Glacier FarmMedia MarketsFarm — As November came to a close, the ICE Futures canola market was under pressure by weaknesses in most comparable oils.
While Malaysian palm oil was stronger, Chicago soyoil and European rapeseed were down. Crude oil was also in decline as OPEC+ met today to discuss possible supply cuts.
The Canadian dollar was up one-tenth of a United States cent compared to Wednesday’s close.
Statistics Canada will release its principal field crop production report on Dec. 4.
There were 34,595 canola contracts traded on Thursday, which compares with Wednesday when 47,477 contracts changed hands. Spreading accounted for 28,288 of the contracts traded.
Read Also
Canadian Financial Close: More declines for loonie
By Glen Hallick Glacier Farm Media | MarketsFarm – The Canadian dollar fell back further on Wednesday, as the Bank…
Despite getting above the psychological level of US$13.50 per bushel, January SOYBEANS ended the day lower for the second straight session on the Chicago Board of Trade (CBOT).
The United States Department of Agriculture reported today that 1.9 million tonnes of 2023-24 U.S. soybeans were sold for export for the week ended Nov. 23, well above trade estimates. The figure is nearly double from the previous week with approximately half the sales coming from China.
In addition, 64,600 tonnes of soymeal were also sold for export, down 68 per cent from the previous week, as well as 700 tonnes of soyoil.
Patria Agronegocios estimated Brazil’s 2023-24 soybean crop to be at 150.7 million tonnes, more than three million tonnes less than the previous year’s.
Starting in December, the domestic price for biofuel in Argentina will be raised to US$1,908 per short ton.
March CORN had its largest one-day gain since Nov. 13, while also avoiding a new contract low for the first time in four sessions.
A marketing-year high of 1.927 million tonnes of 2023-24 U.S. corn were sold for export, wildly exceeding trade estimates. The total was up 35 per cent from the previous week and up 54 per cent from the four-week average. Approximately 40 per cent of the sales were from unknown destinations.
U.S. Secretary of Agriculture Tom Vilsack said while he believes China’s purchases of U.S. corn will rise over time, he wants to see greater diversification in trading partners.
Patria Agronegocios estimated Brazil’s 2023-24 corn production at 112.5 million tonnes, down more than 18 million from the previous year.
The March Chicago WHEAT contract had the biggest gains out of the three major U.S. varieties, but ended the day short of the US$6/bu. level.
Much greater than the previous week’s total, 622,800 tonnes of 2023-24 U.S. wheat were sold for export, also above trade estimates. Peru also purchased 12,000 tonnes of 2024-25 U.S. wheat.
The Minneapolis Grains Exchange reported that U.S. wheat stocks were 20.47 million bushels as of Nov. 26, down 1.1 per cent from last year.
IKAR projected Russia’s 2024-25 wheat crop to be 92 million tonnes, with 48 million to be exported.
