Canola high and tight

A lack of farmer availability to get remaining canola inventories to the crushers and a steady demand pushed prices up by the end of Tuesday’s trading.

However that trade was thinner overall than in previous weeks, say traders.

November canola was up $1.80 per tonne to $506.80. Soybeans also supported higher canola with modest gains in Chicago as technical buyer underwrote that market. Palm oil and rapeseed was also higher on global markets.

Wheat and corn were both under pressure in US markets, as the reality of large global supplies combined with technical sales to push futures contracts to new lows for the period.

Winter wheat on the CBOT was off 6 ¼ cents to US$4.30 ¾ per bushel, about 1.5 percent decline over yesterday for the December futures market. Spring wheat on Minneapolis was off 13 ½ cents, down to US$6.41 ¾.

Russian crops are expected to set a record and if that region can manage to get it market, that too will be undermining prices. Reuters reports that Egypt may be rejecting a boatload of Romanian wheat due to the presence of poppy seeds in the grain.

The Farm Journal’s annual Midwest Crop Tour is in full swing and it found below average corn yields in Indiana, while showing better than average fields in Nebraska. It also has found average to below average soybean pod counts across the American Midwest.

That didn’t help corn, as it fell 2 ½ cents to US$3.60 1/2, nearing the August 31, 2016 low of US$3.58 ½.  China keeps on supporting soybeans with purchases of U.S. inventory. Beans were up slightly to US$9.38.

The Canadian dollar was worth 79.61 US cents today.

Light crude oil nearby futures in New York were up 27 cents US$47.64 per barrel.

In the afternoon, the Canadian dollar was trading around US79.56 cents, steady from 79.56 cents the previous trading day. The U.S. dollar was C$1.2569.

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Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 17   506.80s   +1.80   +0.36%
Canola Jan 18   511.70s   +2.30   +0.45%
Canola Mar 18   514.60s   +2.40   +0.47%
Canola May 18   515.30s   +2.00   +0.39%
Canola Jul 18   515.70s   +1.60   +0.31%

Milling Wheat Oct 17   247.00s   -5.00   -1.98%
Milling Wheat Dec 17   250.00s   -5.00   -1.96%
Milling Wheat Mar 18   257.00s   -4.00   -1.53%

Durum Wheat Oct 17   312.00s   -9.00   -2.80%
Durum Wheat Dec 17   313.00s   -9.00   -2.80%
Durum Wheat Mar 18   295.00s   -11.00   -3.59%

Barley Oct 17   145.00s   unch   unch
Barley Dec 17   148.00s   unch   unch
Barley Mar 18   151.00s   unch   unch

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.

Chicago

Soybeans Sep 17   933-6s   +1-2   +0.13%
Soybeans Nov 17   937-4s   +1-2   +0.13%
Soybeans Jan 18   945-6s   +1-2   +0.13%
Soybeans Mar 18   954-0s   +1-0   +0.10%
Soybeans May 18   961-4s   +0-6   +0.08%

Soybean Meal Sep 17   295.3s   -0.5   -0.17%
Soybean Meal Oct 17   296.8s   -0.5   -0.17%
Soybean Meal Dec 17   298.7s   -0.3   -0.10%

Soybean Oil Sep 17   34.06s   +0.26   +0.77%
Soybean Oil Oct 17   34.19s   +0.26   +0.77%
Soybean Oil Dec 17   34.42s   +0.25   +0.73%

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Corn Sep 17   346-0s   -3-0   -0.86%
Corn Dec 17   360-0s   -3-0   -0.83%
Corn Mar 18   372-4s   -2-6   -0.73%
Corn May 18   378-6s   -2-6   -0.72%
Corn Jul 18   385-0s   -2-4   -0.65%

Oats Sep 17   239-0s   -4-6   -1.95%
Oats Dec 17   245-4s   -4-6   -1.90%
Oats Mar 18   248-4s   -3-4   -1.39%
Oats May 18   250-4s   -4-0   -1.57%
Oats Jul 18   253-4s   -2-4   -0.98%

Wheat Sep 17   402-2s   -7-2   -1.77%
Wheat Dec 17   429-0s   -8-0   -1.83%
Wheat Mar 18   452-6s   -7-4   -1.63%
Wheat May 18   467-6s   -6-6   -1.42%
Wheat Jul 18   481-4s   -6-6   -1.38%

Minneapolis

Spring Wheat Sep 17   641-0s   -14-0   -2.14%
Spring Wheat Dec 17   656-2s   -12-6   -1.91%
Spring Wheat Mar 18   659-4s   -10-0   -1.49%
Spring Wheat May 18   653-0s   -7-6   -1.17%
Spring Wheat Jul 18   647-0s   -4-6   -0.73%

Kansas City

Hard Red Wheat Sep 17   399-0s   -8-6   -2.15%
Hard Red Wheat Dec 17   427-0s   -8-6   -2.01%
Hard Red Wheat Mar 18   445-4s   -8-6   -1.93%
Hard Red Wheat May 18   459-6s   -8-2   -1.76%
Hard Red Wheat Jul 18   477-6s   -8-2   -1.70%

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Aug 17   106.725s   +0.725   +0.68%
Live Cattle Oct 17   107.725s   +1.875   +1.77%
Live Cattle Dec 17   110.075s   +2.025   +1.87%

Feeder Cattle Aug 17   142.075s   +2.275   +1.63%
Feeder Cattle Sep 17   142.050s   +2.900   +2.08%
Feeder Cattle Oct 17   142.275s   +2.775   +1.99%

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Lean Hogs Oct 17   63.875s   -0.800   -1.24%
Lean Hogs Dec 17   59.050s   -0.800   -1.34%
Lean Hogs Feb 18   63.750s   -0.875   -1.35%