Glacier FarmMedia MarketsFarm– The ICE Futures canola market corrected itself on Wednesday as strength in vegetable oils spilled over into the oilseed.
Chicago soyoil, European rapeseed and Malaysian palm oil showed strong gains. Crude oil was up nearly US$2 per barrel due to Middle East tensions.
Temperatures across the Prairies were cooler this week before making way for warmer conditions on the weekend.
At mid-afternoon, the Canadian dollar was up one-quarter of a United States cent compared to Tuesday’s close.
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There were 64,473 canola contracts traded on Tuesday, which compares with Friday when 43,282 contracts changed hands. Spreading accounted for 26,726 of the contracts traded.
SOYBEAN prices at the Chicago Board of Trade (CBOT) declined for the second straight session on Wednesday. Despite the drop, the September contract stayed above US$10 per bushel.
Ahead of the United States Department of Agriculture’s August World Agriculture Supply/Demand Estimates on Aug. 12, the trade estimated the average U.S. soybean yield to be 52.5 bushels per acre, half a bushel per acre more than the July estimate. Ending stocks for 2024-25 are expected to be 465 million bushels, up from 435 million estimated in July.
June U.S. soybean exports were at 1.339 million tonnes, according the latest Census data, while year-to-date exports totaled 43.03 million. Soymeal shipments totaled 1.119 million, down 11.19 per cent from last year. Soyoil shipments were a four-year high for June at 52,312 tonnes.
Soybean exports out of Brazil were at 11.25 million tonnes in July, 16 per cent above last year.
Two unions of soyoil factory workers in Argentina are currently on strike over wages.
CORN was also in the red for the second straight session, but the September contract stayed above US$3.80 per bushel.
The trade estimated the average U.S. corn yield to be 182.1 bushels per acre, 1.1 more than the July estimate. Ending stocks for 2024-25 are expected to mostly stay the same at 2.096 billion bushels.
June corn exports out of the U.S. totaled 5.496 million tonnes, a three-year high for the month but down 7.9 per cent from May. Corn exports this marketing year through June were 47.81 million tonnes.
The U.S. Energy Information Administration reported average ethanol production at 1.067 million barrels per day for the week ended Aug. 2, down 42,000 from the previous week. Stocks were down 206,000 barrels at 23.767 million.
Brazilian corn exports in July were 3.553 million tonnes, down 16 per cent from one year ago.
As of Aug. 7, Ukrainian corn exports in the new marketing year totaled 1.7 million tonnes.
All three major U.S. WHEAT varieties were down with the September contracts losing between five to seven U.S. cents per bushel.
The trade expects wheat production to be 2.015 billion bushels, compared to the 2.008 billion bushel estimate in July. Spring wheat production is expected to be up four million bushels at 582 million. All wheat ending stocks for 2024-25 are projected at 862 million bushels, up six million from July.
U.S. wheat exports were 1.47 million tonnes in June to start the marketing year, 27.6 per cent more than last year but still the second lowest in 20 years.
Egypt has offered a 3.8 million tonne tender for milling wheat from shipping from October to April.
Ukrainian wheat exports in the new marketing year totaled 1.9 million tonnes.
