WINNIPEG — The ICE Futures canola market saw modest losses on Tuesday, following the lead of large declines from crude and vegetable oils.
Chicago soyoil was down by more than one United States cent per pound, while crude oil fell more than three U.S. dollars per barrel due to concerns over demand and interest rates. European rapeseed and Malaysian palm oil were also lower.
At mid-afternoon, the Canadian dollar was down four-tenths of a U.S. cent compared to Monday’s close.
There were 18,782 canola contracts traded on Tuesday, which compares with Monday when 32,192 contracts changed hands. Spreading accounted for 7,658 of the contracts traded.
Read Also
Canadian Financial Close: C$ weaker Thursday
Glacier FarmMedia — The Canadian dollar was weaker on Thursday, as its United States counterpart regained lost ground in international…
The December CORN contract incurred its largest one-day loss at the Chicago Board of Trade (CBOT) in more than two weeks on Tuesday.
The United States corn harvest advanced 10 points during the week ended Nov. 5 at 81 per cent complete, four points higher than the five-year average, according to the U.S. Department of Agriculture.
According to U.S. Census data, 3.165 million tonnes of corn were exported in September, as well as 122 million gallons of ethanol, both increases from one year ago.
The USDA also reported a private export sale of nearly 290,000 tonnes of corn to Mexico on Monday, which raised prices for a short time.
The USDA attache in Brazil cut its estimate for the country’s 2023-24 corn production by five million tonnes to 130 million.
SOYBEANS ended a five-day rally on Tuesday with the larger losses in the deferreds. However, the January contract briefly touched the US$13.80 per bushel mark before settling lower.
The USDA reported the soybean harvest advanced six points to 91 per cent complete, up five points from the five-year average.
U.S. Census data said 2.47 million tonnes of soybeans were shipped in September, up 42 per cent from August, as well as 989,000 tonnes of soymeal and 13,000 tonnes of soyoil.
Last month, Brazil exported 5.5 million tonnes of soybeans, a record amount for October, according to one firm.
China imported 5.16 million tonnes of soybeans in October, which were below expectations. A private export sale of 110,000 tonnes of soybeans to China was reported by the USDA on Tuesday morning.
It was a red day for WHEAT on Tuesday with all three major U.S. varieties ending their rallies. Kansas City hard red wheat suffered double-digit losses.
Winter wheat planting in the U.S. advanced six points to 90 per cent complete, one point above average. Meanwhile, emergence increased 11 points to 75 per cent.
Winter wheat conditions improved by three points to 50 per cent good to excellent.
Census data showed that 1.851 million tonnes of wheat were shipped in September, up 27 per cent from August but down from three million last September.
Japan tendered for nearly 109,000 tonnes of food-quality wheat from the U.S., Canada and Australia.
