The ICE Futures canola platform were weaker at market close, following the lead of Chicago soyoil contracts.
The January contract has been finding some support around the C$480 mark, however it hasn’t been able to rally as weak soyoil contracts have it stuck there. Chicago Board of Trade (CBOT) soybean, meal and oil contracts were all down.
Large producer deliveries over the last month have put ample canola supplies in the commercial pipeline which pressured prices
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Canberra is close to an agreement with Beijing that would allow Australian suppliers to ship five trial canola cargoes to China, sources familiar with the matter said, a move towards ending a years-long freeze in the trade.
And international oilseed markets are also weighing on canola. South American weather has been mostly favourable and many traders expect there will be record soybean production there this year.
The United States Department of Agriculture will release its weekly crop progress report after market close today. It is expected that unfavourable weather in the U.S. Midwest will have led to a slower harvest pace for soybeans and corn. Soybeans could see more favourable harvest progress though, as many farmers switched over to harvesting corn last week due to the snow and rain that hit much of the Upper Midwest.
There was a bump in soybean trade early this morning after news that the U.S. Treasury Secretary Steven Mnuchin and the Chinese Vice-Premier Liu He talked about trade over the phone on Friday. The two could possibly meet ahead of expected talks between the their presidents later this month.
The last trading day for November Soybeans is tomorrow.
There have been reports there is another case of the swine virus in the central part of China, in Hubei province. And yesterday there was news that African swine fever was found in a large Chinese animal feed producer.
It looks like the French corn crop is expected to be steady at 12.25 million tonnes.
Wheat futures in the U.S. finished the day mostly lower.
Japan has said it will split its regular weekly tender this week between the U.S., Canada and Australia. And Russia exporters are saying that Russia is edging into the market in Iraq, which normally buys wheat from the U.S., Canada or Australia.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down $4.24 at US$55.69 per barrel.
In the afternoon, the Canadian dollar was trading around US75.57 cents, down from 76.25 centsthe previous trading day. The U.S. dollar was C$1.3233.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Nov 18 473.70s -1.60 -0.34%
Canola Jan 19 480.80s -1.60 -0.33%
Canola Mar 19 488.20s -1.80 -0.37%
Canola May 19 495.70s -1.90 -0.38%
Canola Jul 19 500.40s -1.90 -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 Nov 18 867-2s -4-4 -0.52%
Soybeans Jan 19 878-2s -5-0 -0.57%
Soybeans Mar 19 891-6s -5-0 -0.56%
Soybeans May 19 905-0s -5-0 -0.55%
Soybeans Jul 19 918-0s -5-2 -0.57%
Soybean Meal Dec 18 303.9s -1.7 -0.56%
Soybean Meal Jan 19 305.8s -1.7 -0.55%
Soybean Meal Mar 19 308.5s -1.4 -0.45%
Soybean Oil Dec 18 27.55s -0.16 -0.58%
Soybean Oil Jan 19 27.73s -0.16 -0.57%
Soybean Oil Mar 19 28.02s -0.15 -0.53%
Corn Dec 18 366-4s -4-6 -1.28%
Corn Mar 19 377-6s -4-4 -1.18%
Corn May 19 385-6s -4-2 -1.09%
Corn Jul 19 393-2s -4-0 -1.01%
Corn Sep 19 394-6s -4-2 -1.07%
Oats Dec 18 284-4s -0-4 -0.18%
Oats Mar 19 285-4s +0-4 +0.18%
Oats May 19 287-4s +1-2 +0.44%
Oats Jul 19 286-6s +0-6 +0.26%
Oats Sep 19 281-0s +0-2 +0.09%
Wheat Dec 18 507-6s -12-0 -2.31%
Wheat Mar 19 517-6s -8-6 -1.66%
Wheat May 19 526-4s -7-4 -1.40%
Wheat Jul 19 535-2s -6-2 -1.15%
Wheat Sep 19 547-2s -5-6 -1.04%
Minneapolis
Spring Wheat Dec 18 578-2s -4-2 -0.73%
Spring Wheat Mar 19 580-0s -5-6 -0.98%
Spring Wheat May 19 588-0s -5-6 -0.97%
Spring Wheat Jul 19 595-6s -5-4 -0.91%
Spring Wheat Sep 19 603-6s -5-2 -0.86%
Kansas City
Hard Red Wheat Dec 18 486-4s -7-0 -1.42%
Hard Red Wheat Mar 19 509-4s -6-0 -1.16%
Hard Red Wheat May 19 523-0s -5-4 -1.04%
Hard Red Wheat Jul 19 535-4s -4-2 -0.79%
Hard Red Wheat Sep 19 549-2s -4-4 -0.81%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 18 115.375s +0.450 +0.39%
Live Cattle Feb 19 118.750s +0.750 +0.64%
Live Cattle Apr 19 120.625s +0.450 +0.37%
Feeder Cattle Nov 18 148.975s +0.600 +0.40%
Feeder Cattle Jan 19 146.975s +3.250 +2.26%
Feeder Cattle Mar 19 144.125s +2.400 +1.69%
Lean Hogs Dec 18 57.300s +0.750 +1.33%
Lean Hogs Feb 19 62.175s +0.650 +1.06%
Lean Hogs Apr 19 67.725s +0.400 +0.59%
