WINNIPEG – The ICE Futures canola market made its way upwards after the November contract encountered support at the C$710 per tonne level.
Crude oil added strength to the oilseed with prices going higher. Meanwhile, Chicago soyoil rose, European rapeseed was mixed and Malaysian palm oil was lower.
At mid-afternoon, the Canadian dollar was down one quarter of a United States cent compared to Monday’s close.
Sunny skies with high temperatures between 20 and 30 degrees Celsius were in the forecast across the Prairies today, with the exception of northern Alberta which will see cooler temperatures as well as rain.
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About 47,614 canola contracts were traded on Tuesday, which compares with Monday when 44,449 contracts changed hands. Spreading accounted for 31,588 of the contracts traded.
CORN prices on the Chicago Board of Trade (CBOT) were in the red for the first time in three sessions with the December contract encountering resistance at the US$4.80 per bushel level.
The United States Department of Agriculture (USDA) reported that 53 per cent of the U.S. corn crop was good to excellent as of Sept. 24, up two points from the previous week. From the crop, 95 per cent was in the dent stage, 70 per cent reached maturity (10 points above average) and 15 per cent of the crop was harvested, two points above average.
Crop consultant Dr. Michael Cordonnier cut his corn yield estimate by 1.5 bushels per acre to 171.5.
According to AgRural, Brazil’s first corn crop is 25 per cent planted, compared to 28 per cent one year ago.
For the first time in nearly a month, SOYBEAN prices were up for the third straight session, with the November contract surpassing US$13 per bushel.
The good to excellent rating for the U.S. soybean crop dropped two points to 50 per cent, according to the USDA, while the percentage dropping leaves was 11 points above average at 73 per cent and the harvest was 12 per cent complete.
Cordonnier cut his yield estimate by 0.5 of a bu./ac. at 49.
Central Brazil is expecting temperatures in the high 30 degrees Celsius, which will create struggles with planting.
Minneapolis spring WHEAT and Kansas City hard red wheat were lower to end the day, but Chicago soft wheat was steady to higher.
As of Sept. 24, winter wheat planting in the U.S. was 26 per cent complete, 11 points higher than last week but three points behind the average. Meanwhile, seven per cent was emerged.
So far, 96 per cent of the U.S. spring wheat crop was harvested as of Sept. 24.
Tunisia’s state grains agency bought 100,000 tonnes of soft wheat in an international tender.
