WINNIPEG — The ICE Futures canola market resumed its recent rally to go with mixed sentiment in vegetable oils and a weaker Canadian dollar.
Chicago soyoil was higher coming out of Independence Day, while European rapeseed also made gains. Crude oil was lower despite smaller United States stockpiles and rising global equity markets. Malaysian palm oil was also lower.
At mid-afternoon, the Canadian dollar was down more than one-tenth of a U.S. cent compared to Thursday’s close.
There were 49,219 canola contracts traded on Friday, which compares with Thursday when 29,036 contracts changed hands. Spreading accounted for 22,246 of the contracts traded.
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United States WHEAT futures had double-digit gains on Friday with the strongest in Chicago soft wheat. It was the third double-digit gain for the September contracts of all three major U.S. wheat varieties in six days.
The U.S. Department of Agriculture reported 805,300 tonnes of U.S. wheat were sold for export during the week ended June 27. The figure was more than 100,000 above the higher end of trade estimates.
French soft wheat ratings dropped two points at 58 per cent good to excellent, according to FranceAgriMer, compared to 81 per cent last year. The rating is the lowest since 2020. However, French durum wheat conditions improved two points at 64 per cent good to excellent.
Ukraine’s ag ministry said it has harvested 1.6 million tonnes of wheat so far in 2024.
Japan’s ag ministry purchased nearly 130,000 tonnes of wheat in its weekly tender, including 34,600 tonnes of Canadian Western Red Spring wheat.
After an eight-day downturn, September CORN had its second daily gain in three days on Friday and its largest one since June 18.
The USDA reported 357,200 tonnes of old crop U.S. corn were sold, 34 per cent below the previous week and well below trade expectations. In addition, 311,500 tonnes of new crop corn were sold, mostly to Mexico.
The Brazilian government reported nearly 851,000 tonnes of corn were exported in June, compared to 1.034 million one year ago.
Conditions for the French corn crop improved by one point at 82 per cent good to excellent.
SOYBEAN prices rose for the fourth-straight day and reached their highest levels since June 14.
Export sales for old crop U.S. soybeans were 228,400 tonnes, down 19 per cent from the week before and at the lower end of trade expectations. Sales for new crop were at the higher end at 150,300 tonnes.
U.S. soymeal had 219,900 tonnes of old crop sold, as well as 288,400 tonnes of new crop.
Old crop soyoil sales exceeded trade estimates at 16,500 tonnes, while there was a net sales reduction of 4,800 tonnes of new crop.
The Buenos Aires Grain Exchange reported that Argentina’s soybean harvest totaled 50.5 million tonnes, its largest in five years despite a summer heat wave.
Brazil exported 13.95 million tonnes of soybeans in June and 64.15 million tonnes in the first half of 2024, up 2.23 per cent from last year.
