By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 30 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were closed on Friday to mark Canada’s second annual National Day for Truth and Reconciliation. Daytime trading is scheduled to resume on Monday.
Temperatures across the Prairies are forecast to remain above normal through the weekend, with little chance of rain.
Saskatchewan reported that its provincewide harvest of all crops was 81 per cent complete. Alberta is scheduled to issue its weekly crop report this afternoon.
In comparable oils, European rapeseed had strong gains while Malaysian palm oil was up modestly. The Chicago soy complex took a hard hit after the United States Department of Agriculture released its quarterly stocks report. Small losses in global crude oil prices put some pressure on vegetable oils.
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The Canadian dollar was weaker at mid-afternoon. The loonie dropped to 72.40 U.S. cents, compared to Thursday’s close of 72.96.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Nov 852.00 0.00
Jan 860.20 0.00
Mar 867.20 0.00
May 869.30 0.00
SOYBEAN futures at the Chicago Board of Trade (CBOT) took a tumble on Friday, after the United States Department of Agriculture (USDA) released its quarterly stocks report.
The USDA pegged soybean stocks as of Sept. 1 at 274 million bushels. That well exceeded the average trade guess of 242 million bushels and the 257 million tonnes a year ago.
Reports said barge traffic on the lower Mississippi River has fallen into chaos due to record low water levels. The river accounts for 60 per cent of total grain movement within the U.S.
China announced it will cut port cargo fees by 20 per cent for the fourth quarter of this year. Also, China has purchased 60 cargoes of soybeans for October-November, of which most are from South America.
A report said 10 of 99 soybean crushing plants in Brazil are shut down due to poor crush margins.
September rains in Europe have been quite beneficial in boosting soil moisture levels, according to a report. With rapeseed planting underway, there is the possibility of more acres being seeded than last year.
CORN futures were higher on Friday but backed away from larger increases.
The USDA placed corn stocks at 1.38 billion bushels, which is under the average trade guess of 1.50 billion and last year’s stocks of 1.52 billion.
France reported the harvest of its 2022/23 corn crop has reached 51 per cent complete, almost doubling from last week. This time last year, only two per cent of the corn harvest was done. However, this year’s harvest is expected to one of the smallest in decades.
The Buenos Aire Grain Exchange (BAGE) has kept its estimate of 7.5 million hectares of corn being planted in Argentina and placed seeding progress at six per cent complete.
WHEAT futures were stronger on Friday, following the USDA’s small grains report.
The department estimated 2021/22 wheat production at 1.65 billion bushels, down 9.9 per cent from the previous year, but yields improved from 44.3 bushels per acre to 46.5.
U.S. wheat stocks came to 1.78 billion bushels, down slightly from a year ago and within trade guesses.
Russian announced it has annexed four territories belonging to Ukraine.
The October weather outlook for India has called for above normal rainfall which could delay its wheat planting.
There could be an increase in the amount of winter wheat planted in Europe due to the rains this month.
