WINNIPEG — The ICE Futures canola market ended the session higher for the first time in 10 days despite being in the red during most of trading.
Chicago soyoil was up, while European rapeseed and Malaysian palm oil were both down. After going into freefall on Wednesday, crude oil gained approximately US$1.50 per barrel today.
The Canadian dollar was up one quarter of a United States cent compared to Wednesday’s close.
About 41,669 canola contracts were traded on Thursday, which compares with Wednesday when 41,911 contracts changed hands. Spreading accounted for 24,774 of the contracts traded.
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CORN prices made gains for the third straight day, their longest rally in more than three weeks.
The United States Department of Agriculture (USDA) announced yet another export sale of old crop U.S. corn to China, this time 641,000 tonnes. Another 1.279 million tonnes were also purchased by China over the past two days.
The USDA also reported that 1.236 million tonnes of old crop corn was booked for the week ended March 9, down from 1.4 million in the previous week.
The International Grains Council (IGC) released its monthly estimates for 2022-23 earlier today with global corn production down 0.3 per cent from last month to 1.15 billion tonnes. Projected carryout increased 0.4 per cent to 256 million.
SOYBEAN prices bounced back, but were just shy of the US$15 per bushel mark.
The USDA reported 665,000 tonnes of old crop soybean export sales for the week ended March 9, a six-week high. In addition, 220,000 tonnes of old crop soymeal, down 32 per cent from the week before, as well as 35,000 tonnes of old crop soyoil were also sold.
The National Oilseed Processors Association (NOPA) reported that 165.4 million bushels of soybeans were crushed in February, slightly below the average pre-trade estimate of 166.1 million.
The IGC lowered its global 2022-23 soybean production estimate by 2.1 per cent to 370 million tonnes, while carryout was cut three million tonnes to 46 million.
WHEAT prices were steady to lower on Thursday with all three major U.S. varieties ending their respective rallies.
More than 336,000 tonnes of old crop U.S. wheat were sold for export during the week ended March 9, up 26 per cent from last week and up 130 per cent from the same week last year. The Philippines was the top buyer at 122,000 tonnes.
The IGC raised its global 2022-23 wheat production estimate five million tonnes from last month to 801 million. World ending stocks were raised 1.4 per cent to 286 million tonnes.
Hard red winter wheat acres in the U.S. will see little rainfall over the next week, while India’s key wheat growing regions are at risk of heavy rains and hailstorms just before harvest.
