WINNIPEG — The ICE Futures canola market was slightly below unchanged on Thursday, despite positive momentum late in trading.
Chicago soyoil, European rapeseed and Malaysian palm oil were all in decline. Crude oil recovered from earlier losses to make strong gains.
At mid-afternoon, the Canadian dollar was up more than one-tenth of a U.S. cent compared to Wednesday’s close.
Parts of southeastern Alberta and southwestern Saskatchewan are expected to see at least 20 millimetres of water equivalent precipitation today. Meanwhile, the eastern Prairies will be dry with high temperatures above 10 degrees Celsius.
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There were 45,696 canola contracts traded on Thursday, which compares with Wednesday when 41,715 contracts changed hands. Spreading accounted for 23,052 of the contracts traded.
CORN prices at the Chicago Board of Trade (CBOT) went up on consecutive days on Thursday for the first time in nearly a month. However, they have yet to fully recover from the losses suffered on Monday and Tuesday.
The United States Department of Agriculture (USDA) reported 948,000 tonnes of old crop U.S. corn were sold for export during the week ended March 28, down 21 per cent from the week before and the lowest weekly amount since mid-February. Meanwhile, 11,400 tonnes of 2024-25 corn were sold to Mexico.
In a late report, 134,100 tonnes of old crop U.S. corn were sold to Canada.
Drought conditions in many areas of the U.S. Midwest should be somewhat alleviated over the next four weeks according to weather forecasts.
Datagro projected Brazilian corn exports for April at just 25,000 tonnes, compared to 176,000 one year ago.
SOYBEAN prices were lower for the sixth time in seven trading days. There haven’t been two or more straight days of increased prices since March 20 and 21.
Old crop U.S. soybean export sales totaled 194,200 tonnes, slightly below trade expectations, down 26 per cent from the previous week and was the lowest weekly amount since February. The USDA also announced a flash sale of 152,400 tonnes of old crop soybeans to Mexico.
Meanwhile, 202,200 tonnes of old crop soymeal were also sold, as well as 32,600 tonnes of new crop soymeal, mostly to Canada. For soyoil, old crop export sales were nearly cut in half from last week at 3,100 tonnes.
Datagro expects Brazilian soybean exports for April to total 10.65 million tonnes, compared to 14.05 million last year.
Only Minneapolis spring WHEAT prices had any direction on Thursday, moving upwards. Chicago soft wheat and Kansas City hard red wheat were both mixed.
Old crop U.S. wheat export sales were 16,100 tonnes over the past week, down 95 per cent from the week before. However, 262,000 tonnes of new crop U.S. wheat were also sold, just above trade expectations.
The weather forecast over the next seven days shows rainfall over winter wheat growing regions in the U.S. as well as in the Delta region. The U.S. Northern Plains will also see normal rainfall over the next two weeks.
The Black Sea region has seen below normal rain over the past six weeks.
Russia is stopping some exports from local trading house Aston due to a lack of phytosanitary certificates.
