The ICE Futures canola market traded lower on Tuesday in response to a strengthening Canadian dollar.
Chicago soyoil also traded lower, as well as European rapeseed. On the other hand, Malaysian palm oil was mostly higher. Rising numbers of new COVID-19 cases in China outweighed upcoming production cuts from OPEC+ as crude oil traded weaker.
The Canadian dollar jumped one-quarter of a United States cent as Americans go to the polls for midterm elections.
About 27,020 canola contracts were traded on Tuesday, which compares with Monday when 24,120 contracts changed hands. Spreading accounted for 19,420 of the contracts traded.
Jan 884.20 dn 12.30
Mar 882.10 dn 11.90
May 885.00 dn 10.80
Jul 886.70 dn 9.40
CORN prices continued their losses on Tuesday, one day before the United States Department of Agriculture (USDA) releases its monthly World Agricultural Supply/Demand Estimates (WASDE).
The USDA reported that 87 per cent of the U.S. corn crop was harvested as of Nov. 6, 11 points higher than last week’s percentage and the five-year average.
The USDA also reported a 338,600 tonne sale to Mexico on Tuesday morning.
Analysts are predicting a 500,000 tonne cut to global ending corn stocks, down to 300.7 million.
SOYBEAN prices were also lower, but stayed rangebound due to a mixed tone in the Chicago soy complex.
Soyoil moved lower while soymeal settled with small gains.
The U.S. crop showed progress when it came to its harvest at 94 per cent complete, compared to 88 per cent from one week earlier and the 86 per cent five-year average.
The USDA announced export sales of 144,000 tonnes to Mexico, a 138,700 tonne sale to China, and a 132,000 tonne sale to unknown destinations.
Prior to the WASDE report, analysts expect global ending stocks to be raised by 100,000 tonnes to 100.6 million.
WHEAT prices moved lower over the final hours of trading on Tuesday after posting gains earlier in the day.
U.S. winter wheat conditions were rated this week at 30 per cent good to excellent, the lowest on record at this point in the year.
As of Nov. 6, 92 per cent of the U.S. winter wheat crop was already planted, compared to 87 per cent the previous week.
A reduction of 600,000 tonnes to the global wheat carryout to 266.9 million tonnes is expected in Wednesday’s WASDE report.
