Winnipeg – ICE Futures canola contracts were stronger on Tuesday, as cool and wet conditions continue to stall harvest operations across Western Canada.
With about half of the country’s canola crop still unharvested and only small windows of opportunity in the immediate forecasts, the prolonged harvest is expected to keep canola underpinned until traders get a better sense of yields and quality.
Supportive chart signals contributed to the gains in canola, with a move above the C$490 per tonne level in the November contract bringing in some additional speculative buying.
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However, canola remains expensive compared to other oilseeds, which kept a lid on the market.
About 11,392 canola contracts traded, which compares with Monday when 7,101 contracts changed hands. Spreading accounted for 5,190 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were stronger on Tuesday, seeing a modest correction following recent declines.
The United States soybean harvest was 14 per cent complete in the latest U.S. Department of Agriculture report, which is running ahead of average for this time of year.
However, recent rainfall across the Midwest is expected to lead to delays over the next week.
A port strike in Argentina was limiting movement out of the South American country today.
The lingering trade dispute between the U.S. and China remained a bearish influence in the background.
CORN futures were firmer on the day, also underpinned by the wet Midwestern weather.
The U.S. corn harvest was 16 per cent done as of this past Sunday, which was up by five points compared to the average for this time of year.
The USDA reported a private export sale of about 240,000 tonnes of corn to Mexico this morning.
WHEAT futures were lower, seeing a profit-taking setback after recent gains.
The U.S. winter wheat crop was 28 per cent seeded in the latest weekly report, which compares with 22 per cent last year and the five-year average of 26 per cent.
The USDA releases quarterly grain stocks data on Friday, and expectations that the report will confirm large U.S. wheat supplies put some pressure on values.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up xx cents at US$72.08 per barrel.
In the afternoon, the Canadian dollar was trading around US.7717 cents, down from .0014 cents the previous trading day. The U.S. dollar was C$1.1.2958
Winnipeg ICE Futures Canada dollars per tonne.
Name / Contract Last Change % Change
Canola Nov 18 490.90s +1.60 +0.33%
Canola Jan 19 497.70s +1.60 +0.32%
Canola Mar 19 504.00s +1.60 +0.32%
Canola May 19 508.20s +1.30 +0.26%
Canola Jul 19 512.00s +1.40 +0.27%
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 Nov 18 845-6s +4-6 +0.56%
Soybeans Jan 19 859-6s +4-4 +0.53%
Soybeans Mar 19 872-6s +4-2 +0.49%
Soybeans May 19 886-0s +4-0 +0.45%
Soybeans Jul 19 897-0s +4-2 +0.48%
Soybean Meal Oct 18 306.2s +1.5 +0.49%
Soybean Meal Dec 18 309.2s +1.7 +0.55%
Soybean Meal Jan 19 310.3s +1.6 +0.52%
Soybean Oil Oct 18 28.37s +0.11 +0.39%
Soybean Oil Dec 18 28.65s +0.13 +0.46%
Soybean Oil Jan 19 28.90s +0.13 +0.45%
Corn Dec 18 363-6s +3-2 +0.90%
Corn Mar 19 375-6s +3-2 +0.87%
Corn May 19 383-4s +3-2 +0.85%
Corn Jul 19 388-6s +3-0 +0.78%
Corn Sep 19 392-4s +2-4 +0.64%
Oats Dec 18 257-0s -2-2 -0.87%
Oats Mar 19 261-4s -2-4 -0.95%
Oats May 19 265-4s -2-2 -0.84%
Oats Jul 19 269-2s -2-0 -0.74%
Oats Sep 19 272-2s -2-0 -0.73%
Wheat Dec 18 520-6s -6-2 -1.19%
Wheat Mar 19 539-4s -6-0 -1.10%
Wheat May 19 551-2s -6-0 -1.08%
Wheat Jul 19 552-0s -7-2 -1.30%
Wheat Sep 19 562-0s -6-6 -1.19%
Minneapolis
Spring Wheat Dec 18 581-0s -3-2 -0.56%
Spring Wheat Mar 19 595-4s -3-6 -0.63%
Spring Wheat May 19 602-6s -4-0 -0.66%
Spring Wheat Jul 19 608-2s -3-6 -0.61%
Spring Wheat Sep 19 612-2s -4-0 -0.65%
Kansas City
Hard Red Wheat Dec 18 522-0s -7-0 -1.32%
Hard Red Wheat Mar 19 545-4s -7-0 -1.27%
Hard Red Wheat May 19 557-4s -7-2 -1.28%
Hard Red Wheat Jul 19 557-4s -7-2 -1.28%
Hard Red Wheat Sep 19 569-0s -7-0 -1.22%
Live Cattle Oct 18 112.350s +0.175 +0.16%
Live Cattle Dec 18 117.200s +0.200 +0.17%
Live Cattle Feb 19 121.550s +0.250 +0.21%
Feeder Cattle Sep 18 156.625s +0.175 +0.11%
Feeder Cattle Oct 18 156.475s +0.175 +0.11%
Feeder Cattle Nov 18 156.425s +0.500 +0.32%
Lean Hogs Oct 18 62.425s +1.425 +2.34%
Lean Hogs Dec 18 57.750s +0.775 +1.36%
Lean Hogs Feb 19
