Glacier FarmMedia MarketsFarm — The ICE Futures canola market retreated on Friday, pressured by weakness in comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were all lower. Crude oil prices also had modest declines.
The Canadian Grain Commission reported only 101,100 tonnes of canola exports during the week ended March 17, less than half from the previous week. Cumulative exports for the 2023-24 marketing year total 3.786 million tonnes, down 33.5 per cent from last year.
At mid-afternoon, the Canadian dollar was down more than four-tenths of a United States cent compared to Thursday’s close, limiting canola’s losses.
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There were 37,833 canola contracts traded on Friday, which compares with Thursday when 61,601 contracts changed hands. Spreading accounted for 18,986 of the contracts traded.
SOYBEANS at the Chicago Board of Trade (CBOT) fell by approximately 20 U.S. cents per bushel on Friday as part of overall weakness in the Chicago soy complex. Soyoil lost more than one U.S. cent per pound, while soymeal dropped US$5 per short ton.
Despite heavy rains in some growing areas, the Buenos Aires Grain Exchange left its Argentine soybean production estimate unchanged at 52.5 million tonnes.
The Brazilian harvest is expected to be at least 70 per cent complete by this week.
In Iowa, 19 per cent of the state’s soybean growing areas are under drought while many areas put water restrictions in place.
A small loss in the May CORN contract marked the sixth straight session of alternating gains and losses. During that time, the price hasn’t changed by more than four U.S. cents per bushel in any day.
Growers in the United States Southeast and Delta regions are running behind schedule when it comes to corn planting according to one report, and wet weather in those regions are likely to delay planting even more.
Meanwhile in Iowa, 23 per cent of the state’s corn acres are currently under drought.
The BAGE cut its Argentine corn production forecast by 2.5 million tonnes at 54 million due to damage from heat and spiroplasma bacteria. Argentina’s corn harvest was also reported to be 3.7 per cent complete as of March 21.
WHEAT ended the week with positive momentum, with the largest weekly gains in the Chicago and Kansas City winter wheat contracts.
The Canadian Grain Commission reported wheat exports at 515,100 tonnes during the week ended March 17, its largest amount in three weeks and the eighth largest weekly amount this year. Cumulative exports sit at 13.521 million tonnes, up 5.6 per cent from the previous year.
The European Union has proposed imposing tariffs on Russian and Belarussian imports. The tariffs would be 95 Euros per tonne for grains and 50 per cent for oilseeds, in order to prevent a flood of cheaper imports and to satisfy demands from EU farmers.
FranceAgriMer said 66 per cent of the French soft wheat crop is rated good to excellent, down from 94 per cent last year.
Ukraine said 214,500 hectares of spring crops, including wheat, have been planted so far, with expected area to be down nine per cent from last year.
SovEcon raised its 2024-25 Russian wheat production forecast by 400,000 tonnes at 94 million.
