WINNIPEG — The ICE Futures canola market began the week on the rise, following the leads of vegetable oils and getting support from dry conditions.
Chicago soyoil, as well as European rapeseed and Malaysian palm oil were all in positive territory on Monday. Crude oil was also on the rise.
The Canadian dollar was up three-tenths of a United States cent compared to Friday’s close.
Statistics Canada (StatCan) will release its latest principal field crop acreage estimates on Wednesday, followed by the U.S. Department of Agriculture’s (USDA) acreage and quarterly grain stocks reports on Friday.
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About 28,355 canola contracts were traded on Monday, which compares with Tuesday when 36,270 contracts changed hands. Spreading accounted for 13,788 of the contracts traded.
The September CORN contract on the Chicago Board of Trade (CBOT) showed some weakness during Monday trading.
Weekend rains were varied across corn-growing areas of the United States. Parts of South Dakota received as much as 88 millimetres, while eastern Iowa had 50 mm, but Indiana, Illinois, Nebraska and western Iowa all had less than 20 mm.
The U.S. Department of Agriculture’s (USDA) weekly export inspections report showed more than 540,000 tonnes of corn were shipped during the week ended June 22, down from 831,000 last week and down from 1.247 million at this time last year.
Ahead of the USDA’s Quarterly Stocks Report on Friday, analysts expect June 1 corn stocks to be 4.25 billion bushels on average, nearly 100 million less than last year. Acreage estimates ranged from 91 million to 93 million acres.
SOYBEANS recovered some of their losses from Friday, moving up by double digits.
The USDA’s weekly export inspections report counted more than 141,000 tonnes of soybeans exported during the week ended June 22, down from 179,000 tonnes last week and down from 477,000 tonnes at this time last year.
Analysts projected 805 million bushels on average for soybean stocks as of June 1, down from 967 million last year. They also predicted 87 million to 89 million acres planted.
China is rumoured to be buying more soybeans for October shipment.
Chicago WHEAT and Minneapolis spring wheat were lower on Monday, but Kansas City hard red wheat made gains.
The USDA reported more than 203,000 tonnes of wheat shipped during the week ended June 22, down 31,500 from last year and down 149,000 from the year before.
Traders are expecting between 588 million and 695 million bushels of June 1 wheat stocks, as well as 48.6 million to 50.2 million acres planted.
Ukraine’s ag ministry reported 16.6 million tonnes of wheat exports in 2022-23.
