Glacier FarmMedia -– Canola futures on the Intercontinental Exchange on Tuesday were steady amidst pressure from vegetable oils.
Chicago soyoil and Malaysian palm oil were lower while European rapeseed was mixed. However, crude oil increased on easing concerns towards oversupply and United States-China relations.
Statistics Canada reported on Tuesday that the country’s annual inflation rate increased to 2.4 per cent in September, exceeding economists’ predictions of 2.2 per cent.
At mid-afternoon, the Canadian dollar was up one-tenth of a U.S. cent compared to Monday’s close.
Read Also
ICE Canada Morning Comment: Canola headed lower
By Glen Hallick Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures stepped back Tuesday morning, pressured lower by losses…
There were 62,589 canola contracts traded on Tuesday, compared to Monday when 57,982 contracts changed hands. Spreading accounted for 41,436 of the contracts traded.
Tuesday losses for December WHEAT contracts ranged from 3.75 to five U.S. cents per bushel, with Minneapolis spring wheat dropping to a new contract low.
A Bloomberg survey of industry experts estimated the United States winter wheat harvest at 76 per cent complete, compared to the U.S. Department of Agriculture’s estimated pace of 73 per cent one year ago.
IKAR projected Russia’s wheat crop at 88 million tonnes, up from its previous estimate of 87.5 million.
Ukraine’s ag ministry said the country’s winter wheat crop was 74 per cent planted.
The European Union estimated its wheat exports so far this marketing year at 5.87 million tonnes as of Oct. 19, 1.58 million below this time last year.
November SOYBEANS ended lower for the first time in five sessions, but remained above their 50-day average.
Bloomberg estimated the U.S. soybean harvest at 74 per cent completion, seven points below the USDA’s estimate last year.
ANEC projected Brazilian soybean exports to total 7.34 million tonnes in October, up 30,000 tonnes from its previous estimate.
EU soybean imports since July 1 were 3.51 million tonnes as of Oct. 19, 350,000 tonnes below last year.
December CORN failed to extend its rally to six sessions, but remained above its 20- and 50-day averages and slightly below its 100-day average.
Bloomberg’s estimate for U.S. corn harvest progress was 59 per cent, six points below the USDA’s figure from last year.
A weather system brought rain stretching from the eastern Dakotas through Minnesota and into western Wisconsin and northern Iowa this morning. There was also an area of rain in central Ohio and a storm cell in northern Illinois.
ANEC estimated Brazilian corn exports in October at 6.57 million tonnes, up 110,000 tonnes from its previous estimate.
Datagro projected Brazilian corn ethanol production to rise by three billion to 3.5 billion litres in 2026-27. Ethanol imports are expected to increase this year.
A South Korean importer bought 67,000 tonnes of corn in a tender last night.
