WINNIPEG — The ICE Futures canola market reversed direction on Tuesday, showing declines after making small gains on Monday.
Chicago soyoil was down and European rapeseed was mostly lower. However, Malaysian palm oil prices were higher. Crude oil went down despite ongoing uncertainty in the conflict between Israel and Hamas.
The Canadian dollar was down two tenths of a United States cent compared to Monday’s close. Statistics Canada reported on Tuesday that the country’s annual inflation rate dropped by 0.2 of a point to 3.8 per cent.
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High temperatures will be in the double digits degrees Celsius across the Prairies today with Regina getting up to 20. However, rain is in the forecast for much of Alberta and Saskatchewan.
About 38,694 canola contracts were traded on Tuesday, which compares with Monday when 43,513 contracts changed hands. Spreading accounted for 25,080 of the contracts traded.
SOYBEANS on the Chicago Board of Trade (CBOT) were up by approximately 10 U.S. cents per bushel on Tuesday. The November contract surpassed the US$13/bu. mark for the first time since Sept. 29 before settling below it.
The U.S. Department of Agriculture (USDA) reported on Tuesday that 97 per cent of the U.S. soybean crop dropped leaves as of Oct. 15, four points above last week and the five-year average. The harvest advanced 19 points over the week to 62 per cent, 10 points ahead of average, while 52 per cent of the crop was rated good to excellent, one point more than the previous week.
Crop consultant Dr. Michael Cordonnier increased his U.S. soybean yield estimate by 0.3 bu./ac. to 49.3, with production at 4.08 billion bushels.
The December CORN contract was in the red for the third straight session, taking another step away from the US$5/bu. level.
The USDA reported on Monday that 95 per cent of the country’s corn crop was mature as of Oct. 15, six points higher than last week and three points above the five-year average. The harvest also advanced 11 points from the week before to 45 per cent, three points above average. In total, 53 per cent of the crop was rated good to excellent, same as last week and at this time last year.
Cordonnier raised his U.S. corn yield estimate by one bushel per acre to 172.5, with production at 15.02 billion bushels.
The northern and eastern parts of the U.S. Corn Belt are expected to see rain this week.
All three major U.S. WHEAT varieties showed small losses on Tuesday with Chicago wheat going down the most.
Winter wheat planting in the U.S. advanced 11 points to 68 per cent as of Oct. 15, equal to the five-year average. In total, 39 per cent of the crop has already emerged, 10 points more than last week, but four points below average.
Japan is planning to buy nearly 90,000 tonnes of food quality wheat from the U.S. and Canada.
Russian wheat prices went down by US$5 per tonne to US$225, while wheat prices in India hit an eight-month high to US$329/tonne.
