Glacier FarmMedia | MarketsFarm – The ICE Futures canola market suffered losses from negative sentiment in comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were down, while crude oil lost more than US$1 per barrel due to concerns over a potential trade war and weakening demand.
An analyst said technical signals on Monday warned of a potential drop in canola prices. Also, there’s speculation Statistics Canada underestimated the country’s canola crop by more than one million tonnes.
StatCan reported on Monday that Canada’s March canola crush was 1.02 million tonnes, up 16 per cent from February and up 6.5 per cent from March 2024. Canada has crushed 7.8 million tonnes so far this marketing year, up 6.2 per cent from one year ago.
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Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were higher on Wednesday. This was despite the November contract…
At mid-afternoon, the Canadian dollar was up less than one-tenth of a U.S. cent compared to Monday’s close.
There were 45,640 canola contracts traded on Tuesday, which compares with Monday when 54,945 contracts changed hands. Spreading accounted for 27,624 of the contracts traded.
CORN suffered heavy losses on the Chicago Board of Trade on Tuesday. The July contract closed just half a U.S. cent per bushel above its low for the day.
The United States Department of Agriculture reported on Monday that the U.S. corn crop was 24 per cent planted as of April 27, five points ahead of the five-year average. Iowa’s crop was 34 per cent planted. Nationwide emergence was at five per cent, up one point from normal.
The U.S. Environmental Protection Agency announced it will issue a waiver to allow the sale of E15, or 15 per cent ethanol-blended gasoline, this summer.
Crop consultant Dr. Michael Cordonnier raised his forecast for Argentine corn production by one million tonnes to 49 million, while leaving Brazil’s unchanged at 125 million.
The July SOYBEAN contract had its second loss in the previous three sessions, hitting its lowest price since April 23.
Soybean planting progress in the U.S. was at 18 per cent, six points ahead of the five-year average. Iowa’s crop was 25 per cent planted, 12 points above average.
China is expected to import more than 30 million tonnes of South American soybeans from April to June, setting a new quarterly record.
China said it plans to reduce the grain used in livestock feed by 60 per cent and its soymeal content by 10 per cent.
Cordonnier raised Argentina’s soybean crop estimate by one million tonnes at 50 million, while leaving Brazil’s steady at 169 million.
U.S. WHEAT continued to struggle as July Kansas City hard red and Chicago soft fell to contract lows.
Spring wheat planting in the U.S. was 30 per cent complete, nine points ahead of the five-year average. Emergence was normal at five per cent.
Meanwhile, winter wheat conditions were 49 per cent good to excellent, four points above average, while the crop was 27 per cent headed, five points above average. Kansas’s winter wheat crop posted a 47 per cent good to excellent rating, up six points from a week earlier.
Oklahoma and western Arkansas could see between 60 to 100 millimetres of rain over the next three days.
The European Commission counted 2024-25 soft wheat exports so far at 17.467 million tonnes, down 9.7 million from the same period last year.
