By Glen Hallick, MarketsFarm
WINNIPEG, March 16 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed on Tuesday, with declines in the old crop months while the more deferred positions were steady to higher.
Losses in comparable edible oils pulled down canola’s May and July contracts. However, tightening supplies underpinned other canola values.
A higher Canadian dollar applied some pressure to canola. At mid-afternoon, the loonie was at 80.35 U.S. cents compared to Monday’s close of 80.13.
Weather concerns were creeping into canola as precipitation in the United States, wet and dry conditions in South America and dryness across much of the Prairies had the markets keeping a cautious eye on things.
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There were 36,689 contracts traded on Tuesday, which compares with Monday when 15,905 contracts changed hands. Spreading accounted for 11,352 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola May 795.30 dn 7.60
Jul 744.20 dn 6.10
Nov 633.00 up 0.40
Jan 634.70 unchanged
SOYBEAN futures at the Chicago Board of Trade (CBOT) were higher on Tuesday, gaining traction towards the end of the session.
In the first high level meeting between the United States and China since the U.S. presidential election, Secretary of State Antony Blinken is to meet with Chinese officials in Alaska on March 17.
AgRural reported the Brazil soybean harvest was at 46 per cent complete, 13 points behind the average pace.
CORN futures were higher on Tuesday, propelled by a large purchase by China.
The USDA reported a private sale of nearly 1.16 million tonnes of corn to China. Delivery is scheduled for the current marketing year.
Corn planting in Texas was reported at 26 per cent complete and 14 per cent finished in Louisiana.
WHEAT futures were mixed on Tuesday with gains for Chicago and Kansas City, while Minneapolis pulled back a little.
A storm system has been forecast today to bring snow and rain to U.S. Northern and Central Plains, and thunderstorms likely tomorrow for the Southern Plains.
State-reported wheat conditions in Colorado jumped six points at 25 per cent good to excellent, with Oklahoma gaining four points at 57 per cent, and Kansas up two at 38 per cent. Wheat conditions in Texas held at 27 per cent good to excellent. The USDA resumes its weekly crop condition reports in early April.
The European Union estimated its winter wheat yields in 2021 are to be 3.3 per cent higher than those in 2020. Also, the EU pegged its soft wheat yields in 2021 to be 87.6 bushels per acre.
