WINNIPEG – The ICE Futures canola market traded lower on Monday, overcoming morning weakness while following the lead of crude oil.
There was strength throughout the Chicago soy complex with soybeans, soyoil and soy meal all higher to end the day. European rapeseed traded lower, while Malaysian palm oil was not traded on Monday. Crude oil posted losses to start the day, but recovered to move up by nearly US$1 per barrel.
At mid-afternoon, the Canadian dollar was losing nearly half of a U.S. cent, falling away from the 75 U.S. cent mark.
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About 51,150 canola contracts were traded on Monday, which compares with Friday when 19,449 contracts changed hands. Spreading accounted for 34,620 of the contracts traded.
CORN ended the day slightly above unchanged on Monday.
The United States Department of Agriculture (USDA) reported that more than 302,000 tonnes of U.S. corn were shipped during the week ended Nov. 24, down from 499,000 the previous week and below the 806,000 from the same week one year earlier. Mexico received half of the shipments, while China had nearly 70,000 tonnes their way.
So far, 5.8 million tonnes of U.S. corn have been shipped this season, compared to 8.6 million at this point last year.
Brazil’s safrinha corn crop was reported at 88 per cent planted, compared to 93 per cent at this point last year.
SOYBEANS were the recipients of double-digit gains on the Chicago Board of Trade (CBOT).
The USDA reported a 110,000 purchase of soybeans to an unknown destination this morning, while weekly export data had two million tonnes for the week ended Nov. 24, down 400,000 tonnes from the week prior and 237,000 tonnes smaller than last year.
So far, 19.25 million tonnes have been shipped this season, compared to 21.4 million at this point last year.
Argentina is reporting nearly 30 per cent of its soybean crop planted, compared to nearly 50 per cent last year due to drought. Brazil’s plantings are 87 per cent complete.
Both Chicago soft WHEAT and Kansas City hard red wheat suffered severe losses, while Minneapolis spring wheat weakened.
The USDA reported that nearly 200,000 tonnes of wheat were inspected for export for the week ended Nov. 24, 93,000 tonnes less than the previous week and down nearly 200,000 tonnes from last year. More than half of U.S. wheat exports during the week were the hard red winter variety with Mexico and Ethiopia top destinations.
Pakistan is tendering 500,000 tonnes while Turkey is seeking 455,000 tonnes.
