WINNIPEG — The ICE Futures canola market was narrowly mixed with positive sentiment on Tuesday.
Chicago soyoil and European rapeseed were down, but Malaysian palm oil was higher. Crude oil was edged upward on Tuesday after Monday’s price hikes. Kurdistan and Iraq have resolved their impasse and the former will resume oil exports this week.
At mid-afternoon, the Canadian dollar was down less than one-tenth of a United States cent compared to Monday’s close.
About 37,312 canola contracts were traded on Tuesday, which compares with Monday when 41,917 contracts changed hands. Spreading accounted for 23,664 of the contracts traded.
Read Also
Canadian Financial Close: Loonie, TSX rise ahead of Labour Day
Glacier FarmMedia — The Canadian dollar ended the week with its highest close in a month. The loonie closed at…
CORN prices went down on consecutive days for the first time since March 20 and 21.
The United States Department of Agriculture (USDA) released the season’s first national Crop Progress report late Monday afternoon. This year’s corn crop has been two per cent planted, matching the five-year average, with Texas having 57 per cent of its crop in the ground. However, plantings will likely be delayed in many areas across the country due to weather.
Safras and Mercado estimated the country’s safrinha corn crop at 92.2 million tonnes, 4.5 million more than its previous estimate, with total corn output projected at 131.3 million.
Ag consultant Dr. Michael Cordonnier held his estimates at 121 million for Brazil and 36 million for Argentina.
Brazil exported 1.335 million tonnes of corn in March.
SOYBEAN prices were down for only the second time in eight sessions.
Cordonnier also kept his estimates unchanged for soybeans with 26 million tonnes for Argentina and 151 million for Brazil.
The Brazilian soybean harvest is 76 per cent complete, up six points from last week according to AgRural, while 13.27 million tonnes were exported from Brazil in March.
Meanwhile, Argentina is expected to release details of its new soybean exchange rate on Wednesday. The plan involves the government offering a higher exchange rate until May 31, likely more than 210 Argentina pesos per U.S. dollar, in order to incentivize farmers to sell their soybeans.
All three major U.S. WHEAT varieties showed some weakness with prices dipping between two and three cents per bushel on Tuesday.
The crop progress report showed a rating of 28 per cent good-to-excellent for wheat, the lowest rating as of April 2 since 1996. Six per cent of winter wheat was headed, four points above the five-year average.
Spring wheat planting delays in the U.S. Northern Plains are probable due to a major winter storm to hit the area as well as the Canadian Prairies today.
Russian wheat export prices have ended their multi-week decline, while India will relax procurement regulations for its rain and hail affected wheat crop.
