WINNIPEG – The ICE Futures canola market continued its ongoing rise for a sixth straight positive session.
European rapeseed and Malaysian palm oil were all higher at the end of trading, but Chicago soyoil was lower. Crude oil was down more than US$1 per barrel due to underwhelming Chinese economic data and a restart in production at the Sharara oil field in Libya after it was disrupted by protesters last week.
At mid-afternoon, the Canadian dollar was down less than one-tenth of a U.S. cent compared to Friday’s close.
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About 31,793 canola contracts were traded on Monday, which compares with Friday when 36,181 contracts changed hands. Spreading accounted for 15,040 of the contracts traded.
Russia let the Black Sea Grain Initiative expire earlier today after weeks of indicating it would not renew the agreement unless concessions were made. However, prices were little affected on the Chicago Board of Trade (CBOT) on Monday due to pressure from last week’s rains across the United States.
The September CORN contract was in decline to start the week, dropping slightly below the US$5 per bushel mark.
The U.S. Department of Agriculture (USDA) reported nearly 364,000 tonnes of corn shipments for the week ended July 13, slightly above last week, but down from 1.09 million during the same week last year.
For the week ended July 11, the Commitment of Traders report from the U.S. Commodity Futures Trading Commission (CFTC) showed that corn’s net short position was extended to 63,000 contracts.
The northern half of the U.S. Corn Belt is only expected to see less than 12 millimetres of rain over the next seven days, while warmer than normal temperatures are predicted for the western U.S. Corn Belt for the week after.
The safrinha corn harvest for the Brazilian state of Mato Grosso is estimated to be 68.2 per cent complete, according to farmers’ group IMEA.
For the fourth straight day, the August SOYBEAN contract alternated between gains and losses with Monday trading resulting in the latter.
Nearly 156,000 tonnes of U.S. soybeans were shipped during the week ended July 13 according to the USDA, down from 300,000 last week and 440,000 from the same week last year.
Managed money added shorts to soybean’s net long position according to the Commitment of Traders report, narrowing it by 6,400 contracts to 82,748. Soymeal was 54,199 contracts net long while soyoil were 49,572 contracts net long, the most since January.
The National Oilseeds Processors Association (NOPA) released its monthly crush report showing 165.02 million bushels for June, under trade expectations.
Safras and Mercado estimated Brazil’s 2023-24 soybean crop at 163.2 million tonnes, up 4.5 per cent from last year.
The September Minneapolis spring WHEAT contract briefly touched the US$9/bu. mark before settling lower on Monday, along with September Kansas City hard red wheat and September Chicago wheat.
More than 253,400 tonnes of U.S. wheat were shipped during the week ended July 13 according to the USDA, down from 419,000 last week but up 60,000 from the same week last year.
The Commitment of Traders report said that soft red wheat spec traders lessened its net short position to 52,128 contracts, while managed money was net long for hard red winter wheat at 14,584 contracts and funds extended spring wheat’s net long to 4,233 contracts.
Recent rains as well as hail in some areas of Kansas have delayed the state’s harvest by two weeks.
China’s wheat output declined by 0.9 per cent to 134.53 million tonnes, its first drop in seven years, due to heavy rains.
