North American Grain and Oilseed Review: Canola backs up again
Sparse fresh news in holiday activity at CBOT
By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures closed lower in holiday trading on Monday. As with Friday’s trading, canola was unable to hang on to its gains from the overnight session.
That’s despite support from the Chicago soy complex, but Malaysian palm oil was lower and European rapeseed was mixed. Small upticks in crude oil spilled over into the vegetable oils.
The March contract remained above its 20-day moving average but fell further away from its other major averages.
The Canadian Grain Commission reported for the week ended Dec. 22 that year-to-date producer deliveries of canola reached 8.18 million tonnes, compared to 6.59 million a year ago. Canola exports so far this year topped 4.39 million tonnes versus 2.42 million and domestic use hit 4.61 million tonnes, ahead of the 4.18 million this time last year.
The CGC also reported that 90 per cent of this year’s canola samples it tested rated number one. However, the mean oil content slipped from 2023/24 to 42.6 per cent.
There were 28,864 contracts traded on Monday, compared to 32,188 on Friday. Spreading accounted for 12,084 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Jan 615.10 dn 6.80 Mar 614.10 dn 3.10 May 622.70 dn 0.80 Jul 625.30 dn 0.50
SOYBEAN futures at the Chicago Board of Trade closed higher on Monday after trading to both sides of unchanged.
The United States Department of Agriculture announced a private sale for 23,000 tonnes of old crop soyoil to India.
Also, the USDA issued its export inspections report and for the week ended Dec. 26 soybeans were 1.57 million tonnes. That’s down from 1.77 million the previous week, but within market expectations. The year-to-date is almost 28.60 million tonnes and ahead of the 23.27 million this time last year.
The USDA attaché in Brasilia projected the Brazil soybean harvest to come in at 165 million tonnes while the department’s official estimate is 169 million.
CORN futures dipped on Monday as concerns over possible tariff battles after Donald Trump is sworn-in next month continued to loom over the market.
U.S. corn export inspections tallied 878,380 tonnes, down from 1.15 million last week but within trade guesses. The year-to-date reached 15.36 million tonnes, well ahead of the 11.95 million a year ago.
WHEAT futures were mixed on Monday with small upticks in Chicago and Kansas City wheat and a slight loss in Minneapolis wheat.
The USDA said wheat export inspections came to 337,685 tonnes, pulling back from the previous week’s 405,923. The year-to-date hit 12.28 million, compared to 9.66 million a year ago.
Precipitation for the U.S. Southern Plain is forecast to be limited, while light amounts are expected for parts of the Midwest and Northern Plains.
Weather conditions in Russia’s Central and Volga areas are expected to become warmer than normal next month. Combined with excess moisture, that could encourage to wheat sprouts to resume growing.
