WINNIPEG — The ICE Futures canola market took a plunge on Tuesday, ending a six-day rally for the oilseed, mainly due to a lack of support from vegetable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were all firmly in the red. Crude oil also went down due to supply increases as well as demand concerns from China.
At mid-afternoon, the Canadian dollar was down less than one-tenth of a United States cent compared to Monday’s close.
Rain was expected for much of the Prairies with the greatest amounts forecast for parts of central Alberta and central Saskatchewan.
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About 42,648 canola contracts were traded on Tuesday, which compares with Monday when 31,953 contracts changed hands. Spreading accounted for 21,488 of the contracts traded.
The December CORN contract declined for the second straight day on the Chicago Board of Trade (CBOT) on Tuesday, while also falling to its lowest level in four sessions.
The United States Department of Agriculture (USDA) rated the nation’s corn crop at 58 per cent good to excellent on Monday, down one point from the previous week. While conditions in Iowa improved by two points, the Dakotas and Kansas saw greater declines. Out of the crop, 78 per cent was in the dough stage and 35 per cent was denting, both above the five-year average Four per cent of the crop was mature, on track with the average.
The first day of the ProFarmer crop tour measured the Ohio corn yield at 183.9 bushels per acre, 4.7 per cent above the three-year average, while South Dakota’s was at 157.4, 5.2 per cent above average.
Dr. Michael Cordonnier estimated the U.S. corn yield to be 175 bushels per acre and production at 15.1 billion bushels, while pegging Brazil’s crop at 134 million tonnes.
Iran issued an international tender to bring in 180,000 tonnes of feed corn.
The November SOYBEAN contract had its first negative day in five sessions.
The USDA reported no change for the nation’s soybean crop at 59 per cent good to excellent. Conditions in Illinois dropped five points but gained six points in Minnesota. From the crop, 96 per cent was blooming, on track with the average, and 86 per cent was setting pods, two points above average.
The ProFarmer crop tour measured the average soybean pod count for Ohio at 1,253, eight per cent above average, while South Dakota’s was 1,013, 2.6 per cent below average.
Dr. Cordonnier projected 51 bushels per acre for U.S. soybeans and 4.21 billion bushels in production, with five and 21.8 per cent increases in South American soybean acreage and production respectively.
Iran is seeking 120,000 tonnes of soymeal via tender.
Chicago WHEAT showed small gains, but Kansas City hard red and Minneapolis spring wheat varieties were in the red.
Spring wheat conditions in the U.S. dropped four points to 38 per cent good to excellent, while 39 per cent of the crop has already been harvested, below the 46 per cent average. The winter wheat harvest is 96 per cent complete.
SovEcon raised its Russian wheat production estimate by five million tonnes to 92.1 million.
