WINNIPEG — The ICE Futures canola market continued its slide downwards for the fifth time over the past six sessions, being pressured from vegetable oils.
Chicago soyoil lost more than two United States cents per pound, while European rapeseed was also down. However, Malaysian palm oil was up, bringing support to canola. Crude oil moved lower on Monday, but China’s Golden Week, which attracts millions of tourists, is expected to drive up demand.
At mid-afternoon, the Canadian dollar was unchanged compared to Friday’s close.
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High temperatures in the Prairies will range from the mid-teens to low-20 degrees Celsius later today with the warmest temperatures in Saskatchewan.
About 44,449 canola contracts were traded on Monday, which compares with Friday when 31,262 contracts changed hands. Spreading accounted for 31,906 of the contracts traded.
The December CORN contract on the Chicago Board of Trade (CBOT) moved up for the fourth time in five days on Monday despite trading on both sides of unchanged during the day.
The Commitment of Traders report from the United States Commodity Futures Trading Commission (CFTC) showed that corn’s net short position was extended to 149,455 contracts, its largest in 2023.
The U.S. Department of Agriculture’s (USDA) weekly ethanol report had cash ethanol prices seven to 10 U.S. cents higher last week from US$2.15 to $2.35 per gallon regionally.
Russia used drones and missiles to attack the Ukrainian port city of Odesa last night, damaging a grain silo in the process.
The November SOYBEAN contract was recovering slowly on Monday from its large loss on Sept. 21. The contract made gains for the second straight day, but was still below the US$13 per bushel mark.
The seven-day weather forecast calls for above-average temperatures and rainfall from Minnesota to parts of the eastern U.S. Corn Belt.
The Commitment of Traders report showed that the funds nearly halved its net long position for soybeans, losing 29,000 contracts to 38,414. For soymeal, the net long position shrunk by more than 6,000 contracts to 56,005. For soyoil, its net long position went up by 5,000 contracts to 47,554.
Parts of Brazil are expecting light rain coverage with amounts below normal levels. The heaviest rain will be in the southern regions.
The December contracts for Chicago WHEAT and Kansas City hard red wheat were higher for the second straight day on Monday, while that for Minneapolis spring wheat saw a small decline.
Chicago soft wheat saw its net short position grow to more than 100,000 contracts for the first time since June at 103,952, according to the Commitment of Traders report. The net short position for Kansas City hard red wheat tightened by 800 contracts to 12,533, while that for Minneapolis spring wheat grew to its largest level this year at 15,177.
The price of 12.5 per cent protein Russian wheat for free onboard delivery was US$235 per tonne last week, same as the week before.
Morocco announced it will offer subsidies to import two million tonnes of soft wheat from Oct. 1 to Dec. 31.
India’s food secretary said the country could sell more wheat on the open market to control rising prices.
Weather forecasters in Ukraine are saying that a lack of rain has created poor growing conditions for winter crops, including wheat.
