WINNIPEG — The ICE Futures canola market extended its weeklong rally on Monday in the face of declining comparable oils.
While Malaysian palm oil was up, Chicago soyoil, European rapeseed, and crude oil were lower.
At mid-afternoon, the Canadian dollar was steady compared to Friday’s close.
Light rainfall is expected for parts of southern Saskatchewan and southern Manitoba over the next few days.
Agriculture and Agri-Food Canada (AAFC) left its 2023 canola production estimate unchanged at 18.8 million tonnes after releasing its monthly supply/demand estimates on Friday.
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About 31,953 canola contracts were traded on Monday, which compares with Friday when 22,049 contracts changed hands. Spreading accounted for 18,750 of the contracts traded.
CORN on the Chicago Board of Trade (CBOT) ended a three-day rally on Monday, with the December contract falling away from the US$5 per bushel mark.
In the Commitment of Traders report from the United States Commodity Futures Trading Commission, spec funds added to corn’s net short position by nearly 46,000 contracts to 72,600 for the week ended Aug. 15.
The U.S. Department of Agriculture (USDA) reported more than 458,000 tonnes of corn were shipped for export during the week ended Aug. 17, five per cent more than the week before and more than half going to Mexico.
The USDA announced an export sale announcement of 111,770 tonnes of new crop corn to Mexico on Monday morning.
Mexican President Andres Manuel Lopez Obrador said he will accept a trade panel requested by the U.S. in order to resolve a dispute brought on by Mexico banning genetically modified corn imports.
SOYBEANS extended its rally to a fourth day with hotter temperatures and little precipitation over the next few days in the U.S. Midwest.
The USDA reported more than 316,000 tonnes were shipped for export during the week ended Aug. 17, 24 per cent less than last week and 54 per cent less than the same week last year.
New crop bookings for U.S. soybeans have totalled 10.59 million tonnes so far this marketing year, 44 per cent below last year’s pace.
An export sale of 159,350 tonnes of soybeans to unknown destinations was announced by the USDA on Monday morning.
The funds reduced their net long position in soybeans by nearly 13,400 contracts for the week ended Aug. 15, but was still 50,700 contracts net long.
China’s July soybean imports from the U.S. dropped by 63 per cent this year compared to last, while imports from Brazil grew by 32 per cent. The U.S. has supplied 32 per cent of China’s soybean imports since the start of 2023.
All three major U.S. WHEAT varieties fell by double-digits on Monday, with December Minneapolis spring wheat dropping below the US$8 per bushel mark.
AAFC cut its wheat production estimate by 2.121 million tonnes to 33.209 million in its monthly supply/demand estimates, largely due to ongoing dryness in the Prairies.
The USDA reported more than 311,000 tonnes of wheat were shipped for export for the week ended Aug. 17, up 16 per cent from the week before but down 48 per cent from last year.
Kansas City hard red wheat had its net long position nearly erased by the funds last week, which was at 587 contracts on Aug. 15. compared to 4,670 the week before. Chicago wheat was net short 65,590 contracts, nearly 10,200 more than one week earlier.
Ukraine said it may use a new route on the Black Sea, along the western coastline near Romania and Bulgaria, to transport grain.
