ICE Futures canola contracts were lower on Tuesday, as seasonal harvest pressure and bearish technical signals weighed on prices.
Sunny and dry conditions across most of Western Canada were allowing farmers to make good harvest progress, with the resulting hedge pressure finding its way into the futures market.
Chart-based speculative selling contributed to the declines, as canola tested nearby technical support.
Losses in Chicago Board of Trade soyoil futures were also bearish.
Solid scale-down end-user demand provided some support. Forecasts calling for a return to wet weather by the weekend also kept some caution in the market.
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About 23,089 canola contracts traded, which compares with Monday when 19,333 contracts changed hands. Spreading accounted for 10,842 of the contracts traded.
SOYBEAN futures posted small losses on Tuesday after trading to both sides of unchanged.
The United States soybean harvest was 53 percent complete in the latest weekly U.S. Department of Agriculture report, which was in line with market expectations, but well off the average pace for this time of year of 69 percent.
Condition ratings were left unchanged at 66 percent good to excellent.
Relatively solid export demand, despite the ongoing trade dispute with China, was somewhat supportive.
Seeding progress in Brazil was running ahead of normal, according to reports out of the South American country.
CORN futures were slightly firmer, but remain range-bound overall.
The U.S. corn harvest was 49 percent complete in the latest weekly report, which was slightly behind trade estimates, but two points ahead of average for this time of year.
Condition ratings for the corn still remaining were left unchanged at 68 percent good to excellent.
WHEAT futures were narrowly mixed, seeing some consolidation following recent declines.
The U.S. winter wheat crop was 72 percent seeded in the weekly USDA report. That was behind average trade estimates and the five-year average of 77 percent complete. Emergence was two points off the average, at 53 percent.
While the slower planting pace was supportive, poor export demand kept a lid on the upside with U.S. wheat still looking to uncover more global buying interest.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down $2.93 at US$66.43 per barrel.
In the afternoon, the Canadian dollar was trading around US76.35 cents, up from 76.31 cents the previous trading day. The U.S. dollar was C$1.3098.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Nov 18 488.00s -3.50 -0.71%
Canola Jan 19 496.30s -3.30 -0.66%
Canola Mar 19 503.70s -3.20 -0.63%
Canola May 19 508.70s -3.00 -0.59%
Canola Jul 19 512.30s -2.80 -0.54%
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
Soybeans Nov 18 857-4s -1-0 -0.12%
Soybeans Jan 19 871-0s -1-4 -0.17%
Soybeans Mar 19 884-2s -1-4 -0.17%
Soybeans May 19 898-2s -1-2 -0.14%
Soybeans Jul 19 909-2s -1-0 -0.11%
Soybean Meal Dec 18 310.7s -2.1 -0.67%
Soybean Meal Jan 19 312.8s -2.2 -0.70%
Soybean Meal Mar 19 314.5s -1.2 -0.38%
Soybean Oil Dec 18 28.76s -0.39 -1.34%
Soybean Oil Jan 19 28.99s -0.40 -1.36%
Soybean Oil Mar 19 29.23s -0.41 -1.38%
Corn Dec 18 370-2s +0-6 +0.20%
Corn Mar 19 382-4s +0-6 +0.20%
Corn May 19 390-0s +0-6 +0.19%
Corn Jul 19 395-6s +1-0 +0.25%
Corn Sep 19 397-4s +1-2 +0.32%
Oats Dec 18 297-0s +1-4 +0.51%
Oats Mar 19 288-6s +2-0 +0.70%
Oats May 19 291-2s +3-4 +1.22%
Oats Jul 19 293-0s +3-2 +1.12%
Oats Sep 19 288-4s +1-6 +0.61%
Wheat Dec 18 509-0s +1-0 +0.20%
Wheat Mar 19 529-2s +1-6 +0.33%
Wheat May 19 542-2s +2-0 +0.37%
Wheat Jul 19 548-4s +2-0 +0.37%
Wheat Sep 19 559-2s +2-0 +0.36%
Minneapolis
Spring Wheat Dec 18 585-0s -0-4 -0.09%
Spring Wheat Mar 19 593-2s -1-4 -0.25%
Spring Wheat May 19 599-6s -1-4 -0.25%
Spring Wheat Jul 19 606-2s -1-4 -0.25%
Spring Wheat Sep 19 611-2s -1-4 -0.24%
Kansas City
Hard Red Wheat Dec 18 507-4s -0-2 -0.05%
Hard Red Wheat Mar 19 533-2s +0-6 +0.14%
Hard Red Wheat May 19 546-6s +0-6 +0.14%
Hard Red Wheat Jul 19 553-2s +1-0 +0.18%
Hard Red Wheat Sep 19 568-0s +1-0 +0.18%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 18 112.775s -0.025 -0.02%
Live Cattle Dec 18 117.150s -0.925 -0.78%
Live Cattle Feb 19 121.925s -0.550 -0.45%
Feeder Cattle Oct 18 155.075s -0.575 -0.37%
Feeder Cattle Nov 18 155.875s -1.050 -0.67%
Feeder Cattle Jan 19 150.850s -0.875 -0.58%
Lean Hogs Dec 18 54.525s +1.350 +2.54%
Lean Hogs Feb 19 61.425s +1.125 +1.87%
Lean Hogs Apr 19 67.625s +1.475 +2.23%