By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 13 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) higher on Tuesday but came away from larger increases as upticks in Chicago soyoil also moved back from bigger advances.
Pressure on canola came from declines in Chicago soybeans and soymeal. Increases in European rapeseed and Malaysian palm oil aided canola. A small downturn in global crude oil prices put some weight on vegetable oils.
More pressure on canola was spurred on by the advancing Prairie harvest. However, that was countered by positioning ahead of tomorrow’s Statistics Canada (StatCan) production report. The trade believes that more recent satellite imagery could lead StatCan to trim their recent numbers.
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The Canadian dollar was weaker at mid-afternoon as the loonie fell to 76.08 U.S. cents, compared to Monday’s close 77.04.
There were 25,951 contracts traded on Tuesday, which compares with Monday when 38,406 contracts changed hands. Spreading accounted for 18,466 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Nov 802.40 up 1.70
Jan 809.40 up 2.10
Mar 816.70 up 2.60
May 817.90 up 2.50
SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Tuesday, correcting somewhat from yesterday’s sharp increases.
The United States Department of Agriculture (USDA) reported soybeans 56 per cent good to excellent as of Sept. 11. That’s down one point from the previous week. Soybeans setting pods bumped up three points at 97 per cent, close to par with the five-year average. Soybeans dropping leaves more than doubled to 22 per cent, while six points behind average.
Typhoon Muifa has led China to close the ports of Ningbo, Zhoushan, Shanghai, Yangshan and others.
CORN futures were lower on Tuesday, due to pressure from soybeans.
The USDA said corn was 53 per cent good to excellent, dipping one point from a week ago. Corn dough reached 95 per cent, corn dented rose to 77 per cent and corn mature stood at 25 per cent. Corn harvested registered on the report for the first time this year at five per cent complete, a smidge above the five-year average.
The U.S. Northern and Central Plains have been forecast to receive rain today, while the rest of the Corn Belt is to remain dry.
There are growing concerns in the market regarding the global supply of corn. The U.S. and Europe continued to face smaller crops and Ukraine may soon have trouble exporting any of its grain through its Black Sea ports.
France projected its corn crop should be the smallest in 32 years at 11.3 million tonnes.
Brazil said corn planting was at 17 per cent finished.
South Korea has purchased 66,043 tonnes of feed corn from either the U.S., South America or South Africa.
WHEAT futures were higher on Tuesday, correcting from yesterday’s losses.
The planting of U.S. winter wheat came in at 10 per cent finished, three points ahead of the average pace. Spring wheat harvest advanced 14 points on the week at 85 per cent done, which is four points behind the pace. In other cereals, oats harvested reached 95 per cent complete and barley harvest stood at 91 per cent.
At 34.1 million tonnes, France upped its call on its 2022 wheat crop by 0.7 per cent from August.
Japan issued a tender for 31,000 tonnes of U.S. wheat and 66,000 tonnes of Canadian wheat. Jordan is seeking 119,750 tonnes of wheat.
