Improving North American crop conditions accounted for much of the selling pressure, with losses in Chicago Board of Trade soybeans and bearish technical signals contributing to the declines.
However, varied crop development and uncertainty over growing conditions heading through the summer kept some caution in the market, according to participants.
Ideas that canola was looking oversold also provided support, helping the futures settle well off their lows for the day.
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About 14,671 canola contracts traded on Tuesday, which compares with Monday when 8,248 contracts changed hands. Spreading accounted for 5,894 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade posted large losses on Tuesday, as improving production prospects sparked some speculative selling.
The United States soybean crop was rated 54 per cent good-to-excellent in the latest weekly U.S. Department of Agriculture report. That was up one point from the previous week.
Nearby forecasts calling for cooler and wetter conditions across parts of the Midwest were also bearish, as the moderate weather helped ease concerns over heat and dryness that had provided support recently.
However, soybeans remain behind in development with only 22 per cent of the crop blooming as of this past Sunday. That compares with 62 per cent at the same time a year ago.
CORN was pressured lower by the improving U.S. corn prospects and speculative long liquidation.
The U.S. corn crop was rated 58 per cent good-to-excellent in the latest weekly report, which was up one point from the previous week.
However, slow development and ideas that seeded acres will eventually be revised lower remained somewhat supportive.
WHEAT futures were lower, taking some direction from the declines in soybeans and corn.
The U.S. winter wheat harvest was 57 per cent complete as of this past Sunday, which compares with the 71 per cent average for this time of year.
U.S. spring wheat condition ratings declined 2 points from the previous week, to come in at 76 per cent good to excellent.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down $1.96 at US$57.62 per barrel.
In the afternoon, the Canadian dollar was trading around US76.62 cents, down from 76.69 cents the previous trading day. The U.S. dollar was C$1.3052.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Nov 19 445.30s -1.60 -0.36%
Canola Jan 20 452.70s -1.20 -0.26%
Canola Mar 20 459.80s -0.90 -0.20%
Canola May 20 465.60s -0.90 -0.19%
Canola Jul 20 471.00s -0.40 -0.08%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybean Aug 19 887-6s -14-0 -1.55%
Soybean Sep 19 893-6s -14-0 -1.54%
Soybean Nov 19 906-0s -14-0 -1.52%
Soybean Jan 20 918-6s -13-4 -1.45%
Soybean Mar 20 927-4s -13-4 -1.43%
Soybean Meal Aug 19 308.4s -3.2 -1.03%
Soybean Meal Sep 19 309.9s -3.4 -1.09%
Soybean Meal Oct 19 311.8s -3.2 -1.02%
Soybean Oil Aug 19 27.99s -0.29 -1.03%
Soybean Oil Sep 19 28.11s -0.30 -1.06%
Soybean Oil Oct 19 28.23s -0.31 -1.09%
Corn Sep 19 435-2s -5-6 -1.30%
Corn Dec 19 441-2s -5-6 -1.29%
Corn Mar 20 448-4s -5-2 -1.16%
Corn May 20 452-0s -4-4 -0.99%
Corn Jul 20 455-0s -3-6 -0.82%
Oats Sep 19 275-6s -5-4 -1.96%
Oats Dec 19 279-0s -5-0 -1.76%
Oats Mar 20 283-4s -3-6 -1.31%
Oats May 20 282-4s -3-2 -1.14%
Oats Jul 20 281-6s -2-2 -0.79%
Wheat Sep 19 507-4s -0-2 -0.05%
Wheat Dec 19 519-2s -0-6 -0.14%
Wheat Mar 20 531-4s -1-4 -0.28%
Wheat May 20 537-4s -1-4 -0.28%
Wheat Jul 20 538-2s -1-4 -0.28%
Minneapolis
Spring Wheat Sep 19 530-2s -2-2 -0.42%
Spring Wheat Dec 19 543-4s -2-4 -0.46%
Spring Wheat Mar 20 558-0s -2-6 -0.49%
Spring Wheat May 20 566-6s -2-4 -0.44%
Spring Wheat Jul 20 574-2s -2-4 -0.43%
Kansas City
Hard Red Wheat Sep 19 446-2s -2-6 -0.61%
Hard Red Wheat Dec 19 466-2s -3-0 -0.64%
Hard Red Wheat Mar 20 486-0s -2-6 -0.56%
Hard Red Wheat May 20 498-2s -2-6 -0.55%
Hard Red Wheat Jul 20 503-0s -2-0 -0.40%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Aug 19 108.225s -0.275 -0.25%
Live Cattle Oct 19 109.250s -0.525 -0.48%
Live Cattle Dec 19 113.725s -0.375 -0.33%
Feeder Cattle Aug 19 141.050s -0.600 -0.42%
Feeder Cattle Sep 19 141.875s -0.725 -0.51%
Feeder Cattle Oct 19 142.225s -0.750 -0.52%
Lean Hogs Aug 19 79.050s -1.050 -1.31%
Lean Hogs Oct 19 75.300s +1.400 +1.89%
Lean Hogs Dec 19 73.350s +1.550 +2.16%
