WINNIPEG — Despite some late-day weakness, the ICE Futures canola market ended Friday slightly higher, receiving support from the Chicago soy complex and comparable oils.
Chicago soyoil and soymeal were up, as well as Malaysian palm oil and European rapeseed. Crude oil was also higher after comments from U.S. Federal Reserve chair Jerome Powell indicated further raising of benchmark interest rates.
Statistics Canada reported nearly 962,000 tonnes of canola were crushed in July, up from 774,000 tonnes in July 2022 and the largest one-month total on record. Canada’s canola crush for 2022-23 was 9.96 million tonnes, up more than 1.4 million from the previous year.
Read Also
Canadian Financial Close: Loonie up as U.S. dollar weakens
Glacier FarmMedia | MarketsFarm – The Canadian dollar closed above the 73 United States cent mark for the first time in a…
At mid-afternoon, the Canadian dollar was down one-quarter of a U.S. cent compared to Thursday’s close.
Temperatures are expected to be in the low- to mid-20 degrees Celsius across the Prairies today, as well as in the mid- to high-20s next week.
About 25,913 canola contracts were traded on Friday, which compares with Thursday when 20,212 contracts changed hands. Spreading accounted for 15,378 of the contracts traded.
The December CORN contract saw a miniscule loss on the Chicago Board of Trade (CBOT) on Friday, alternating between losses and gains for the third straight day.
The United States Department of Agriculture (USDA) reported 2023-24 export commitments for corn at 7.352 million tonnes, 21 per cent behind last year’s pace.
The ProFarmer Crop Tour ended on Friday with an average U.S. corn yield estimate of 172 bushels per acre, compared to the USDA’s projection of 175.1 earlier this month. This equates to production of 14.96 billion bushels, compared to the 15.11 billion from the USDA.
Canada announced it will support the U.S. as a third party in a dispute with Mexico over the latter banning genetically modified corn imports.
South Korea booked 68,000 tonnes of corn via international tender, while Taiwan purchased 65,000 tonnes from Brazil.
The November SOYBEAN contract rose for the third straight day, making gains for the 11th time over the past 14 sessions. The March contract ended the day above the US$14 per bushel mark.
The ProFarmer Crop Tour announced its estimate for the U.S. soybean crop at 49.7 bushels per acre or the equivalent of 4.11 billion bushels. The USDA forecast 50.9 bushels per acre and 4.205 billion bushels of production earlier this month.
The USDA also reported a private export sale of 121,000 tonnes of new crop soybeans to China this morning.
Both Kansas City hard red and Minneapolis spring WHEAT ended Friday on a high note, but Chicago wheat lost 10 U.S. cents per bushel.
Ukrainian farmers have completed their 2023 wheat harvest, producing 21.94 million tonnes, 1.24 million more than in 2022.
Meanwhile, the European Commission cut its wheat production estimate by 300,000 tonnes to 126.1 million as constant rainfall this month has reduced quality and delayed harvesting operations.
The Buenos Aires Grain Exchange is reporting that northern and central parts of Argentina are in need of rain with 14.82 million acres sown for wheat this year.
The Roller Flour Millers Association is urging India to remove a 40 per cent import tax on wheat to facilitate purchases of the grain and increase supplies.
