Glacier FarmMedia MarketsFarm – The ICE Futures canola market started the week with positive momentum, supported by vegetable oils.
Chicago soyoil and European rapeseed were both on the rise on Monday. However, Malaysian palm oil was down, while crude oil was also lower as traders await a delayed OPEC+ meeting later this week.
The Canadian dollar was virtually unchanged compared to Friday’s close.
Statistics Canada reported on Monday that 974,376 tonnes of canola were crushed for the month of October, an increase of 89,045 from October 2022. Meanwhile, deliveries declined by 489,000 tonnes year-by-year to 1.499 million.
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There were 31,961 canola contracts traded on Monday, which compares with Friday when 20,139 contracts changed hands. Spreading accounted for 20,348 of the contracts traded.
In a red day for United States WHEAT futures on Monday, the March Kansas City hard red wheat contract fell below US$6 per bushel, while the Minneapolis spring wheat equivalent went under US$7/bu.
Nearly 276,600 tonnes of U.S. wheat were shipped during the week ended Nov. 23, down 24.5 per cent from last week and down 2.8 per cent from one year ago.
Export prices for Russian wheat rose slightly over the weekend due to severe storms in the Black Sea, after European Union wheat prices fell to their lowest prices in nearly two years on Friday.
Ukraine has exported 5.8 million tonnes of wheat this season so far, according to its ag ministry.
Pakistan issued a tender for 110,000 tonnes of optional origin wheat, while Bangladesh issued another for 50,000 tonnes of optional origin milling wheat.
The March CORN contract had its biggest one-day drop in six sessions on Monday, while falling to a contract low of US$4.73/bu.
The USDA reported that nearly 407,000 tonnes of corn were shipped during the week ended Nov. 23, down 32.3 per cent from last week but up 30.5 per cent from the same week last year.
AgRural reported that farmers in central and southern Brazil planted 83 per cent of the area expected for the first 2024 corn crop, up three points from last week but down five from last year.
The Buenos Aires Grain Exchange reported that 26.2 per cent of Argentina’s projected corn area has been planted.
Ukraine has harvested 24.9 million tonnes of corn so far this season and exported 5.9 million. However, Russian attacks and severe storms in the Black Sea region are delaying shipments out of the area.
The January SOYBEAN contract declined for the third straight session, but only at a fraction of the losses compared to those in the previous two sessions.
In total, 1.44 million tonnes of soybeans were shipped from the U.S. for the week ended Nov. 23, down 11.5 per cent from the previous week and down 35.3 per cent from one year ago.
Out of Brazil’s projected soybean crop, 74 per cent was planted as of Nov. 23, its lowest total at this time since 2015, compared to 87 per cent last year. However, the country will see daily rains over the next two weeks.
Safras and Mercado, as well as Hedgepoint, reduced their outlooks for Brazil’s soybean crop by approximately two million tonnes to between 160 million and 162 million.
