Glacier FarmMedia MarketsFarm — The ICE Futures canola market was mostly higher on Tuesday amidst positive sentiment in comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were all on the rise as part of widespread increases across many commodities. Crude oil was also higher due to potential voluntary supply cuts from OPEC+.
Statistics Canada reported earlier today that the country’s January canola crush hit an all-time record of 936,593 tonnes, down 6,700 from December. In addition, 1.587 million tonnes of canola were delivered by producers in January, compared to 1.758 million in January 2023.
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ICE canola narrowly mixed at midday
Glacier FarmMedia — The ICE Futures canola market was narrowly mixed at midday Tuesday, retreating from earlier gains as losses…
The Canadian dollar was down less than one-tenth of a United States cent compared to Monday’s close.
For the first time in two weeks, the May CORN contract on the Chicago Board of Trade (CBOT) was positive in consecutive sessions. In doing so, the contract hit its highest price in three sessions at US$4.2650 per bushel.
Crop consultant Dr. Michael Cordonnier estimated the 2024-25 United States corn yield to be between 179 to 180 bushels per acre, producing 15.05 billion bushels on 92 million acres.
Cordonnier also left his South American 2023-24 corn production estimates unchanged at 112 million tonnes for Brazil and 54 million for Argentina.
According to reports, China purchased at least 240,000 tonnes of Ukrainian corn for animal feed.
Algeria is tendering for 80,000 tonnes of corn, while Taiwan is tendering for 65,000.
The May contracts for all three major U.S. WHEAT varieties rose in consecutive sessions. The Kansas City hard red wheat contract was positive in two straight days for the first time since Feb. 7 and reached its highest price (US$5.9125/bu.) since Feb. 14.
Most U.S. states growing winter wheat saw conditions improve over the past week with Oklahoma gaining seven percentage points at 70 per cent good to excellent and South Dakota gaining five points at 58 per cent. However, Illinois’s and Nebraska’s winter wheat crops both declined by nine points at 66 and 60 per cent, respectively.
Statistics Canada reported that 2.868 million tonnes of Canadian wheat were delivered by producers in January, slightly more than the 2.835 million in Jan. 2023.
Ukrainian President Volodymyr Zelenskyy warned that without U.S. military aid, the Black Sea grain shipping corridor would have to close.
Despite hitting its highest price in three sessions, the May SOYBEAN contract was lower at the end of trading for the fourth time in five days.
Cordonnier released his estimates for new crop U.S. soybean production at a 52 bushel per acre yield, with a crop totalling 4.5 billion bushels on 87.5 million acres.
He also left his South American soybean production estimates unchanged at 145 million tonnes for Brazil and 50 million for Argentina.
Trade rumours suggested China has purchased five to six cargoes of Brazilian soybeans.
Algeria is tendering for 35,000 tonnes of soymeal.
The U.S. Department of Agriculture announced a private sale of 123,000 tonnes of old crop soybeans to unknown destinations on Tuesday.
