By Glen Hallick, MarketsFarm
WINNIPEG, March 19 (MarketsFarm) – ICE Futures canola contracts were weaker at the end of trading on Tuesday, with pressure from a rising Canadian dollar and a decline in soyoil prices.
The Canadian dollar pushed above 75 U.S. cents on Tuesday, ahead of the federal Liberal government’s budget, which is being presented this afternoon.
May soyoil on the Chicago Board of Trade slipped 0.20 of cent to 29.24 United States cents per pound.
Commercial bargain hunting has been continuing, and the technical bias remains to the upside, providing some support. However, the bias is beginning to struggle.
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Road bans came into effect yesterday in Alberta and Saskatchewan, and they will begin tomorrow in Manitoba. This will make it a little more difficult for farmers to move their grain into the commercial pipeline.
SOYBEAN futures at the Chicago Board of Trade were weaker on Tuesday.
Wet conditions in the United States have caused flooding in Nebraska, Iowa, Kansas and Missouri. Farmers in those states could reconsider their planting intentions, switching from corn to soybeans.
While speaking at a farm conference in Florida this week, U.S. Secretary of Agriculture, Sonny Perdue, said trade talks with China are “dynamic.” Perdue stated China could triple its 2017 purchases of U.S. farm goods over the next five years.
A private forecaster released its projections for the South American soybean production. Brazil’s soybean crop remained at 113.5 million tonnes. Argentina’s soybean crop was also unchanged at 54 million tonnes.
CORN futures were steady on Tuesday. The private forecaster said Brazil’s corn production is unchanged at 93.5 million tonnes, and Argentina’s corn production increased by one million tonnes to 45 million tonnes.
WHEAT futures were mixed on Tuesday. Bids at Minneapolis were up, while those at Chicago and Kansas City were down.
There are some changes to the U.S. winter wheat conditions. In Oklahoma, 60 per cent of its winter wheat was good to excellent, which is unchanged from the previous report. Kansas winter wheat was at 51 per cent good to excellent, an increase of two points. Texas winter wheat was at 33 per cent good to excellent, up one point.
