By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures could not maintain earlier increases on Thursday, as pressure from losses in other oilseeds proved to be too much.
The Chicago soy complex was weaker, with soyoil turning sour as the session progressed. Losses in European rapeseed and Malaysian palm oil added to the declines.
Increases in global crude oil prices tried to stymie the losses in the vegetable oils as did spillover from a positive quarterly earnings report from tech giant Nvidia, the largest stock in the world.
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More losses in U.S. soy, corn, wheat By Glen Hallick, MarketsFarm Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures closed…
Earlier increases in canola were chalked up to possible purchases by China, spreaders moving away from soybeans back to canola, or short covering.
The Canadian dollar is higher at mid-afternoon Thursday with the loonie at 74.15 U.S. cents compared to Wednesday’s close of 74.01.
There were 48,782 contracts traded on Thursday, compared to Wednesday when 46,215 contracts changed hands. Spreading accounted for 23,510 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Mar 570.40 dn 3.60 May 581.30 dn 2.80 Jul 589.60 dn 3.80 Nov 596.10 dn 4.00
SOYBEAN futures at the Chicago Board of Trade were weaker on Thursday, as Argentina crops have the opportunity to bounce back.
The Rosario and Buenos Aires Grain Exchanges issued their forecast for Argentina soybeans. Rosario reduced their call on soybeans to 49.5 million tonnes, while Buenos Aires is at 52.5 million. However, rain over the next couple of days is in Argentina’s weather forecast with one to four inches expected.
Due to Presidents’ Day the United States Department of Agriculture postponed its weekly export sales report to Friday.
CORN futures were lower on Thursday, due to still large projections for Argentina crops.
Rosario cut its estimate of Argentina corn to 57 million tonnes and Buenos Aires came in at 56.5 million.
The U.S. Energy Information Administration reported ethanol production for the week ended Feb. 16 increased slightly to 1.08 million barrels per day. Ethanol stocks slipped to 25.5 million barrels.
The USDA announced a private sale for 126,000 tonnes of old crop sorghum to China.
WHEAT futures were mostly lower on Thursday, with losses in Kansas City and Minneapolis while Chicago was steady to higher.
The U.S. National Oceanic and Atmospheric Administration forecast up to four inches of rain for the Eastern Corn Belt, while the Southern Plains are expected to get no more than a quarter inch.
Officials from Poland and Ukraine have been scheduled to meet Mar. 28 to discuss protests by Polish farmers over cheaper Ukrainian grain imports.
Japan issued a tender for 116,000 tonnes of wheat from Australia, Canada and the U.S.
