Winnipeg(CNS Canada) – Canola contracts on the ICE Futures Canada platform finished higher Wednesday, propped up by sharp gains in Chicago Board of Trade soyoil.
Weakness in the Canadian dollar and slow farmer selling was supportive for the market.
There are rumours China began buying more canola over the past few days as a result of its trade trouble with the United States.
However, all the volatility with U.S. trade policy, capped the upside.
Technical trading was a feature of the day.
Read Also
U.S. livestock: Cattle futures rise as Cattle on Feed report shows lower inventory
Cattle futures climbed again on Friday as USDA data showed a continued decline in cattle on feed. Hogs also rose.
“The liquidation continues in the July contract and the open interest is coming down,” said a trader in Winnipeg.
About 24,122 canola contracts traded, which compares with Tuesday when 31,027 contracts changed hands. Spreading accounted for
12,050 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Soybean futures were little changed when the bell rang to end the Wednesday trading session. The market seems to have stabilized following yesterday’s selloff.
China is apparently preparing to buy soybeans from Paraguay and Uruguay in addition to Brazil as it struggles to find oilseeds outside of the United States.
More rain is expected to fall in the Midwest, which was bearish.
Corn futures chopped around in technical trade Wednesday.
According to the Energy Information Administration, ethanol stocks in the U.S. fell by 527,000 barrels during the week ended June 15, to 21.647 million barrels. That was down 3.1 per cent compared to the same week last year.
Excess dryness has cut into Ukraine’s corn exports. The country shipped out 17.4 million tonnes of corn in the 2017/18 marketing year, down 13 per cent from the previous year.
Chicago wheat futures finished stronger with technical trading.
Rain in Kansas has slowed down the winter wheat harvest there.
The condition of the U.S. spring wheat crop is improving, which was bearish.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was up $1.15 at US$66.22 per barrel.
In the afternoon, the Canadian dollar was trading around US75.12 cents, down from 75.26 cents the previous trading day. The U.S. dollar was C$1.3312.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jul 18 519.40s +1.10 +0.21%
Canola Nov 18 508.30s +1.90 +0.38%
Canola Jan 19 515.20s +2.20 +0.43%
Canola Mar 19 519.20s +2.20 +0.43%
Canola May 19 521.70s +2.00 +0.38%
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 Jul 18 889-4s +0-4 +0.06%
Soybeans Aug 18 894-4s +0-2 +0.03%
Soybeans Sep 18 900-2s unch unch
Soybeans Nov 18 910-4s -0-4 -0.05%
Soybeans Jan 19 920-0s -0-2 -0.03%
Soybean Meal Jul 18 333.2s -1.3 -0.39%
Soybean Meal Aug 18 334.8s -1.5 -0.45%
Soybean Meal Sep 18 336.0s -2.1 -0.62%
Soybean Oil Jul 18 29.37s +0.52 +1.80%
Soybean Oil Aug 18 29.48s +0.51 +1.76%
Soybean Oil Sep 18 29.62s +0.50 +1.72%
Corn Jul 18 354-2s +0-4 +0.14%
Corn Sep 18 363-6s +0-4 +0.14%
Corn Dec 18 375-6s +0-2 +0.07%
Corn Mar 19 385-2s +0-2 +0.06%
Corn May 19 392-0s +0-4 +0.13%
Oats Jul 18 238-6s +3-6 +1.60%
Oats Sep 18 239-0s +3-0 +1.27%
Oats Dec 18 239-6s +1-2 +0.52%
Oats Mar 19 244-2s -1-0 -0.41%
Oats May 19 247-0s -0-6 -0.30%
Wheat Jul 18 488-2s +10-4 +2.20%
Wheat Sep 18 499-2s +9-6 +1.99%
Wheat Dec 18 517-0s +7-6 +1.52%
Wheat Mar 19 534-0s +6-2 +1.18%
Wheat May 19 545-4s +5-4 +1.02%
Minneapolis
Spring Wheat Jul 18 552-6s +3-2 +0.59%
Spring Wheat Sep 18 563-2s +2-6 +0.49%
Spring Wheat Dec 18 577-6s +2-4 +0.43%
Spring Wheat Mar 19 592-4s +2-0 +0.34%
Spring Wheat May 19 601-0s +1-0 +0.17%
Kansas City
Hard Red Wheat Jul 18 488-6s +5-6 +1.19%
Hard Red Wheat Sep 18 505-6s +6-6 +1.35%
Hard Red Wheat Dec 18 528-4s +5-6 +1.10%
Hard Red Wheat Mar 19 545-4s +4-4 +0.83%
Hard Red Wheat May 19 556-6s +4-2 +0.77%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Jun 18 109.025s +0.500 +0.46%
Live Cattle Aug 18 106.650s +0.225 +0.21%
Live Cattle Oct 18 109.275s +0.775 +0.71%
Feeder Cattle Aug 18 149.425s -0.200 -0.13%
Feeder Cattle Sep 18 149.950s +0.050 +0.03%
Feeder Cattle Oct 18 149.625s +0.225 +0.15%
Lean Hogs Jul 18 80.025s -1.850 -2.26%
Lean Hogs Aug 18 75.150s -2.575 -3.31%
Lean Hogs Oct 18 61.275s -1.900 -3.01%
