Glacier FarmMedia — Canola futures on the Intercontinental Exchange were lower on Thursday, erasing most of Wednesday’s gains and regaining negative momentum as China’s new levy on Canadian canola imports came into effect today.
An analyst said canola futures will be in choppy trade for the next few days. However, he also predicted prices will eventually fall into the C$620 to C$630 per tonne range.
The western Prairies saw cooler temperatures on Thursday. However, Lethbridge and southern Manitoba saw rain and thunderstorms.
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Glacier FarmMedia – Canola futures on the Intercontinental Exchange traded lower on Thursday, losing yesterday’s gains on account of weakness in…
At mid-afternoon, the Canadian dollar lost nearly three-tenths of a U.S. cent compared to Wednesday’s close.
There were 42,624 canola contracts traded on Thursday, which compares with Wednesday when 63,410 contracts changed hands. Spreading accounted for 17,432 of the contracts traded.
SOYBEANS’ rally came to an end on Thursday as contracts fell between 14 and 17 United States cents per bushel due to pressure from Chicago soyoil on the Chicago Board of Trade.
The U.S. Department of Agriculture reported net export sales reductions of 377,600 tonnes of old crop soybeans during the week ended Aug. 7. However, a marketing-year high of 1.133 million tonnes of new crop soybeans were sold during the same week, well above the higher end of trade estimates (900,000 tonnes) and 15 per cent more than the same week last year.
In addition, a marketing-year low of 26,300 tonnes of old crop soymeal, down 85 per cent from the previous week, were also sold for export. Also, 246,700 tonnes of new crop were purchased. For soyoil, 700 tonnes of old crop were sold, down 90 per cent from the previous week. Totals for both soymeal and soyoil were within trade expectations.
CONAB raised its Brazilian soybean production estimate by 160,000 tonnes at 169.65 million. Abiove raised its own estimate by 600,000 tonnes at 170.3 million.
Analysts expect a July U.S. soybean crush of 191.59 million bushels when the National Oilseed Processors Association releases its monthly report on Friday. They also estimated soyoil stocks at 1.38 billion pounds.
WHEAT futures showed modest losses on Thursday with Minneapolis spring wheat losing the most.
Export sales of new crop wheat were 722,800 tonnes last week, near the higher end of trade estimates. It is the second-highest amount this marketing year and more than double the same week last year.
A South Korean wheat importer purchased 50,000 tonnes of U.S. wheat in an overnight tender.
Russia’s ag ministry said its grain harvest is 47 per cent complete at 75 million tonnes, up 1.6 million tonnes from last year. Wheat yields are up 4.9 per cent.
UkrAgroConsult said Ukrainian wheat planting is more than five million hectares, the largest total since the Russian invasion, which would yield 22 million to 22.5 million tonnes.
The Rosario Grain Exchange rated Argentina’s wheat crop at 80 per cent good to excellent and estimated production at more than 20 million tonnes.
The September CORN contract had its second straight positive session for the first time since the end of July on Thursday.
There were 88,700 tonnes of net export sales reductions for old crop corn, but were more than offset by 2.048 million tonnes of new crop sales. The latter was within trade estimates.
CONAB raised its total Brazilian corn crop estimate by 5.03 million tonnes at 137 million. The safrinha corn crop estimate was up by 5.02 million tonnes at 109.56 million.
The Rosario Grain Exchange projected seeded area for central Argentine corn to be up 15 to 20 per cent for 2025-26. It also said the country’s corn harvest was 88 per cent harvested at 48.5 million tonnes.
