WINNIPEG — The ICE Futures canola market was higher on Monday with contracts supported by rising crude oil prices and a weaker Canadian dollar.
Chicago soyoil made a slight gain, while European rapeseed was higher. The Malaysian palm oil market was closed due to a national holiday. Oil flows to the Ceyhan export terminal in Turkey were halted due to a major earthquake in the country, causing crude oil prices to advance.
At mid-afternoon, the Canadian dollar lost three-tenths of a U.S. cent compared to Friday’s close.
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Statistics Canada will release its stocks report for principal field crops on Tuesday morning.
About 25,510 canola contracts were traded on Monday, which compares with Friday when 32,804 contracts changed hands. Spreading accounted for 19,166 of the contracts traded.
Traders on the Chicago Board of Trade (CBOT) are awaiting the United States Department of Agriculture’s (USDA) monthly supply/demand estimates, which will be released on Feb. 8.
CORN prices struggled to find direction before settling higher on Monday.
The trade is expecting the USDA to increase U.S. corn carryout by 24 million bushels to 1.266 billion.
Estimated Argentine corn crop production may be cut by 3.5 million tonnes to 48.5 million, while Brazil’s corn production is expected to increase by 300,000 tonnes to 125.18 million. Brazil’s safrinha corn crop is now 12 per cent planted, up from five per cent last week.
The USDA also showed that 480,200 tonnes of corn were shipped during the week ended Feb. 2, down nearly 63,000 from the previous week and 55 per cent less than the same week last year.
SOYBEAN prices took a tumble to start off the week.
The USDA reported that 1.83 million tonnes of U.S. soybeans were shipped during the week ended Feb. 2, down 100,000 tonnes from the previous week but up nearly 600,000 tonnes from the same week last year.
The trade is estimating U.S. soybean carryout to increase by one million bushels to 211 million.
The USDA is expected to cut Argentina’s soybean crop by 3.16 million tonnes to 42.34 million, while Brazil’s production is anticipated to mostly stay put at 153 million tonnes.
Kansas City hard red WHEAT ended the day slightly higher, while the other two varieties lost ground.
U.S. wheat carryout estimates for Wednesday’s USDA report anticipate a rise of up to nine million bushels to 576 million.
Weekly inspections data showed that more than 536,300 tonnes were shipped during the week ended Feb. 2, up from 446,000 one week earlier and 102,000 tonnes more than the same week last year.
