Glacier FarmMedia MarketsFarm — The ICE Futures canola market showed some weakness on Friday despite variable sentiment across the markets.
On the week ended Feb. 25, Canada exported 77,500 tonnes of canola, the smallest amount in four weeks, according to the Canadian Grain Commission. Total exports this marketing year so far are 3.365 million tonnes, down 33.8 per cent from last year.
Chicago soyoil was steady and Malaysian palm oil was down. However, European rapeseed was up and crude oil gained more than US$1 per barrel on speculation OPEC+ could extend supply cuts later this month.
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At mid-afternoon, the Canadian dollar was up one-tenth of a United States cent compared to Thursday’s close.
There were 33,467 canola contracts traded on Friday, which compares with Thursday when 36,638 contracts changed hands. Spreading accounted for 21,146 of the contracts traded.
WHEAT prices at the Chicago Board of Trade (CBOT) on Friday sustained their largest losses in at least two months. Reasons included lack of export demand for U.S. wheat and temperate growing conditions for winter wheat.
Canada exported 528,500 tonnes of wheat for the week ended Feb. 25, up from the previous week, according to the Canadian Grain Commission. Total exports this marketing year up to that date were at 12.31 million, up 8.4 per cent from last year.
FranceAgriMer rated the French soft wheat crop at 68 per cent good to excellent, compared to 95 per cent one year ago. It is the lowest rating in three years.
India’s government anticipates wheat production to increase 0.9 per cent from last year at 112 million tonnes.
Japan is tendering 79,000 tonnes of wheat from the U.S. and Canada.
The May CORN contract saw its four-day rally come to an end, but still finished the week with a weekly gain.
The United States Department of Agriculture (USDA) reported that 447 million bushels of corn were used for ethanol production in January according to this afternoon’s monthly Grain Crush report. The figure was down 10 per cent from December and down three per cent from last year.
The Biden administration missed today’s deadline to update its climate modelling for sustainable aviation fuel feedstocks, which means U.S. ethanol producers will have to wait longer to determine their eligibility for tax credits.
The U.S. Eastern Corn Belt and the Ohio River Valley is expecting rain over the next three days.
Seventy-six per cent of Argentina’s corn acres have adequate moisture, according to the Buenos Aires Grain Exchange (BAGE), with the crop rated at 30 per cent good to excellent. Argentine corn production for 2023-24 was estimated at 56.5 million tonnes.
SOYBEANS continued their back-and-forth trading over the past week, moving up by double-digits in the front months. The May contract briefly surpassed the US$11.50 per bushel mark.
The USDA reported that 195 million bushels of soybeans were crushed for biofuel in January, down nine million from December and up four million from January 2023.
The U.S. Energy Information Administration reported that 1.141 billion pounds of soyoil were used to produce biofuels in December, marking the eighth straight month surpassing one billion.
The BAGE also said that 73 per cent of Argentina’s soybean acres received adequate moisture, while the crop was also rated 30 per cent good to excellent. The exchange expects production to be 52.5 million tonnes this year.
Variable rains are expected for southern Brazil in the days ahead.
