Canola loses gains
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Canola loses gains

By Glen Hallick

(Mike Jubinville is away)

WINNIPEG – In the face of a good amount of pressure, Intercontinental Exchange (ICE) canola futures couldn’t hang on to gains Thursday but managed to close narrowly mixed.

The Canadian oilseed lost support when Chicago soyoil turned lower. Chicago soybeans and soymeal, plus European rapeseed and Malaysian palm oil finished the day to the downside. Declines in global crude oil prices weighed on vegetable oil values.

The United States dollar was up sharply following yesterday’s interest rate hike by the Federal Reserve. The greenback put pressure on the Canadian dollar. By mid-afternoon the loonie fell to 72.85 U.S. cents, compared to Wednesday’s close of 73.37.

The Canadian Grain Commission reported September canola exports amounted to 201,400 tonnes, with Mexico as the main customer at 122,100 tonnes with China next at 65,100. The year-to-date exports of 336,700 tonnes were down 41 per cent from the previous September.

There were 33,552 contracts traded on Thursday, which compares with Wednesday when 53,633 contracts changed hands. Spreading accounted for 21,458 contracts traded.

Closing Prices: Nov. 2, 2022

 

 

 

 

C$/tonne

 

ICE Canola

Jan

896.90

+2.10

ICE Canola

Mar

897.10

Unchanged

ICE Canola

May

901.00

-0.90

ICE Canola

May

903.40

-0.50

 

 

U.S. cents/bushel

MGEX Spring Wheat

Dec

943.00

-6.25

KC Hard Red Wheat

Dec

941.25

-5.50

Chicago Soft Wheat

Dec

840.50

-5.50

CBOT Corn

Dec

687.50

-8.25

CBOT Oats

Dec

384.50

-6.50

CBOT Soybeans

Jan

1437.00

-17.00

CBOT Soybeans

Mar

1444.00

-17.50

CBOT Soybean Oil*

Dec

75.29

-0.32

CBOT Soybean Meal*

Dec

414.30

-10.20

*soyoil in cents/pound, soymeal in US$/ton

 

SOYBEAN futures at the Chicago Board of Trade (CBOT) were weaker on Thursday, as a stronger United States dollar made exports less appealing. The greenback surged upward following yesterday’s interest rate hike by the U.S. Federal Reserve.

The U.S. Department of Agriculture (USDA) released its weekly export sales report for the week ended Oct. 27. Soybean export sales came to 830,200 tonnes, which were within trade guesses. Those for soymeal were below market projections at 122,200 tonnes of old crop and 600 tonnes of new crop. Soyoil incurred a net reduction of 2,400 tonnes, also short of what the trade expected.

StoneX pegged 2022/23 U.S soybean production at 4.41 billion bushels based on a national yield of 50.9 bushels per acre.

Safras & Mercado pegged soybean planting in Brazil at 47 per cent complete, six points ahead of the five-year average.

Argentina reported that about 71 per cent of its 2021-22 soybean crop has been sold.

CORN futures were lower on Thursday, due to pressure from soybeans and wheat.

The USDA said corn export sales were 372,200 tonnes and towards the low end of market predictions.

StoneX projected the U.S. corn crop to reap 14.11 billion bushels on a national yield estimate of 173.9 bu./ac.

China approved a list of Brazil corn exporters and large shipments are expected to begin in early 2023. Brazil has been exporting smaller amounts of corn to China since 2014.

WHEAT futures were mixed on Thursday, with a small gain in Kansas City while Minneapolis and Chicago pulled back.

U.S. wheat export sales were 348,100 tonnes and within trade expectations.

Although Australia remains on track for a third consecutive bumper wheat crop, excessive rain and flooding will reduce the crop’s quality.

Global wheat supplies, less China, are reportedly at their tightest levels in 15 years.

After Russia rejoined the Black Sea export agreement, its military forces began shelling a number of targets in Ukraine and forced the Zaporizhzhia nuclear power plant to go offline.

For more on grains click on this link:

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