Glacier FarmMedia MarketsFarm – The ICE Futures canola market began the week before Christmas with modest gains as comparable oils rose.
Chicago soyoil and Malaysian palm oil were up, while European rapeseed was mostly higher. Crude oil gained US$1.50 per barrel after Yemeni rebels attacked a BP vessel on the Red Sea earlier today.
At mid-afternoon, the Canadian dollar was down one-tenth of a United States cent compared to Friday’s close.
There were 54,795 canola contracts traded on Thursday, which compares with Friday when 57,768 contracts changed hands. Spreading accounted for 36,368 of the contracts traded.
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SOYBEAN prices were on the rise in the Chicago Board of Trade (CBOT) on Monday as the January contract saw a double-digit gain and the March contract closed at US$13.40 per bushel.
The United States Department of Agriculture (USDA) reported on Monday that 1.411 million tonnes of U.S. soybeans were shipped during the week ended Dec. 14, up from one million last week but down 28 per cent from the same week last year.
AgRural reported that soybean planting in Brazil is now 94 per cent complete, up three points from last week.
Indigenous protestors in Brazil disrupted a public hearing on Friday on the construction of a railway which would transport soybeans from the top-producing state of Mato Grosso to river ports on the Amazon basin.
In Argentina, soybean planting is now at 60 per cent, up eight points from the previous week, according to the Buenos Aires Grain Exchange (BAGE).
CORN continued to ease off as the March contract fell to its lowest price this month.
In total, 948,000 tonnes of U.S. corn were shipped during the week ended Dec. 14, 31 per cent more than last week and 15 per cent more than the same week last year.
Central and northeastern Brazil will continue to see hot and dry conditions over the next couple of days before temperatures recede and rain falls over the regions over the next 10 days.
Fertilizer producer Mosaic projected Brazil’s safrinha corn crop to drop by 12 per cent or 12.7 million tonnes. Growers have also delayed their fertilizer purchases.
China imported a record-breaking 3.59 million tonnes of corn in November.
Algeria issued tenders to purchase up to 200,000 tonnes of animal feed corn.
All three major varieties of U.S. WHEAT were down on Monday, as the March Kansas City hard red wheat contract saw the largest loss and hit its lowest level in December.
Nearly 285,000 tonnes of U.S. wheat were shipped during the week ended Dec. 14, below the 317,000 from last week and down from 304,000 from the same week last year.
The BAGE estimated that 55 per cent of Argentina’s expected wheat crop was planted, up seven points from a week earlier.
Saudi Arabia reportedly purchased 1.35 million tonnes of wheat in total from multiple nations.
