Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was mixed with gains in the front months while the new crop positions eased back.
Chicago soyoil and European rapeseed were solidly in positive territory, while Malaysian palm oil was down. Crude oil prices were lower due to confusion over trade talks between the United States and China, as well as plans by OPEC+ to increase output.
An analyst said canola received some support from higher soyoil prices, noting the potential for the Canadian oilseed to turn around.
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Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were higher on Wednesday. This was despite the November contract…
At mid-afternoon, the Canadian dollar was up less than one-tenth of a U.S. cent compared to Friday’s close.
The federal election is today with polls closing at 8:30 p.m. local time.
There were 54,945 canola contracts traded on Monday, which compares with Friday when 58,308 contracts changed hands. Spreading accounted for 31,320 of the contracts traded.
Rains over the weekend in United States winter WHEAT areas, as well as potential rains in spring wheat areas caused futures to drop on Monday.
Over the past two weeks, most of Kansas and Oklahoma reported more than 50 millimetres of rain with some areas of eastern Kansas and central Oklahoma getting 100 mm. Parts of North Dakota and Minnesota should see 50 mm of precipitation today.
The U.S. Department of Agriculture reported 646,564 tonnes of U.S. wheat sold for export during the week ended April 24, up 26.7 per cent from the week before. Marketing year exports so far this year were 19.46 million tonnes, up 14.9 per cent from the year before.
SovEcon cut its total Russian wheat export estimate for 2024-25 at 40.7 million tonnes, as it’s more expensive than European Union wheat.
The July CORN contract hit its lowest point since April 9 before closing today a couple of U.S. cents lower than Monday’s open.
The USDA said 1.654 million tonnes of corn were exported last week, down 4.2 per cent from the previous week. Marketing year shipments were at 40.9 million tonnes, up 29 per cent from last year.
The July SOYBEAN contract managed to eke out a small gain despite trading lower earlier in the day.
U.S. soybeans were 439,341 tonnes, down 21.5 per cent from the week before. Marketing year shipments were at 43.12 million tonnes, up 11.3 per cent from last year.
The U.S. Census reported that half of U.S. soybean exports were shipped to China in 2024 at a value of US$12.8 billion.
Cargill’s Brazilian unit estimated the company’s total volume of grain and oilseed products originated, processed and sold this year in the country will exceed the 45 million tonnes handled last year.
