The ICE Futures canola market was weaker on Tuesday, as speculators continued to liquidate long positions.
Losses in Chicago soyoil and European rapeseed accounted for some spillover selling in the Canadian oilseed, although Malaysian palm oil held closer to unchanged.
A lack of significant weather concerns across the Prairies was also bearish, as recent rains in Alberta and Saskatchewan have eased dryness concerns there.
Positioning ahead of looming acreage data could be a feature going forward, with the United States Department of Agriculture out with its lasted area numbers on June 30 and Statistics Canada set to release Canadian acreage numbers on July 5.
About 36,445 canola contracts traded on Tuesday, which compares with Monday when 15,377 contracts changed hands. Spreading accounted for 17,672 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were weaker on Tuesday as activity resumed following the Juneteenth holiday that saw markets closed on Monday.
Heavy losses in many world vegetable oil markets recently accounted for some of the selling pressure in the soy complex, as the United States futures repositioned themselves against their global counterparts.
Crop ratings were delayed until after Tuesday’s close, with U.S. soybean seeding estimated to be about 95 per cent complete ahead of the report.
Weekly U.S. soybean inspections came in at about 427,000 tonnes, which was down from the previous week, but more than double what move during the same week a year ago.
CORN futures were sharply lower, with speculative selling a feature as prices dipped below former support levels.
Corn seeding is thought to be near completion across the U.S. with attention now on weather conditions through the growing season.
Hot temperatures likely cut into the quality ratings over the past week, while the longer-range outlook now calls for some cooler conditions.
WHEAT was sharply lower, posting near limit-down losses in many contracts.
The U.S. winter wheat harvest is progressing northwards and early reports point to high protein levels but lower than average yields.
Spring wheat seeding is estimated to be about 97 to 98 per cent done, with the few remaining acres likely left unplanted this year.
