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IKAR in Mass Media

North American Grain and Oilseed Review: Losses in crude oil fuel declines in canola

30 мая 2023 года

WINNIPEG, May 25 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures continued lower on Thursday as weaker global crude oil prices put pressure on the vegetable oils.

While there were upticks in Chicago soyoil, they faded from earlier gains. European rapeseed and Malaysian palm oil were higher on the day. Chicago soybeans and soymeal incurred losses.

A trader said “swings in the crush values are nonsensical” and are being driven by the speculative funds. Over the last week the November positions have gained more than C$40 to between C$165 and C$170 per tonne above the futures.

As spring planting continued across the Prairies, Saskatchewan reported that progress there reached 68 per cent complete. Although seeding was still eight points behind the five-year average, it advanced 30 points on the week.

The Canadian dollar was lower at mid-afternoon Thursday, with the loonie at 73.32 U.S. cents, compared to Wednesday’s close of 73.63.

There were 44,826 contracts traded on Thursday, which compares with Wednesday when 41,040 contracts changed hands. Spreading accounted for 26,374 contracts traded.

Prices are in Canadian dollars per metric tonne:

                        Price     Change

Canola          Jul     686.20    dn 11.90

                Nov     655.00    dn  5.60

                Jan     658.50    dn  5.50

                Mar     663.70    dn  5.10

SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Thursday, as the old crop July contract failed to remain on the plus side.

The United States Department of Agriculture reported export sales for the week ended May 18 included 115,000 tonnes of old crop soybeans, as well as 1,100 tonnes of new crop. While old crop fell within trade expectations, the new crop sales were far below what the market anticipated.

The U.S. markets will be closed for the Memorial Day holiday on May 29. Trading is scheduled to resume with the overnight session on Monday at 7 pm CDT.

A report placed the soybean harvest in Argentina at 78 per cent complete, up 14 points from the same point last year.

As the European Union advocates for more biodiesel to be made from waste oils and fat, rapeseed prices have dropped 30 per cent over the last five months.

The Malaysian Palm Oil Board said palm oil production in the country could slip by one million to three million tonnes next year due to the coming El Nino. The MPOB placed this year’s production at 19.0 million tonnes.

CORN futures were mixed on Thursday with advances in July contract.

There were 75,200 tonnes of net reductions in old crop U.S. corn, but 52,100 tonnes of new crop sales, with both falling well short of market predictions.

WHEAT futures were mixed on Thursday with gains in Kansas and Minneapolis but losses for Chicago.

The USDA reported old crop wheat sales had net reductions of 45,100 tonnes for a marketing year low, while new crop sales amounted to 245,100 tonnes. Both were within trade guesses.

IKAR bumped up their call on Russian wheat production for 2023/24 by two million tonnes at 86 million. Of that, IKAR forecast exports of 44 million tonnes.

Copa-Cogeca projected total EU grain production in 2023/24 to rise 4.6 per cent at 277.0 million tonnes.

The Buenos Aires Grain Exchange placed Argentina’s 2023/24 wheat crop at 18.0 million tonnes, up from last year’s 12.4 million due to beneficial rains.

https://producer.com/

Source: producer.com  |  #grain   |  Comments: 0   Views: 2

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