WINNIPEG – The ICE Futures canola market was down on Monday as the May contract passed below the psychological C$740 per tonne level.
While Chicago soyoil moved upwards, European rapeseed and Malaysian palm oil were both down. Crude oil was slightly higher after market concerns were eased with the announcement of UBS’s purchase of beleaguered rival Credit Suisse over the weekend.
The Canadian dollar was up three-tenths of a United States cent compared to Friday’s close.
About 37,828 canola contracts were traded on Monday, which compares with Friday when 31,827 contracts changed hands. Spreading accounted for 25,508 of the contracts traded.
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CORN prices started the week on a low note, ending a four-day rally.
The Black Sea Grain Initiative was renewed over the weekend for at least 60 days as Russia decided not to exit the agreement. However, there are conflicting reports whether it was extended for only 60 days or for 120 days.
The United States Department of Agriculture reported that 1.189 million tonnes of U.S. corn were exported for the week ended March 16, up 174,000 tonnes from the week before, but down 308,000 tonnes from the same week last year. The season’s total exports are now at 17.52 million tonnes, trailing last year’s pace.
The Buenos Aires Grain Exchange has cut its projection for Argentina’s corn crop by 1.5 million tonnes to 36 million, but rains are in store this week.
SOYBEANS made their biggest gains in two weeks, but the May contract is still trading below US$15 per bushel.
The USDA reported that more than 716,000 tonnes of U.S. soybeans were exported for the week ended March 16, up 83,000 from the week before and up 160,000 from the same week last year.
The Buenos Aires Grain Exchange cut Argentina’s projected soybean crop once again, this time by four million tonnes to 25 million.
Brazilian ag consulting firm Patria Agronegocios estimated that the Brazilian soybean harvest is 63 per cent complete, trailing the rapid pace of 71 per cent from one year ago.
Soybean prices in China are going down as African swine fever returns to northern parts of the country.
All three major U.S. WHEAT varieties were lower with Kansas City hard red wheat ending a six-day rally.
The U.S. shipped 374,000 tonnes of wheat during the week ended March 16, up from 257,000 tonnes from the week before and up from 335,000 from the same week one year ago.
The Ukrainian Ag Ministry has reported that 26,000 hectares of spring wheat have already been planted.
Little precipitation is expected this week for wheat growing areas in the U.S. Southwestern Plains, as well as the Canadian Prairies and in India. However, Europe will receive beneficial rains.
