WINNIPEG – The ICE Futures canola market was mostly lower on Monday, despite mixed sentiment in comparable oils.
Statistics Canada will release its seeding intentions report on Wednesday, with canola acres projected to increase slightly to 22 million.
Chicago soyoil was down, but European rapeseed made gains. Crude oil was higher as China’s Golden Week holiday increases air travel. Malaysian palm oil did not trade on Monday due to a holiday.
At mid-afternoon, the Canadian dollar was steady compared to Friday’s close.
About 26,836 canola contracts were traded on Monday, which compares with Friday when 29,970 contracts changed hands. Spreading accounted for 17,404 of the contracts traded.
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For the fourth straight day at the Chicago Board of Trade (CBOT), CORN prices moved lower as the July contract approached the US$6 per bushel mark.
The United States Department of Agriculture (USDA) reported this morning that China cancelled a 327,000-tonne purchase of old crop corn, putting pressure on prices.
The USDA also reported that nearly 914,000 tonnes of corn were shipped during the week ended Apr. 20, down from 1.24 million in the previous week and down from 1.67 million from the same week last year. Japan was the top destination.
Parts of the U.S. Southern Plains are expected to see three to four inches of rainfall this week, while the Western Corn Belt and the Northern Plains will only see an inch and a half.
Just like corn, SOYBEAN prices also fell for the fourth straight day.
Almost 375,000 tonnes of soybeans were shipped, down 29 per cent from last week and down 38 per cent from the same week last year.
Two vessels of Brazilian soybeans totalling 82,000 tonnes sold last week are destined for the eastern U.S.
AgRural reported that the country’s soybean crop is now 92 per cent harvested, compared to 91 per cent from a year ago.
China’s soybean imports in March were 6.85 million tonnes, up eight per cent from March 2022.
All three major U.S. WHEAT varieties saw declines with Chicago wheat falling the furthest.
The USDA announced that almost 364,000 tonnes of wheat were shipped during the week ended Apr. 20, up from 252,000 from last week and up from 290,000 during the same week last year.
The Buenos Aires Grain Exchange estimated Argentina’s 2023-24 wheat area to increase 1.48 million acres to 16.56 million.
Russia has again threatened to withdraw from the Black Sea Grain Initiative as the Group of Seven (G7) nations consider a wide-ranging ban on Russian imports. In response, Ukrainian grain vessels are choosing to transport their product on the Danube River.
