The ICE Futures canola market fell sharply coming out of the August long weekend as heavy losses in equity markets on Monday spilled over into vegetable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were all in the red on Tuesday. However, crude oil was making small gains.
At mid-afternoon, the Canadian dollar was up one-third of a U.S. cent compared to Monday.
Cooler temperatures are expected in the Prairies for the rest of the week to go with rain in Alberta and Manitoba.
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There were 64,473 canola contracts traded on Tuesday, which compares with Friday when 43,282 contracts changed hands. Spreading accounted for 26,726 of the contracts traded.
SOYBEANS at the Chicago Board of Trade (CBOT) were down by more than 10 U.S. cents per bushel on Tuesday after prices rose by double digits for two straight days.
The United States soybean crop improved by one point at 68 per cent good to excellent, according to the U.S. Department of Agriculture. Pod setting was three points above average at 59 per cent and blooming was ahead of schedule at 86 per cent.
In total, 261,203 tonnes of U.S. soybeans were shipped during the week ended Aug. 1, down 10.2 per cent from the previous week and a 36.1 per cent drop from last year. Cumulative exports this year were 43.03 million tonnes, down 15.3 per cent from last year.
Commodity brokerage StoneX estimated U.S. soybean production at 4.483 billion bushels on an average yield of 52.6 bushels per acre.
U.S. oilseed processors crushed 183.7 million bushels of soybeans in June, 1.1 million less than trade expectations. The total was down 8.1 million bushels from May but up 9.1 million from last year.
Brazilian soy farmers group Aprosoja Brasil said soybean acres for the 2024-25 season might be steady to up one per cent on the year.
U.S. WHEAT futures continued their slow rally on Tuesday with all three major domestic varieties ending their day with higher prices.
The U.S. winter wheat crop was 88 per cent harvested as of Aug. 1, six points ahead of the previous week and two points ahead of average.
U.S. spring wheat conditions were unchanged at 74 per cent good to excellent, while 97 per cent of the crop was headed, two points below average. The spring wheat harvest was six per cent complete compared to the average pace of 10 per cent.
Nearly 441,000 tonnes of U.S. wheat were shipped during the week ended Aug. 1, down 2.9 per cent from last week but 38.4 per cent above the same week last year. In the first two months of the crop year, 3.54 million tonnes were shipped, up 15.7 per cent from last year.
The September CORN contract could not extend its rally to three sessions, but managed to hold above Friday’s lows.
Conditions for the U.S. corn crop were down one point at 67 per cent good to excellent, according to the USDA. In addition, 88 per cent of the crop was silking, on track with the five-year average, while 46 per cent was in the dough stage and seven per cent was dented, both ahead of the average.
During the week ended Aug. 1, 1.213 million tonnes of corn were shipped, 13.4 per cent more than last week and more than triple the same week last year. Total marketing year exports so far are 47.88 million tonnes, up 36 per cent from one year ago.
The USDA attache in Brazil projected the country’s 2024-25 corn crop to be 127 million tonnes, five million more than this year’s.
The Ukrainian Agrarian Council reported warned that a recent heat wave could cut the country’s corn crop by six million tonnes.
