WINNIPEG, Nov. 3 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were stronger on Tuesday, regaining some of yesterday’s losses.
One Winnipeg-based trader said the unseasonably warm temperatures across the Canadian Prairies has encouraged producers to “do other things besides be big sellers on today’s small bounce.”
Gains in comparable vegetable oils were supportive of canola, as nearby Chicago soyoil contracts were up by over half of a cent on the day.
Strength in the Canadian dollar also kept a lid on canola prices, as the dollar was around 75.9 U.S. cents at midday due to comparable weakness in the United States Dollar Index.
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On Tuesday, 24,922 contracts were traded, which compares with Monday when 18,305 contracts changed hands. Spreading accounted for 12,556 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Tuesday.
The private firm CmdtyView has lowered their national soybean yield estimates by four tenths of a bushel to 50.14 bushels per acre. In Nebraska, soybean yields are expected to come in at 61.67 bushels per acre, the highest in the country. The lowest yields are expected in North Dakota, at 33.1 bushels per acre. The private firm’s production forecast is now 4.157 billion bushels.
Ag Rural said Brazilian soybean planting advanced 19% on the week to total 42% complete as of last Thursday. That is equivalent to planting 1 million hectares per day. The average was 44% planted.
CORN futures were also weaker today.
CmdtyView has raised their United States corn yield for November by a half bushel to 180.38 bushels per acre. Production forecast have been increased to total 15.24 billion bushels.
However, StoneX went the other way, dropping yield expectations to 178.9 bpa and a 14.76 billion bushel crop.
WHEAT futures were mixed on Tuesday, with Minneapolis spring wheat showing small losses.
Winter wheat planting progress is estimated at 91 per cent, up from 85 per cent last week.
Crop conditions are estimated at 45 per cent good to excellent, up by four percentage points from last week due to rainfall in key growing regions.
China has announced an import ban on Australian sourced wheat, along with several other commodities including copper, sugar, and wine.
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