WINNIPEG – Intercontinental Exchange (ICE) Futures canola contracts were higher on Tuesday, getting support from Chicago soyoil but battling continued strength in the Canadian dollar.
Hot weather is forecast across most of the Canadian Prairies this week, which bodes well for the looming harvest. Isolated instances of storms are forecast in the eastern Prairies later this week.
Due to comparable weakness in the United States dollar, the loonie was around 76 U.S. cents for most of the day, which kept pressure on canola prices.
On Tuesday, 11,999 contracts were traded, which compares with Monday when 22,078 contracts changed hands. Spreading accounted for 7,702 contracts traded.
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SOYBEAN futures at the Chicago Board of Trade (CBOT) were weaker on Tuesday, pulling back some gains made during yesterday’s trade.
This morning, the United States Department of Agriculture (USDA) reported a sale of 130,000 tonnes of soybeans, purchased by unknown destinations.
The weekly crop progress report from the USDA showed 84 per cent of the crop is setting pods, which is ahead of the five-year average.
Soybean crop conditions dropped by two per cent nationwide to total 72 per cent good to excellent.
Pro Farmer expects soybean yields to total 52.8 bushels per acre.
CORN futures were weaker on Tuesday, despite strong export demand.
In the USDA’s weekly crop progress report yesterday, the corn crop rating was reduced to 69 per cent good to excellent from 71 per cent last week.
In Iowa, the corn crop rating fell by 10 points to total 59 per cent good to excellent, due to widespread damage caused by last week’s derecho windstorm.
This morning, the USDA announced two private export sales.
China purchased 195,000 tonnes of corn, and 130,000 tonnes were purchased by unknown destinations.
One private firm anticipates corn yields to total 167.7 bushels per acre in Ohio, while another expects yields up to 176.6 bushels per acre.
WHEAT futures were stronger today.
Nationally, the winter wheat harvest is 93 per cent complete.
Approximately 30 per cent of the spring wheat crop was cut last week, which is behind the typical rate.
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