WINNIPEG — The ICE Futures canola market finished the week lower to go along with mixed prices for comparable oils. Speculative selling contributed to the declines, with the move below the psychological C$700 per tonne level in the nearby July contract bearish from a chart standpoint.
There will be no canola trading on Monday due to the Victoria Day holiday.
Chicago soyoil was slightly lower, while Malaysian palm oil was up and European rapeseed was down. Soybeans also took another large loss for the day. Crude oil also showed some weakness despite optimism that the United States government will reach a deal to raise its debt ceiling.
Read Also
North American Grain/Oilseed Review: Canola drops, U.S. grain mixed
Glacier FarmMedia — Canola futures on the Intercontinental Exchange ended Monday on a low note, being pressured by the harvest,…
At mid-afternoon, the Canadian dollar was down one-tenth of a U.S. cent compared to Thursday’s close.
About 26,181 canola contracts were traded on Friday, which compares with Thursday when 42,105 contracts changed hands. Spreading accounted for 13,706 of the contracts traded.
CORN suffered its fourth straight decline at the Chicago Board of Trade (CBOT) on Friday, but with prices only easing off a little.
Black Sea ship inspections resumed on Thursday with the Joint Coordination Centre in Istanbul authorizing three new grain vessels to travel to the ports of Odesa and Chornomorsk. This is the first new shipping activity since Russia, Ukraine, Turkey and the United Nations extended the Black Sea Grain Initiative by 60 days on Wednesday.
The Buenos Aires Grain Exchange kept its estimate for Argentine corn production steady at 36 million tonnes, while also rating the crop at four per cent good to excellent and 55 per cent poor to very poor.
The average cash ethanol price in the U.S. went up two to nine U.S. cents per gallon over the past week, ranging from US$2.30 to US$2.45 nationwide, according to the U.S. Department of Agriculture’s weekly ethanol report.
SOYBEANS lost more than one quarter of a U.S. dollar per bushel for the third time over the past four days.
The Buenos Aires Grain Exchange cut its production estimate for Argentine soybeans by another 1.5 million tonnes to 21 million with 69 per cent of the harvest completed. The crop was rated at four per cent good to excellent and 56 per cent poor to very poor. By comparison, the USDA predicted 27 million tonnes, the IGC estimated 23 million and the Rosario Grain Exchange guessed 21.5 million.
Chinese Dalian soybean prices dropped the equivalent of approximately 20 U.S. cents per bushel over the week to about US$15.75/bu.
All three major U.S. WHEAT varieties dropped in price for the third straight day, with hard red wheat taking the biggest hit.
Canadian wheat exports during the past week totalled 372,500 tonnes, raising the marketing year’s export total to 15.98 million.
The U.S. Wheat Quality Council’s tour of Kansas wrapped up on Thursday with a final average yield of 30 bushels per acre, with production slated for 178 million bushels. If realized, it would be the smallest crop in Kansas since 1957.
