By Glen Hallick, MarketsFarm
WINNIPEG, April 14 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Friday, due to pressure from other vegetable oils.
There were losses in the Chicago soy complex, European rapeseed and Malaysian palm oil. Small gains in global crude oil prices provided a little bit of support for the veg oils.
Traders getting out of their short positions helped to underpin canola values.
Nearby canola crush margins have slipped below C$200 per tonne above the futures but remain historically wide.
Read Also
North American Grain and Oilseed Review: Canola swings higher with soy
By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were stronger on Thursday, gleaning ample spillover…
The Canadian Grain Commission reported producer deliveries of canola 36 weeks into the 2022/23 marketing year now tally 13.73 million tonnes. That’s 20.8 per cent more than this time last year. Canola exports climbed to 6.25 million tonnes, almost 50 per cent more than a year ago. Domestic usage reached 7.13 million tonnes, up 9.7 per cent on the year.
The Canadian dollar was virtually unchanged at mid-afternoon Friday. The loonie was at 74.85 U.S. cents, compared to Thursday’s close of 74.86.
There were 35,038 contracts traded on Friday, which compares with Thursday when 52,993 contracts changed hands. Spreading accounted for 30,330 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change Canola May 763.10 dn 7.50 Jul 736.30 dn 5.00 Nov 693.90 dn 8.70 Jan 696.60 dn 8.10
SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Friday, due to pressure from the massive soybean harvest in Brazil.
DATAGRO estimated that only 43 per cent of Brazil’s 2022/23 soybean crop has been sold so far. This time last year it was 55 per cent sold and the five-year average is almost 60 per cent.
The Buenos Aires Grain Exchange (BAGE) warned there could be a large amount of soybean fields left unharvested in Argentina due to the severe drought. The exchange pegged the 2022/23 harvest 25 million tonnes.
China said it’s reducing its dependence on soymeal and will switch to meal from canola and sunflower.
WHEAT futures were stronger on Friday, due to the drought conditions in the United States Southern Plains and the wet conditions on parts of the Northern Plains.
France reported its soft wheat crop was 94 per cent good to excellent, up one point from last week. Durum slipped one point at 91 per cent good to excellent. The winter barley held at 92 per cent good to excellent and the spring barley was down two points at 95 per cent.
China, as part of its recent deal with Australia to resolve their trade dispute, started its review of its tariffs on barley imports.
Russia is set to increase its wheat tax next week from US$65.41 per tonne to US$70.55.
CORN futures were stronger on Friday, catching spillover from wheat.
The U.S. Department of agriculture (USDA) announced another big sale of corn to China, with 246,000 tonnes of old crop and 136,000 tonnes of new crop.
The BAGE projected Argentina’s corn harvest at 36 million tonnes.
