Glacier FarmMedia MarketsFarm – The ICE Futures canola market was in a downturn on Friday as traders positioned themselves ahead of Statistics Canada’s principal field crop production report on Dec. 4.
Losses in the Chicago soy complex hurt canola prices, while European rapeseed and Malaysian palm oil were also lower. Crude oil was slightly higher after OPEC+ announced “voluntary production cuts” from its member nations on Thursday.
The Canadian dollar was up one-third of a United States cent compared to Thursday’s close.
The Canadian Grain Commission reported on Thursday that 87,000 tonnes of canola were exported for the week ended Nov. 26, the lowest total in three weeks. Cumulative exports are now at 2.03 million tonnes for the marketing year, down 23.3 per cent from last year.
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ICE Midday: Canola making small gains
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were slightly higher in the middle of Friday trading, continuing their choppy…
There were 54,878 canola contracts traded on Thursday, which compares with Wednesday when 34,595 contracts changed hands. Spreading accounted for 36,352 of the contracts traded.
For the third time over the past seven sessions, the January SOYBEAN contract had a one-day loss of at least 10 U.S. cents per bushel. Both January and March contracts were now below the US$13.50/bu. level.
The United States Department of Agriculture (USDA) reported today that 201 million bushels of soybeans were processed in the month of October, up 26 million from September and up four million from one year ago. Soyoil production in October was 1.89 billion lbs., up nine per cent from September and up five per cent from a year earlier.
The Buenos Aires Grain Exchange (BAGE) reported that planting for Argentina’s soybean crop has reached 43.8 per cent of the expected 17.3 million hectares.
The USDA confirmed two private export sales, 132,000 tonnes to China and a 198,000-tonne sale to unknown destinations.
The March CORN contract made gains for the third straight session, nearly hitting the US$4.90/bu. mark.
The USDA reported that average regional ethanol prices were down seven to 27 U.S. cents per gallon at a range between US$1.63 and US$1.78.
BAGE reported that planting of Argentina’s 2023-24 corn crop, which has been delayed due to rainfall, reached 32.3 per cent of the expected 7.1 million hectares seeded.
Ukraine’s ag ministry said that 26.8 million tonnes of corn were harvested in 2023, a little more than one-third of its total grain harvest.
U.S. WHEAT futures made modest gains on Friday, with none of the March contract rising by five U.S. cents/bu.
The Canadian Grain Commission reported that the country exported a marketing-year high of 603,300 tonnes of wheat excluding durum during the past week. Cumulative wheat exports for the year are 6.9 million tonnes, up 7.8 per cent from the year before.
BAGE reported that Argentina has harvested 36.4 per cent of its wheat planting area and its production estimate of 14.7 million tonnes could be raised at a later date.
FranceAgriMer reported that 82 per cent of French soft wheat sowing area is now complete, up eight points from last week but below the five-year average of 95 per cent.
Ukraine said it has already harvested 22.5 million tonnes of wheat in 2023.
