By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures closed lower on Tuesday, due to what an analyst called the “triple whammy” of lower crude oil prices, declines in vegetable oil prices and good United States crop ratings.
The analyst also noted the favourable conditions on the Prairies and the lack of headline-grabbing fresh news to move the market.
The Chicago soy complex incurred losses in soybeans and sharp pull backs in soyoil. Meanwhile the rally in soymeal continued with more increases.
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Also putting pressure on canola were declines in European rapeseed and Malaysian palm oil as losses in crude oil weighed on the veg oils.
The Canadian dollar was weaker on Tuesday afternoon with the loonie retreating to 72.13 U.S. cents compared to Monday’s close of 72.42.
There were 38,790 contracts traded on Tuesday, compared to 33,057 on Monday. Spreading accounted for 19,940 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Nov 646.00 dn 5.70 Jan 657.50 dn 5.80 Mar 667.40 dn 6.10 May 676.10 dn 6.30
SOYBEAN futures at the Chicago Board of Trade were lower on Tuesday with pressure coming from good crop conditions and favourable weather.
The day one results from the Pro Farmer crop tour placed the Ohio soybean pod count at 1,287.28 per three-foot-by-three-foot square, up from last year’s estimate of 1,229,93. The pod count in South Dakota was calculated at 1,188.45 compared to 1,025.89 a year ago.
The condition rating for United States soybeans was unchanged from last week at 68 per cent good to excellent as of Aug. 17, the U.S. Department of Agriculture reported. Soybeans setting pods rose 11 points at 82 per cent, in line with the five-year average. Soybeans blooming bumped up four points at 95 per cent, also at the average.
The USDA announced a private sale for 228,606 tonnes of 2025/26 soybeans to Mexico.
Michael Cordonnier of Soybean and Corn Advisor upped his call on U.S. soybean yields by 0.5 bushels per acre at 53.
Brazilian exporter group ANEC raised its forecast for the country’s August soybean exports by 100,000 tonnes at 8.90 million.
German farm group DBV placed the country’s winter rapeseed crop at 3.85 million tonnes, improving 6.9 per cent from last year.
CORN futures were lower on Tuesday, in sympathy with soybeans
The crop tour estimated Ohio corn yields at 185.69 bu./ac., bumping up from 183.29 last year. South Dakota corn yields were pegged at 174.18 bu./ac. versus 156.51 a year ago.
The USDA said the corn rating dipped one point at 71 per cent good to excellent. Corn mature registered for the first time this year at three per cent and on par with the average. Corn dented was up 13 points at 27 per cent, corn dough advanced 14 points at 72 per cent and corn silking bumped up three points at 97 per cent with each one point up on their averages.
Cordonnier raised his estimate on U.S. corn yields by one bu./ac. at 184. Also, he increased his forecast on 2024/25 Brazilian corn production by two million tonnes at 136 million.
ANEC projected Brazil’s August corn exports at 8.05 million tonnes, up 80,000 from last week.
WHEAT futures were mixed on Tuesday, with spring wheat bumping up and the winter wheat stepping back.
U.S. spring wheat was up a single point at 50 per cent good to excellent. The spring wheat harvest advanced 20 points at 36 per cent completed and the combining of winter wheat moved four points at 94 per cent finished.
Jordan issued a tender for 120,000 tonnes of milling wheat.
The European Union said its soft wheat exports so far into the 2025/26 marketing year at 1.78 million tonnes, falling 52.7 per cent from a year ago.
DBV pegged Germany’s winter wheat harvest at 26.45 million tonnes, up 21.9 per cent from a year ago.
