The ICE Futures CANOLA market was weaker on Monday, hitting fresh nine-month lows.
- Losses in outside markets accounted for some spillover selling pressure, with Chicago soyoil, European rapeseed and Malaysian palm oil all down on the day.
- Large supplies and the ongoing lack of export demand from China continued to weigh on values, despite solid buying interest from domestic crushers.
- Chart-based selling was a feature, although the market was looking oversold by some technical measures.
- There were 60,593 contracts traded on Monday, down from Friday when 73,766 contracts changed hands. Spreading accounted for 41,944 of the contracts traded.
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SOYBEAN futures at the Chicago Board of Trade were weaker on Monday, hitting their lowest levels in seven weeks as speculative selling and ideas Chinese buying interest wouldn’t live up to promises from the White House weighed on values.
- Weekly U.S. soybean export inspections of 795,661 tonnes were down 22.4 per cent from the previous week, with marketing year-to-date shipments of 13.7 million tonnes down 46.3 per cent from the same time a year ago.
- The U.S. Department of Agriculture reported private export sales of 136,000 tonnes of soybeans to China.
- Monthly data from the National Oilseed Processors Association showed 216 million bushels of soybeans crushed in the U.S. in November. That was down 5.1 per cent from the record monthly level hit in October, but still up 11.8 per cent from a year ago.
CORN futures posted small losses, following soybeans and wheat.
- Weekly U.S. corn export inspections of 1.589 million tonnes were down by 9.1 per cent from the previous week but up 37.3 per cent from the same week a year ago. Year-to-date U.S. corn exports were running 68.7 per cent ahead of the year ago pace, with 22.5 million tonnes exported since Sept. 1.
WHEAT futures were down across the board, with the largest losses in Chicago soft wheat.
- Expectations for a record wheat crop in Argentina weighed on prices, as farmers there continue to make good harvest progress.
- Weekly U.S. wheat export inspections were up 23.2 per cent on the week at 488,025 tonnes. Year-to-date wheat exports at 14.1 million tonnes are up 21.9 per cent from the same time a year ago.
- Ongoing peace talks to end the war between Russia and Ukraine continued to be followed by wheat traders, with no real progress after talks in Berlin over the weekend.
