By Marlo Glass, MarketFarm
WINNIPEG, June 23 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower at Tuesday’s close, with the July contract showing meagre strength for most of the trading session.
One Winnipeg-based trader said the July contract got a bit of a boost from traders positioning ahead of the contract’s expiration.
Consistent strength in the Canadian dollar kept a lid on canola prices. The loonie has been around 74 United States cents for most of the day.
Weakness in Chicago soyoil was also prevented gains for canola prices. Nearby contracts were down by about a fifth of a cent.
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Glacier FarmMedia | MarketsFarm – The Canadian dollar eased off on Monday, but remained above the 73 United States cent mark….
On Tuesday, 23,868 contracts were traded, which compares with Monday when 21,620 contracts changed hands. Spreading accounted for 15,544 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Tuesday, following confusing comments from a top trade advisor.
White House Trade Adviser Peter Navarro had said the Phase One trade deal between the United States and China was “over,” but President Trump said the deal remains fully intact. Navarro claims his statement was taken out of context.
According to the most recent crop progress report from the U.S. Department of Agriculture (USDA), the U.S. soybean crop is 96 per cent planted, and 89 per cent emerged.
CORN futures were weaker today.
Also, 55 per cent of the U.S. corn crop is in the silking stage, which is five percentage points above average.
WHEAT futures were mixed on Monday, with Minneapolis spring wheat posting losses.
The winter wheat crop is 29 per cent harvested.
A report from Nutrien Ag Solutions said key wheat-growing regions of Russia and Ukraine may turn dry over the next 10 days, but it’s not yet clear to what extent these conditions will impact crop development.
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