The ICE Futures canola market was trading lower on Thursday, returning to early week declines.
Chicago soyoil was trading higher while soy meal was lower. European rapeseed was down and Malaysian palm oil was mostly higher. Crude oil made small gains.
At mid-afternoon, the Canadian dollar was trading six-tenths of a United States cent higher than Thursday’s close, sitting a little short of the 75 U.S. cent mark.
About 27,620 canola contracts were traded on Thursday, which compares with Wednesday when 19,870 contracts changed hands. Spreading accounted for 18,580 of the contracts traded. The ICE Futures canola market will be closed on Friday for Remembrance Day.
Jan 883.20 dn 8.30
Mar 878.00 dn 10.50
May 880.70 dn 10.80
Jul 882.40 dn 10.70
CORN prices were significantly weaker on Thursday, falling by the double digits.
Weekly export sales data from the United States Department of Agriculture (USDA) had 265,000 tonnes of U.S. corn shipped for the week of Nov. 3. This was below the range of estimates and 75 per cent lower than last year’s total. Mexico and Canada were the top buyers for the week.
The USDA also announced a private sale of nearly 210,000 tonnes to Mexico this morning.
The average U.S. corn yield was raised 0.4 bushels per acre to 172.3 in yesterday’s World Agricultural Supply/Demand Estimates (WASDE) report.
SOYBEAN prices suffered their biggest drop since Sept. 30, falling by 29 U.S. cents per bushel.
Export sales data showed 795,000 tonnes were booked for the week ended Nov. 3. Total sales for the year were 33.1 million tonnes as of Nov. 3, trailing last year’s pace by only 0.4 per cent.
The USDA also booked 170,000 tonnes of soymeal and 2,700 tonnes of soyoil sales for the week.
In the WASDE report, the average U.S. soybean yield estimate was raised by 0.4 bushels per acre to 50.2. Ending stocks were only lifted by 20 million bushels to 220 million.
WHEAT prices saw slight weakness headed into Friday.
The USDA’s weekly export sales report showed 322,500 tonnes of wheat sold during the week ended Nov. 3, down slightly from the previous week. Total wheat commitments for the year were at 12.5 million tonnes, a slower than usual pace.
The USDA’s estimate for global wheat carryout was raised 280,000 tonnes to 267.8 million. The trade had previously anticipated a 600,000-tonne cut.
