Glacier FarmMedia MarketsFarm — The ICE Futures canola market rebounded on Monday, receiving support from a weaker Canadian dollar and positive sentiment in comparable oils.
Chicago soyoil and Malaysian palm oil were up, as well as crude oil. However, European rapeseed was down.
Statistics Canada will release its Dec. 31 grain stocks report on Thursday, with 2023-24 canola stocks expected to rise 300,000 tonnes from the year before at 13 million.
At mid-afternoon, the loonie was down four-tenths of a U.S. cent compared to Friday’s close.
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There were 52,311 canola contracts traded on Monday, which compares with Friday when 55,789 contracts changed hands. Spreading accounted for 33,544 of the contracts traded.
The March SOYBEAN contract had its first positive session at the Chicago Board of Trade (CBOT) in three sessions on Monday. However, earlier in the day, the contract hit its lowest price since June.
The United States Department of Agriculture (USDA) reported 1.246 million tonnes of soybeans were shipped during the week ended Feb. 1, up more than 500,000 tonnes from the week before.
Prior to the USDA’s monthly supply/demand estimates to be released on Feb. 8, 2023-24 U.S. soybean carryout is expected to rise 4.6 million bushels on average at 284.6 million, according to trade estimates.
The trade also estimated Brazil’s soybean crop to decrease by almost four million tonnes on average at 143.15 million, while Argentine soybean production is expected to increase by 800,000 tonnes at almost 51 million.
AgRural reported the Brazilian soybean harvest to be 16 per cent complete, compared to nine per cent at this time last year.
In total, 266,300 tonnes of 2023-24 U.S. WHEAT were shipped, down from 284,000 from the week before.
The trade predicted the USDA to tighten its 2023-24 wheat carryout by only one million bushels on average at 647.4 million for Thursday’s report.
The trade’s average estimate for global wheat carryout is 260.5 million tonnes, up 500,000 tonnes from January’s report.
Rain fell over the past week in Kansas, Oklahoma, Nebraska and part of the Northern Plains and Pacific Northwest.
Trade estimates suggested Statistics Canada will report wheat stocks as of Dec. 31 at 20.7 million tonnes on average on Thursday, lower than the 23 million from the end of 2022.
The March CORN contract halted its decline, but ended the day unchanged.
The USDA reported that 624,300 tonnes of 2023-24 U.S. corn were shipped, down 33 per cent from the previous week.
The trade estimated 2023-24 U.S. corn carryout to tighten by up to 16 million bushels, with corn exports to increase by 7.8 million.
Global corn carryout may tighten by 600,000 tonnes on average.
The USDA is expected to cut 2023-24 Brazilian corn production by 2.7 million tonnes on average at 124.32 million, according to trade estimates.
AgRural reported Brazil’s safrinha corn crop to be 27 per cent planted as of Feb. 1, its quickest pace in more than a decade.
Argentine corn production could increase by 600,000 tonnes on average at 55.59 million in Thursday’s USDA report.
