North American Grain/Oilseed Review: More increases for canola

By Glen Hallick, MarketsFarm

WINNIPEG, Sept. 29 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures pushed higher on Thursday, with double-digits gains in heavy trading.
Support was derived from increases in Chicago soybeans and particularly soyoil. Additional spillover came from gains in European rapeseed and Malaysian palm oil. However there were some losses in Chicago soymeal. Global crude oil prices were slightly lower, taking a little bit of the shine off of vegetable oils.
Despite the United States dollar pulling back, the Canadian dollar was lower at mid-afternoon. The loonie slipped to 72.92 U.S. cents, compared to Wednesday’s close of 73.21.

Canadian Financial Close: Crude oil drops, new high for TSX

Glacier FarmMedia | MarketsFarm – The Canadian dollar eased off on Monday, but remained above the 73 United States cent mark….

Saskatchewan reported that its provincewide harvest of all crops is 81 per cent complete, with canola at around two-thirds finished.
Prairie temperatures are forecast to remain above normal for the next few days, with the region largely free of rain.
There were 49,576 contracts traded on Thursday, which compares with Wednesday when 39,811 contracts changed hands. Spreading accounted for 37,308 contracts traded.
The canola market is closed tomorrow for the National Day of Truth and Reconciliation. The markets in the U.S. will be open.

SOYBEAN futures at the Chicago Board of Trade (CBOT) settled with small gains on Thursday after trading to both sides of unchanged in choppy activity.
The United States Department of Agriculture (USDA) released its export sales report and for the week ended Sept. 22. Old crop soybeans came in at slightly more than one million tonnes, exceeding market predictions. There was a net reduction of 30,000 tonnes in new crop soybeans.
Soymeal tallied 86,300 tonnes in old crop sales, which was within market projections. New crop sales were 150,200 tonnes. Old crop soyoil registered a net reduction of 5,000 tonnes, which was on the low end of trade expectations. New crop soyoil had 700 tonnes in export sales.
With soybean crush margins in Brazil turning negative, Abiove reported that production is lower with indications it may have stopped altogether.
The USDA is scheduled to issue its quarterly stocks and small grains reports Friday at 11 am CDT. On Monday, the department will release its export inspections, fats and oils, grain crushings, and crop progress reports.

Argentine farmers are said to have sold about 13 million tonnes of soybeans this month under the government’s foreign exchange program.
The Buenos Aires Grain Exchange (BAGE) projected the 2022/23 soybean crop in Argentina to be 48 million tonnes.

CORN futures were narrowly mixed on Thursday, with the bias lower in the most active front months as support from the advances in soybeans was countered by spillover selling pressure from the declines in wheat.
Dry conditions in the U.S. Midwest will aid in the speed of the corn harvest.
Export sales of U.S. corn were 512,000 tonnes of old crop and within trade expectations. New crop sales were 160,000 tonnes.
The BAGE forecast the 2022/23 Argentine corn harvest to be 50 million tonnes.

WHEAT futures were lower on Thursday, seeing a modest recovery after Thursday’s rally.

U.S. wheat export sales amounted to 279,800 tonnes of old crop, but net reductions of 29,700 tonnes of new crop.
There was growing concern that the United Nations/Turkey brokered deal for Ukraine to export grain out its blockaded and occupied Black Sea ports likely won’t be extended after it expires next month.
Also, Russia announced it will annex four Ukrainian territories on Friday. Russian President Vladimir Putin warned he could launch a nuclear strike if any Russian territory is attacked.
The BAGE placed Argentina wheat production for 2022/23 at 17.5 million tonnes.