Winnipeg (CNS Canada) – The ICE Futures Canada canola complex finished lower on Thursday, due to weakness in U.S. soyoil.
The May contract ran into some technical resistance, which drove it lower.
Large world supplies of oilseeds weighed on prices.
The Canadian dollar has risen significantly since Monday, which undermined the market.
However, the Malaysian government’s decision to impose an export tax on its tropical palm oil, supported canola.
Many farmers on the Prairies are hanging onto supplies right now in search of better prices, which was bullish.
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Around 9,047 canola contracts were traded on Thursday, which compares with Wednesday when around 13,012 contracts changed hands. Spreading accounted for 3,686 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market chopped around in technical trade on Thursday before ending with a slight gain.
The latest estimate for soybean plantings in the U.S. is around 91 million acres, slightly higher than last year, according to Rabobank.
Brazil is expected to export nearly 75 million tonnes of soybeans this year, according to Rabobank. That is much higher than the previous estimate of 71 million tonnes.
Corn futures recorded small gains on Thursday, taking support from weakness in the U.S. dollar.
Technical resistance for the May contract has been pegged at US$3.78 per bushel.
The U.S. is expected to export more corn to Mexico due to rising demand for livestock feed.
Chicago wheat futures finished slightly higher due to short-covering.
There are ideas the market is undersold.
The size of the U.S. wheat crop has been pegged at 47 million acres, according to Rabobank.
OUTSIDE MARKETS
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 18 519.10s -1.90 -0.36%
Canola Jul 18 524.10s -2.50 -0.47%
Canola Nov 18 513.90s -2.80 -0.54%
Canola Jan 19 518.20s -2.60 -0.50%
Canola Mar 19 520.00s -2.50 -0.48%
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 May 18 1029-6s unch unch
Soybeans Jul 18 1040-6s +0-2 +0.02%
Soybeans Aug 18 1042-4s +0-6 +0.07%
Soybeans Sep 18 1031-0s +0-6 +0.07%
Soybeans Nov 18 1026-6s +0-4 +0.05%
Soybean Meal May 18 368.0s +3.5 +0.96%
Soybean Meal Jul 18 370.4s +3.6 +0.98%
Soybean Meal Aug 18 368.1s +3.5 +0.96%
Soybean Oil May 18 31.88s -0.49 -1.51%
Soybean Oil Jul 18 32.12s -0.48 -1.47%
Soybean Oil Aug 18 32.24s -0.47 -1.44%
Corn May 18 376-0s +1-0 +0.27%
Corn Jul 18 384-2s +1-2 +0.33%
Corn Sep 18 390-4s +1-0 +0.26%
Corn Dec 18 398-0s +1-2 +0.32%
Corn Mar 19 405-2s +1-4 +0.37%
Oats May 18 228-6s -2-6 -1.19%
Oats Jul 18 237-0s -1-4 -0.63%
Oats Sep 18 243-0s -1-4 -0.61%
Oats Dec 18 251-0s -1-4 -0.59%
Oats Mar 19 257-0s -1-4 -0.58%
Wheat May 18 455-6s +2-2 +0.50%
Wheat Jul 18 472-0s +2-6 +0.59%
Wheat Sep 18 488-0s +2-4 +0.51%
Wheat Dec 18 509-2s +2-0 +0.39%
Wheat Mar 19 526-4s +2-0 +0.38%
Minneapolis
Spring Wheat May 18 593-0s +3-6 +0.64%
Spring Wheat Jul 18 601-4s +2-6 +0.46%
Spring Wheat Sep 18 608-2s +1-2 +0.21%
Spring Wheat Dec 18 620-6s +0-6 +0.12%
Spring Wheat Mar 19 629-4s +0-4 +0.08%
Kansas City
Hard Red Wheat May 18 471-0s +5-4 +1.18%
Hard Red Wheat Jul 18 490-0s +6-2 +1.29%
Hard Red Wheat Sep 18 508-2s +6-4 +1.30%
Hard Red Wheat Dec 18 530-6s +6-2 +1.19%
Hard Red Wheat Mar 19 545-2s +6-6 +1.25%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 18 118.150s +0.450 +0.38%
Live Cattle Jun 18 108.400s +1.025 +0.95%
Live Cattle Aug 18 106.375s +1.100 +1.04%
Feeder Cattle Mar 18 137.525s +0.750 +0.55%
Feeder Cattle Apr 18 138.025s +1.800 +1.32%
Feeder Cattle May 18 138.525s +1.575 +1.15%
Lean Hogs Apr 18 61.325s -1.250 -2.00%
Lean Hogs May 18 68.150s -2.175 -3.09%
Lean Hogs Jun 18
