By Marlo Glass, MarketFarm
WINNIPEG, July 20 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished lower on Tuesday, after trading on either side of unchanged for most of the day.
Attractive canola prices have encouraged farmer selling, which ultimately kept pressure on prices today.
However, support from speculative buying prevented further losses for canola.
Gains in the Canadian dollar also kept a lid on values. The loonie was around 74.4 United States cents for most of the day.
On Tuesday, 25,933 contracts were traded, which compares with Monday when 25,074 contracts changed hands. Spreading accounted for 8,824 contracts traded.
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SOYBEAN futures at the Chicago Board of Trade (CBOT) were weaker on Tuesday, despite strong export demand.
This morning, the United States Department of Agriculture (USDA) announced a sale of 180,000 of soybeans for delivery to unknown destinations, and 126,000 tonnes for delivery to China.
As of July 19, soybeans were 64 per cent blooming and 25 per cent setting pods.
Soybean crop conditions were an average of 69 per cent good to excellent, which was one percentage point higher than last week.
CORN futures were weaker on Tuesday.
This morning, the USDA announced a sale of over 207,000 tonnes of corn, purchased by unknown destinations.
Corn yields are expected to be slightly higher than original estimates, totalling 198.7 bushels per acre in some regions.
Corn crop conditions were the same as last week’s, at 69 per cent good to excellent.
WHEAT futures were lower today due to seasonal harvest pressure.
According to reports, the winter wheat harvest was 74 per cent complete as of July 19. That’s on par with the five-year average.
Approximately 91 per cent of new crop spring wheat is headed, which is above the average pace.
Spring wheat conditions were rated as 68 per cent good to excellent, which was two percentage points higher than last week.
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