Glacier FarmMedia MarketsFarm – The ICE Futures canola market regained its strength on Friday amidst mostly positive sentiment from comparable oils and a weaker Canadian dollar.
Chicago soyoil and European rapeseed were higher, while Malaysian palm oil was lower. Crude oil prices also extended their rallies.
At mid-afternoon, the loonie was down more than four-tenths of a United States cent compared to Thursday’s close.
Precipitation was expected for central parts of Alberta and Saskatchewan today, with high temperatures only up to five degrees Celsius. The eastern Prairies were expected to be dry with temperatures up to 15 degrees.
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There were 40,781 canola contracts traded on Friday, which compares with Thursday when 45,696 contracts changed hands. Spreading accounted for 26,682 of the contracts traded.
The May CORN contract at the Chicago Board of Trade (CBOT) finished Friday lower despite choppy yet rangebound trading activity. The contract ended the week lower, as well.
United States Census data reported today that February corn shipments totaled 211.4 million bushels, 25 per cent more than in January and 64 per cent more than last year. Ethanol shipments were 139 million gallons, down seven per cent from January but 34 per cent more than one year ago.
The United Nations’ Food and Agriculture Organization’s (FAO) Food Price Index showed that corn prices rose slightly due to logistical concerns in Ukraine and increased buying interest from China. However, it was also pressured by harvests in Argentina and Brazil.
May SOYBEANS made gains for the second time in three sessions on Friday, despite finishing the week lower largely due to harvest pressure in South America.
U.S. soybean exports in February were 193.4 million bushels, down from 219 million in January but close to the value from one year ago. Chinese cargoes were up 6.6 per cent from February 2023 at 119.6 million bushels. So far this marketing year, 1.3 billion bushels of U.S. soybeans were exported.
March soybean exports from Brazil totaled 12.63 million tonnes, down 4.6 per cent from last year, according to the country’s agricultural ministry.
The FAO Vegetable Oil Price Index was at 130.6 points in March, up eight per cent from February and a one-year high.
WHEAT prices were varied on Friday with Chicago soft wheat seeing double-digit price gains while Minneapolis spring wheat stayed relatively steady.
Wheat exports from the U.S. in February were 67.9 million bushels, up 27 per cent from January but down one million bushels from February 2023. Total exports this marketing year so far were 491 million, 16 per cent behind last year’s pace.
The FAO Cereal Price Index dropped 2.6 per cent from February at 110.8 points, down 20 per cent from one year earlier. The decline was led by a third straight month of global wheat export price declines, cancelled wheat purchases from China and favourable prospects for U.S. and Russian crops.
Wheat growing regions in the European Union will be wet over the next two weeks, while the Black Sea region will remain dry.
