WINNIPEG — The ICE Futures canola market fell hard on Thursday, as it dropped past support levels in following the lead of other vegetable oils to the downside.
Chicago soyoil declined by more than one United States cent per pound, while Malaysian palm oil and European rapeseed were also lower. Crude oil was higher despite the U.S. easing sanctions on Venezuelan oil in exchange for free elections to take place in the South American country.
The Canadian dollar was down one tenth of a U.S. cent compared to Wednesday’s close.
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High temperatures on the Prairies were projected to range from the teens to the low-20 degrees Celsius. Edmonton and Winnipeg will see some rain, but the rest of the region will be clear and sunny today.
There were 76,668 canola contracts were traded on Thursday, which compares with Wednesday when 42,431 contracts changed hands. Spreading accounted for 55,064 of the contracts traded.
The December CORN contract saw its largest one-day gain since July 24 at the Chicago Board of Trade (CBOT) on Thursday. The contract also reached its highest price since Aug. 21.
The United States Department of Agriculture (USDA) reported that 881,300 tonnes of 2023-24 corn were sold for export during the week ended Oct. 12, down three per cent from the previous week and down 15 per cent from the four-week average, with approximately half going to Mexico and Colombia. Net sales of 10,100 tonnes of 2024-25 corn to Mexico were also reported.
The International Grains Council (IGC) cut its estimate for worldwide corn output by three million tonnes to 1.219 billion.
China has approved 37 genetically modified corn varieties, paving way for the commercial planting of GMO corn.
Both the November and January SOYBEAN contracts had minimal gains on Thursday, but they extended their respective rallies to four straight sessions.
More than 1.37 million tonnes of 2023-24 U.S. soybeans were sold, according to the USDA, with the majority going to China. The total was up 30 per cent from the previous week and up 92 per cent from the four-week average. Also, 434,700 tonnes of 2023-24 U.S. soymeal were sold, as well as 2,700 tonnes of 2024-25 soymeal to Canada. In total, 3,800 tonnes of 2023-24 soyoil were sold, mostly to Canada, as well as 600 tonnes of 2024-25 soyoil.
The IGC cut its estimate for world soybean production by 2.5 million tonnes to 393 million.
China also approved 14 genetically modified soybean varieties for commercial planting.
Export sales of U.S. wheat came to 632,800 tonnes of 2023-24 wheat, down three per cent from one week earlier but up 42 per cent from the four-week average. Meanwhile, 30,000 tonnes of 2024-25 wheat were sold to unknown destinations.
The IGC raised its 2023-24 worldwide wheat production forecast by two million tonnes to 785 million, below last season’s total of 803 million.
Brazil announced it will allocate US$79 million to subsidize wheat trades this crop year.
