WINNIPEG — The ICE Futures canola market ended the day higher for the ninth straight session.
Chicago soyoil was up more than one United States cent per pound, giving a lift to canola prices. Meanwhile, Malaysian palm oil was higher after the resumption of trading due to a holiday on Wednesday and European rapeseed was mostly lower. Crude oil was slightly higher after reports of tightened U.S. stockpiles.
At mid-afternoon, the Canadian dollar was steady compared to Wednesday’s close. B.C. port workers withdrew its strike notice to employers on Wednesday night, lessening the chances of another work stoppage.
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About 29,751 canola contracts were traded on Thursday, which compares with Wednesday when 37,185 contracts changed hands. Spreading accounted for 13,356 of the contracts traded.
The September CORN contract reached the US$5.50 per bushel mark for the second straight session, but ended the day lower in part due to underwhelming U.S. export sales.
Export sales for old crop U.S. corn totalled 236,800 tonnes for the week ended July 13, according to the U.S. Department of Agriculture (USDA), down nearly half from the previous week. Meanwhile, 491,600 tonnes of new crop U.S. corn were also sold for export, with 55,000 going to Canada.
The International Grains Council (IGC) raised its worldwide production estimate for 2023-24 corn by nine million tonnes to 1.22 billion.
AgroConsult is projecting Brazil’s safrinha corn crop to be a record 107.2 million tonnes, up 4.8 million from its previous estimate.
The August SOYBEAN contract touched the US$15/bu. mark only to settle below the mark. Meanwhile, the deferreds were all in negative territory.
The USDA reported export sales of old crop U.S. soybeans at 127,000 tonnes for the week ended July 13, up 58 per cent from the week before. Export sales of new crop U.S. soybeans were 760,300 tonnes during the week, with nearly half going to Mexico.
There were also 272,500 tonnes of old crop U.S. soymeal sold, along with 135,300 tonnes of new crop U.S. soymeal. However, there were 800 tonnes of net sales reductions for soyoil, mostly from Canada.
The USDA’s attache in Buenos Aires estimated Argentina’s soybean crop to be 21.25 million tonnes, below the USDA’s July estimate of 25 million.
China imported 9.53 million tonnes of soybeans in June, 2.3 million more than the year before.
Most WHEAT contracts on the Chicago Board of Trade (CBOT) were higher, but only made small gains. However, the September Minneapolis spring wheat contract closed above US$9/bu. for its highest close since December.
Only 170,700 tonnes of new crop U.S. wheat were sold for export for the week ended July 13, a three-week low and below trade expectations.
The IGC lowered its estimate for worldwide wheat production by two million tonnes to 784 million.
French ag consultancy Agritel raised its forecast for Ukraine’s wheat crop to 18.9 million tonnes, up from the 16.34 million projected in May.
Russia continued with missile and drone attacks on the Ukrainian port cities of Odesa and Mykolaiv overnight. China is encouraging more domestic grain production, while Asian wheat buyers are looking for supplies elsewhere after the collapse of the Black Sea Grain Initiative.
