The ICE Futures canola market was up sharply on Monday, setting fresh contract highs in the new crop months as gains in outside markets provided support.
Chicago Board of Trade soyoil, European rapeseed and Malaysian palm oil futures were all up on the day as concerns over reduced sunflower production in Ukraine remained supportive for world vegetable oil markets.
Chart-based buying contributed to the gains in the Canadian oilseed, with some stops likely hit on the way up.
However, firmness in the Canadian dollar and ideas canola was looking overpriced at current levels did limit the advances to some extent.
About 18,144 canola contracts traded on Monday, which compares with Friday when 20,027 contracts changed hands. Spreading accounted for 11,070 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were stronger on Monday. A risk premium was being built into all of the grains and oilseeds due to the persistent conflict in Ukraine and ongoing disruption to Black Sea exports.
Weekly United States soybean export inspections of 737,000 tonnes were up by about 100,000 tonnes from the previous week, with China the main destination.
The U.S. Department of Agriculture’s monthly supply/demand estimates will be out on Friday, with some pre-report positioning expected the next few days.
CORN futures were boosted by solid export demand, with spillover from other markets also supportive.
The USDA announced private export sales this morning of over a million tonnes of corn to China. About two-thirds of the business was for delivery during the current marketing year, with the remainder scheduled for next year.
Weekly U.S. corn inspections of 1.53 million tonnes were down slightly from the previous week.
WHEAT futures were higher across the board, as the lack of Black Sea export movement provided support.
Saudi Arabia bought 625,000 tonnes of wheat in a tender over the weekend after initially only looking for 355,000 tonnes. The purchase price was reportedly well above levels they paid prior to the Russian invasion of Ukraine.
Weekly U.S. wheat export inspections came in at just under 300,000 tonnes, which was down slightly from the previous week.
