WINNIPEG — The ICE Futures canola market ended the trading week higher despite mixed sentiment in comparable oils.
While European rapeseed made gains, Chicago soyoil and Malaysian palm oil were both in the red. Crude oil prices were steady to lower. There will be no ICE trading on Friday April 7 due to the Good Friday holiday.
At mid-afternoon, the Canadian dollar was down less than one-tenth of a United States cent compared to Wednesday’s close. Statistics Canada reported today that the country’s economy added 35,000 jobs in March.
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About 35,296 canola contracts were traded on Thursday, which compares with Wednesday when 39,063 contracts changed hands. Spreading accounted for 25,100 of the contracts traded.
Trading on the Chicago Board of Trade (CBOT) will be closed on Friday and will resume on the evening of April 9 (Easter Sunday).
For the first time since early March, the May CORN contract retreated for four straight days.
Old crop corn sales totaled 1.247 million tonnes for the week ended March 30, up 20 per cent from the past week and up 60 per cent from the same week last year, according to the United States Department of Agriculture (USDA). So far this season, 32.2 million tonnes of old crop and two million of new crop have been sold.
The USDA also reported that 3.27 million tonnes of corn were exported in the month of February, up 3.3 per cent from January.
The Buenos Aires Grain Exchange left its Argentine corn production estimate unchanged at 36 million tonnes.
The May SOYBEAN contract closed below the US$15 per bushel mark for the first time in five days.
More than 155,000 tonnes of old crop U.S. soybeans were sold for export during the week ended March 30, down 56 per cent from the previous week and down 72 per cent from the same week last year. New crop soybeans saw 48,000 tonnes of cancellations.
More than 245,000 tonnes of soymeal were sold during the week, while a marketing-year high of 27,500 tonnes of soyoil were also sold.
The Buenos Aires Grain Exchange kept its estimate for Argentina’s soybean crop at 25 million tonnes, as soybeans and soy products there will have a new exchange rate of 300 pesos per U.S. dollar starting on Sunday.
Kansas City hard red winter WHEAT made gains while the other two major U.S. varieties ended the week lower.
More than 193,000 tonnes of U.S. wheat were sold for the week ended March 30, up 28 per cent from the week before and up 24 per cent from the same week last year. Also, 1.87 million tonnes of wheat were exported in the month of February, five per cent more than in January.
Ukrainian President Volodymyr Zelenskyy said he and Polish Prime Minister Mateusz Morawiecki will announce a solution in the coming days regarding the influx of cheaper Ukrainian wheat into Poland, which has raised the ire of Polish farmers.
