North American Grain/Oilseed Review: Canola down, U.S. markets closed

Glacier FarmMedia MarketsFarm – The ICE Futures canola market was down on Thursday amidst weaker comparable oils and lighter trading.

European rapeseed and Malaysian palm oil were down. Crude oil was slightly higher with reduced United States stockpiles and the severity of Hurricane Beryl. Chicago soyoil was not traded as U.S. markets were closed due to Independence Day.

At mid-afternoon, the Canadian dollar was up more than one-tenth of a U.S. cent compared to Wednesday’s close.

There were 29,036 canola contracts traded on Thursday, which compares with Wednesday when 72,924 contracts changed hands. Spreading accounted for 19,276 of the contracts traded.

The Chicago Board of Trade (CBOT) was closed Thursday due to the Independence Day holiday and will re-open on Friday morning.

Trade estimates for weekly United States CORN exports ahead of Friday’s report from the U.S. Department of Agriculture were 500,000 to 900,000 tonnes of old crop corn and as much as 400,000 tonnes of new crop during the week ended June 27.

Brazilian grain exporters association ANEC projected the country’s corn exports in July at 3.4 million tonnes, up one million from June but 2.5 million less than one year ago.

Cargo shipments from Black Sea and Danube ports in Ukraine were up 68 per cent from January to June compared to the same period in 2023, according to the head of Ukraine’s parliamentary finance committee.

For U.S. SOYBEANS, the trade is anticipating 200,000 to 600,000 tonnes of old crop sold for export last week, as well as between 50,000 and 150,000 tonnes of new crop.

Also, 100,000 to 500,000 tonnes of old crop soymeal exports as well as up to 350,000 tonnes of new crop were estimated by the trade.

Old crop soyoil exports were pegged as between 5,000 tonnes of net sales reductions to 15,000 tonnes of sales, while new crop would be up to 10,000 tonnes.

ANEC pegged Brazilian soybean exports in July at 9.5 million tonnes, down 4.4 million from June but up 900,000 from one year ago.

New crop U.S. WHEAT export sales last week are expected to be between 350,000 to 700,000 tonnes.

S&P Global projected the U.S. winter wheat crop to have an average yield of 52 bushels per acre and production at 1.342 billion bushels.

SovEcon raised its Russian wheat production estimate by 3.4 million tonnes at 84.1 million due to high initial yields, down from last year and the five-year average. Russian wheat exports for June were also estimated at 3.5 million to four million tonnes, up from last year and the five-year average.