ICE Futures canola contracts ended mixed on Monday, with a firmer tone in the front months and losses in the more deferred positions.
While gains in Chicago Board of Trade soybeans were supportive, soyoil was lower and canola traders showed a reluctance to push values too far one way or the other.
End-user demand provided some underlying support for
Canola, according to participants, with recent improvements in crush margins thought to be bringing in some exporter and domestic crusher demand.
Recent weakness in the Canadian dollar was also supportive.
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About 31,956 canola contracts traded, which compares with Friday when 32,007 contracts changed hands. Spreading accounted for 21,066 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were stronger on Monday, as the market saw a bit of a correction after Friday’s losses.
Expectations for increased Chinese purchases, as tensions between the United States and China eased somewhat last week, were also supportive.
The National Oilseed Processors Association reported that 167 million bushels of soybeans were crushed in the U.S. in November, marking a new record for the month. However, the crush still came in below market expectations.
Forecasts calling for improving moisture conditions for Brazilian soybean crops put some pressure on the market.
CORN futures settled with small losses, with chart-based profit-taking a feature amid a lack of any fresh fundamental news.
However, ideas that China will be looking to buy more U.S. corn in the New Year were somewhat supportive.
WHEAT futures were stronger on Monday, taking some direction from recent strength in the Russian wheat market.
After being active exporters this marketing year, Russian wheat supplies are reportedly tightening and there is talk that the country will soon need to take a step back from the export market. The Russian agriculture minister is set to meet with grain traders in the country later this week.
Reports that planted U.S. winter wheat acres came in considerably below early expectations were also supportive.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down $1.32 at US$49.88 per barrel.
In the afternoon, the Canadian dollar was trading around US74.63 cents, down from 74.74 cents the previous trading day. The U.S. dollar was C$1.3399.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 19 478.40s +0.60 +0.13%
Canola Mar 19 485.50s +0.30 +0.06%
Canola May 19 492.40s -0.10 -0.02%
Canola Jul 19 498.30s -0.50 -0.10%
Canola Nov 19 491.20s -1.20 -0.24%
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 Jan 19 904-6s +4-2 +0.47%
Soybeans Mar 19 918-0s +4-2 +0.47%
Soybeans May 19 931-4s +4-4 +0.49%
Soybeans Jul 19 943-0s +4-2 +0.45%
Soybeans Aug 19 947-0s +4-0 +0.42%
Soybean Meal Jan 19 309.1s +1.8 +0.59%
Soybean Meal Mar 19 313.4s +1.8 +0.58%
Soybean Meal May 19 317.1s +1.7 +0.54%
Soybean Oil Jan 19 28.17s -0.32 -1.12%
Soybean Oil Mar 19 28.45s -0.31 -1.08%
Soybean Oil May 19 28.74s -0.30 -1.03%
Corn Mar 19 384-0s -0-6 -0.19%
Corn May 19 391-6s -0-4 -0.13%
Corn Jul 19 398-2s -0-4 -0.13%
Corn Sep 19 399-6s -0-2 -0.06%
Corn Dec 19 403-4s -0-2 -0.06%
Oats Mar 19 288-0s +0-4 +0.17%
Oats May 19 290-6s +1-4 +0.52%
Oats Jul 19 288-2s +2-2 +0.79%
Oats Sep 19 275-2s +2-2 +0.82%
Oats Dec 19 271-0s +5-6 +2.17%
Wheat Mar 19 535-2s +5-2 +0.99%
Wheat May 19 541-6s +5-2 +0.98%
Wheat Jul 19 547-6s +5-0 +0.92%
Wheat Sep 19 554-4s +4-6 +0.86%
Wheat Dec 19 566-0s +5-2 +0.94%
Minneapolis
Spring Wheat Mar 19 585-2s +1-2 +0.21%
Spring Wheat May 19 590-4s +1-4 +0.25%
Spring Wheat Jul 19 596-6s +1-6 +0.29%
Spring Wheat Sep 19 603-4s +2-0 +0.33%
Spring Wheat Dec 19 614-6s +2-6 +0.45%
Kansas City
Hard Red Wheat Mar 19 522-0s +3-6 +0.72%
Hard Red Wheat May 19 533-4s +4-2 +0.80%
Hard Red Wheat Jul 19 543-6s +5-2 +0.97%
Hard Red Wheat Sep 19 555-2s +5-2 +0.95%
Hard Red Wheat Dec 19 571-4s +5-0 +0.88%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 18 119.025s -0.550 -0.46%
Live Cattle Feb 19 121.550s -0.850 -0.69%
Live Cattle Apr 19 123.850s -0.650 -0.52%
Feeder Cattle Jan 19 145.375s -2.200 -1.49%
Feeder Cattle Mar 19 143.325s -2.450 -1.68%
Feeder Cattle Apr 19 144.100s -2.150 -1.47%
Lean Hogs Feb 19 63.825s -0.675 -1.05%
Lean Hogs Apr 19 68.975s -1.075 -1.53%
Lean Hogs May 19 74.650s -1.125 -1.48%
