WINNIPEG -– The ICE Futures canola market was higher on Thursday, coinciding with mixed sentiment in comparable oils.
European rapeseed was on either side of steady, while Malaysian palm oil was mostly higher and Chicago soyoil was lower. Crude oil was also down due to economic concerns in China and new supplies incoming from Iran and Venezuela.
At mid-afternoon, the Canadian dollar dipped by less than one-tenth of a United States cent compared to Wednesday’s close.
Rain was also expected for parts of Saskatchewan and Manitoba today.
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About 20,212 canola contracts were traded on Thursday, which compares with Wednesday when 27,293 contracts changed hands. Spreading accounted for 6,816 of the contracts traded.
The December CORN contract on the Chicago Board of Trade (CBOT) was back in the red on Thursday for its third negative session in four days.
The United States Department of Agriculture’s (USDA) Weekly Export Sales report said earlier today that 2022-23 U.S. corn had 22,700 tonnes of net sales reductions during the week ended Aug. 17, primarily from Colombia and unknown destinations. For new crop corn, there were 673,500 tonnes sold for export with more than half going to Mexico.
The ProFarmer Crop Tour measured Illinois’s average corn yield at 193.72 bushels per acre, up three bu./ac. from last year and slightly above the three-year average for the third highest yield in 10 years. Partial results for Iowa showed an average of 182.58 bushels per acre, also slightly above the three-year average.
Despite dryness, the Buenos Aires Grain Exchange expects 7.3 million hectares sown for corn in Argentina during the 2023-24 marketing year.
Dry weather in the U.S. Midwest brought SOYBEAN prices higher once again, with the November contract recording its sixth daily gain in seven sessions.
Nearly 365,000 tonnes of old crop U.S. soybeans were sold for export during the week ended Aug. 17, mostly to Germany and Spain. Approximately 1.22 million tonnes of new crop U.S. soybeans were sold for export with most going to unknown destinations and China.
In total, 71,400 tonnes of old crop soymeal were sold, down 44 per cent from the week before, as well as 202,600 tonnes of new crop soymeal. Also, 1,800 tonnes of old crop soyoil were sold.
Illinois’s average soybean pod count per nine square feet was 1,271, a small increase from both last year and the three-year average. Western Iowa’s was 1,137, down 9.25 per cent from last year and up 15.5 per cent from the three-year average.
All three major U.S. varieties of WHEAT were lower on Thursday with the December Minneapolis spring wheat contract ending the day under US$8 per bushel once again.
Export sales of new crop U.S. wheat increased by 13 per cent from the previous week to 406,000 tonnes, near the higher end of trade estimates, according to the USDA.
Ukraine’s ag ministry estimated new crop wheat exports since July 1 at 1.46 million tonnes, up 64 per cent from the year before.
