By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 17 (MarketsFarm) – The ICE Futures canola market settled in the green for St. Patrick’s Day, seeing a corrective bounce after Monday’s fall to contract lows.
Gains in Chicago Board of Trade soyoil and weakness in the Canadian dollar contributed to the advances in canola.
The currency was down nearly a full cent relative to its United States counterpart, trading just above 70 U.S. cents.
However, underlying concerns over the COVID-19 pandemic remained a bearish influence in the background.
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About 28,985 canola contracts traded on Tuesday, which compares with Monday when 25,437 contracts changed hands. Spreading accounted for 20,932 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were mixed on Tuesday, posting small gains in the most-active front months as the market saw a correction amid oversold price sentiment.
Soyoil was posting the biggest gains of the soy complex after falling to its lowest levels in nearly 14 years on Monday.
Solid monthly United States crush data was supportive, with the 166 million bushels crushed in February up 7.6 per cent from the previous month, according to the latest report from the National Oilseed Processors Association (NOPA).
The advancing South American harvest kept a lid on the upside.
CORN futures fell to their lowest levels in 10 months, as competition from South America forced U.S. prices lower in order to remain competitive.
Corn seeding in the southern U.S. is underway, with the Texas crop already 29 per cent seeded, according to the U.S. Department of Agriculture. That’s up 12 points from the same time last year.
While South American corn remains cheap compared to U.S. supplies, downward revisions to export estimates out of Brazil and Argentina were somewhat supportive.
WHEAT futures were mixed, with small losses in Minneapolis spring wheat and gains in the winter wheats.
U.S. winter wheat condition ratings were mixed in the weekly data, with Kansas seeing the good-to-excellent rating dip by one point, to 46 per cent. Meanwhile, Texas was up 10 points, to 36 per cent good-to-excellent and Oklahoma rose 9 points, to 67 per cent.
