North American Grain/Oilseed Review: Canola, soybeans move upward

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market regained positive momentum on Thursday, getting more support from comparable oils.

Chicago soyoil and European rapeseed were higher as well as crude oil due to lower United States stockpiles. There was no trading for Malaysian palm oil due to Diwali.

An analyst said tightness in vegetable oils, including smaller rapeseed crops in Russia and Ukraine, was supporting canola. The reason for canola’s downturn on Wednesday may have been rumours China will begin implementing retaliatory tariffs on Canadian canola next week.

There were no deliveries against November canola on the first notice day for the contract.

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

There were 60,644 canola contracts traded on Thursday, which compares with Wednesday when 67,188 contracts changed hands. Spreading accounted for 32,284 of the contracts traded.

SOYBEANS at the Chicago Board of Trade ended the month by gaining in their second straight session. The January contract was just shy of the US$10 per bushel mark on Thursday, its highest level in nearly a week.

The United States Department of Agriculture reported export sales of 2.273 million tonnes for 2024-25 soybeans during the week ended Oct. 24, up six per cent from the previous week and up 39 per cent from the four-week average.

Meanwhile, 208,400 tonnes of 2024-25 U.S. soymeal and 10,400 tonnes of 2024-25 soyoil were sold.

The U.S. Energy Information Administration reported 1.217 billion pounds of soyoil were used for biofuels in August, the third-largest monthly amount on record.

Rabobank estimated Brazilian soybean plantings to increase 1.5 per cent in 2024-25 at 47 million hectares, with production at a record-high of 167 million tonnes.

The USDA attaché in Buenos Aires estimated Argentine soybean production at 52 million tonnes, one million more than the USDA’s official forecast.

December CORN declined slightly for the second consecutive day on Thursday and stayed relatively steady throughout.

The USDA reported 2.342 million tonnes of 2024-25 corn were sold for export, down 35 per cent from the previous week but up seven per cent from the four-week average.

The western U.S. Midwest and Central Plains should see rains next week, as well as in western and central Brazil. However, Argentina will be dry during that week.

Rabobank projected Brazil’s total corn crop in 2024-25 to increase three million tonnes at 125 million.

All three major U.S. WHEAT varieties showed small losses as the December Kansas City hard red wheat contract fell below its Chicago soft wheat counterpart.

In total, 411,400 tonnes of U.S. wheat were sold for export, down 23 per cent from the previous week and 14 per cent from the four-week average.

SovEcon said Russian wheat exports are slated to be 45.9 million tonnes in 2024-25, down 1.7 million from its previous estimate. It would be the lowest Russian wheat export total in three years.

Algeria purchased an estimated 480,000 tonnes of wheat in their latest tender today, likely sourced from the Black Sea region.

Tunisia is tendering for 75,000 tonnes of durum wheat of optional origin.