WINNIPEG – The ICE Futures canola market ended Thursday on a down note after approaching resistance at certain price levels.
Sun and cloud were forecast for much of the Prairies today with high temperatures in the double digits for much of Alberta. Last night’s low temperatures in Saskatchewan and Manitoba were in negative territory, causing frost.
The Canadian dollar continued to struggle against a resurgent U.S. dollar, dropping half a cent to below the 73 U.S. cent mark.
That stronger greenback pressured U.S.-dollar based commodities. The Chicago soy complex was lower with the exception of soyoil. European rapeseed was also lower, while Malaysian palm oil was higher.
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After OPEC+ announced yesterday it will cut crude oil production starting in November, crude oil prices rose only slightly.
About 29,426 canola contracts were traded on Thursday, which compares with Wednesday when 37,689 contracts changed hands. Spreading accounted for 27,174 of the contracts traded.
SOYBEAN prices were in a downturn on Thursday due to harvest pressures and a stronger United States dollar.
U.S. export sales for new crop soybeans were 777,100 tonnes on the week ended Sept. 29. The total was 23 per cent lower than the previous week and pre-report estimates were between 500,000 and 1.2 million.
According to CONAB, Brazil’s ag ministry, production is expected to be 152.3 million tonnes, nearly 27 million more than last year.
CORN was also a part of a broad pull back of U.S.-based commodities.
U.S. new crop corn exports totalled 227,000 tonnes as of Sept. 29, less than half from the previous week and lower than pre-report estimates in the 350,000 to 800,000 tonne range.
In Brazil, the 2022-23 corn crop is estimated to be 126.9 million tonnes, more than 14 million tonnes more than the previous year.
In France, the corn crop will drop to 10 million tonnes with yields nearly 20 per cent below average.
WHEAT prices took the sharpest declines with the spring wheat harvest and winter wheat plantings continuing.
The U.S. exported 229,400 tonnes of wheat on the week ended Sept. 29, lower than the 280,000 the previous week, with the Philippines and Taiwan as the top buyers.
Through the first quarter of the 2022-23 crop year, 206.5 million bushels of U.S. wheat were exported, a five-year low.
Jordan is on the market for 120,000 tonnes of wheat, while Japan has put out a tender for 97,000 tonnes from the U.S. and Canada.
