Glacier FarmMedia MarketsFarm — The ICE Futures canola market continued its downturn on Wednesday, but losses were limited by rising comparable oils and a weaker Canadian dollar.
Chicago soyoil, European rapeseed and Malaysian palm oil closed in positive territory. Meanwhile, crude oil was up more than US$2 per barrel after protests shut down Libya’s Sharara oil field.
At mid-afternoon, the Canadian dollar lost three-tenths of a United States cent compared to Tuesday’s close.
There were 27,269 canola contracts traded on Wednesday, which compares with Tuesday when 26,797 contracts changed hands. Spreading accounted for 16,558 of the contracts traded.
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WHEAT prices on the Chicago Board of Trade (CBOT) went down for the third-straight day on Wednesday. The March Chicago soft wheat contract dipped below US$6 per bushel for the first time since Dec. 1, but ended the day barely above the mark.
Rain is in the forecast across Kansas and Oklahoma this week, as well as lighter amounts in the Pacific Northwest. Meanwhile, temperatures in the northern states are expected to fall over the next couple of weeks, which may damage exposed wheat acres.
Estimated winter wheat crop ratings state-by-state show Ohio, Oklahoma, Indiana and Colorado at above 60 per cent good to excellent. However, less than half of wheat acres in Kansas and Texas were in similar conditions.
Container ships from Maersk and Hapag-Lloyd will avoid the Red Sea after weekend attacks on vessels from Houthi rebels in Yemen. Some ships have been re-routed to Cape of Good Hope off the southern coast of South Africa.
India’s total wheat stocks in state warehouses totaled 16.47 million tonnes as of Jan. 1, its lowest amount since 2017.
CORN prices saw a reprieve from their four-day downturn, but are still trading around their lowest prices since 2020.
The United States Energy Information Administration (EIA) reported that the country’s production capacity for ethanol in October was 17.72 billion gallons, roughly equal to September.
Polish farmers will resume their blockade of the Medyka border crossing with Ukraine on Thursday, as they seek government subsidies for corn and a stop to new tax hikes. While Poland’s agricultural minister Czeslaw Siekierski wrote in a message that their demands will be met, Prime Minister Donald Tusk has not yet signed off.
SOYBEANS ended a three-day slide, but are still trading below the US$13/bu. mark at their lowest levels since June.
The EIA reported that soyoil use for renewable diesel fell by 171 million pounds from September to October at 416 million. However, its use for traditional biodiesel was up by 25 million pounds at 645 million.
Argentine farm exports dropped by 51 per cent in 2023 at US$19.7 billion, largely due to drought conditions which cut corn and soybean production.
Iran was seeking to purchase 200,000 tonnes of soymeal via international tender.
