Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange didn’t lose any momentum after being closed for Canada Day. They surged on Wednesday following the resumption of trade talks between Canada and the United States.
An analyst also mentioned that dry conditions on the Prairies were also supportive, as well as rising prices for comparable oils.
Chicago soyoil gained more than one U.S. cent per pound, while European rapeseed and Malaysian palm oil were also higher. Crude oil advanced more than US$1 per barrel after Iran suspended co-operation with the United Nations’ nuclear watchdog.
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By Glen Hallick Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were on the rise late Tuesday morning,…
At mid-afternoon, the Canadian dollar was up one-quarter of a U.S. cent compared to Monday’s close.
There were 45,139 canola contracts traded on Wednesday, which compares with Monday when 45,524 contracts changed hands. Spreading accounted for 17,776 of the contracts traded.
SOYBEAN futures gained more than 20 United States cents per bushel and reached weeklong highs on the Chicago Board of Trade on Wednesday. This was despite forecasts of rain in the coming days.
The National Oceanic and Atmospheric Administration’s seven-day forecast showed rains up to 40 millimetres in parts of Nebraska, Iowa, Minnesota, Wisconsin and the Dakotas. The rest of the Corn Belt will see trace amounts.
The U.S. Department of Agriculture released its weekly crop ratings on Monday. Soybean ratings were unchanged at 66 per cent. Meanwhile, 94 per cent of the crop was emerged, 17 per cent blooming and three per cent setting pods, within typical levels at this time of year.
The USDA’s Fats and Oils Report released on July 1 said 203.7 million bushels of soybeans were crushed in May, up 0.7 per cent from April and up 6.3 per cent from last year. Stocks declined 5.06 per cent from April and 14.3 per cent from a year ago at 1.876 billion pounds.
StoneX raised its forecast for Brazil’s soybean crop to 168.75 million tonnes, up 500,000 tonnes from its previous estimate.
September CORN climbed out of its contract low, reaching its highest point since June 23.
The USDA reported the corn crop to be 73 per cent good to excellent, up three points from the previous week. Eight per cent of the crop was silking, compared to the five-year average of six per cent.
The U.S. Energy Information Administration reported this morning that 1.076 million barrels of ethanol were produced per day for the week ended June 27, down 5,000 from the week before. Ethanol stocks tightened by 287,000 barrels at 24.117 million.
The USDA totaled 449.44 million bushels of corn used for ethanol production in May, up 6.2 per cent from April, but down 1.3 per cent from one year earlier. The marketing year total so far is 4.08 billion bushels, up 11 million from last year.
Ukraine exported 40.6 million tonnes of grain in 2024-25, down 10.5 million from the previous year. In that total, 21.96 million tonnes of corn were shipped, down 25.6 per cent from last year..
The Rosario Grain Exchange reported that Argentina exported 64.5 million tonnes of grains in the first six months of the year. June exports were the largest on record for a single month at 23.53 million.
Brazil’s total corn output in the 2024-2025 season is projected to be 136.1 million tonnes according to StoneX, raising its outlook from 134 million. It also raised its forecast for the second corn crop to 108.2 million tonnes, up 2.1 million from the previous estimate.
WHEAT made double-digit gains and also reached weeklong highs with Chicago soft wheat prices rising the most.
Ukraine shipped 15.72 million tonnes of wheat in 2024-25, down 15 per cent from the previous year.
IKAR said the price of new crop Russian wheat with 12.5 per cent protein content for free-on-board delivery by the end of July was down US$3 per tonne from last week at US$224. Wheat for August delivery was US$222/tonne.
U.S. President Donald Trump announced a new trade deal with Vietnam today with the latter charging no tariffs on U.S. goods. Three per cent of 2024-25 wheat export commitments from the U.S. were to Vietnam.
