WINNIPEG – After a day of light and choppy trade, the ICE Futures canola market closed in positive territory.
Chicago soyoil was slightly stronger, while European rapeseed and Malaysian palm oil were both significantly higher. Crude oil rose more than US$1 per barrel after the Energy Information Agency (EIA) reported that United States crude oil inventories fell 5.9 million barrels last week.
At mid-afternoon, the Canadian dollar was up more than one-tenth of a U.S. cent from Tuesday’s close.
About 15,731 canola contracts were traded on Wednesday, which compares with Tuesday when 25,481 contracts changed hands. Spreading accounted for 9,540 of the contracts traded.
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CORN prices continued to show strength on Tuesday.
Data from the Energy Information Agency (EIA) said that ethanol producers averaged 1.029 million barrels of production each day for the week ended Dec. 16, 32,000 barrels per day less than the previous week. Ethanol stocks dropped 342,000 barrels to 24.067 million.
U.S. corn exports totalled 7.9 million tonnes for the season so far, according to the United States Department of Agriculture (USDA), down 3.45 million from last year.
Shipping data showed that Chinese state-owned grain trader COFCO loaded 1.15 million tonnes of corn at Brazilian ports to be shipped to China over the past few weeks.
SOYBEAN prices rose by the double-digits as the entire Chicago soy complex showed gains for the second straight day.
Soybean crush margins remain very high and prices are being supported by expectations that the U.S. will expand production of renewable diesel fuel.
Private estimates of Argentine soybean production have been cut as dryness continues and plantings are delayed.
Chinese customs data showed that the country brought in 7.35 million tonnes of soybeans in November, down 14 per cent from the same month last year.
WHEAT showed strength in all varieties as winter weather get sets to hit much of the U.S.
The Northern, Central and Southern U.S. Plains are expected to be hit with frigid Arctic air later this week, which may cause winterkill to wheat crops, depending on their snow coverage.
Ukrainian President Volodymyr Zelenskyy is visiting the White House today, which may cause grain traders to pay more attention to Russia’s invasion of Ukraine.
