WINNIPEG – The ICE Futures canola market continued to show weakness on Thursday while there was overall mixed sentiment in comparable oils.
Chicago soyoil was lower along with European rapeseed. However, Malaysian palm oil was mixed. After early declines due to economic growth concerns and a 7.6 million barrel increase in U.S. commercial stockpiles according to the American Petroleum Institute, crude oil rebounded to make modest gains.
At mid-afternoon, the Canadian dollar was down more than one-tenth of a United States cent compared to Wednesday’s close.
Read Also
North American grain/oilseed review: Canola falls to two-month lows
Glacier FarmMedia — ICE Futures canola market was weaker on Tuesday, falling to its lowest levels in two months after…
About 35,940 canola contracts were traded on Thursday, which compares with Wednesday when 37,480 contracts changed hands. Spreading accounted for 19,334 of the contracts traded.
CORN prices extended their slump on Thursday after dropping for the second straight day.
The United States Department of Agriculture (USDA) announced a sale of 195,000 tonnes of corn to Mexico this morning. Analysts are estimating how much U.S. corn was sold during the week ended Jan. 12 anywhere between 250,000 to 800,000 tonnes.
The U.S. Energy Information Administration (EIA) reported that an average of 1.01 million barrels of ethanol were produced per day during the week ended Jan. 13, 65,000 barrels per day higher than the previous week. However, stocks dropped by 398,000 barrels.
Corn growing areas of Argentina are expecting rain this weekend, but not before temperatures exceeding 30 degrees Celsius.
SOYBEAN prices continued to be in the red with news of upcoming rains in Argentina.
Argentina’s bean plantings are 88 per cent complete, but only four per cent of the crop is rated good to excellent compared to 56 per cent rated poor to very poor.
In the U.S., traders are estimating that between 600,000 and 1.2 million tonnes of soybeans were sold for export during the week ended Jan. 12. Soymeal sales are expected to be under 250,000 tonnes, while soyoil sales may be under 10,000 tonnes.
While the March Minneapolis spring WHEAT contract made gains, the other two major U.S. wheat varieties saw declines on Thursday.
Precipitation fell on wheat growing areas in Kansas, Nebraska and Oklahoma yesterday, bringing much-needed moisture to hard red winter wheat crops, with more precipitation expected over the next two weeks.
FranceAgriMer is expecting 10.6 million tonnes of French wheat to be exported this season, up 300,000 from its previous outlook.
Ukraine has already exported 8.9 million tonnes of wheat, while Russia is estimating 45.5 million tonnes of exports, according to their respective governments.
China is set to sell 140,000 tonnes from state wheat reserves, while Chinese wheat imports in 2022 were a record 9.96 million tonnes.
