By Marlo Glass, MarketsFarm
WINNIPEG, Sept. 22 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were weaker on Tuesday, continuing pricing trends set in yesterday’s trend.
Harvest activity is said to be behind some of the pressure on canola prices.
Canola was also hampered by a negative tone for comparable vegetable oils.
Chicago soyoil was down by about two thirds of a cent on the day, after losing nearly a penny yesterday.
The loonie was slightly weaker on the day, which prevented further losses for canola. The dollar was around 75 U.S. cents due to comparable strength in the U.S. dollar index.
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On Tuesday, 32,976 contracts were traded, which compares with Monday when 35,110 contracts changed hands. Spreading accounted for 25,920 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were slightly weaker on Tuesday, continuing pricing trends from yesterday’s losses.
Demand has been continually strong for soybeans. This morning, the United States Department of Agriculture (USDA) announced a sale of 266,000 tonnes of soybean purchased by China, and an additional 264,000 tonnes purchased by unknown destinations.
The soybean harvest is about six per cent complete across the U.S., with harvest activity in Iowa slightly ahead of the average rate.
CORN futures were slightly higher today, following reports of strong export demand.
This morning, the USDA announced a sale of 140,000 tonnes of corn, purchased by China, as well as 320,000 tonnes of corn purchased by unknown destinations.
The corn harvest is approximately eight per cent complete, which is slightly lower than the typical rate of 10 per cent.
Harvest in Texas is nearly 70 per cent complete, which is well ahead of the average rate.
The USDA’s most recent crop progress report showed crop conditions were around 61 per cent good to excellent.
WHEAT futures were weaker today.
The spring wheat harvest is nearly complete in the U.S., and next year’s winter wheat crop is about 20 per cent planted.
Taiwan has issued a tender for 91,000 tonnes of U.S. wheat, with results expected tomorrow.
France, Ukraine, and Russia all made offers for the Egyptian wheat tender, and Russia made the lowest offer.
