Winnipeg — The ICE Futures canola contacts finished the day weaker, trading below the C$480 per tonne mark during the session.
Chicago Board of Trade (CBOT) soybean, oil and meal contracts were all down too. There is concern about waning Chinese interest for United States soybeans. Many traders are thinking China is done purchasing U.S. soybeans and will wait to buy more until the South American harvest starts and they can buy from there.
In Canada traders are also thinking the current tensions between China and Canada have caused China to stop buying as much Canadian canola. Tensions have been on high alert since Canada arrested the Huawei chief financial officer and in recent days China has sentenced a Canadian to death over drug smuggling charges.
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The March canola contract broke below the psychological C$480 per tonne mark in early morning trade. The contract found support around the C$475 per tonne mark, however it could still drop to as low as C$470 per tonne.
About 15,341 canola contracts traded, which compares with Monday when 9,671 contracts changed hands. Spreading accounted for 7,158 of the contracts traded.
The National Oilseed Processors Association (NOPA) December soybean crush was released Tuesday morning. U.S. crush came in at 171.759 million bushels last month; this was the third highest on record for any month and above trade estimates.
China has culled 916,000 pigs after having around 100 outbreaks of African swine fever in the country, the agriculture ministry announced Tuesday. However, compared to the almost 700 million pigs China slaughtered in 2017, this current cull is a small amount of the Chinese hog population.
CBOT corn prices finished the day in the red.
The safrinha corn crop in the Parana region of Brazil is nine per cent seeded, which is up from last week and ahead of last year.
A private analyst has raised its estimate for Ukraine’s total grain exports to 46.07 million tonnes, due to an increase in corn exports to 25.75 million tonnes.
Wheat futures in the U.S. also finished the day weaker, being pulled down by the weaker corn and soy contracts.
Japan has a tender out for 111,961 tonnes of wheat.
China is still selling small chunks of their wheat stocks at auction. They sold 1,908 tonnes of wheat overnight.
The European Union soft wheat exports for the 2018/19 crop year are down by 26 per cent.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was up $1.60 at US$52.11 per barrel.
In the afternoon, the Canadian dollar was trading around US75.38 cents, down from 75.36 cents the previous trading day. The U.S. dollar was C$1.3266.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Mar 19 475.80s -3.90 -0.81%
Canola May 19 484.00s -4.10 -0.84%
Canola Jul 19 491.40s -4.60 -0.93%
Canola Nov 19 490.40s -5.40 -1.09%
Canola Jan 20 495.10s -5.40 -1.08%
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 Mar 19 893-2s -10-2 -1.13%
Soybeans May 19 906-6s -10-4 -1.14%
Soybeans Jul 19 919-6s -10-2 -1.10%
Soybeans Aug 19 925-2s -10-0 -1.07%
Soybeans Sep 19 928-6s -9-6 -1.04%
Soybean Meal Mar 19 309.3s -2.5 -0.80%
Soybean Meal May 19 313.0s -2.7 -0.86%
Soybean Meal Jul 19 316.9s -2.9 -0.91%
Soybean Oil Mar 19 28.24s -0.16 -0.56%
Soybean Oil May 19 28.52s -0.16 -0.56%
Soybean Oil Jul 19 28.81s -0.17 -0.59%
Corn Mar 19 371-2s -7-2 -1.92%
Corn May 19 379-6s -7-2 -1.87%
Corn Jul 19 387-4s -7-2 -1.84%
Corn Sep 19 391-4s -6-4 -1.63%
Corn Dec 19 396-4s -5-6 -1.43%
Oats Mar 19 292-4s -7-4 -2.50%
Oats May 19 286-6s -5-4 -1.88%
Oats Jul 19 285-2s -4-0 -1.38%
Oats Sep 19 275-2s -3-2 -1.17%
Oats Dec 19 274-6s -3-4 -1.26%
Wheat Mar 19 511-0s -3-2 -0.63%
Wheat May 19 516-0s -3-6 -0.72%
Wheat Jul 19 520-4s -4-0 -0.76%
Wheat Sep 19 529-0s -3-6 -0.70%
Wheat Dec 19 542-6s -3-6 -0.69%
Minneapolis
Spring Wheat Mar 19 562-0s -3-4 -0.62%
Spring Wheat May 19 566-6s -3-4 -0.61%
Spring Wheat Jul 19 573-6s -3-4 -0.61%
Spring Wheat Sep 19 580-6s -3-6 -0.64%
Spring Wheat Dec 19 593-6s -3-4 -0.59%
Kansas City
Hard Red Wheat Mar 19 495-4s -3-4 -0.70%
Hard Red Wheat May 19 506-6s -3-4 -0.69%
Hard Red Wheat Jul 19 517-0s -2-6 -0.53%
Hard Red Wheat Sep 19 529-4s -2-6 -0.52%
Hard Red Wheat Dec 19 546-4s -2-2 -0.41%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Feb 19 126.950s +1.525 +1.22%
Live Cattle Apr 19 127.425s +0.750 +0.59%
Live Cattle Jun 19 117.050s -0.125 -0.11%
Feeder Cattle Jan 19 144.750s -0.100 -0.07%
Feeder Cattle Mar 19 144.750s +0.350 +0.24%
Feeder Cattle Apr 19 145.500s +0.350 +0.24%
Lean Hogs Feb 19 62.150s +0.300 +0.49%
Lean Hogs Apr 19 66.950s +0.125 +0.19%
Lean Hogs May 19 71.975s -0.200 -0.28%
