WINNIPEG – The ICE Futures canola market consolidated on Wednesday’s gains due to support from comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil all ended the day higher. Meanwhile, crude oil was also in positive territory as optimism towards the recovery of Chinese demand outweighed concerns over monetary tightening from central banks.
At mid-afternoon, the Canadian dollar was up less than one-tenth of a U.S. cent compared to Wednesday’s close.
About 29,665 canola contracts were traded on Thursday, which compares with Wednesday when 27,897 contracts changed hands. Spreading accounted for 17,794 of the contracts traded.
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ICE canola turns back
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were in negative territory Friday morning amid mixed sentiment in comparable…
After an upwards correction on Wednesday, CORN on the Chicago Board of Trade (CBOT) turned downward for the sixth time in seven sessions.
The United States Department of Agriculture (USDA) showed that corn export bookings totalled 598,000 tonnes for the week ended Feb. 23, at the low end of expectations and down 27 per cent from the previous week. Export shipments were 666,000 tonnes, similar to the past two weeks but down 43 per cent from the same week last year.
The USDA also reported that 443.55 million bushels of U.S. corn were used for ethanol production during the month of January. Brazil’s total corn crop was estimated to be 128.5 million tonnes, according to ag firm Agroconsult.
The May SOYBEAN contract pushed its way back above the US$15 per bushel mark.
The USDA reported that nearly 360,700 tonnes of soybeans were sold for export during the week ended Feb. 23, a marketing year low. The week’s exports totalled 881,000 tonnes for a season total of 41.6 million. More than 212,000 tonnes of soymeal were sold during the week, 15,000 below the five-week average, while nearly 1,200 tonnes of soyoil were sold.
Also according to the USDA, 191.13 million bushels of U.S. soybeans were crushed in January, with soymeal production at 4.26 million tonnes and 2.25 billion pounds of soyoil were made.
The USDA’s attaché in Brazil, as well as the USDA and Agroconsult all predict the country’s soybean output at a record 153 million tonnes.
For the first time since Feb. 13, the May contracts for all three major U.S. WHEAT varieties ended the day higher.
More than 284,000 tonnes of U.S. wheat were sold for export during the week ended Feb. 23, down 16 per cent from the previous week and down five per cent from the same week last year. For the week ended Feb. 23, 610,000 tonnes were shipped for export, a 21-week high.
Russia’s SovEcon cut its 2023-24 wheat production estimate by 700,000 tonnes to 85.3 million, citing harsh winter weather conditions.
