WINNIPEG – The ICE Futures canola market closed the week on a high note, receiving support from comparable oils.
Chicago soyoil was up more than two United States cent per pound, while European rapeseed and Malaysian palm oil also made major gains. Crude oil, however, was in the red at mid-afternoon.
The Canadian dollar was up less than one-tenth of a U.S. cent compared to Thursday’s close.
Statistics Canada (StatCan) reported today that the country’s unemployment rate moved up to 5.2 per cent in May, the first such increase since last August.
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The U.S. Department of Agriculture (USDA) released its monthly World Agricultural Supply/Demand Estimates earlier today, with U.S soybeans ending stocks for 2023/24 at 350 million bushels compared to the May estimate of 335 million.
About 42,111 canola contracts were traded on Friday, which compares with Thursday when 45,010 contracts changed hands.
CORN prices alternated between gains and losses for the ninth straight session on the Chicago Board of Trade (CBOT) as the market reacted to the WASDE report released on Friday.
The USDA left its 2023-24 corn production estimate steady from last month’s report at 15.265 billion bushels.
Meanwhile, the 2022-23 corn carryout was measured at 1.452 billion bushels, an increase of 35 million from last month and matching the average trade estimate. The new crop carryout estimate also increased by 35 million bushels to 2.257 billion.
The USDA cut its estimate for Argentine corn production in 2022-23 by two million tonnes to 35 million, while raising Brazil’s estimate by two million tonnes to 132 million.
SOYBEANS remained on an upswing with their seventh gain over the past eight trading sessions.
2023-24 soybean production in the U.S. also held steady compared to the May WASDE report at 4.51 billion bushels.
2022-23 carryout was measured at 230 million bushels, an increase of 15 million bushels. Both old crop and new crop carryout figures were larger than trade expectations.
The USDA’s Argentine soybean production estimate for 2022-23 was cut by two million tonnes to 25 million, while Brazil’s soybean production increased by one million tonnes to 156 million. However, the Buenos Aires Grain Exchange projected Argentina’s soybean production to fall to 21 million tonnes. So far, 94 per cent of the country’s harvest has been completed.
Chicago soft WHEAT prices were higher to end the week, but Kansas City hard red wheat and Minneapolis spring wheat both dropped.
U.S. 2023-24 total wheat production was estimated by the USDA to be 1.665 billion bushels, which matched the trade’s pre-report guess.
Old crop wheat carryout was projected at 598 million bushels, the same as last month’s report and also matching the trade’s expectations. No changes were made to the projected new crop carryout estimate of 562 million bushels.
Global 2022-23 wheat carryout was estimated at 266.66 million tonnes, while 2023-24 production was raised one million tonnes for Ukraine to 17.5 million, 1.5 million tonnes for the European Union to 140.5 million, and 3.5 million tonnes each for Russia and India at 85 million and 113.5 million, respectively. Canada’s 2023-24 wheat production estimate was unchanged at 37 million tonnes.
