North American Grain/Oilseed Review: Canola, grains into the red
WINNIPEG — The ICE Futures canola market moved back-and-forth on Thursday before ending the day lower despite mostly positive sentiment in comparable oils.
One trader said canola could be pivoting into a move sideways and stay rangebound between C$560 to C$590 per tonne in the November contract. He also noted a lack of direction in soybeans.
Chicago soyoil was up, as well as Malaysian palm oil. However, European rapeseed was mixed. Crude oil was up more than US$1 per barrel due to optimism in the United States economy stemming from Wednesday’s key interest rate cut from the Federal Reserve and better-than-expected employment data released today.
At mid-afternoon, the Canadian dollar was up more than two-tenths of a United States cent compared to Wednesday’s close.
There were 46,087 canola contracts traded on Thursday, which compares with Wednesday when 42,048 contracts changed hands. Spreading accounted for 27,416 of the contracts traded.
December CORN at the Chicago Board of Trade (CBOT) took a step back on Thursday, hitting its lowest price in a week.
The United States Department of Agriculture (USDA) reported today that 847,400 tonnes of 2024-25 U.S. corn were sold for export during the week ended Sept. 12, 27 per cent more than the previous week.
In total, 429,283 tonnes of corn were exported to China in August, down 64 per cent from the past year. For the first eight months of 2024, the cumulative total of corn imports into China was 12.56 million tonnes, down 15.7 per cent from last year. In 2023-24, only six per cent of corn going into China came from the U.S., according to Reuters.
Ukraine’s ag ministry said the country is expected to ship between 15 million to 17 million tonnes of corn in 2024-25, nearly half the amount from the previous year.
The Parana River in Argentina, which is used for 80 per cent of the country’s grain and oilseed exports, is at its second lowest level since 1970.
The International Grains Council (IGC) cut its 2024-25 global corn production forecast by two million tonnes at 1.224 billion.
SOYBEANS were down by fractions of one U.S. cent per bushel as prices continued to stay rangebound.
Export sales for 2024-25 U.S. soybeans totaled 1.75 million tonnes for the week ended Sept. 12, slightly above trade expectations.
There were also 2,900 tonnes of net sales reductions for 2023-24 U.S. soymeal, as well as export sales reported for 283,000 tonnes of 2024-25 soymeal.
U.S. soyoil export sales were a marketing year high of 46,700 tonnes for 2023-24, with 300 tonnes of 2025-26 soyoil also sold.
Forecasts call for widespread rains in Brazil two weeks from now, but with below-normal amounts.
WHEAT fell for the third time in four sessions, with Kansas City hard red wheat prices down the furthest.
In total, 246,300 tonnes of U.S. wheat were sold for export during the week ended Sept. 12, down 48 per cent from the previous week and below trade expectations.
Wheat imports into China during August totaled 410,951 tonnes, down 51 per cent from the year before. Cumulative totals for 2024 are 9.8 per cent above last year’s pace at 10.49 million tonnes.
The IGC cut its global wheat production forecast by one million tonnes at 798 million.
Tunisia issued an international tender to buy 125,190 tonnes of soft wheat and 100,696 tonnes of durum for October and November shipment.