Glacier FarmMedia MarketsFarm — The ICE Futures canola market went into negative territory again on Friday despite mixed sentiment in comparable oils.
Chicago soyoil and European rapeseed traded lower, while Malaysian palm oil closed higher. Crude oil gained more than US$1 per barrel due to increasing tensions in the Middle East.
At mid-afternoon, the Canadian dollar was steady compared to Thursday’s close.
More than 400 unionized workers at Viterra in Saskatchewan are set to go on strike this afternoon after failing to reach a new deal with management. The two sides met in Regina on Thursday where issues including wages and work-life balance were discussed.
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There were 25,010 canola contracts traded on Friday, which compares with Thursday when 30,559 contracts changed hands. Spreading accounted for 11,192 of the contracts traded.
SOYBEAN prices on the Chicago Board of Trade (CBOT) had double-digit losses on Friday, with the March contract hitting its lowest level since June.
The United States Department of Agriculture’s (USDA) export sales report showed a marketing-year low for 2023-24 soybeans at 201,600 tonnes for the week ended Dec. 28. The total was less than half of the lower end of estimates and down 80 per cent from the week before. Most of the sales were from Spain.
Weekly export sales of 2023-24 soymeal were down 70 per cent from the previous week at 81,400 tonnes. However, 1,200 tonnes of old crop soyoil were sold, up 30 per cent from last week.
The USDA attache in Brasilia reduced their Brazilian soybean production estimate to 158 million tonnes for 2023-24.
ANEC projected 1.3 million tonnes of Brazilian soybean exports in January, up from 904,000 one year ago.
The Buenos Aires Grain Exchange reported Argentine soy planting at 86 per cent complete, while crop conditions were rated at 42 per cent good to excellent.
The March CORN contract had its first negative session in three days, during which it hit a new contract low of US$4.60 per bushel.
The USDA reported 367,500 tonnes of 2023-24 corn were sold, down 70 per cent from the previous week and well below estimates for a marketing-year low. Nearly half of the corn sold went to Mexico.
ANEC projected Brazilian corn exports for January to be 3.33 million tonnes, down from 4.86 million one year ago.
The BAGE reported Argentine corn planting at 78 per cent complete.
The March contracts for all three major U.S. WHEAT varieties had consecutive positive sessions for the first time in about a month. However, gains were limited to three cents/bu. or less.
In total, 131,600 tonnes of 2023-24 U.S. wheat were sold for export, slightly below trade estimates and down 52 per cent from the previous week. In addition, 4,300 tonnes of 2024-25 wheat were sold to Mexico.
Egypt planted 3.062 million acres of wheat since November, 500,000 more than last year according to the country’s agriculture ministry.
Argentina estimated its 2023-24 wheat crop at 15.1 million tonnes, up 2.7 per cent from last year.
