By Jade Markus and Dave Sims, Commodity News Service Canada
ICE Futures Canada canola ended mostly stronger on Tuesday, underpinned by unfavourable weather in Western Canada.
Parts of the Prairies are expected to see rain and snow over the next few days, which will limit harvest progress, and could curb yield potential.
Losses in the Canadian dollar added to the advances on Tuesday.
However, weakness in the US soy complex curbed upside potential.
About 24,351 canola contracts traded on Tuesday, which compares with Monday when 18,272 contracts changed hands. Spreading accounted for about 21,794 of the contracts traded.
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Durum and barley futures were unchanged, while milling wheat was revised higher after the close.
Settlement prices are in Canadian dollars per metric tonne.
Corn futures ticked two cents per bushel higher on Monday as investors engaged in technical buying. Traders temporarily bid the front-month December contract up to US$3.49 per bushel before retreating.
The US harvest continues to lag behind the five-year average, which was supportive.
South Africa is importing 33,200 tonnes of white corn to help make up shortages within the country.
SOYBEAN futures declined seven to nine cents per bushel as speculation grew that this year’s crop could be even bigger than initially thought.
Argentina says it has no immediate plans to carry through on an earlier pledge to lower the export tax on soybeans.
Cold, wet weather is expected to return to the US Plains later this week, which could delay the harvest and was seen as bullish.
Soyoil finished 14 to 16 points lower, partially due to weakness in crude oil.
SOYMEAL futures fell watching soybeans.
Wheat futures on the Chicago Board of Trade finished relatively unchanged as investors waited for fresh news.
Japan is looking to buy a little over 150,000 tonnes of milling wheat.
Wheat in Ukraine could use more rain, according to a report.
– The latest data from the USDA says South Dakota’s winter wheat harvest hit 63.8 million bushels this year.
– Grain production in Algeria dropped over 10 percent in 2016-17, due to excess dryness
