WINNIPEG – The ICE Futures canola market left its upward trajectory uninterrupted on Tuesday with another positive session.
European rapeseed was higher to end the day, while Chicago soyoil and Malaysian palm oil were down. Crude oil gained more than US$1 per barrel after news that Russia will reduce its crude exports in the third quarter.
At mid-afternoon, the Canadian dollar was up less than one-tenth of a United States cent compared to Monday’s close. Statistics Canada (StatCan) reported earlier today that the country’s inflation rate dropped to 2.8 per cent in June, the lowest in two years.
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About 27,725 canola contracts were traded on Tuesday, which compares with Monday when 31,793 contracts changed hands. Spreading accounted for 11,022 of the contracts traded.
The September CORN contract had its biggest gain in nearly a month on the Chicago Board of Trade (CBOT) while also hitting a new high price for the month of July.
The United States Department of Agriculture (USDA) reported on Monday that the country’s corn crop was 57 per cent good to excellent as of July 16, two points higher than the week before. In addition, 47 per cent was silked, ahead of the 43 per cent average, and seven per cent was in the dough stage, one point ahead of average.
Despite recent moisture, crop consultant Dr. Michael Cordonnier kept his average yield estimate for U.S. corn at 175 bu./ac., as well as estimating 15.1 billion bushels in production.
China imported 1.85 million tonnes of corn in June, down 16 per cent from last year.
The August SOYBEAN contract crossed the US$15 per bushel mark before settling lower. Meanwhile, the deferreds all gained at least 10 U.S. cents per bushel.
U.S. soybeans were at 55 per cent good to excellent, up four points from the week before. Of the crop, 56 per cent is blooming and 20 per cent is setting pods, five and three points above their five-year averages respectively.
Dr. Cordonnier left his average yield estimate for soybeans unchanged at 50.5 bu./ac. while pegging production at 4.17 billion bushels.
Chicago WHEAT and Kansas City hard red wheat all made double-digit gains, while Minneapolis spring wheat was mixed.
The U.S. spring wheat crop improved four points from last week to 51 per cent good to excellent, while 86 per cent is heading, three points above average. The winter wheat harvest in the U.S. is 56 per cent complete, compared to the 69 per cent average.
Russian missiles and drones attacked the Port of Odessa last night, Ukraine’s main port on the Black Sea.
Ag firm IKAR raised its estimate for Russia’s wheat crop by 500,000 tonnes to 86.5 million, as well as its estimate for Russian wheat exports by two million tonnes to 44 million.
