Glacier FarmMedia | MarketsFarm -– The ICE canola futures were mixed on Monday, to go with similar sentiment in comparable oils.
Losses in Chicago soyoil pressured canola prices, but gains in European rapeseed and Malaysian palm oil provided support. Crude oil was also higher, which an analyst said was due to today’s trade talks between the United States and China.
At mid-afternoon, the loonie was relatively steady compared to Friday’s close.
There were 55,842 canola contracts traded on Monday, which compares with Friday when 51,875 contracts changed hands. Spreading accounted for 37,234 of the contracts traded.
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Wet weather in the United States and pressure in the European markets caused U.S. WHEAT futures to retreat at the start of the week.
Harvest activity in Oklahoma, Texas and southern Kansas slowed over the weekend due to heavy rains, with more expected to come over the next seven days.
The U.S. Department of Agriculture reported 290,957 tonnes of wheat were exported during the week of June 5, down 47.5 per cent from the previous week and 17.6 per cent below the same week last year. Of that total, 168,084 tonnes were for the new marketing year.
Ahead of Thursday’s USDA supply/demand estimates, 2024-25 wheat ending stocks were estimated by the trade to be 842 million bushels on average, as well as 924 million bushels for 2025-26.
APK-Inform projected the Ukrainian wheat crop to total 21.7 million tonnes, down 100,000 tonnes from its previous estimate. SovEcon trimmed its estimate for the Russian wheat crop by 1.8 million tonnes at 82.8 million.
July CORN ended a four-day rally on Monday after weather conditions led to declines that were unseen since October.
Southern parts of the U.S. Corn Belt as well as Minnesota, northern Iowa and eastern South Dakota will see more rains next week.
There were 1.656 million tonnes of U.S. corn exported last week, up 0.9 per cent from the previous week and improving 23.6 per cent from last year.
The trade estimated the U.S. corn carryout for 2024/25 at 1.392 billion bushels, and 1.792 billion for 2025-26 corn. New crop Argentine corn production was projected at 49.93 million tonnes, while new crop Brazilian production was pegged at 131.68 million.
Brazil’s safrinha corn crop was 1.9 per cent harvested as of June 5, compared to 1.3 per cent one week earlier.
July SOYBEANS also had its rally stopped on Monday, but not before reaching its highest price since May 28.
A total of 547,040 tonnes of U.S. soybeans were exported last week, up 81.5 per cent from the previous week and more than double from the same week last year.
The trade placed old crop U.S. soybean ending stocks at 351 million bushels, while new crop stocks were projected at 298 million. Global carryout for 2025-26 soybeans was projected to be 124.54 million tonnes, up from the USDA’s April estimate of 124.33 million. Argentine soybean production was estimated to be 49.04 million tonnes, with Brazilian soybean production at 169.27 million.
China imported 13.92 million tonnes of soybeans in May, a new record and up 36.2 per cent from May 2024.