Glacier FarmMedia MarketsFarm — The ICE Futures canola market was lower on Wednesday after being on both sides of unchanged most of the day.
European rapeseed was up, but Chicago soyoil and Malaysian palm oil saw declines. Meanwhile, crude oil was higher ahead of Thursday’s OPEC+ meeting on supply.
The Canadian dollar was unchanged compared to Tuesday’s close.
Prior to Statistics Canada’s next principal field crop production report on Dec. 4, the average trade estimate for 2023-24 canola was 18.3 million tonnes, from a range between 17.2 million and 19.7 million.
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ICE Midday: Canola making small gains
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were slightly higher in the middle of Friday trading, continuing their choppy…
There were 47,477 canola contracts traded on Wednesday, which compares with Tuesday when 57,127 contracts changed hands. Spreading accounted for 38,928 of the contracts traded.
All three major United States WHEAT varieties made double digit gains on Wednesday. The March Kansas City hard red wheat contract hit its highest price in 12 days.
The trade estimated 2023-24 Canadian wheat production at an average of 31.1 million tonnes, from a range of 29.3 million and 32.3 million. From that guess, 24 million tonnes are to consist of spring wheat, while 4.1 million are for durum. Last year’s all wheat production was 29.8 million.
Heavy rains in southeastern Australia might have cut the country’s wheat crop by 100,000 tonnes and turned one million tonnes into feed grain.
European Union 2023-24 soft wheat exports have totaled 12 million tonnes so far, down 18 per cent from last year.
Morocco’s ONICL will offer subsidies to import up to 2.5 million tonnes of soft wheat from January to April next year.
The March CORN contract ended a four-day downturn with a small gain on Wednesday, but not before hitting a new contract low of US$4.7050 per bushel.
The average trade estimate for 2023-24 Canadian corn production was 15 million tonnes, from a range of 14.8 million to 15.1 million, virtually unchanged from last year’s total.
On average, 1.011 million barrels of ethanol were produced per day in the U.S. for the week ended Nov. 24, down 12,000 from last week, according to the Energy Information Administration (EIA). Ethanol stocks were down 273,000 barrels at 21.379 million.
EU corn imports fell 42 per cent from one year ago at 7.09 million tonnes so far this marketing year, as the current crop rebounds from last year’s drought.
CONAB estimated Brazilian ethanol production, made from sugarcane and corn, at 34.05 billion litres, up 10 per cent from last year.
SOYBEAN contracts on the Chicago Board of Trade (CBOT) were steady to higher on Wednesday, failing to make more than one U.S. cent per bushel.
MB Agro said Brazil is expected to produce 155 million tonnes of soybeans this year, down 10 million due to erratic weather in the country.
The EIA reported a record 411 million gallons of renewable diesel and biodiesel were produced in August, up 6.5 per cent from July and up 45 per cent from a year earlier.
