Glacier FarmMedia MarketsFarm — The ICE Futures canola market received a big boost on Thursday from hot weather in western parts of the Prairies.
An analyst said that hot temperatures in Alberta and Saskatchewan during canola’s flowering stage could reduce yield potential.
European rapeseed sharply rose and gains in Chicago soyoil supported canola prices. Higher crude oil also added to Wednesday’s increases. However, Malaysian palm oil was down.
At mid-afternoon, the Canadian dollar was down one-tenth of a U.S. cent compared to Wednesday’s close.
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There were 49,787 canola contracts traded on Thursday, which compares with Wednesday when 39,022 contracts changed hands. Spreading accounted for 18,260 of the contracts traded.
Although November SOYBEANS hit a new contract low on Thursday, they ended the day higher. The contract has seen little price movement since losing 25 U.S. cents per bushel on Monday.
The United States Department of Agriculture reported 360,100 tonnes of old crop U.S. soybeans were sold for export during the week ended July 11, up 73 per cent from the week before, as well as 375,000 tonnes of new crop.
In addition, 209,300 tonnes of old crop U.S. soymeal were also sold, as well as 99,400 tonnes of new crop. As well, 3,300 tonnes of old crop U.S. soyoil and 14,900 tonnes of new crop were sold for export.
The USDA reported on Thursday private export sales of 509,000 tonnes of soybeans, as well as 150,000 tonnes of soymeal for delivery in the 2024-25 marketing year to unknown destinations.
The International Grains Council left projected global soybean production unchanged from June at 415 million tonnes, as well as 79 million tonnes of ending stocks for 2024-25.
WHEAT prices for Minneapolis and Kansas City rose on consecutive days for the first time since June 27. However, Chicago Board of Trade (CBOT) wheat saw Wednesday’s gains partially erased.
The USDA reported 578,500 tonnes of U.S. wheat were sold for export, near the higher end of trade expectations.
The IGC raised its 2024-25 global wheat production outlook by eight million tonnes at 801 million. It also raised stocks by the same amount at 269 million.
Algeria purchased at least 600,000 tonnes of wheat in its tender on Wednesday.
South Korea purchased 40,000 tonnes of U.S. wheat on Wednesday.
Hopes for a CORN rally were extinguished with losses on Thursday after two days of increases. September corn dipped below US$4 per bushel for the second time in three sessions.
The USDA reported 437,800 tonnes of old crop corn were sold for export last week, down 19 per cent from the previous week, as well as 485,700 tonnes of new crop corn. The totals were below trade expectations for old crop and above expectations for new crop.
The IGC raised its 2024-25 global corn production outlook by two million tonnes at 1.225 billion. Meanwhile, projected ending stocks were cut three million tonnes at 278 million.
Nebraska and parts of South Dakota and Kansas are expecting 25 millimetres of rain over the next week, while the rest of the U.S. Corn Belt will see less precipitation.
