North American Grain and Oilseed Review: Increases dissipate
Wet conditions threaten some U.S. crops
By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures could not retain their gains on Monday, due to a lack of support from comparable oils.
In particular, the Chicago soy complex as the United States markets are closed for Memorial Day. Trading is set to resume this evening at 7 CDT.
Malaysian palm oil was down slightly, and European rapeseed was steady to lower. Crude oil was virtually unchanged.
With Prairie temperatures forecast to push into the high 20’s to low 30’s degrees Celsius this week with little or no rain, an analyst said the region could be in trouble.
“The northern Prairies are a concern,” he said, in particular the Peace River region of Alberta as well as north-central and northeastern Saskatchewan.
Statistics Canada reported the April crush of about 919,000 tonnes of canola was down four per cent from a year ago. Also, producer-deliveries of canola of 1.92 million tonnes are up 32 per cent from last April.
The Canadian dollar edged higher on Monday afternoon with the loonie rising to 72.80 U.S. cents compared to Friday’s close of 72.70.
There were 15,694 contracts traded on Monday, compared to 32,804 on Friday. Spreading accounted for 7,164 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Jul 718.50 dn 2.30 Nov 688.00 dn 0.30 Jan 693.90 dn 0.30 Mar 699.50 unchanged
Trading at the Chicago Board of Trade was closed on Monday for Memorial Day. Trading is set to resume at 7 p.m. CDT.
With that, the U.S. Department of Agriculture postponed its export inspection and crop progress reports to Tuesday. The latter will include condition ratings for corn and spring wheat for the first time this spring.
There continued to be very wet conditions in the Southern U.S. with flooding in Alabama, Mississippi and Missouri.
Rain is in the weather outlook for the U.S. Corn Belt, with the eastern half in danger of becoming too wet. The Northern Plains are expected to get less rain.
The U.S. winter wheat harvest was underway with progress in Texas estimated to be eight per cent complete. Swathing and combining is likely to start in Oklahoma and Arkansas this week.
U.S. President Donald Trump has delayed 50 per cent tariffs on the European Union to July 9, with trade talks set to begin.
A report warned that the Trump administration’s drive to lower inflation by targeting fuel prices could result in weaker soybean and corn prices.
The Rosario Grain Exchange upped its call on the 2025/26 Argentine wheat crop by 200,000 tonnes at 21.20 million due to favourable conditions.
