Friday, October 5th 2012 - 22:47 UTC

Decline in Canada’s canola crop impacts on oilseed markets

Chicago soybean futures edged higher on Friday, building on the last two sessions of gains with support from a revival in US exports and a surprise decline in estimates for Canada's canola crop.

Canola estimates are down 2 million tons in the Canadian prairies

Corn edged higher, in line with the trend in soybeans, but the market is on track to finish the week nearly flat as the record pace of the US harvest kept a lid on prices.

A weekly report from the US Department of Agriculture showed export sales of soybeans last week at 1.3 million tons, the most in three months and above trade estimates for between 800,000 and 900,000 tons.

The data showed that China, the world's top importer of soybeans and the No. 1 US market, bought the bulk of last week's exports, booking 1.03 million tons.

Statistics Canada said the canola harvest was much smaller than farmers expected and well below last year's production, which could shift some of the demand for the oilseed to US soybeans.

Canola production will be 13.36 million tons in 2012/13, down 2 million tons from the government agency's Aug. 22 estimate of 15.4 million tons and below last year's harvest of 14.5 million tons.

Chicago Board of Trade November soy rose 0.3% to $15.56 a bushel.

December corn gained three quarters of a cent to $7.57-3/4 a bushel, while December wheat added 0.3 percent to $8.71-3/4 a bushel.
 

Published in: Agriculture, Economy, United States.
Tags: Canada, Canola, Chicago soybean.

8 comments Feed

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1 ProRG_American (#) Oct 05th, 2012 - 10:54 pm Report abuse
Good news for Mercosur. $$$$
2 reality check (#) Oct 05th, 2012 - 11:00 pm Report abuse
Fuck me. Oil seed rape. you obviously aint been to Norfolk, the fields are full of the horrible stuff!!!!!! That and fucking Linseed!!!!!!!!!!!!!!!
3 Also Add (#) Oct 05th, 2012 - 11:32 pm Report abuse
Good thing I just bought a big jug of Canola oil yesterday.
4 reality check (#) Oct 06th, 2012 - 12:28 am Report abuse
Christ, do not tell me you eat it? we rub it into cricket bats. Not so sure that paints us in a good light!!!!
5 mastershakejb (#) Oct 06th, 2012 - 01:22 am Report abuse
As far as I know, canola oil is second best only to olive oil, as far as healthy cooking oils go. And olive oil loses much of its beneficial properties and flavor when cooked, so canola's considered just about as good for cooking, while olive is better for raw.
6 reality check (#) Oct 06th, 2012 - 01:35 am Report abuse
Christ, I will never be able to watch another cricket match again, without thinking about food.
7 mastershakejb (#) Oct 06th, 2012 - 03:41 am Report abuse
lol! Well half the reason Americans go to football(american)/baseball games, is to stuff their faces with fast food....if that makes you feel any better :P
8 British_Kirchnerist (#) Oct 11th, 2012 - 11:18 pm Report abuse
#1 Yes, and bad news for the vile Harper at the same time!

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