WINNIPEG – The ICE Futures canola market made gains on Wednesday, receiving a large amount of support from comparable oils.
Chicago soyoil was up, while European rapeseed and Malaysian palm oil were also higher. Crude oil gained approximately two U.S. dollars per barrel after a large draw from already depleted United States stockpiles.
At mid-afternoon, the Canadian dollar was down less than one-tenth of a U.S. cent compared to Tuesday’s close.
Northern and central regions of the Prairies were forecast to see rain showers today with high temperatures below 20 degrees Celsius. In southern parts, the outlook had warmer conditions and sunny skies.
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Statistics Canada reported the August canola crush at 829,000 tonnes, up 31 per cent from one year earlier. About 52,600 canola contracts were traded on Wednesday, which compares with Tuesday when 47,614 contracts changed hands. Spreading accounted for 38,476 of the contracts traded.
WHEAT prices on the Chicago Board of Trade (CBOT) were in the red on Wednesday, falling by at least nine United States cents per bushel.
The average trade estimate for U.S. wheat, prior to the U.S. Department of Agriculture’s (USDA) quarterly grain stocks report to be released on Friday, was 1.772 billion bushels as of Sept. 1, six million less than last year.
Ukraine’s ag ministry reported winter wheat planting at 1.02 million hectares as of Sept. 26, 64 per cent more than one year ago. However, grain shipments from the country totalled 1.57 million tonnes in September, trailing last year’s pace of 3.2 million.
European Union soft wheat exports for the marketing year were cut 27 per cent from last year at 6.88 million tonnes as of Sept. 24.
CORN prices went up for the fifth time over the past seven sessions, with the December contract hitting its highest price since Sept. 12.
The U.S. Energy Information Administration (EIA) reported average daily ethanol production at 1.009 million barrels per day for the week ended Sept. 22, up 29,000 from last week. Ethanol stocks gained 367,000 barrels to 22.048 million.
The trade estimated that the USDA will report the final 2022-23 carryout for corn at 1.44 billion bushels on average, 13 million bushels more than what the USDA projected in the previous World Agricultural Supply/Demand Estimates (WASDE) report earlier this month.
Crop consultant Dr. Michael Cordonnier projected U.S. corn production for 2023 at 14.93 billion bushels.
ANEC estimated Brazil’s September corn exports at 9.59 million tonnes, compared to its previous estimate of 10 million.
SOYBEAN prices increased for the fourth straight session on Wednesday. However, for the November contract, none of those daily gains were more than five U.S. cents/bu.
The trade’s average projection for U.S. soybean stocks was 244 million bushels, six million less than the WASDE estimate.
Cordonnier lowered his projection for 2023 U.S. soybean production at 4.05 billion bushels.
ANEC reduced its estimate for September soybean exports from Brazil by 620,000 tonnes to 6.23 million. Meanwhile, AgRural reported that Brazilian soybean planting was at 1.9 per cent complete as of Sept. 21, compared to 1.5 per cent last year.
South Korea bought 60,000 tonnes of soymeal, likely from South America.
