By Dave Sims, Commodity News Service Canada
Winnipeg, August 21 (CNS Canada) – Canola contracts on the ICE Futures platform ended weaker Tuesday, following losses in Chicago Board of Trade soybeans.
Temperatures across Western Canada have dropped over the past few days, giving the crop a break from last week’s heat wave.
Funds remain short in the market as most analysts expect the oilseed harvest throughout North America to be very large.
Ideas that trade tensions between China and the United States were easing vanished with recent tweets by President Donald Trump.
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However, farmer selling has been sluggish, which gave the market a boost. Gains in U.S. soyoil and Malaysian palm oil were also supportive for canola.
About 10,821 canola contracts traded, which compares with Monday when 8,749 contracts changed hands. Spreading accounted for 2,864 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Soybean futures on the Chicago Board of Trade recorded losses Tuesday with speculative selling.
The first leg of a crop tour hosted by ProFarmer in the United States found soybeans in good shape in Ohio. The group will release its official estimates on Friday.
Forecasts in the Midwest are calling for rain today and tomorrow followed by dryer weather on the weekend.
The corn market treaded lower Tuesday taking spillover losses from wheat futures.
Participants on the crop tour found some aborted corn kernels in Indiana. There were also signs that hot and dry weather has stressed some corn in Nebraska.
A hog virus outbreak in China continues to grow, driving up global pork prices. Demand for livestock feed could be affected.
Chicago wheat futures plunged Tuesday as ideas that Russia will limit wheat exports seem to have faded for the time being.
The harvest in the United States continues to chug along with expectations that yields will be strong.
Drought problems in Australia continue to get worse.
