Glacier FarmMedia | MarketsFarm — The ICE Futures canola market showed gains on Friday as it capped off a positive week despite inflamed trade war tensions.
China raised tariffs on United States goods to 125 per cent on Friday, a day after U.S. President Donald Trump increased levies on Chinese goods to 145 per cent.
Soyoil sales could see a boost, according to an analyst, as it is at a discount to palm oil. Canola prices typically correlate with those of soyoil.
Chicago soyoil, European rapeseed and Malaysian palm oil were higher while crude oil was up as investors assessed the effects of the recent tariffs.
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Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were higher on Friday despite weakness in most comparable…
The Canadian Grain Commission reported 309,700 tonnes of canola were exported during the week ended April 6, up from 233,000 the week before. So far this marketing year, 7.176 million tonnes of canola were shipped for export, up from 4.072 million one year ago.
At mid-afternoon, the Canadian dollar was up six-tenths of a U.S. cent compared to Thursday’s close.
There were 56,440 canola contracts traded on Friday, which compares with Thursday when 63,283 contracts changed hands. Spreading accounted for 31,704 of the contracts traded.
China announced on Friday it will raise tariffs on imports from the United States to 125 per cent effective Saturday. The move came one day after U.S. President Donald Trump increased levies on Chinese goods to 145 per cent.
The May SOYBEAN contract reached its highest level since Feb. 28 before closing below the mark. Meanwhile, the July contract surpassed the US$10.50 per bushel level, also for the first time since Feb. 28.
Rainfall in Argentina has persisted over the past few days, delaying the country’s soybean harvest. The Rosario Grain Exchange said that 2.6 per cent of the country’s soybean acres were harvested so far, down eight points from last year and down four points from the five-season average.
AgroConsult projected Brazil will export 106 million tonnes of soybeans this year, while also estimating a record crop totaling 172.1 million tonnes.
The U.S. Department of Agriculture’s attaché in Buenos Aires projected Uruguay’s soybean crop at 3.3 million tonnes, 200,000 more than the USDA’s own estimate in its monthly supply/demand report released on Thursday.
All three U.S. WHEAT varieties saw double-digit increases with Chicago soft wheat gaining the most.
FranceAgriMer reported French soft wheat conditions at 75 per cent good to excellent, down one point from last week and up 11 points from last year.
Western Australia is set to plant 4.19 million hectares of wheat this year, down 400,000 from last year. The state is also projected to produce 10.46 million tonnes, down 15 per cent from a year ago.
May CORN ended the week on a six-day rally for its ninth positive session in 11 days. It also reached its highest level since Feb. 27.
The Rosario Grain Exchange said 23.1 per cent of Argentina’s corn acres has been harvested, while forecasting production at 49 million tonnes.
Thailand’s finance minister said the country will reduce its 73 per cent import tax on U.S. corn.
