Glacier FarmMedia — Canola futures on the Intercontinental Exchange were higher on Thursday amidst mixed sentiment in comparable oils.
Chicago soyoil was steady, European rapeseed was mostly higher and Malaysian palm oil was up. Crude oil lost more than US$1 per barrel on speculation OPEC+ might raise output in November.
An analyst said November canola found support at the C$600 per tonne mark on Wednesday while November soybeans also bounced off the US$10 per bushel level. However, harvest pressure and upcoming Chinese purchases of South American soybeans might put more pressure on oilseeds in the next few weeks.
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The Manitoba canola harvest was 76 per cent complete as of Oct. 1, while Saskatchewan’s was 72 per cent complete as of Sept. 29.
At mid-afternoon, the Canadian dollar was down more than one-tenth of a U.S. cent compared to Wednesday’s close.
There were 63,817 canola contracts traded on Thursday, compared to Wednesday when 71,991 contracts changed hands. Spreading accounted for 45,540 of the contracts traded.
SOYBEAN futures on the Chicago Board of Trade rallied again on Thursday despite an ongoing lack of buying from China.
This morning, United States Treasury Secretary Scott Bessent said the federal government will help soybean farmers and implied there would be an announcement on assistance on Tuesday.
Due to the federal government shutdown, the U.S. Department of Agriculture did not publish its weekly export sales report today. However, analysts still estimated 300,000 to 1.6 million tonnes of soybeans sold during the week ended Sept. 25.
StoneX raised their U.S. soybean yield estimate to 53.9 bushels per acre, a 0.7 bu./ac. increase from last month. Production was estimated at 4.326 billion bushels.
The U.S. Energy Information Administration reported the amount of soyoil used for biodiesel in July was 1.108 billion pounds, slightly below the year-ago amount.
CORN futures were also up for the second straight session on Thursday.
Eastern portions of the U.S. Corn Belt may experience harvest delays next week due to precipitation in the forecast.
Analysts estimated U.S. weekly export corn sales totaled between 1.2 million and 2.2 million tonnes last week.
StoneX cut its estimate for the U.S. corn yield at 185.9 bu./ac., down one bu./ac. from last month, with production estimated at 16.737 billion bushels.
WHEAT futures showed small gains on Thursday. For Kansas City hard red and Minneapolis spring, it was their first positive session since Monday.
Most of the country will see dry conditions over the next seven days, but southern Nebraska and northern Kansas could see rain which would delay winter wheat planting.
Export sales for U.S. wheat were projected by analysts to have totaled 300,000 to 650,000 tonnes last week.
Saudi Arabia issued a tender for 420,000 tonnes of hard wheat.
