Intercontinental Exchange (ICE) canola futures were mixed on Monday, with losses in the old crop months and gains in the new crop positions.
Pressure on canola came from losses in Chicago soybeans and soymeal, as well as weakness in Malaysian palm oil and the May contract for European rapeseed. Declines in global crude oil prices weighed on edible oil values.
Support came from increases in Chicago soymeal along with gains in the other positions for rapeseed. Tight canola supplies also underpinned values.
The Canadian dollar was weaker at mid-afternoon, with the loonie at 78.00 U.S. cents, compared to Friday’s close of 78.62.
Farm Credit Canada reported that farmland values were up by an average 8.3 per cent in 2021, for the largest increase in four years.
There were 16,431 contracts traded on Monday, which compares with Friday when 11,231 contracts changed hands. Spreading accounted for 9,162 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola May 1,122.20 dn 9.00
Jul 1,096.50 dn 1.50
Nov 933.10 up 3.50
Jan 932.00 up 4.00
SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Monday, as another round of ceasefire talks between Russia and Ukraine added weakness to crude and edible oils.
The United States Department of Agriculture reported export inspections of soybeans, for the week ending March 10, were 772,719 tonnes, down 0.5 per cent from a week ago. The year-to-date outbound movements tallied 42.15 million tonnes, 21 per cent below shipments a year ago.
The department also reported a private sale of 159,000 tonnes of old crop corn to Mexico.
Ahead of tomorrow’s February report from the U.S. National Oilseed Processors Association, the trade has pegged the soybean crush to be 161.98 million to 169.13 million bushels. Soyoil stocks were projected to drop 9.9 per cent at 1.985 billion pounds.
The Argentine government has suspended the registration of soyoil and soymeal exports to help control rising domestic prices. The country supplies 48 per cent of the world’s soyoil and 41 per cent of its soymeal.
Meanwhile, the Buenos Aires Grain Exchange maintained its call on Argentine soybean production at 42 million tonnes, citing beneficial rains.
CORN futures were weaker on Monday, following a decline in overseas shipments.
The USDA said corn export inspections were more than 1.44 million tonnes, down 27.8 per cent from the previous week. The year-to-date was a little short of 25.93 million tonnes, 14.2 per cent back of those this time last year.
The BAGE kept its forecast on Argentine corn production at 51 million tonnes and noted the harvest is now underway.
Ukraine continued to urge the country’s farmers to plant their crops despite the Russian invasion.
With Ukraine unable to export corn, Spain has turned to the U.S. and Argentina for its supplies.
WHEAT futures had a little bit of everything on Monday, with increases in Kansas City, losses in Chicago, while Minneapolis finished unchanged.
The eastern half of the U.S. Southern Plains and the Lower Mississippi River valley were forecast to receive thunderstorms today. Clear skies were to dominate the U.S. Midwest and Northern Plains.
The USDA said wheat export inspections amounted to 282,344 tonnes, falling 30 per cent from last week. The year-to-date hit 16.19 million tonnes, down 16.5 per cent from a year ago.
IKAR reported that Russia shipped 400,000 tonnes of wheat from its Black Sea ports in recent days.
A cold snap this week is threatening Russia’s winter wheat crop, according to SovEcon. The consultancy stated the snowpack might be thick enough to prevent widespread winterkill damage.
