By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 1 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower on Thursday, giving back almost half of yesterday’s sharp increases.
Significant weakness in Chicago soyoil pulled down canola prices. Losses in Malaysian palm oil also weighed on values, while gains in European rapeseed provided support.
Saskatchewan Agriculture report the province-wide harvest was at 89 per cent complete. The combining of canola reached 80 per cent finished. Alberta issues its weekly crop report tomorrow.
At mid-afternoon, the Canadian dollar was stronger at 75.32 U.S. cents, compared to Wednesday’s close of 74.97.
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There were 23,090 contracts traded on Thursday, which compares with Wednesday when 49,726 contracts changed hands. Spreading accounted for 10,980 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Nov 517.30 dn 3.10
Jan 524.70 dn 3.40
Mar 531.50 dn 3.70
May 535.10 dn 3.40
SOYBEAN futures at the Chicago Board of Trade (CBOT) were unchanged on Thursday, after being slightly higher for most of the session.
The United States Department of Agriculture (USDA) reported export sales of soybeans were about 2.59 million tonnes for the week ended Sept. 24. That was slightly above the high end of market expectations. Old crop soymeal sales came in at 13,600 tonnes and new crop sales were 523,100 tonnes. Old crop soyoil sales registered at 6,300 tonnes and those for new crop were 600 tonnes.
The USDA reported a private sale of 120,000 tonnes of soybeans to Egypt.
In China it’s the Golden Week holiday and no U.S. purchases are being made. The week off is to make up for the lost holidays due to the COVID-19 pandemic.
The government of Argentina is considering a temporary suspension of its 10 per cent export tax. The tax is seen by farmers as an impediment and they have been reluctant to market their soybeans.
CORN futures were higher on Thursday, continuing to benefit from yesterday’s sharp gains although at a much smaller pace.
Export sales of corn totaled almost 2.03 million tonnes and far above the high end of trade predictions of 1.4 million.
The weather forecast has called for warm weather across most of the U.S. until Oct. 10. Parts of the Corn Belt could get one-tenth of an inch of rain at most over the weekend.
WHEAT futures were lower on Thursday, unable to sustain the momentum from yesterday and being vulnerable to profit-taking.
Wheat export sales tallied 506,300 tonnes for 2020/21, and were slightly above market guesses. Sales for 2021/22 wheat came to 1,300 tonnes.
The USDA attaché in Algeria said that country’s wheat exports could fall 16.7 per cent this marketing year to 5 million tonnes. The department’s attaché in Morocco forecast its wheat imports to increase 35 per cent to 6.2 million tonnes in 2020/21.
