Glacier FarmMedia MarketsFarm — The ICE Futures canola market could not maintain its upward momentum at the end of the week despite early gains on Friday amidst mostly positive sentiment in comparable oils.
Chicago soyoil and Malaysian palm oil were up, while European rapeseed was down. Crude oil was also higher.
The Canadian Grain Commission counted the total amount of canola exports for the 2023-24 crop year at 6.859 million tonnes, down from 8.101 million the previous year.
The weekend should see the return of warmer and drier conditions across the Prairies.
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At mid-afternoon, the Canadian dollar was up less than one-tenth of a U.S. cent compared to Thursday’s close.
There were 28,856 canola contracts traded on Friday, which compares with Thursday when 32,448 contracts changed hands. Spreading accounted for 15,644 of the contracts traded.
The November SOYBEAN contract at the Chicago Board of Trade (CBOT) declined for the fourth straight session on Friday. The contract also hit a new contract low while approaching the US$10 per bushel mark.
The United States Department of Agriculture (USDA) reported sales of 132,000 tonnes of soybeans to China and 212,000 tonnes to unknown destinations. In addition, 100,000 tonnes of soymeal, mostly new crop, were sold to Colombia.
Two Argentine oilseed industry unions extended their strike by one day. Yesterday, the number of ships facing delays in grain loading reportedly had risen to 36.
Just like soybeans, CORN fell for the fourth consecutive day on Friday with the September contract hitting another new contract low and falling below US$3.80/bu.
Rain may fall on parts of the eastern U.S. Corn Belt over the next week, mainly in southern Illinois and southern Indiana. Normal rainfall is expected over the next few weeks for much of the Corn Belt.
The U.S. National Weather Service estimated a 66 per cent chance of La Nina emerging in September to November, which would persist into winter.
FranceAgriMer rated the French corn crop at 77 per cent good to excellent, down two points from the previous week and down from 85 per cent last year.
All three major U.S. WHEAT varieties ended their two-day downturns, albeit with small gains.
The Canadian Grain Commission totaled Canadian wheat exports for the 2023-24 marketing year at 21.152 million tonnes, compared to 19.669 million the previous year.
Conditions for France’s soft wheat crop declined once again, this time down two points from the previous week at 48 per cent good to excellent, the worst rating since 2016. So far, 88 per cent of the crop has been harvested, compared to 67 per cent the previous week and the five-year average of 91 per cent.
Ukraine’s ag ministry said the country harvested 20.94 million tonnes of wheat so far from 97 per cent of the sown area.
IKAR raised its Russian wheat production estimate by 600,000 tonnes at 83.8 million, while its wheat export forecast went up by 500,000 tonnes at 44.5 million.
