North American grain/oilseed review: Canola settles narrowly mixed

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm — The ICE Futures canola market settled narrowly mixed on Monday, seeing some consolidation after recent losses.

Ideas the canola market was looking oversold after last week’s sharp declines provided some support, with overnight advances in Chicago soyoil also underpinning the market. However, soyoil turned lower and canola was unable to break above nearby resistance. European rapeseed and Malaysian palm oil were also weaker.

End-user bargain hunting and a lack of significant farmer selling pressure were supportive.

Canadian Financial Close: C$ ends steady Wednesday

Glacier FarmMedia — The Canadian dollar was steady on the day at Wednesday’s close, recovering from three-week lows relative to…

There were an estimated 47,884 contracts traded on Monday, which compares with Friday when 54,439 contracts traded. Spreading accounted for 22,772 of the contracts traded.

import { defineSlot, displaySlot, enableServices } from ‘https://www.agcanada.com/wp-content/plugins/gfm-ad-network/assets/js/gpt/gfm-gpt-ad-helpers.js’;

const adUnitPath = ‘/76643716/agcanada/’;
const slotType = ‘mediumRectangle’;
const slot = getGfmAdNetworkSlot( slotType );
const elementId = ‘gfm-agc-mediumRectangle-5’;

if ( slot ) {
const targeting = [];
defineSlot( slot, adUnitPath, elementId, targeting );
enableServices();
displaySlot( elementId );
} else {
const element = document.getElementById(elementId);
element.style.display = ‘none’;
throw new Error( `Cannot find ${slotType}` );
}

SOYBEAN futures at the Chicago Board of Trade held onto small gains on Monday, supported by speculative short covering as traders squared positions ahead of Thursday’s Thanksgiving Day holiday in the United States.

Soybeans were underpinned by speculative short covering after hitting one-month lows last week, although losses in soyoil served to limit the upside.

Weekly U.S. soybean export shipments hit 2.1 million tonnes. That was down slightly from the previous week, but year-to-date exports of about 19.4 million tonnes were well above last year’s pace.

Relatively favourable South American crop conditions weighed on values, with soybean seeding in Brazil reportedly at 86 per cent complete.

import { defineSlot, displaySlot, enableServices } from ‘https://www.agcanada.com/wp-content/plugins/gfm-ad-network/assets/js/gpt/gfm-gpt-ad-helpers.js’;

const adUnitPath = ‘/76643716/agcanada/’;
const slotType = ‘mediumRectangle’;
const slot = getGfmAdNetworkSlot( slotType );
const elementId = ‘gfm-agc-mediumRectangle-11’;

if ( slot ) {
const targeting = [];
defineSlot( slot, adUnitPath, elementId, targeting );
enableServices();

displaySlot( elementId );
} else {
const element = document.getElementById(elementId);
element.style.display = ‘none’;
throw new Error( `Cannot find ${slotType}` );
}

CORN futures were softer, despite good export demand, as losses in crude oil weighed on the ethanol-linked grain.

The U.S. Department of Agriculture announced private export sales of 454,900 tonnes of corn Mexico this morning with most to be delivered during the current marketing year.

WHEAT was weaker, despite the escalating conflict between Russia and Ukraine, as grain continues to move through the Black Sea for the time being.

import { defineSlot, displaySlot, enableServices } from ‘https://www.agcanada.com/wp-content/plugins/gfm-ad-network/assets/js/gpt/gfm-gpt-ad-helpers.js’;

const adUnitPath = ‘/76643716/agcanada/’;
const slotType = ‘mediumRectangle’;

const slot = getGfmAdNetworkSlot( slotType );
const elementId = ‘gfm-agc-mediumRectangle-17’;

Russian analysts Sovecon cut their call on the country’s wheat exports this year to 44.1 million tonnes, from an earlier estimate of 45.9 million, due to expectations for stricter export quotas.

Meanwhile, IKAR, another Russian consultancy, raised their call on the country’s wheat production to 125 million tonnes — up by half a million from an earlier estimate.