Glacier FarmMedia — ICE Futures canola market was weaker on Tuesday, falling to its lowest levels in two months after an early attempt at correcting higher.
Losses in Chicago soyoil accounted for some spillover selling pressure in the Canadian oilseed, with chart-based speculative selling a feature as fund traders liquidated some of their large net-long positions.
European rapeseed was narrowly mixed, while Malaysian palm oil was up on the day. The Canadian dollar was slightly softer.
Mixed Prairie growing conditions kept some weather premiums in the market, with dryness in some areas countered by relatively favourable weather elsewhere.
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ICE canola narrowly mixed at midday
Glacier FarmMedia — The ICE Futures canola market was narrowly mixed at midday Tuesday, retreating from earlier gains as losses…
There were 49,582 contracts traded on Tuesday, which compares with Friday, when 49,510 contracts changed hands. Spreading accounted for 16,822 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were weaker on Tuesday, after trading to both sides of unchanged.
Quality ratings for the United States soybean crop dipped one point on the week, to come in at 69 per cent good to excellent, reported the U.S. Department of Agriculture. An estimated 85 per cent of the crop was blooming, with 58 per cent setting pods, which were both near normal.
A lack of significant export demand from China remained a bearish influence on the soy market.
CORN fell to fresh contract lows on Tuesday, despite solid export demand.
U.S. corn crops were rated 73 per cent good to excellent in the latest weekly report from the USDA, which was unchanged from the previous week.
Monthly export data for June showed 6.747 million tonnes of U.S. corn were exported in June, marking the second-largest total on record for the month. That was up 22.8 per cent from the same month a year ago, but down 7.4 per cent from May.
The USDA announced private export sales of 128,000 tonnes of corn to unknown destinations this morning.
WHEAT futures were weaker on Tuesday, hitting contract lows in some months as the winter wheat harvest continued to progress.
U.S. spring wheat was 48 per cent good to excellent, with five per cent harvested. U.S. winter wheat was 86 per cent harvested, which was one point off the five-year average.
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
