North American Grain/Oilseed Review: Canola, most grains come down
Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was lower on Thursday as it faced resistance at the 200-day moving averages, despite receiving some support from vegetable oils. An analyst said canola was likely to remain in a trading range of C$600 to C$625 per tonne for the remainder of the month.
Chicago soyoil and Malaysian palm oil were higher while European rapeseed was mostly lower. Crude oil was mixed after OPEC+ cut its 2025 world demand forecast.
At mid-afternoon, the Canadian dollar was nearly down two-tenths of a United States cent compared to Wednesday’s close.
There were 89,207 canola contracts traded on Thursday, which compares with Wednesday when 76,707 contracts changed hands. Spreading accounted for 64,150 of the contracts traded.
The March CORN contract had its biggest drop in more than two weeks at the Chicago Board of Trade on Thursday.
The United States Department of Agriculture reported 946,900 tonnes of U.S. corn export sales during the week ended Dec. 5, below trade expectations and down 45 per cent from the previous week.
Conab projected total 2024-25 Brazilian corn production at 119.63 million tonnes, down 180,000 from its November estimate.
While the January SOYBEAN contract was rangebound and closed less than a U.S. cent per bushel lower, it failed to reach US$10/bu. for the first time in four sessions.
The USDA reported soybean export sales at 1.174 million tonnes on the lower end of trade expectations and down 49 per cent from the previous week. Also on the lower end were soymeal sales, totalling 176,300 tonnes during the week Soyoil sales increased sharply at 63,800 tonnes.
The USDA also reported a private sale of 334,000 tonnes of U.S. soybeans for delivery to unknown destinations later this marketing year.
Conab increased its Brazilian soybean production estimate by 70,000 tonnes at 166.21 million, while Abiove raised its own by one million tonnes at 168.7 million.
Near-uniform declines in the March contracts for all three major U.S. WHEAT varieties ended their respective rallies.
U.S. wheat export sales were on the lower end of trade expectations at 290,200 tonnes, down 23 per cent from the week before.
The Rosario Grain Exchange raised its Argentine wheat production estimate by 500,000 tonnes at 19.3 million.
Saudi Arabia tendered for 595,000 tonnes of wheat for February to April delivery, while the Philippines tendered for 60,000 tonnes of feed wheat for delivery this spring.