Glacier FarmMedia MarketsFarm -– The ICE Futures canola market took a step back on Thursday, losing some of its gains from Wednesday.
Chicago soyoil, Malaysian palm oil and European rapeseed were all lower. Crude oil continued to pull back despite tightened United States stockpiles.
At mid-afternoon, the Canadian dollar was up more than one-tenth of a U.S. cent compared to Wednesday’s close.
There were 61,601 canola contracts traded on Thursday, which compares with Wednesday when 69,761 contracts changed hands. Spreading accounted for 33,598 of the contracts traded. Settlement prices are in Canadian dollars per metric tonne.
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SOYBEANS at the Chicago Board of Trade (CBOT) held onto modest gains on Thursday after trading to both sides of unchanged in choppy activity. The May, July, August and September contracts all reached levels unseen since January.
The United States Department of Agriculture (USDA) reported that 494,000 tonnes of old crop U.S. soybeans were sold for export during the week ended March 14, up 31 per cent from the previous week, as well as 300 tonnes of new crop soybeans to South Korea.
In addition, 243,400 tonnes of old crop soymeal were also sold, as well as 42,300 tonnes of new crop to Canada. For soyoil, 1,900 tonnes of old crop were also sold.
The USDA’s attache to China left its estimate unchanged for China’s 2024-25 soybean imports at 103 million tonnes, compared to the USDA’s estimate of 105 million.
Brazilian sources expect soybean exports to reach a record-breaking 14 million tonnes this month.
Some growing areas in Argentina saw up to two inches of rain on Wednesday with others receiving nearly a foot this month alone.
The May CORN contract had a small increase on Thursday, marking the fifth straight day of alternating gains and losses. However, the contract traded at its highest level since mid-February.
The USDA reported on Thursday that 1.186 million tonnes of old crop U.S. corn were sold for export, down eight per cent from the previous week.
Nearly half of the shipments were headed for Japan. Japan’s corn use in animal feed rations rose to 47 per cent in January, compared to 46.4 per cent one year ago.
Below average temperatures are expected for the entire U.S. west of the Mississippi River next week, but above average precipitation is expected for the entire U.S. Heartland.
Despite trading at both sides of unchanged, the May contracts for all three major U.S. WHEAT varieties ended the day slightly higher.
The USDA reported nearly 110,000 tonnes of net sales reductions for old crop wheat. However, close to 286,000 tonnes of new crop wheat were sold for export.
Egypt purchased 110,000 tonnes of 2024-25 wheat at US$234.50 per tonne for free-on-board delivery, 50,000 tonnes from Bulgaria and 60,000 from Romania.
