Winnipeg (CNS Canada) – ICE Futures canola contracts were weaker on Monday, as losses in Chicago soyoil and other world vegetable oil markets weighed on prices.
Chart-based speculative selling contributed to the declines, as prices fell to their lowest levels in three weeks.
Large commercial supplies and concerns over Chinese demand also weighed on values, according to traders.
However, weakness in the Canadian dollar provided some support. Relatively solid crush margins also kept domestic processors interested on a scale down basis.
About 25,432 canola contracts traded on Monday, which compares with Friday when 44,256 contracts changed hands. Spreading accounted for 21,708 of the contracts traded.
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U.S. grains: Soybeans, corn fall on harvest pressure
U.S. corn and soybean futures were lower on Monday in choppy trade, pressured by the expanding Midwest harvest of both crops, but uncertainty about quarterly government stocks data due on Tuesday kept a floor under prices, analysts said.
SOYBEAN futures were lower on Monday, with soyoil leading to the downside.
Trade talks between the United States and China are taking place in Beijing this week, keeping some caution in the futures. A looming Friday deadline before another possible U.S. government shutdown also kept traders on edge.
Weekly U.S. soybean export sales came in at just over a million tonnes, with Chinese business accounting for nearly half of the movement, according to a report from the U.S. Department of Agriculture.
The USDA also announced a 120,000 tonne sale of soymeal to Ecuador.
The advancing Brazilian harvest weighed on prices, with progress running well ahead of normal.
However, hot and dry conditions during the growing season cut into yield prospects in the South American country, providing some underlying support. Brazil’s AgRural pegged the crop at 112.5 million tonnes, which would be 3.5 million tonnes below the USDA’s latest estimate.
CORN futures posted small losses, with strength in the U.S. dollar index behind some of the weakness as the rising currency may cut into export demand. for some fresh fundamental news to push it one way or the other.
Weekly U.S. corn export inspections of 743,000 tonnes were down by 17.5 per cent from the previous week.
WHEAT futures were mixed, as the three markets saw some spread adjustments.
The USDA announced flash sales of 128,000 tonnes of hard red winter wheat to Nigeria this morning, and an additional 120,000 tonnes of soft red winter wheat to Egypt.
Weekly U.S. wheat export sales of 562,000 tonnes were well above the previous week’s level.
While the business was supportive for prices, the U.S. continues to face stiff competition from Russia.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down 31 cents at US$52.41 per barrel.
In the afternoon, the Canadian dollar was trading around US75.22 cents, down from 75.36 cents the previous trading day. The U.S. dollar was C$1.3294.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Mar 19 479.70s -3.60 -0.74%
Canola May 19 487.90s -3.90 -0.79%
Canola Jul 19 495.80s -4.10 -0.82%
Canola Nov 19 494.70s -4.50 -0.90%
Canola Jan 20 499.30s -4.60 -0.91%
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
Soybean Mar 19 905-0s -9-4 -1.04%
Soybean May 19 919-2s -9-4 -1.02%
Soybean Jul 19 933-0s -9-2 -0.98%
Soybean Aug 19 938-4s -9-2 -0.98%
Soybean Sep 19 941-2s -9-0 -0.95%
Soybean Meal Mar 19 304.9s -1.2 -0.39%
Soybean Meal May 19 308.9s -1.2 -0.39%
Soybean Meal Jul 19 312.8s -1.2 -0.38%
Soybean Oil Mar 19 30.24s -0.63 -2.04%
Soybean Oil May 19 30.57s -0.62 -1.99%
Soybean Oil Jul 19 30.88s -0.61 -1.94%
Corn Mar 19 372-6s -1-4 -0.40%
Corn May 19 380-6s -1-4 -0.39%
Corn Jul 19 388-4s -1-4 -0.38%
Corn Sep 19 392-0s -1-4 -0.38%
Corn Dec 19 397-6s -1-4 -0.38%
Oats Mar 19 282-2s -2-0 -0.70%
Oats May 19 285-0s -1-6 -0.61%
Oats Jul 19 284-4s -1-4 -0.52%
Oats Sep 19 276-4s -1-6 -0.63%
Oats Dec 19 268-6s -2-4 -0.92%
Wheat Mar 19 518-2s +1-0 +0.19%
Wheat May 19 520-4s +1-0 +0.19%
Wheat Jul 19 522-6s +0-4 +0.10%
Wheat Sep 19 530-4s +0-6 +0.14%
Wheat Dec 19 543-6s +1-2 +0.23%
Minneapolis
Spring Wheat Mar 19 573-6s +5-2 +0.92%
Spring Wheat May 19 569-4s +0-4 +0.09%
Spring Wheat Jul 19 574-4s unch unch
Spring Wheat Sep 19 580-0s -0-2 -0.04%
Spring Wheat Dec 19 592-2s -0-2 -0.04%
Kansas City
Hard Red Wheat Mar 19 493-6s -0-4 -0.10%
Hard Red Wheat May 19 499-4s -1-6 -0.35%
Hard Red Wheat Jul 19 507-2s -1-6 -0.34%
Hard Red Wheat Sep 19 518-4s -1-0 -0.19%
Hard Red Wheat Dec 19 536-2s -0-4 -0.09%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Feb 19 127.825s +0.450 +0.35%
Live Cattle Apr 19 128.300s +0.375 +0.29%
Live Cattle Jun 19 118.375s +0.275 +0.23%
Feeder Cattle Mar 19 144.675s +0.575 +0.40%
Feeder Cattle Apr 19 146.675s +0.775 +0.53%
Feeder Cattle May 19 147.675s +0.775 +0.53%
Lean Hogs Feb 19 55.175s +0.125 +0.23%
Lean Hogs Apr 19 59.075s +0.650 +1.11%
Lean Hogs May 19 67.400s +1.000 +1.51%
