WINNIPEG – The ICE Futures canola market was steady to lower after an up-and-down day of trade on Tuesday.
Chicago soyoil rose, while European rapeseed was higher and Malaysian palm oil was mostly lower. Crude oil gained more than US$2 per barrel as Saudi Arabia expressed confidence in an upcoming recovery of Chinese demand.
At mid-afternoon, the Canadian dollar was up less than one-tenth of a U.S. cent compared to Monday’s close.
Statistics Canada (StatCan) released its stocks report for principal field crops this morning and reported that there were 11.356 million tonnes of canola stocks as of Dec. 31, compared to 8.786 million one year earlier.
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About 30,290 canola contracts were traded on Tuesday, which compares with Monday when 25,510 contracts changed hands. Spreading accounted for 23,280 of the contracts traded.
Traders on the Chicago Board of Trade (CBOT) are awaiting the United States Department of Agriculture’s (USDA) monthly supply/demand estimates, which will be released on Feb. 8.
CORN prices eased off after two consecutive days of gains.
Statistics Canada showed that there were 11.862 million tonnes of corn stocks as of Dec. 31, an increase of 332,000 tonnes.
Monthly export data from the USDA Census showed December corn exports at 3.693 million tonnes. Also, 74.16 million gallons of ethanol were shipped, down nine per cent from last November and down 38 per cent from December 2021.
Agricultural consultant Dr. Michael Cordonnier kept his corn crop estimates at 125 million tonnes for Brazil and 44 million for Argentina.
For the fourth time in five sessions, SOYBEANS found themselves in the red.
Canadian soybean stocks were 3.654 million tonnes as of Dec. 31, an increase of 449,000 tonnes from the end of 2021, according to StatCan.
The USDA Census pegged December soybean exports at 8.295 million tonnes, up 2.3 per cent from last year, as well as 1.196 million tonnes of soymeal and 15,700 tonnes of soyoil.
Dr. Cordonnier kept his estimate for Brazilian soybean production steady at 151 million tonnes and cut Argentina’s by one million tonnes to 38 million.
Kansas City hard red WHEAT was higher while the other two major U.S. varieties were slightly lower.
Canadian wheat stocks as of Dec. 31 were 22.294 million tonnes, compared to 16.816 million one year earlier, according to StatCan.
USDA Census data showed that 1.079 million tonnes of domestic wheat were shipped in December, the lowest monthly volume since October 1971.
Dry conditions are expected for the U.S. Southwestern Plains this week, but precipitation should arrive within six to 10 days.
