Winnipeg (CNS Canada) – The ICE Futures Canada canola complex continued to rise alongside U.S. soybeans and soyoil.
Dry weather in Argentina underpinned the futures.
Spread action was steady as traders continued to roll out of the March contract and into May.
Weakness in the Canadian dollar was supportive.
However, farmer selling and the growing soybean crop in Brazil were bearish for the market.
Traders are preparing for this week’s USDA Agricultural Outlook Forum where this year’s soybean production and supply will be discussed.
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Around 31,676 canola contracts were traded on Wednesday, which compares with Tuesday when around 40,573 contracts changed hands. Spreading accounted for 21,612 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market finished higher on Wednesday due to weather conditions in South America and continued strength in soymeal.
Weakness in the U.S. dollar was supportive for soybeans.
Volumes were strong with most of the trades occurring in the May contract.
Corn futures finished slightly higher in technical trading.
There are reports that dry weather in Argentina is starting to cut into yields.
The European Commission is planning a review of its anti-dumping duties on U.S. ethanol, which was supportive. The current duty stands at 9.5 per cent.
Chicago wheat futures ended lower on Wednesday, due to forecasts calling for rain in Texas and Oklahoma.
Technical selling was also a feature of the session.
Algeria purchased 340,000 tonnes of wheat in a tender. The origin was not specified.
Futures Prices as of February 21, 2018
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 11 cents at US$61.68 per barrel.
In the afternoon, the Canadian dollar was trading around US78.75 cents, down from 79.09 cents the previous trading day. The U.S. dollar was C$1.2698.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Mar 18 508.30s +3.00 +0.59%
Canola May 18 513.50s +2.20 +0.43%
Canola Jul 18 518.60s +2.90 +0.56%
Canola Nov 18 510.50s +1.60 +0.31%
Canola Jan 19 515.10s +1.60 +0.31%
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 1034-2s +7-6 +0.75%
Soybeans May 18 1045-4s +8-0 +0.77%
Soybeans Jul 18 1055-0s +8-0 +0.76%
Soybeans Aug 18 1055-4s +7-2 +0.69%
Soybeans Sep 18 1040-0s +5-2 +0.51%
Soybean Meal Mar 18 378.0s +1.5 +0.40%
Soybean Meal May 18 381.0s +1.7 +0.45%
Soybean Meal Jul 18 379.8s +3.2 +0.85%
Soybean Oil Mar 18 32.07s +0.21 +0.66%
Soybean Oil May 18 32.28s +0.24 +0.75%
Soybean Oil Jul 18 32.45s +0.23 +0.71%
Corn Mar 18 365-6s +0-2 +0.07%
Corn May 18 374-0s +0-2 +0.07%
Corn Jul 18 381-6s +0-2 +0.07%
Corn Sep 18 388-6s +0-4 +0.13%
Corn Dec 18 396-4s +0-4 +0.13%
Oats Mar 18 258-2s -8-0 -3.00%
Oats May 18 259-4s -9-0 -3.35%
Oats Jul 18 258-4s -9-6 -3.63%
Oats Sep 18 254-6s -8-4 -3.23%
Oats Dec 18 254-6s -7-4 -2.86%
Wheat Mar 18 447-2s -2-0 -0.45%
Wheat May 18 459-4s -3-0 -0.65%
Wheat Jul 18 474-6s -3-4 -0.73%
Wheat Sep 18 491-2s -3-6 -0.76%
Wheat Dec 18 512-4s -4-2 -0.82%
Minneapolis
Spring Wheat Mar 18 601-2s -1-2 -0.21%
Spring Wheat May 18 612-4s unch unch
Spring Wheat Jul 18 622-0s +0-4 +0.08%
Spring Wheat Sep 18 629-0s +1-2 +0.20%
Spring Wheat Dec 18 637-4s +1-4 +0.24%
Kansas City
Hard Red Wheat Mar 18 465-6s -6-0 -1.27%
Hard Red Wheat May 18 481-6s -5-4 -1.13%
Hard Red Wheat Jul 18 499-4s -5-2 -1.04%
Hard Red Wheat Sep 18 517-0s -5-2 -1.01%
Hard Red Wheat Dec 18 537-0s -6-0 -1.10%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Feb 18 129.650s -0.650 -0.50%
Live Cattle Apr 18 126.225s -1.500 -1.17%
Live Cattle Jun 18 117.050s -1.775 -1.49%
Feeder Cattle Mar 18 146.650s -3.150 -2.10%
Feeder Cattle Apr 18 149.100s -3.350 -2.20%
Feeder Cattle May 18 150.050s -3.000 -1.96%
Lean Hogs Apr 18 69.900s +0.700 +1.01%
Lean Hogs May 18 76.150s +0.150 +0.20%
Lean Hogs Jun 18 81.300s +0.350 +0.43%
