Glacier FarmMedia MarketsFarm – The ICE Futures canola market hung onto gains on Tuesday, supported by rising comparable oils.
Crude oil hit its highest prices in six months due to impending supply cuts from OPEC+. In turn, Chicago soyoil, European rapeseed and Malaysian palm oil received support and were also on the rise.
The Canadian dollar was steady compared to Monday’s close.
A system will bring up to 30 millimetres of precipitation in parts of southern Alberta on Wednesday and slightly less precipitation to southern Saskatchewan on Thursday. Temperatures in Alberta will rise up to 20 degrees Celsius later this week.
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ICE canola mostly weaker in choppy midday trade
Glacier FarmMedia — The ICE Futures canola market was mostly lower at midday Monday in choppy activity. Losses in Chicago…
There were 44,958 canola contracts traded on Tuesday, which compares with Monday when 29,704 contracts changed hands. Spreading accounted for 28,708 of the contracts traded.
The May CORN contract at the Chicago Board of Trade (CBOT) fell to its lowest level since March 6 on the way to its biggest one-day loss since Jan. 12.
The United States Department of Agriculture’s (CBOT) monthly Grain Crushings report showed that 441.5 million bushels of corn were used for ethanol in February, up one per cent from January and up 11 per cent from one year ago. The six-month total is 2.714 billion, up 6.5 per cent from last year.
Two per cent of the U.S. corn crop has been planted with six states already seeding. Texas’ crop is 57 per cent planted, while Georgia’s is at 29 per cent and South Carolina’s is at 24 per cent.
The USDA’s attache in Brazil cut its Brazilian corn production estimate to 122 million tonnes, while reducing exports to 45 million.
Crop consultant Dr. Michael Cordonnier left his production estimates unchanged for Brazilian corn at 112 million tonnes and Argentine corn at 55 million.
SOYBEANS extended their downturn to a fifth straight day on Tuesday, their longest of 2024. The May contract also dropped to its lowest level since March 8.
The USDA reported 194 million bushels of soybean crush in February, down one million from January and up 17 million from last year. So far this marketing year, the crush was up 5.5 per cent from one year ago at 1.17 billion bushels.
Soybean planting has already started with one per cent of the Louisiana crop in the ground.
Cordonnier also left his soybean production estimates unchanged at 145 million tonnes for Brazil and 51 million for Argentina.
StoneX cut its Brazilian soybean production estimate at 150.8 million.
Kansas City hard red WHEAT had the biggest losses on Tuesday out of the three major U.S. varieties, but the May Chicago contract fell to a new contract low.
The U.S. winter wheat crop was rated at 56 per cent good to excellent, according to the USDA, up from 50 per cent last November and 28 per cent one year ago. So far, four per cent of the crop was headed as of March 31, double the long-term average.
Spring wheat planting is one per cent finished with Washington’s and Idaho’s crops at 10 per cent and eight per cent planted, respectively.
