Glacier FarmMedia — The ICE Futures canola market was stronger on Tuesday, moving back above some key technical levels in the process as a rally in Chicago soyoil and a weaker tone in the Canadian dollar provided support. Weather concerns in parts of the Prairies also underpinned the futures.
The November contract settled back above several key chart points, including the 20- and 50-day moving averages.
Canadian oilseed processors crushed 856,096 tonnes of canola in June, which was up 10 per cent from the same month a year ago. The crop-year-to-date total through 11 months came in at 10.444 million tonnes, which compares with 10.028 million tonnes at the same time a year ago.
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ICE canola posting solid gains at midday Tuesday
Glacier FarmMedia — The ICE Futures canola market was stronger at midday Tuesday, taking back Monday’s losses. Gains in Chicago…
There were 48,296 contracts traded on Tuesday, which compares with Monday, when 31,931 contracts changed hands. Spreading accounted for 29,654 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade fell to fresh two-week lows on Tuesday as favourable Midwestern growing conditions weighed on values.
The United States Department of Agriculture reported soybean condition ratings improved two points in the good to excellent category over the past week — now at 70 per cent.
Broad strength in the U.S. dollar internationally weighed on the grains and oilseeds, as the rising currency makes exports more expensive for international buyers.
CORN was also pressured by the lack of any significant weather concerns, despite condition ratings dropping one point on the week to 73 per cent good to excellent.
Forecasts calling for cooler overnight temperatures for the next week should aid crop development, with recent rains also beneficial.
WHEAT futures were weaker across the board. The U.S. spring wheat crop was rated 49 per cent good to excellent, which was down three points from the previous week. The spring wheat harvest was just getting started at one per cent done.
The country’s winter wheat harvest hit 80 per cent complete, which was up from 73 per cent the previous week but short of average trade guesses of 82 per cent.
