WINNIPEG, Nov. 5 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were steady to lower on Tuesday, amid light trading activity and low spreading volumes.
The Canadian dollar dipped just below 76 U.S. cents on Tuesday afternoon, providing some support to canola values.
However, canola values remained largely range-bound, about C$10 above contract lows.
The United States Department of Agriculture (USDA) World Agriculture Supply Demand Estimates (WASDE) will be released on Nov. 8, which will provide markets with some direction.
On Tuesday, 15,330 contracts were traded, which compares with Monday when 21,279 contracts changed hands. Spreading accounted for 8,146 contracts traded.
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SOYBEAN futures at the Chicago Board of Trade (CBOT) were weaker on Tuesday, giving back some gains made on Monday.
The soybean harvest has advanced steadily over the last week, due to cooperatively dry weather conditions in key growing regions. The harvest is about 75 per cent complete, which is 13 percentage points higher than the week prior, according to the United States Department of Agriculture (USDA). However, that’s still below the four-year average of 85 per cent done.
The weekly export inspection report from the USDA showed 1.48 million tonnes of soybeans were shipped last week. That’s approximately 235,000 tonnes higher than was delivered by the same week last year.
Since the crop year started on Sept. 1, 9.5 million tonnes of soybeans have been exported from the U.S.
CORN futures were lower today due to quiet export demands. Last week about 275,000 tonnes of corn were shipped, which is 78 percentage points lower than what was shipped during this week last year.
The USDA crop progress report showed harvest was 22 points behind last year’s pace, at 52 per cent complete. The final condition rating for the corn crop was 58 per cent good to excellent.
WHEAT futures were higher on Tuesday, recovering slightly after previous losses.
Wheat exports are almost 2 million tonnes higher than they were at this time last year.
Winter wheat planting is 89 per cent complete, which is one percentage point ahead of the average rate.
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