WINNIPEG – The ICE Futures canola market was mostly lower on Friday, pressured by gains in the Canadian dollar and negative sentiment in vegetable oils.
While Chicago soyoil was up, European rapeseed and Malaysian palm oil both dropped sharply. Crude oil, however, nearly gained US$2 per barrel despite being on track for a sixth-straight monthly loss.
At mid-afternoon, the Canadian dollar was up one-third of a United States cent compared to Thursday’s close.
About 34,158 canola contracts were traded on Friday, which compares with Thursday when 30,758 contracts changed hands. Spreading accounted for 20,814 of the contracts traded.
Read Also
ICE canola on the rise
Glacier FarmMedia — Canola futures on the Intercontinental Exchange maintained their positive momentum Wednesday morning as rising comparable oils and…
After seven straight days of losses, CORN prices gained ground on the Chicago Board of Trade (CBOT).
All locks and dams above Lock 17 in Illinois on the Mississippi River will be closed for three weeks due to flooding which will slow grain movement down the river, according to the U.S. Department of Agriculture.
Some areas of the U.S. Corn Belt will see limited planting progress while others will see better conditions in the coming days.
The Argentine corn crop has been rated five per cent good to excellent and 52 per cent poor to very poor, according to the Buenos Aires Grain Exchange (BAGE).
The July SOYBEAN contract ended its own seven-day slide with its largest gain since Apr. 17.
Meanwhile, BAGE rated Argentina’s soybean crop at three per cent good to excellent and 65 per cent poor to very poor. So far, 28 per cent of the country’s crop was harvested as of April 27 and is expected to total 22.5 million tonnes this year, well below the 43.3 million produced last season.
Grains trader Bunge Ltd. is in talks to acquire a stake in Brazilian soybean crusher CJ Selecta, according to Reuters. In 2022, Bunge tried to buy soy crusher Imcopa, but was unsuccessful due to legal challenges.
For the first time since Apr. 17, prices for all three major U.S. WHEAT varieties rose.
Rains fell onto parts of the U.S. Central and Southern Plains this week, which helped stabilize the hard red winter wheat crop. However, the rains were not expected to fully alleviate drought conditions.
The European Union (EU) cut its old crop wheat exports forecast by one million tonnes to 31 million, presumably due to record shipments from Russia.
The EU also cut its 2023-24 wheat production forecast by 700,000 tonnes to 130.2 million as drought conditions persist in Spain.
