WINNIPEG – Despite a late-day upward push by the March contract, the ICE Futures canola market declined for the third-straight session on Thursday, being pulled down by comparable oils.
Chicago soyoil was in the red, as well as European rapeseed and Malaysian palm oil. Crude oil was also in decline due to a rise in United States stockpiles and an assessment of Chinese demand.
At mid-afternoon, the Canadian dollar was down more than one-tenth of a U.S. cent compared to Wednesday’s close.
About 38,890 canola contracts were traded on Thursday, which compares with Wednesday when 25,350 contracts changed hands. Spreading accounted for 27,178 of the contracts traded.
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Prices went down on Thursday as traders continued to digest Wednesday’s United States Department of Agriculture (USDA) supply/demand estimates.
CORN had its biggest drop in more than two weeks.
The USDA reported that export sales for old crop corn totalled 1.16 million tonnes during the week ended Feb. 2, at the high end of trade expectations and down 27 per cent from the previous week. New crop sales during the week were 10,000 tonnes destined for Japan.
Global carryout for corn, according to Wednesday’s USDA report, was 295.3 million tonnes, down 1.1 million from the January estimate.
South Korea is in the market for 70,000 tonnes of South American corn.
The March SOYBEAN contract made a slight decline, while larger ones were found in the deferreds.
U.S. export sales of old crop soybeans totalled 459,400 tonnes during the week ended Feb. 2, near the lower end of trade expectations and down 38 per cent from the week before. New crop soybean sales were 185,000 tonnes, only 7,000 less than the previous week’s total.
Export sales for soymeal were 181,700 tonnes for old crop and 900 tonnes for new crop. Export sales for soyoil were 1,900 tonnes.
Prices for all three U.S. WHEAT varieties retreated, with the largest drop in Kansas City hard red wheat.
Nearly 131,400 tonnes of old crop U.S. wheat were sold for export during the week ended Feb. 2, near even from one week earlier and at the low end of trade expectations. Hard red wheat accounted for 72 per cent of the total, while white wheat saw net cancellations.
Meanwhile, 19,500 tonnes of new crop wheat were also sold for export.
