The ICE Futures canola market suffered a downturn late in Wednesday’s session, despite rising comparable oils.
Malaysian palm oil continued to rally, while European rapeseed and Chicago soyoil were also higher. Crude oil was up more than US$1 per barrel after reports said OPEC+ could delay its planned December production increase.
An analyst said palm oil was a major supportive influence on canola prices, and didn’t have an explanation for canola’s sudden downturn. Another analyst predicted the January canola contract to rise to C$660 to C$670 per tonne.
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Glacier FarmMedia – Canola futures on the Intercontinental Exchange extended their downturn in the middle of Thursday trading after the…
Thursday Oct. 31 is the First Notice Day for November futures.
At mid-afternoon, the Canadian dollar was up less than one-tenth of a United States cent compared to Tuesday’s close.
There were 67,188 canola contracts traded on Wednesday, which compares with Tuesday when 55,588 contracts changed hands. Spreading accounted for 37,880 of the contracts traded.
SOYBEAN prices at the Chicago Board of Trade ended a three-day downturn on Wednesday as they erased Tuesday’s losses.
The United States Department of Agriculture reported two private export sales of soybeans this morning, with 132,000 tonnes to China and another 132,000 tonnes to unknown destinations.
European Union soybean imports this marketing year were up one per cent from last year at 3.78 million tonnes as of Oct. 25.
The Brazilian states of Rio Grande do Sul and Parana will be mostly dry through Friday, while Mato Grosso should see scattered showers.
China’s agriculture ministry said it’s looking to co-operate more closely with Russia in the soybean industry, without giving any further details.
WHEAT prices made small gains, rising no higher than three U.S. cents per bushel. The closing prices were in the middle of a 15 to 17 cent/bu. range during the day.
The Ukrainian agriculture ministry said the country’s farmers have sown 4.68 million hectares of winter grains for the 2025 harvest as of Oct. 28 or 90.2 per cent of the expected area. This includes 4.13 million hectares of winter wheat or 92.2 per cent of projected plantings.
Jordan has tendered to purchase 120,000 tonnes of wheat, while Algeria set a tender for a Thursday deadline of at least 50,000 tonnes.
CORN showed some weakness for the third time in four sessions on Wednesday with the December contract staying at or above US$4.10 per bushel since the start of trading this week.
The USDA reported a private sale this morning of 273,048 million tonnes of corn for delivery to unknown destinations this marketing year.
The U.S. Energy Information Administration reported ethanol production averaged 1.082 million barrels per day during the week ended Oct. 25, up 1,000 BPD from the previous week.
The EU’s crop monitoring service MARS reduced its yield forecast for 2024 corn at 6.66 tonnes per hectare, down from its previous estimate of 6.85 due to excessive rainfall in southeast Europe. EU corn imports in the 2024-25 marketing year were 6.381 million tonnes as of Oct. 25, up eight per cent from last year’s pace.
Ukraine’s agriculture minister said the country will implement new minimum export prices for major crops such as corn, wheat, soybeans and rapeseed starting in December.
