Glacier FarmMedia — ICE canola futures strengthened in “turnaround Tuesday” activity, recovering most of Monday’s losses amid ideas recent declines were looking overdone.
The November contract touched a session low of C$606.10 per tonne before uncovering support, marking the weakest level for the front-month contract since the end of March.
A firmer tone in Chicago soybeans and soyoil provided underlying support. European rapeseed was also higher, while Chicago soymeal and Malaysian palm oil were down on the day.
Relatively favourable weather conditions for the advancing harvest tempered the upside in canola, with a lack of significant export demand also weighing on prices.
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ICE canola holding onto small gains at midday Tuesday
Glacier FarmMedia — The ICE Futures canola market was stronger at midday Tuesday, uncovering chart support after hitting its lowest…
There were 54,712 contracts traded on Tuesday, which compares with Monday when 52,562 contracts changed hands. Spreading accounted for 31,592 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were slightly firmer on Tuesday, with gains in soyoil countered by losses in meal.
The U.S. soybean harvest was nine per cent complete as of this past Sunday, which was in line with the average for this time of year but behind trade guesses. Quality ratings dipped two points, at 61 per cent good to excellent.
Argentina reportedly sold 1.2 million tonnes of soybeans on the first day export taxes were waived. The South American country has placed export taxes on all grains and byproducts through October at zero to help build currency reserves. Argentina is a major exporter of soyoil and meal, with the move expected to lead to increased competition out of the South American country.
CORN was higher on the day, taking back Monday’s losses.
The U.S. Department of Agriculture reported flash sales of about 123,000 tonnes of corn to Mexico.
The U.S. corn harvest was 11 per cent complete as of this past Sunday, running slightly behind market expectations. Quality ratings slipped one point at 66 per cent good to excellent.
WHEAT futures led to the upside, with the largest gains in the winter wheats.
The U.S. spring wheat crop was 96 per cent harvested in the latest weekly report, which was in line with the average. Winter wheat was 20 per cent seeded, three points behind the five-year average.
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
