Glacier FarmMedia | MarketsFarm – The July contract on the ICE Futures canola futures reached its highest level on Friday due to tightening old crop supplies.
The Canadian Grain Commission reported that 170,400 tonnes of canola were exported during the week ended April 27, more than the 140,500 tonnes from the previous week. So far this marketing year, 7.694 million tonnes of canola were exported compared to 4.546 million last year. Domestic disappearance was 241,200 tonnes last week, 800 more than the previous week. In 2024-25 so far, there were 8.693 million tonnes of domestic disappearance, more than the 8.116 million from one year ago.
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An analyst said depleted canola stocks are responsible for July canola’s rise, as higher prices are needed to ration demand.
Also, Chicago soyoil and Malaysian palm oil were down for the day, while crude oil weakened again due to ongoing recession fears. However, European rapeseed was mostly positive.
At mid-afternoon, the Canadian dollar was up more than one-tenth of a United States cent compared to Thursday’s close.
There were 41,831 canola contracts traded on Friday, which compares with Thursday when 40,723 contracts changed hands. Spreading accounted for 21,878 of the contracts traded.
WHEAT futures bounced back on Friday, as the Minneapolis July contract made the biggest gain, with Kansas City and Chicago closely behind.
The Canadian Grain Commission reported 15.776 million tonnes of wheat have been exported so far in 2024/25, compared to 15.710 million this time last year.
The U.S. Department of Agriculture’s attaché in Ottawa projected the Canadian all wheat crop to be 35.67 million tonnes in 2025-26, compared to Agriculture and Agri-Food Canada’s estimate of 34.45 million.
Winter wheat growing areas of the U.S. should see rainfall over the next few days. In the U.S. Northern Plains, dry and warmer-than-normal temperatures are expected.
France’s soft wheat crop rated 74 per cent good to excellent, unchanged from the previous week.
July SOYBEANS had its second straight positive session on Friday.
The USDA reported the March domestic soybean crush at 206.6 million bushels, 700,000 tonnes above trade expectations. The crush increased 3.1 million from March 2024 and the year-to-date is 1.438 billion bushels, up 4.8 per cent from last year.
U.S. soyoil stocks as of March 31 were 2.079 billion pounds, down 12 per cent from a year earlier.
The Buenos Aires Grain Exchange reported Argentina’s soybean harvest increased by nine points over the past week at 24 per cent complete, below the 36 per cent level one year ago.
CORN declined for the fourth time in five sessions with the July closing below US$4.70 per bushel for the first time since April 4.
The USDA’s Grain Crushing Report on Thursday showed corn use for ethanol totaled 454.2 million bushels in March, 3.8 per cent less than a year ago. This marketing year, 3.209 billion bushels of corn were used for ethanol, up 18 million from last year and the largest amount through March since 2017-18.
Missouri, Illinois, Indiana and Ohio are forecast to get 25 millimetres of rain or more next week, while the Western Corn Belt is to be dry.
The Buenos Aires Grain Exchange estimated the Argentina corn crop at 31 per cent harvested, up one point from last week.
StoneX projected total Brazilian 2024-25 corn production at 132.4 million tonnes.
