Intercontinental Exchange (ICE) canola futures finished higher on Thursday, overcoming choppy trading that saw old crop contracts bounce to either side of steady earlier in the session. Also, new crop positions hit new highs before easing back.
Global crude oil prices turned around from losses this morning, with the gains spilling over into edible oil valves.
Increases in Chicago soyoil and soymeal, along with strong upticks in European rapeseed and Malaysian palm oil provided support to canola.
Chicago soybeans were mixed with increases in the old crop contracts and small losses in the new crop positions.
The Canadian dollar was virtually unchanged at mid-afternoon, with the loonie at 79.34 U.S. cents, compared to Wednesday’s close of 79.32.
The markets in Canada and the United States will close tomorrow for the Good Friday holiday. Trading is set to resume Sunday evening.
There were 23,312 contracts traded on Thursday, which compares with Wednesday when 33,989 contracts changed hands. Spreading accounted for 17,434 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola May 1,160.70 up 5.70
Jul 1,142.50 up 5.80
Nov 1,032.80 up 5.00
Jan 1,034.60 up 5.30
SOYBEAN futures at the Chicago Board of Trade (CBOT) were mixed on Thursday, with gains in the old crop positions and losses in the new crop contracts.
The United States Department of Agriculture reported a private sale of 132,000 tonnes of old crop soybeans to China.
In the USDA’s export sales report soybeans for the week ended April 7, came to 548,900 tonnes of old crop, plus 458,000 tonnes of new crop. Soymeal tallied 174,900 tonnes of old crop plus new crop sales of 6,000 tonnes. Soyoil amounted to 6,100 tonnes of old crop.
Despite the Good Friday holiday, the U.S. National Oilseed Processors’ Association will still release its monthly crush report. The average trade guess is pegged at just below 182 million bushels of soybeans, which would make for an increase of almost 2.3 per cent compared to March 2021.
CORN futures were higher on Thursday, due to a good export sales report.
Corn sales were more than 1.33 million tonnes of old crop, for a 70 per cent jump from the previous week. New crop sales came to 403,100 tonnes.
Rain has been forecast for the U.S. eastern Corn Belt, which could delay spring planting.
The trucker strike in Argentina entered its fourth day with little chance for a quick resolution, despite talks with the federal government. Reports said there are up to six days of grain reserves left in the commercial pipeline.
The Buenos Aires Grain Exchange estimated Argentina’s corn crop at 20 per cent good to excellent, down one point from last week. The exchange placed the corn harvest at 14 per cent complete.
WHEAT futures were weaker on Thursday, due to disappointing export sales.
The USDA reported weekly export sales of wheat included 96,100 tonnes of old crop and 225,200 tonnes of new crop.
Heavy snowfall in North Dakota and Minnesota will delay spring planting.
The war in Ukraine was still underpinning wheat values, as farmers struggle to plant their crops. There are strong indications that Russian forces will soon begin a major offensive in eastern Ukraine.
In international purchases, Algeria has acquired a cargo of wheat each from Romania and Bulgaria, while Taiwan bought 47,120 tonnes of milling wheat from the U.S. Meanwhile, Japan issued a tender for wheat from the U.S., Canada and Australia.
