Glacier FarmMedia MarketsFarm -– After the first trading day of 2024, the ICE Futures canola market was under pressure due to weakness from comparable oils, but losses were tempered by a weaker Canadian dollar.
While Chicago soyoil was up, European rapeseed and Malaysian palm oil were in the red, while crude oil eased back.
At mid-afternoon, the loonie was down six-tenths of a United States cent compared to Friday’s close. The Bank of Canada did not publish an exchange rate on Monday due to New Year’s Day.
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There were 26,797 canola contracts traded on Tuesday, which compares with Friday when 21,084 contracts changed hands. Spreading accounted for 14,230 of the contracts traded.
On the first day of trading in 2024, Chicago Board of Trade (CBOT) SOYBEANS suffered their biggest losses since Nov. 24. In addition, the May contract fell below US$13 per bushel for the first time since last June.
More than 960,000 tonnes of 2023-24 soybeans were shipped during the week ended Dec. 28, down 156,000 from the previous week, according to the United States Department of Agriculture’s (USDA) export inspections report.
The USDA’s monthly Fats and Oils report showed the November crush to be 200 million bushels, down one million from last month but up 10 million from one year ago. Soyoil stocks were at 1.71 billion pounds, down nine per cent from October but up five per cent from one year ago.
Rainfall during the holiday weekend in Brazil was variable across the country, but 50 to 115 millimetres fell over the top soybean-producing state of Mato Grosso. More rain is expected for drier northern parts of the country this week.
Crop consultant Dr. Michael Cordonnier cut his projection for Brazilian soybean production by two million tonnes to 151 million, but left his estimate for Argentina steady at 50 million.
Ag firm StoneX slashed its Brazilian production forecast by 8.9 million tonnes at 152.8 million.
CORN prices fell for the fourth-straight day on Tuesday for their longest downturn and the March contract’s largest one-day drop since November.
The USDA reported that 569,700 tonnes of 2023-24 corn, down from 1.23 million the previous week.
U.S. corn used for ethanol during the month of November was 505 million bushels, according to the USDA, down one per cent from the previous month but up one per cent from one year ago.
Cordonnier kept his 2023-24 production estimates for Brazilian and Argentine corn steady at 117 million tonnes and 53 million, respectively, as traders paid attention to weather forecasts in both countries.
StoneX reduced its estimate for Brazilian corn production by 1.4 million tonnes at 124.6 million.
WHEAT prices were hampered by a lack of news as the March Chicago contract had its worst one-day drop in nearly a month.
Russian drones attacked infrastructure at the Ukrainian port of Odesa on Monday, according to Ukraine’s military, resulting in a fire breaking out at one of the terminals.
After the U.S. Navy destroyed boats manned by Houthi rebels from Yemen on the Red Sea last weekend, Iran dispatched a warship. However, the U.S. said it is not interested in expanding the Middle East conflict.
The Panama Canal will increase the number of daily ship transits in January from 22 to 24 due to higher-than-expected water levels.
