Glacier FarmMedia | MarketsFarm — Canola futures on the Intercontinental Exchange retreated further on Tuesday despite entering positive territory for a brief time. A stronger Canadian dollar and more rainfall on the Prairies put pressure on the oilseed.
Chicago soyoil was down, but European rapeseed and Malaysian palm oil were up. Crude oil declined on forecasts of softer demand and increased production later this year.
At mid-afternoon, the loonie improved by more than four-tenths of a United States cent compared to Monday’s close.
There were 42,474 canola contracts traded on Tuesday, which compares with Monday when 48,970 contracts changed hands. Spreading accounted for 25,350 of the contracts traded.
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Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange remained lower in the middle of trading on Tuesday…
United States WHEAT futures had a Turnaround Tuesday. September Minneapolis spring wheat had its biggest one-day gain in nearly three weeks, while its Chicago soft and Kansas City hard red counterparts reached their highest prices in a week and a half.
The U.S. Department of Agriculture released its weekly crop progress report on Monday, showing the spring wheat crop at 52 per cent good to excellent as of July 20, a two-point decline from a week earlier. Spring wheat was also 87 per cent headed, one point below the average pace. The winter wheat crop was 73 per cent harvested, one point ahead of average.
The U.S. Wheat Quality Tour in North Dakota starts today, which will provide updates on social media and yield projections.
The Russian ag ministry projected that country’s wheat crop at between 88 million to 90 million tonnes, above estimates from private firms and the USDA.
Ukraine’s ag ministry estimated its 2025 wheat production at 21.2 million tonnes, down 800,000 from the previous year, with exports at 15 million to 16 million.
The German National Association of Agriculture Co-operatives raised their wheat production estimate by 50,000 tonnes at 21.56 million, up 17 per cent from last year.
September CORN dipped for a second day, falling to its lowest level in a week.
Crop conditions for U.S. corn were unchanged week-to-week at 74 per cent good to excellent. Meanwhile, 14 per cent was in the dough stage, two points ahead of the average pace, while 56 per cent was silking, two points behind average.
There were reports of a South Korean importer tendering for 140,000 tonnes of corn overnight. South Korea’s MFG is also tendering for corn tomorrow for Aug/Sept. shipment.
SOYBEANS dropped in consecutive sessions for the first time since July 15.
U.S. soybean crop conditions dipped two points at 68 per cent good to excellent, lower than the trade’s estimate of 71 per cent. The crop currently blooming totaled 62 per cent, one point behind average and 26 per cent was setting pods, which is the historical pace.
Forecasts for early August show that soybean growing areas of the U.S. will see hotter temperatures, which could stress the crop.
