Glacier FarmMedia — The ICE Futures canola market continued lower on Wednesday, setting fresh nine-month lows.
- Chicago soybeans and European rapeseed futures were also weaker on the day, although soyoil was higher at the final bell.
- Large supplies and the slow export pace continued to overhang the canola market, with burdensome ending stocks expected for the marketing year.
- Domestic crusher demand underneath the market and end-user bargain hunting provided some support.
- Ideas the market was looking oversold by some technical measures also underpinned the futures, with values well off their session lows at the close.
- There were 55,015 contracts traded on Wednesday, which compares with Tuesday when 55,275 contracts changed hands. Spreading accounted for 39,430 of the contracts traded.
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ICE canola slide continues Wednesday
Glacier FarmMedia — ICE Futures canola contracts continued their downward slide of the past week at midday Wednesday, lacking any…
SOYBEAN futures at the Chicago Board of Trade were weaker on Wednesday, despite fresh export sales to China.
- The United States Department of Agriculture reported flash export sales of 198,000 tonnes of soybeans to China plus an additional 125,000 tonnes to “unknown destinations.”
- The sales remain well behind the 12 million-tonne projection from the White House, with one analyst estimating 7.7 million tonnes of Chinese business was on the books so far.
- Bearish chart signals contributed to the declines, with soybeans trading at their lowest levels since October.
CORN futures were mostly higher, amid ideas Tuesday’s drop to three-week lows was overdone.
- The USDA reported flash export sales of 177,055 tonnes of corn to Mexico this morning.
- U.S. corn is said to be priced competitively on the international market, which should encourage more business.
WHEAT futures were mixed, with gains in hard red winter wheat and losses in the other classes.
- The USDA reported that exporters cancelled 132,000 tonnes of sales that had previously been made to China.
- Advancing harvest pressure out of the Southern Hemisphere, with large crops expected out of Argentina and Australia, weighed on prices.
- Ongoing peace talks to end the war between Russia and Ukraine also continued to be followed by wheat traders.
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