade (CBOT) despite upcoming hot weather in the United States.
According to the U.S. Department of Agriculture’s (USDA) Weekly Export Sales report, net sales for 2022-23 corn were 314,200 tonnes for the week ended July 20, up 33 per cent from the previous week. Meanwhile, export sales for 2023-24 corn were 335,800 tonnes, half of which went to Canada.
The U.S. Energy Information Administration (EIA) reported 1.094 million barrels of ethanol produced per day for the week ended July 21, 24,000 more than the previous week. Ethanol stocks went up by 62,000 barrels to 23.228 million.
Temperatures in the high-30 degrees Celsius are expected for much of the U.S. Midwest this week, with some areas in the 40s. Light rains are expected for Minnesota, Wisconsin and Michigan.
August SOYBEANS had its largest one-day drop since July 12, closing near the lower end of the day’s price range. Meanwhile, November soybeans ended the day below US$14 per bushel for the first time since July 18.
According to the USDA, export sales of old crop soybeans totalled 198,500 tonnes for the week ended July 20, up considerably from the week before, while 544,600 tonnes of new crop soybeans were sold, half of which were slated for China. For soymeal, 159,800 tonnes of old crop were sold, down 41 per cent from the previous week, as well as 114,000 tonnes of new crop. Old crop export sales for soyoil totalled 2,100 tonnes.
Brazil’s Paranagua port had a 50-year high in volumes, with more than six million tonnes of soybeans shipped from there during the first half of the year.
September Minneapolis spring WHEAT ended the day above US$9/bu. in a continuance of choppy trade this week. Kansas City hard red wheat made small gains, while Chicago soft wheat was still in a downturn.
Export sales for new crop U.S. wheat were 233,200 tonnes, up 37 per cent from the previous week.
The second day of the North Dakota Spring Wheat Quality Tour showed an average yield of 36 bushels per acre.
USDA attachés projected 108 million tonnes of wheat production in India as well as 35.8 million tonnes for Canada.
Russia attacked another port in the Odesa region of Ukraine overnight, killing a security guard. Meanwhile, Russian President Vladimir Putin promised to deliver a total of 1.5 to three million tonnes of free grain to Burkina Faso, Zimbabwe, Mali, Somalia, Central African Republic and Eritrea.
