The ICE Futures canola market was weaker on Tuesday, seeing a continuation of Monday’s sharp declines.
Chart-based selling was a feature, with Monday’s losses bearish from a technical standpoint. Losses in Chicago Board of Trade soybeans and a firmer tone in the Canadian dollar also weighed on values.
Soyoil did manage to hold onto small gains, but finished well off its own session highs.
Wet conditions in the eastern Prairies remained supportive, as seeding will likely be delayed in the region. Meanwhile, seeding is underway in Alberta and parts of Saskatchewan, but the lack of moisture was being watched closely.
About 21,930 canola contracts traded on Tuesday, which compares with Monday when 27,032 contracts changed hands. Spreading accounted for 7,800 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were weaker on Tuesday, as losses in soymeal were more than enough to counter the supportive influence of the small gains in soyoil.
The United States soybean crop was eight per cent planted as of this past Sunday, according to the latest data from the U.S. Department of Agriculture. That was up three points from the five-year average.
Soybean crushing data saw a record for March, with 192.85 million bushels crushed in the U.S. during the month. That was in line with expectations, with soyoil stocks coming in at 2.434 billion pounds.
CORN retreated from earlier gains, posting double digit losses by the close.
The U.S. corn crop was 14 per cent planted in the latest weekly USDA report. That was up seven points from the previous week, but still well off the 33 per cent five-year average. About three percent of the crop had emerged.
An estimated 454.9 million bushels of corn were used for ethanol production in the U.S. in March, which was by 8.2 per cent from the previous month and the largest corn grind for the month in four years.
WHEAT futures were lower across the board, with the biggest declines in Minneapolis spring wheat.
The U.S. winter wheat crop held steady at 27 per cent good-to-excellent in the latest USDA report. Forecasts calling for some much-needed precipitation in parts of the dry winter wheat growing regions over the next week weighed on values.
