Winnipeg – ICE Futures canola contracts were stronger on Tuesday, as gains in Chicago Board of Trade soybeans encouraged some spillover speculative buying interest.
Argentina announced it was suspending a program of cutting export taxes on soybeans and soy products, which was bullish for North American oilseed prices, according to a trader.
The recent heat across the Prairies also provided underlying support for canola, as traders try to get a better handle on the extent of the yield reductions and damage caused by the hot temperatures.
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U.S. grains: Corn futures edge up, soybeans sag on improving US crop ratings
Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.
However, the Canadian dollar strengthened, which put some pressure on canola. Losses in Chicago soyoil also weighed on values.
About 10,548 canola contracts traded, which compares with Monday when 9,874 contracts changed hands. Spreading accounted for 3,694 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were higher on Tuesday, as a move by Argentina to halt a policy of easing export tariffs on soybeans and soy products provided support.
A slight decline in the condition ratings of the U.S. soybean crop in the latest weekly report, to 66 per cent good to excellent, was also supportive. Although, the one point decline was generally expected.
Reports that farmers in Brazil were planting more soybeans at the expense of sugarcane and other crops put some pressure on values.
CORN futures found some spillover support from the advances in soybeans.
The U.S. corn crop was rated 70 per cent good to excellent in the latest weekly report, which was down one point from the previous week.
Crop development was running well ahead of normal in most states, with 26 per cent already dented. That’s double the 13 per cent average for this time of year.
WHEAT futures were higher, with the biggest gains in Chicago and Kansas City winter wheats.
The U.S. winter wheat harvest is nearing completion, with 96 per cent in the bin as of this past Sunday.
Spring wheat was 35 per cent harvested in the U.S., which compares with the normal pace of 27 per cent.
Condition ratings for the U.S. spring wheat crop improved slightly on the week, rising one point in the good-to-excellent category to 65 per cent.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up xx cents at US$67.19 per barrel.
In the afternoon, the Canadian dollar was trading around US76.53 cents, The U.S. dollar was C$1.3607
Winnipeg ICE Futures Canada dollars per tonne.
Name / Contract Last Change % Change
Canola Nov 18 507.60s +2.60 +0.51%
Canola Jan 19 513.10s +2.40 +0.47%
Canola Mar 19 518.20s +2.30 +0.45%
Canola May 19 521.90s +2.50 +0.48%
Canola Jul 19 523.00s +2.50 +0.48%
Soybeans Aug 18 864-4s +11-0 +1.29%
Soybeans Sep 18 868-2s +11-0 +1.28%
Soybeans Nov 18 879-6s +11-0 +1.27%
Soybeans Jan 19 891-6s +11-0 +1.25%
Soybeans Mar 19 902-0s +10-4 +1.18%
Soybean Meal Aug 18 335.0s +7.2 +2.20%
Soybean Meal Sep 18 335.8s +8.3 +2.53%
Soybean Meal Oct 18 336.6s +8.7 +2.65%
Soybean Oil Aug 18 28.09s -0.15 -0.53%
Soybean Oil Sep 18 28.28s -0.08 -0.28%
Soybean Oil Oct 18 28.41s -0.05 -0.18%
Corn Sep 18 362-2s +5-6 +1.61%
Corn Dec 18 376-4s +6-0 +1.62%
Corn Mar 19 388-0s +6-0 +1.57%
Corn May 19 394-6s +6-0 +1.54%
Corn Jul 19 400-4s +6-0 +1.52%
Oats Sep 18 260-2s +2-2 +0.87%
Oats Dec 18 268-4s +1-4 +0.56%
Oats Mar 19 272-0s +1-0 +0.37%
Oats May 19 273-4s +0-2 +0.09%
Oats Jul 19 275-4s unch unch
Wheat Sep 18 541-6s +8-2 +1.55%
Wheat Dec 18 561-2s +7-6 +1.40%
Wheat Mar 19 582-6s +7-2 +1.26%
Wheat May 19 592-2s +7-0 +1.20%
Wheat Jul 19 587-4s +6-2 +1.08%
Spring Wheat Sep 18 596-2s +3-4 +0.59%
Spring Wheat Dec 18 613-2s +3-0 +0.49%
Spring Wheat Mar 19 628-4s +3-4 +0.56%
Spring Wheat May 19 635-2s +2-2 +0.36%
Spring Wheat Jul 19 637-6s +1-2 +0.20%
Hard Red Wheat Sep 18 545-6s +5-0 +0.92%
Hard Red Wheat Dec 18 572-4s +5-4 +0.97%
Hard Red Wheat Mar 19 595-2s +5-6 +0.98%
Hard Red Wheat May 19 607-4s +5-2 +0.87%
Hard Red Wheat Jul 19 604-4s +5-4 +0.92%
Live Cattle (Pit) Aug 18 107.975s +0.775 +0.72%
Live Cattle (Pit) Oct 18 108.725s +0.575 +0.53%
Live Cattle (Pit) Dec 18 112.425s +0.425 +0.38%
Feeder Cattle (Pit) Aug 18 148.925s +0.275 +0.18%
Feeder Cattle (Pit) Sep 18 148.675s +0.225 +0.15%
Feeder Cattle (Pit) Oct 18 148.900s -0.050 -0.03%
Lean Hogs (Pit) Aug 18 55.000s -0.525 -0.95%
Lean Hogs (Pit) Oct 18 51.850s +0.200 +0.39%
Lean Hogs (Pit) Dec 18 48.650s +0.075 +0.15%
