WINNIPEG — The ICE Futures canola market rebounded on Thursday after two weeks of losses despite a major downturn in the Chicago soy complex.
Chicago soyoil suffered its worst loss since Dec. 1, while Malaysian palm oil and crude oil also closed lower. However, European rapeseed ended the day with positivity.
On Wednesday, the United States Federal Reserve announced it was raising its key interest rates by one-quarter of a point despite an ongoing banking crisis.
At mid-afternoon, the Canadian dollar was up more than one-tenth of a U.S. cent compared to Wednesday’s close.
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About 38,344 canola contracts were traded on Thursday, which compares with Wednesday when 48,642 contracts changed hands. Spreading accounted for 20,232 of the contracts traded.
CORN prices changed little on Thursday.
The U.S. Department of Agriculture (USDA) reported another private export sale of U.S. corn to China earlier today, this time totaling 123,000 tonnes of old crop. Due to previous sales to China, the USDA reported 3.096 million tonnes of old crop bookings for the week ended March 16, triple the same week last year and a marketing year high.
The USDA’s attache in Mexico estimated the country’s corn imports to be 17.9 million tonnes in 2023-24, up 500,000 tonnes from the year before due to increased feed demand.
A senior Ukrainian agriculture official said that the country’s corn crop could fall short of the 21.7 million tonnes estimated by Ukraine’s agricultural ministry last week.
SOYBEANS suffered their worst one-day loss in nearly a month.
More than 152,000 tonnes of old crop soybeans were sold during the week ended March 16 according to the USDA, down from 655,000 tonnes one week earlier. There were also 199,000 tonnes of new crop sales, mostly to China.
The USDA also reported that 121,000 tonnes of soymeal and 10,800 tonnes of soyoil were also sold during the week.
Brazilian oilseed lobby Abiove raised its estimate for the country’s soybean crop one million tonnes to 153.6 million, while also estimating exports at 92.3 million.
While Chicago WHEAT carried over its negative momentum, both Kansas City hard red wheat and Minneapolis spring wheat made gains.
The USDA reported that more than 125,000 tonnes of U.S. wheat were sold for export during the week ended March 16, down from 337,000 one week earlier and down from 156,000 during the same week last year. In total, 39 per cent of the wheat was hard red winter while 27 per cent was durum.
Turkey is on the market for 695,000 tonnes of wheat, while Jordan issued a 120,000 tonne tender and Taiwan is seeking 56,300 tonnes of U.S. milling wheat.
