Intercontinental Exchange (ICE) canola futures tacked on more gains on Tuesday, after trading either side of unchanged.
Support for canola came from spillover in good upticks on the Chicago soy complex and in European rapeseed. There were more moderate increases in the off session of Malaysian palm oil. Strong gains in global crude oil prices underpinned vegetable oils.
Agriculture and Agri-Food Canada (AAFC) kept its canola production estimate at 18.4 million tonnes in its latest supply and demand report. That may change when Statistics Canada releases its principal crop report on Monday.
Scattered showers were in today’s Prairie weather forecast, with no further precipitation until the weekend.
The Canadian dollar was stronger at mid-afternoon as the United States dollar fell back a little. The loonie rose to 77.14 U.S. cents, compared to Monday’s close 76.72.
There were 26,129 contracts traded on Tuesday, which compares with Monday when 26,567 contracts changed hands. Spreading accounted for 16,368 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Nov 850.40 up 3.60
Jan 858.40 up 3.10
Mar 862.90 up 3.70
May 864.20 up 3.50
SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Tuesday, due to spillover from increases in global crude oil.
The United States Department of Agriculture (USDA) issued its crop progress report yesterday afternoon. As of Aug. 21, the national soybean conditions were 57 per cent good to excellent, dipping one point from the previous week. Soybeans blooming were up four points at 97 per cent, exactly on the five-year average. Soybeans setting pods were up 10 points at 84 per cent, and two behind average.
The USDA announced a private sale of 110,000 tonnes of new crop soybeans to China.
The department reported prevent plant acres for 2022/23 soybeans at one million.
After the first day of the Pro Farmer Crop Tour, the western leg pegged the soybean pod count in South Dakota averaged at 792.5 per three-by-three-foot square. The eastern leg in Ohio placed its average the soybean pod count at an average of 1,131 per square. Today the tour travels through Nebraska and Indiana.
CORN futures were higher on Tuesday, as the results from day one of the Pro Farmer Crop Tour came in.
The western leg of the tour estimated corn yields in South Dakota at 118 bushels per acre. That would be down 22 per cent from last year’s harvest. The eastern leg forecast yields in Ohio at 174.2 bu/ac., down almost six per cent from last year’s harvest.
The USDA said corn was 55 per cent good to excellent, down two points from last week. Corn silking reached 97 per cent, up three points; corn dough hit 75 per cent, up 13 points; corn dented almost doubled to 31 per cent; and corn mature registered for the first time this year at four per cent.
The USDA placed prevent plant acres for 2022/23 corn at 3.1 million acres, more than five times the amount last year.
AgRural upped its estimate of the Brazil second corn harvest by six points at 90 per cent complete.
The Ukrainian Grain Association cut its estimate of the country’s corn production by 12 per cent at 24 million tonnes. Meanwhile, UkrAgroConsult raised its call by 3.1 per cent at 26.5 million tonnes.
WHEAT futures were stronger on Tuesday, taking support from corn.
U.S. spring wheat held at 64 per cent good to excellent. The spring wheat harvest almost doubled to one-third complete country-wide. Progress ranged from 18 per cent done in North Dakota to 84 per cent harvested in South Dakota.
The U.S. winter wheat harvest advanced five points at 95 per cent finished. That’s two points back of the five-year average. Twelve states are done, and of the six remaining, Washington at 73 per cent and Idaho at 45 per cent are the furthest behind.
The Ukrainian Grain Association reduced its call on the country’s wheat production by 8.7 per cent at 17.3 million tonnes.
The DBV farm lobby in Germany upped its projection of that country’s wheat harvest by 3.8 per cent at 21.8 million tonnes.
