Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange ended slightly lower on Thursday after an up-and-down day of trade. Variable weather pressured the oilseed as did the November contract meeting resistance at the C$700 per tonne mark, as the contract remained near its 20- and 50-day averages.
Chicago soyoil was higher, but European rapeseed and Malaysian palm oil were lower. Crude oil made modest gains, lifted by a 2.3-million-barrel draw in United States stockpiles.
Scattered showers will hit much of the Canadian Prairies over the next few days. Rains in central and southern Alberta started today and are expected to total 10 to 25 millimetres from now until Monday.
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Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were higher on Friday despite weakness in most comparable…
At mid-afternoon, the loonie gained more than one-tenth of a United States cent compared to Tuesday’s close.
There were 33,337 canola contracts traded on Thursday, which compares with Wednesday when 39,813 contracts changed hands. Spreading accounted for 16,720 of the contracts traded.
September CORN on the Chicago Board of Trade ended its three-day downturn on Thursday, closing above the US$4 per bushel level for the first time in as many sessions.
The United States Department of Agriculture reported 643,100 tonnes of old crop corn were sold for export during the week ended July 17. New crop export sales were 733,900 tonnes. Trade epecatations were 100,000 to 800,000 tonnes for old crop and 400,000 to 800,000 for new crop.
The USDA also reported this morning a private export sale for 135,000 tonnes of new crop to South Korea, as well as 284,200 tonnes to unknown destinations including 200,240 tonnes of new crop.
Some traders are paying attention to U.S. corn farmers reporting pollination problems in their fields, as well as the variability of yields in this year’s crop.
The August SOYBEAN contract declined for a fourth straight day, while the November contract gained on Thursday to end its slump.
There were 160,900 tonnes of old crop U.S. soybeans sold for export last week, while 238,800 tonnes of new crop soybeans were also sold for export. Trade estimates were 100,000 to 350,000 tonnes for old crop and 250,000 to 500,000 for new crop.
Old crop U.S. soymeal export sales were 182,600 tonnes and new crop sales totaled 91,900 tonnes. Trade estimates were 150,000 to 300,000 tonnes for old crop and 100,000 to 250,000 for new crop. For old crop soyoil, there were net sales reductions of 600 tonnes, as well as 2,000 tonnes sold for new crop. The trade expected a total of 15,000 tonnes sold.
A Chinese buyer signed a deal this week to import 30,000 tonnes of Argentine soymeal. This was the second such purchase in a month and the second in total since China approved soymeal imports from Argentina in 2019.
Minneapolis spring WHEAT added onto Wednesday’s losses while Chicago soft and Kansas City hard red were on the rise.
Export sales for new crop U.S. wheat increased by 44 per cent from the week before at 712,200 tonnes. Trade estimates were between 250,000 and 500,000 tonnes.
Day 2 of the U.S. Wheat Quality Tour estimated spring wheat yields in northcentral and northwest North Dakota at 47.1 bushels per acre, above the five-year average but below the 53.7 bpa reported last year.
Bulgaria’s ag minister said the country’s wheat harvest was 78 per cent complete as of mid-July at 5.8 million tonnes.
