WINNIPEG — The ICE Futures canola market was lower to end the week despite overall positive sentiment for comparable oils.
While Chicago soyoil was down, European rapeseed and Malaysian palm oil were both up. Crude oil recovered from a sharp downturn this morning to make more than US$1 per barrel. This morning, Saudi Arabia denied a report from the Wall Street Journal claiming that the country is in discussions about leaving OPEC+.
At mid-afternoon, the Canadian dollar was up less than one-tenth of a United States cent compared to Thursday’s close.
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About 18,344 canola contracts were traded on Friday, which compares with Thursday when 29,665 contracts changed hands. Spreading accounted for 9,456 of the contracts traded.
CORN had its second positive session in three days.
February corn exports from Brazil declined 63 per cent from January, which may be an indicator that United States exports may soon be on the rise as Brazilian supplies diminish. U.S. corn exports so far this season are down 42 per cent from one year ago, according to the U.S. Department of Agriculture, but prices are now competitive with the Brazilian crop.
The USDA’s weekly ethanol report quoted average regional ethanol prices from US$2.02 per gallon in Nebraska to US$2.18 per gallon in Illinois.
Taiwan is tendering for up to 65,000 tonnes of corn with delivery in late April or early May.
After hitting its lowest level in a month on Feb. 28, SOYBEANS rebounded with its third straight session in the black.
The USDA’s attaché in Brazil held its average Brazilian soybean yield estimate steady at 52.4 bushels per acre, with early yields in the state of Mato Grosso as high as 62.3. However, wet conditions may cause future yield reductions.
The Buenos Aires Grain Exchange said it plans on cutting Argentina’s soybean crop estimate in the future, lower than the current guess at 33.5 million tonnes.
Crude palm oil production in Malaysia was reported at 1.28 million tonnes in February, down 7.2 per cent from one year earlier.
All three major U.S. WHEAT varieties entered the weekend on a low note.
An executive from Australian commodity firm GrainCorp said that the country’s next wheat crop will likely total 25 million to 26 million tonnes, compared to the last crop which the USDA estimated at a record 38 million.
The USDA attache in Kazakhstan estimated the country’s wheat crop at 16.4 million tonnes, the largest since 2018.
India’s projections of a record wheat crop are becoming less likely due to a heat wave in the northern half of the country.
