Glacier FarmMedia MarketsFarm — The ICE Futures canola market made gains coming out of the Easter weekend, with positive sentiment in vegetable oils.
Chicago soyoil and Malaysian palm oil were higher and crude oil was on the rise due to higher-than-expected demand. There was no trading for European rapeseed today.
At mid-afternoon, the Canadian dollar was down more than one-tenth of a United States cent compared to Thursday’s close.
The Canadian Grain Commission reported on Thursday that 244,700 tonnes of canola were exported during the week ended March 24, more than double from the previous week. Cumulative exports this marketing year total 4.031 million tonnes, down from 5.964 million from one year ago.
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High temperatures in the Prairies this week will rise up to 20 degrees Celsius in Alberta and 15 degrees in Saskatchewan and Manitoba with little precipitation.
There were 29,704 canola contracts traded on Monday, which compares with Thursday when 21,750 contracts changed hands. Spreading accounted for 16,790 of the contracts traded.
CORN futures at the Chicago Board of Trade took back some of their gains from last week on Monday, as market participants readjusted positions after Thursday’s corn acreage estimate from the United States Department of Agriculture came in at the lower end of trade estimates.
The USDA reported 1.431 million tonnes of corn shipped during the week ended March 28. So far this marketing year, 25.87 million tonnes have been exported, up 33.5 per cent from one year ago.
The USDA’s February grain crushings report showed 441.5 million bushels of corn used for ethanol. The total was up one per cent from January and up 11 per cent from February 2023.
Polish Prime Minister Donald Tusk said on Thursday that Poland and Ukraine are close to a deal on agricultural imports amidst protests and border blockades by Polish farmers.
The May SOYBEAN contract settled lower for the fourth straight session on Monday, ending the day at its lowest close since March 19.
Nearly 415,000 tonnes of U.S. soybeans were exported last week. So far this marketing year, 36.98 million tonnes have been shipped, down 18.7 per cent from one year ago.
The February U.S. soybean crush was at 194 million bushels, just two million below the average trade estimate. The total was down one million from January, but up 17 million from February 2023.
After making gains on Thursday, all three major U.S. WHEAT varieties took losses on Monday. The May Chicago soft wheat contract fell to a contract low of US$6.31 per bushel.
Canada exported 346,000 tonnes of wheat during the week ended March 24, down nearly 170,000 from the previous week according to the Canadian Grain Commission. Cumulative exports this marketing year total 13.867 million, compared to 13.195 million one year ago.
Also, 499,000 tonnes of U.S. wheat were shipped last week, with total exports this marketing year so far at 14.78 million, down 2.08 million from last year.
India is preparing for more hotter-than-normal days from now until June, which could reduce wheat production.
Saudi Arabia purchased 795,000 tonnes of wheat with offers from the European Union and the Black Sea as well as North and South America.
