The ICE Futures canola market was lower on Monday to go along with declining crude and vegetable oil prices.
Chicago soyoil was lower to start the week, while both European rapeseed and Malaysian palm oil were in the red. Meanwhile, crude oil was on the negative side of unchanged.
The Canadian dollar moved up more than one-tenth of a U.S. cent, surpassing the 74 U.S. cent mark.
Snow was in the forecast for much of Alberta and Saskatchewan with Calgary under a snowfall warning. High temperatures were expected to stay below freezing, ranging from minus-five to minus-15 degrees Celsius. In southern Manitoba, Monday will be overcast with highs around freezing.
About 24,120 canola contracts were traded on Monday, which compares with Friday when 43,678 contracts changed hands. Spreading accounted for 18,050 of the contracts traded.
Jan 896.50 dn 1.90
Mar 894.00 dn 1.30
May 895.80 dn 1.30
Jul 896.10 dn 1.00
CORN prices moved lower ahead of the USDA’s monthly supply/demand report, which will be released on Wednesday, Nov. 9.
The USDA reported today that more than 231,000 tonnes of corn were shipped during the week ended Nov. 3, down from 445,000 last week and down from 660,000 tonnes at that point last year. Mexico was the top destination at 203,000 tonnes.
Analysts are anticipating a reduction of the average U.S. corn yield by one-tenth of a bushel per acre at 171.8, while ending stocks would increase by 46.5 million bushels compared to October’s numbers.
SOYBEAN prices also took a hit to begin the week, as well as the rest of the Chicago soy complex.
The USDA reported that 2.591 million tonnes of soybeans were exported during the week ended Nov. 3, slightly higher than last week’s total and down from 2.91 million tonnes during the same week last year. China received 1.84 million tonnes from those shipments.
Analysts are predicting a 0.1 bushel per acre rise in the average U.S. soybean yield at 49.9, as well as an additional 3.3 million bushels in ending stocks at 211.9 million, indicating demand loss.
Hard red and spring WHEAT varieties were higher at Monday’s close while Chicago wheat was lower.
Nearly 181,000 tonnes of U.S. wheat were shipped during the week ended Nov. 3, up from 137,000 last week but under the 252,000 from the same week last year.
Analysts predict U.S. wheat carryout to increase by 500,000 bushels at 575.6 million, while global wheat carryout would tighten by 600,000 tonnes.
There is a projected 40 per cent drop in Ukrainian wheat and barley production, as well as anticipated weather-related declines in Argentina and Australia’s wheat crops.
