WINNIPEG – After morning losses, the ICE Futures canola market recovered to be higher on Wednesday but remained rangebound.
While Chicago soyoil ended lower, European rapeseed and Malaysian palm oil were both higher. Crude oil rallied by two United States dollars per barrel due to U.S. stockpiles having their largest decline since 2019.
At mid-afternoon, the Canadian dollar was more than six-tenths of a U.S. cent higher today than yesterday.
About 35,920 canola contracts were traded on Wednesday, which compares with Tuesday when 38,840 contracts changed hands. Spreading accounted for 28,216 of the contracts traded.
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Just like Tuesday, CORN ended Wednesday slightly lower.
The U.S. Energy Information Agency reported that 1.108 million barrels of ethanol were produced per day during the week ended Nov. 25, a decline of 23,000 barrels per day from the previous week. Ethanol stocks were 105,000 barrels higher at 22.93 million.
South Korea purchased 69,000 tonnes of corn from South America for shipment in either January or February.
The average estimates for Statistics Canada’s crop production report on Friday include 14.8 million tonnes for corn.
SOYBEANS ended Wednesday higher despite a large morning drop in soyoil prices.
The USDA announced a private export sale of 136,000 tonnes of soybeans to China this morning.
Analysts are estimating that the NASS Fats and Oils report will have a 10-month high crush of 195.9 million bushels in October. Soyoil stocks are expected to be 2.107 billion pounds.
WHEAT prices rallied on Wednesday due to bad U.S. winter wheat conditions and amidst Russian attacks on Ukraine.
The USDA published its winter wheat conditions report on Tuesday, which showed that the crop was 34 per cent good to excellent, a two-point increase from the previous week, albeit tied for the second-worst crop on record. Last year’s crop was at 44 per cent at this point.
Analysts are estimating Canada’s wheat crop to be 34.8 million tonnes, with a 200,000-tonne decline from the September estimate to 25.9 million in spring wheat.
