Glacier FarmMedia MarketsFarm — The ICE Futures canola market suffered double-digit losses on Thursday amid mostly negative sentiment in comparable oils.
Despite continuing tensions in the Middle East, crude oil was down. Chicago soyoil and European rapeseed were also lower, while Malaysian palm oil prices were higher.
At mid-afternoon, the Canadian dollar was steady compared to Wednesday’s close.
There were 30,559 canola contracts traded on Thursday, which compares with Wednesday when 27,269 contracts changed hands. Spreading accounted for 11,990 of the contracts traded.
Recent rains in South America put pressure on SOYBEAN prices at the Chicago Board of Trade (CBOT) on Thursday. The March contract fell to its lowest level since June earlier today, following a slight gain on Wednesday.
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Rains continued to fall in Brazil, especially in drought-affected northern areas. However, this year’s soybean crop is still expected to be the country’s second-largest on record at 150 million tonnes.
Operations at a Bunge soy crush plant in Decatur, Ind. remained a standstill for another week after damage to its natural gas pipeline. The plant contributes 1.5 per cent of U.S. crush volumes and may slow down record-setting crush paces in the country.
China’s ag ministry said it will accelerate use of agricultural technology and advancements to produce more crops, adding it will “leave no stone unturned to accelerate high-yield and high-oil soybeans”.
For the first time in more than a week, the March CORN contract made gains on consecutive days, albeit less than two U.S. cents per bushel.
The United States Energy Information Administration (EIA) reported today that 1.049 million barrels of ethanol were produced per day on average for the week ended Dec. 29, a four-week low.
The National Oceanic and Atmospheric Administration (NOAA) forecasted heavy rainfall for the U.S. Southern Plains, which will improve water levels on the Mississippi River and aid vessels on the waterway. The Eastern Corn Belt will also see above-average temperatures and precipitation next week.
Rainfall in Argentina is expected to be light in the coming days, but should intensify over the next few weeks. It will also give support to the country’s corn and soybean crops.
The March Chicago WHEAT contract had a wild day of trading, falling to its lowest level since December and later ending with a double-digit gain.
The U.S. and its allies sent a warning statement to Houthi rebels in Yemen, calling for an end to attacks on vessels in the Red Sea and the release of illegally detained ships. A U.S. official did not specify what actions could be taken if the attacks do not cease.
The Minneapolis Grain Exchange estimated U.S. spring wheat stocks at 16.85 million bushels as of Jan. 1, down 6.2 per cent from one year ago.
