Intercontinental Exchange (ICE) canola futures fell further on Thursday, adding to yesterday’s losses.
Declines in the Chicago soy complex, European rapeseed and Malaysian palm oil contributed to the decreases. Global crude oil prices were pulling back, adding more pressure to vegetable oils.
Good weather continued to prevail across most of the Prairies, which will help to advance the harvests in each of the three provinces.
Ahead of the Statistics Canada production report on Monday, trade expectations for canola range from 18.6 million to 20.3 million tonnes.
StatCan issued its monthly crush and grain deliveries reports. The July canola crush was nearly 774,000 tonnes, down almost seven per cent from a year ago. Canola deliveries last month tallied 731,000, slightly less than the same time last year.
Saskatchewan issued it weekly crop report showing the canola harvest was at three per cent complete. Alberta is scheduled to release its crop report tomorrow.
The Canadian dollar was higher at mid-afternoon as the loonie rising to 77.28 U.S. cents, compared to Wednesday’s close 77.02.
There were 20,528 contracts traded on Thursday, which compares with Wednesday when 27,096 contracts changed hands. Spreading accounted for 12,150 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Nov 833.70 dn 9.90
Jan 842.30 dn 10.00
Mar 848.80 dn 9.20
May 851.00 dn 9.00
SOYBEAN futures at the Chicago Board of Trade (CBOT) were weaker on Thursday, due to more favourable weather in the United States.
In the light of the new reporting system, there were errors in the U.S. Department of Agriculture (USDA) export sales report, according to an analyst. Soybean export sales should state 503,700 tonnes of old crop and 4.69 million tonnes of new crop.
The Pro Farmer Crop Tour is scheduled to traverse parts of eastern Iowa and southern Minnesota today. Yesterday, the eastern leg was in Illinois and placed the soybean pod count at 1,249.7 per three-by-three square. The western leg in Iowa estimated the pod count at 1,089.74. The official results of the tour will be announced on Friday, when both legs gather in Rochester, Minn.
CONAB projected next year’s Brazil soybean crop to hit a record 150.36 million tonnes due to expanded area. Exports were forecast to be 92 million tonnes.
A report placed soybean exports out of Ukraine this month at 11,000 tonnes, plus 28,850 tonnes of sunflower oil, 2,914 tonnes of sunflower seeds and 29,600 tonnes of rapeseed. Russian attacks during Ukraine’s Independence Day killed 25 civilians.
CORN futures were lower on Thursday, due to spillover from soybeans and wheat.
Export sales of U.S. corn were 320,000 tonnes of old crop and 155,300 tonnes of new crop.
The crop tour estimated corn yields in Illinois at 190.71 bushels per acre and 181.2 in Iowa.
Ethanol production in the U.S. averaged 987,000 barrels per day, which was slightly higher than the previous week. Ethanol stocks gained two per cent at 23.7 million barrels.
CONAB placed new crop corn production in Brazil at 125.5 million tonnes with exports of 44.5 million.
Corn exports out of Ukraine in August were reported to be 511,700 tonnes.
WHEAT futures were weaker Thursday also on improved weather.
Export sales of U.S. wheat came to 409,600 tonnes.
Ahead of the Statistics Canada production report on Monday, some analysts in the U.S. pegged wheat production in Canada at 34 million tonnes. Of that, 25.4 million tonnes is to be spring wheat, along with six million tonnes of durum and the rest as winter wheat.
Wheat exports out of Ukraine for August were 79,172 tonnes, plus 50,301 tonnes of flour and 18,500 tonnes of animal feed.
India said it will restrict exports of wheat flour to help push down domestic prices and to ensure food security.
In international purchases, Egypt reportedly turned down an offer on its tender for 240,000 tonnes of wheat. Japan acquired 119,000 tonnes of wheat from the U.S., Canada and Australia.
