WINNIPEG, May 15 (MarketsFarm) – The ICE Futures canola market was on the rise on Monday, receiving spillover from other markets while hot and dry weather was forecast for the Prairies.
Chicago soyoil and European rapeseed were higher, while Malaysian palm oil was lower. Crude oil was up more than US$1 per barrel despite fears over a possible recession.
At mid-afternoon, the Canadian dollar was up one-third of a United States cent compared to Friday’s close.
About 28,971 canola contracts were traded on Monday, which compares with Friday when 28,385 contracts changed hands. Spreading accounted for 16,620 of the contracts traded.
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CORN prices on the Chicago Board of Trade (CBOT) moved upward to start the week.
The United States Department of Agriculture’s (USDA) Weekly Export Inspections reported showed that 1.17 million tonnes of corn were shipped during the week ended May 11, up 20 per cent from last week and up 11 per cent from the same week last year.
Managed money funds narrowed corn’s net short position by 8,500 contracts to nearly 110,000, according to the Commitment of Traders report.
South Korea reportedly purchased 132,000 tonnes of South American corn via tender.
SOYBEANS mostly recovered from Friday’s drop and rose by double digits on Monday.
Nearly 148,000 tonnes of U.S. soybeans were shipped during the week ended May 11, down from 400,000 last week and down from 800,000 from the same week one year ago.
Members of the National Oilseeds Processors Association (NOPA) crushed 173.23 million bushels of soybeans in April, a record crush for the month, but down 6.8 per cent from March. Soyoil stocks were reported at 1.957 billion pounds.
The USDA also reported a private sale of 100,000 tonnes of old crop soymeal to Poland.
Hot and dry weather, as well as poor winter WHEAT crop conditions caused prices to surge on Monday, gaining more than 20 U.S. cents per bushel.
Today marks the start of the Wheat Quality Council’s Hard Winter Wheat Quality Tour, three days after the USDA projected only 514 million bushels of new hard red winter wheat crop production.
The USDA also reported that more than 242,000 tonnes of U.S. wheat were shipped for the week ended May 11, 18,000 higher than last week but down 107,000 tonnes from the same week last year.
There are no talks scheduled between Russia, Ukraine, Turkey and the United Nations regarding the extension of the Black Sea Grain Initiative. The agreement is set to expire on May 18.
