WINNIPEG — The ICE Futures canola market was under pressure from comparable oils on Thursday after two days of gains.
Chicago soyoil lost more than one United States cent per pound and European rapeseed was also lower. Crude oil lost more than one U.S. dollar per barrel. There was no trading for Malaysian palm oil due to a holiday.
At mid-afternoon, the Canadian dollar was unchanged compared to Wednesday’s close.
Rain was expected for all three Prairie provinces today. High temperatures were in the high-teens Celsius in Alberta and Saskatchewan, while southern Manitoba saw the mercury rise to above 20 degrees.
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ICE Midday: Canola pressured by weaker oils
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were under pressure from weakness in comparable oils. Chicago soyoil lost…
About 33,979 canola contracts were traded on Thursday, which compares with Wednesday when 52,600 contracts changed hands. Spreading accounted for 22,386 of the contracts traded.
One day prior to the United States Department of Agriculture (USDA) releases its quarterly grain stocks report, CORN prices on the Chicago Board of Trade went higher for the sixth time in eight sessions. The December contract reached its highest price in more than three weeks.
Export sales for 2023-24 corn for the week ended Sept. 21 totalled 841,800 tonnes according to the USDA, with nearly half going to either Mexico or unknown destinations. In addition, 15,200 tonnes of 2024-25 corn were also sold to Mexico.
Record-high temperatures may be a possibility over the next 10 days as above-normal heat descends on the U.S. Corn Belt.
China has purchased 10 to 12 Panamax cargoes of Ukrainian feed corn for November/December shipment, according to a Singaporean trader.
Meanwhile, a large domestic crop and imports from Brazil are expected to flood the Chinese corn market in the coming weeks.
Algeria has purchased 60,000 tonnes of either Brazilian or Argentine corn.
For the first time in five sessions, the November SOYBEAN contract was in the red after another day of volatile price movement.
In total, 672,200 tonnes of 2023-24 U.S. soybeans were sold for export during the week ended Sept. 21 according to the USDA, with the majority going to China.
There were 16,900 tonnes of net sales reductions for 2022-23 soymeal, but there were also 375,700 tonnes of 2023-24 soymeal sold with one-third going to Canada.
Iran purchased 120,000 tonnes of soymeal from either Brazil, Argentina or India.
In addition, 4,700 tonnes of 2022-23 U.S. soyoil were sold, as well as 100 tonnes of 2023-24 soyoil.
All three major U.S. WHEAT varieties showed some weakness on Thursday, but Chicago wheat prices stayed close to unchanged.
Export sales for 2023-24 U.S. wheat totalled 544,500 tonnes, up 77 per cent from the week before and up 51 per cent from the four-week average.
There were reports that Egypt booked 170,000 tonnes of wheat from Romania and Bulgaria, with Russian offers non-competitive.
Ukraine has exported 3.16 million tonnes of wheat since July 1, up 12 per cent from last year.
