North American Grain/Oilseed Review: Canola rises, CBOT mixed to lower

Glacier FarmMedia MarketsFarm – The ICE Futures canola market overcame losses for much of Friday’s session to end the day in positive territory despite mixed sentiment in comparable oils.

Chicago soyoil and Malaysian palm oil helped to underpin canola prices. However, European rapeseed lost its gains to finish lower while crude oil incurred small losses.

In the first six weeks of the 2024-25 marketing year, Canada has exported 1.45 million tonnes of canola, more than triple the amount from one year ago, according to the Canadian Grain Commission.

At mid-afternoon, the Canadian dollar was steady compared to Thursday’s close.

There were 47,577 canola contracts traded on Friday, which compares with Thursday when 46,087 contracts changed hands. Spreading accounted for 34,670 of the contracts traded.

The December CORN contract at the Chicaqo Board of Trade (CBOT) had its second straight loss on Friday, but still managed to stay above the US$4 per bushel mark.

The International Grains Council (IGC) cut its world corn production estimate for 2024-25 by two million tonnes at 1.224 billion, with ending stocks down one million tonnes at 276 million.

As the harvest expands in the U.S. Corn Belt, the cost of barge freight is still elevated due to lower water levels on the Mississippi River.

The Buenos Aires Grain Exchange reported corn planting in Argentina at seven per cent complete, in line with the average pace. Seeded area in Argentina is expected to decline 17 per cent at 6.31 million hectares.

SOYBEANS suffered losses for the second consecutive day, but declines were minimal at between one to two U.S. cents/bu.

The IGC left its world soybean production and ending stocks estimates unchanged at 419 million and 82 million tonnes, respectively.

Chinese soybean imports for the month of August totaled 10.24 million tonnes from Brazil, up 12 per cent from last year, and 202,383 tonnes from the U.S., nearly double from one year ago.

Ukraine’s sunflower seed crop is likely to total 12.5 million tonnes, according to the country’s ag ministry.

The CEO of India’s biggest palm oil company Agrovet said the country’s palm oil production could jump to 1.3 million tonnes by 2030 compared to 400,000 in 2024 due to farmers planting more in an effort to reduce imports.

Chicago WHEAT contracts made gains on Friday, while Kansas City hard red wheat prices were lower and Minneapolis spring wheat prices were steady.

The Canadian Grain Commission reported 1.95 million tonnes of Canadian wheat exports so far in the marketing year, down 2.4 per cent from last year.

The IGC pegged world wheat production at 798 million tonnes, down one million from its previous estimate. World carryout would be up one million tonnes at 267 million.

Ukraine’s ag ministry said its winter wheat area may decline by 4.5 per cent from the previous year to 4.48 million hectares.

Grain trade association Coceral cut its soft wheat production forecast for the European Union and the United Kingdom combined at 126 million tonnes, down 10 per cent from the previous year.