Glacier FarmMedia MarketsFarm — The ICE Futures canola market was in positive territory on Tuesday with mixed sentiment in vegetable oils.
While European rapeseed was up, Chicago soyoil was down and Malaysian palm oil was lower in the nearby contracts. Crude oil continued to rise after the release of economic data from China and Ukrainian attacks on Russian refineries.
At mid-afternoon, the Canadian dollar was down more than one-tenth of a United States cent compared to Monday’s close. Statistics Canada reported today that the annual inflation rate declined to 2.8 per cent in February.
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There were 43,578 canola contracts traded on Tuesday, which compares with Monday when 47,300 contracts changed hands. Spreading accounted for 24,724 of the contracts traded.
SOYBEAN prices at the Chicago Board of Trade (CBOT) declined for the second straight day on Tuesday for the first time in nearly two weeks. The July contract dipped below US$12 per bushel before settling higher.
Crop consultant Dr. Michael Cordonnier left his estimate unchanged for Brazilian soybean production at 145 million tonnes, while raising Argentina’s by one million at 51 million tonnes.
AgRural reported that 63 per cent of Brazil’s soybeans have been harvested, compared to 62 per cent one year ago.
ANEC said Brazil has exported 6.4 million tonnes over the first two weeks of March with the month’s total expected to be 13.7 million, a slightly higher pace than last year.
Agricensus said Argentine soybean sales dropped from 161,000 tonnes on March 12 to 118,000 the day after due to rumours surrounding another “soy dollar” exchange program.
The May CORN contract was up for the second session in three days, briefly trading at US$4.40/bu. before closing below the mark.
Dry conditions persist in the western U.S. Corn Belt, but a system this weekend will bring snow, rain and much-needed moisture to the region.
Cordonnier left his production estimate for Brazilian corn unchanged at 112 million tonnes, while raising his estimate for Argentina by one million at 55 million tonnes, citing recent rains.
Brazilian firms AgRural, as well as Safras and Mercado, reported that 97 per cent of Brazil’s safrinha corn crop has been harvested. However, Conab reported 92 per cent completion.
ANEC said Brazil has exported nearly 228,000 tonnes of corn in the first two weeks of March, down from 1.3 million at this time last year.
The May contracts for all three major United States WHEAT varieties made gains of at least five U.S. cents per bushel. This marked the first instance of two consecutive positive sessions in a week.
Hard red winter wheat ratings in Kansas improved by two points from the previous week at 55 per cent good to excellent. Texas saw a similar increase at 46 per cent, while Colorado was up nine points at 65 per cent. Oklahoma was down four points at 61 per cent. Conditions in Kansas and Texas are at their highest since 2016.
The European Union is set to place a tariff of 95 Euros per tonne on Russian and Belarussian grain imports. Russian imports totaled four million tonnes in 2023.
India’s government plans on buying 33.5 million tonnes of wheat in 2024-25, up from 26.2 million last year.
