Canola slides up on soft dollar, greased by soy oil

It was a good day to be a canola future, as the Canadian dollar went down and soy oil rose more than half a cent per pound.

The combination carried canola up $8.50 per tonne for May and July contracts and $9 for November. May closed at $520.90, while July finished at 526.40.

A limited amount of sellers appeared for canola, and that helped keep the price rising.

Wheat futures on the Chicago Board of Trade were off slightly after a good start to the day. USDA reports on the Kansas and Colorado crops showing half of those winter wheat acres are in poor or very poor condition. Just over 10 percent of the crop is rated excellent. But despite that bad news, traders wouldn’t be convinced there was reason to keep bidding up the cereal.

Corn improved slightly on the day due to strong demand for American supplies and news that the Argentine crop condition is continuing to fail.

Soybean futures in Chicago saw some improvement, carried by soy oil, and some speculation about the South American crops. However the prospect of Chinese tariffs being applied to American beans may be causing some conservative positions to be taken by traders until more is known about the situation.

See our Western Producer coverage of that issue here.

Outside Markets

Light crude oil nearby futures in New York were down 65 cents at US$60.71 per barrel.

In the afternoon, the Canadian dollar was trading around US77.09 cents, down from 77.85 cents the previous trading day. The U.S. dollar was C$1.2972.

Winnipeg ICE Futures Canada dollars per tonne.

Canola Mar 18 515.50s +8.50 +1.68%

Canola May 18 520.90s +8.50 +1.66%

Canola Jul 18 526.40s +8.50 +1.64%

Canola Nov 18 516.10s +9.00 +1.77%

Canola Jan 19 519.30s +8.40 +1.64%

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 Mar 18 1040-4s +7-2 +0.70%

Soybeans May 18 1048-6s +7-6 +0.74%

Soybeans Jul 18 1059-4s +8-4 +0.81%

Soybeans Aug 18 1060-6s +8-4 +0.81%

Soybeans Sep 18 1049-6s +8-0 +0.77%

Soybean Meal Mar 18 372.3s +2.5 +0.68%

Soybean Meal May 18 375.5s +5.1 +1.38%

Soybean Meal Jul 18 377.5s +5.0 +1.34%

Soybean Oil Mar 18 32.02s +0.46 +1.46%

Soybean Oil May 18 32.22s +0.47 +1.48%

Soybean Oil Jul 18 32.45s +0.46 +1.44%

Corn Mar 18 385-4s +1-2 +0.33%

Corn May 18 391-6s +1-0 +0.26%

Corn Jul 18 399-6s +1-2 +0.31%

Corn Sep 18 404-4s +1-6 +0.43%

Corn Dec 18 409-6s +2-0 +0.49%

Oats Mar 18 258-0s -0-6 -0.29%

Oats May 18 263-2s +0-4 +0.19%

Oats Jul 18 266-0s +1-2 +0.47%

Oats Sep 18 265-2s +1-2 +0.47%

Oats Dec 18 266-2s +1-2 +0.47%

Wheat Mar 18 485-4s -4-2 -0.87%

Wheat May 18 486-4s -4-2 -0.87%

Wheat Jul 18 504-4s -3-0 -0.59%

Wheat Sep 18 521-0s -2-6 -0.53%

Wheat Dec 18 541-0s -2-6 -0.51%

Minneapolis

Spring Wheat Mar 18 629-4s +4-0 +0.64%

Spring Wheat May 18 625-4s +1-0 +0.16%

Spring Wheat Jul 18 631-6s -0-2 -0.04%

Spring Wheat Sep 18 638-0s -0-2 -0.04%

Spring Wheat Dec 18 647-0s -0-6 -0.12%

Kansas City

Hard Red Wheat Mar 18 507-0s -2-0 -0.39%

Hard Red Wheat May 18 520-2s -2-0 -0.38%

Hard Red Wheat Jul 18 537-2s -1-6 -0.32%

Hard Red Wheat Sep 18 554-0s -2-0 -0.36%

Hard Red Wheat Dec 18 573-4s -1-4 -0.26%

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Apr 18 121.900s +0.350 +0.29%

Live Cattle Jun 18 113.150s -0.125 -0.11%

Live Cattle Aug 18 110.775s -0.050 -0.05%

Feeder Cattle Mar 18 141.550s -0.625 -0.44%

Feeder Cattle Apr 18 142.300s -0.275 -0.19%

Feeder Cattle May 18 143.125s -0.975 -0.68%

Lean Hogs Apr 18 67.725s +0.050 +0.07%

Lean Hogs May 18 71.850s +0.625 +0.88%

Lean Hogs Jun 18 77.475s +0.425 +0.55%

 

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