WINNIPEG – ICE Futures canola contracts were stronger at the end of trading on Monday.
It’s believed short selling may be at its end and the technical bias has shifted to the upside.
Trading will be lull until spring planting, with little to push bids either way.
Ample supplies of palm and soy oils weighed on values.
Spring road restrictions began on Monday in Alberta and Saskatchewan and will start in Manitoba on Wednesday.
Minister of International Trade Jim Carr and Agriculture Minister Marie-Claude Bibeau have been scheduled to appear in front of a parliamentary committee during the week of April 1. Carr and Bibeau will discuss tensions between Canada and China and how it has affected trade.
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Feed Grains Weekly: Price likely to keep stepping back
As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
The Canadian dollar slipped below 75 U.S. cents at midafternoon Monday to 74.89 U.S. cents.
The South China Morning Post reported on Monday, that a meeting between United States President Donald Trump and Chinese President Xi Jinping will be further delayed. There are indications the two leaders will now meet sometime in June, rather than at the end of April, to sign a deal ending the U.S./China trade war.
Flooding has become an issue in Nebraska, Iowa, Missouri and Illinois. Delays to planting in the U.S. could see farmers switch from corn to soybeans.
INTL FC Stone forecast U.S. farmers will plant 87.7 million acres for 2019, a drop of 1.5 million acres from last year.
CORN futures were weaker on Monday. INTL FC Stone forecast U.S. farmers will plant 90.4 million acres of corn this year, an increase of 1.3 million acres from 2018.
WHEAT futures were mixed on Monday. Bids at Minneapolis were up, while those at Chicago and Kansas City were down.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was up 57 cents at US$59.09 per barrel.
In the afternoon, the Canadian dollar was trading around US74.93 cents, down from 74.95 cents the previous trading day. The U.S. dollar was C$1.3345.
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 19 466.30s +1.50 +0.32%
Canola Jul 19 474.50s +1.60 +0.34%
Canola Nov 19 486.00s +2.60 +0.54%
Canola Jan 20 491.60s +2.40 +0.49%
Canola Mar 20 495.60s +2.60 +0.53%
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 May 19 905-6s -3-4 -0.38%
Soybean Jul 19 919-2s -3-6 -0.41%
Soybean Aug 19 925-4s -3-2 -0.35%
Soybean Sep 19 930-0s -3-2 -0.35%
Soybean Nov 19 939-0s -3-4 -0.37%
Soybean Meal May 19 309.8s -1.0 -0.32%
Soybean Meal Jul 19 313.5s -1.0 -0.32%
Soybean Meal Aug 19 315.0s -1.0 -0.32%
Soybean Oil May 19 29.44s +0.01 +0.03%
Soybean Oil Jul 19 29.76s +0.02 +0.07%
Soybean Oil Aug 19 29.90s +0.01 +0.03%
Corn May 19 371-4s -1-6 -0.47%
Corn Jul 19 380-6s -1-4 -0.39%
Corn Sep 19 387-4s -1-2 -0.32%
Corn Dec 19 394-6s -1-2 -0.32%
Corn Mar 20 405-6s -1-2 -0.31%
Oats May 19 278-0s +1-0 +0.36%
Oats Jul 19 275-2s unch unch
Oats Sep 19 269-2s -1-2 -0.46%
Oats Dec 19 264-0s -0-6 -0.28%
Oats Mar 20 260-6s -1-2 -0.48%
Wheat May 19 456-6s -5-4 -1.19%
Wheat Jul 19 463-4s -4-6 -1.01%
Wheat Sep 19 472-0s -4-6 -1.00%
Wheat Dec 19 486-6s -4-2 -0.87%
Wheat Mar 20 499-6s -4-2 -0.84%
Minneapolis
Spring Wheat May 19 560-6s +6-0 +1.08%
Spring Wheat Jul 19 562-0s +4-4 +0.81%
Spring Wheat Sep 19 567-4s +3-0 +0.53%
Spring Wheat Dec 19 580-0s +2-6 +0.48%
Spring Wheat Mar 20 592-2s +2-2 +0.38%
Kansas City
Hard Red Wheat May 19 436-4s -6-4 -1.47%
Hard Red Wheat Jul 19 446-0s -5-6 -1.27%
Hard Red Wheat Sep 19 458-4s -4-6 -1.03%
Hard Red Wheat Dec 19 479-0s -3-4 -0.73%
Hard Red Wheat Mar 20 496-2s -3-0 -0.60%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 19 128.325s -0.775 -0.60%
Live Cattle Jun 19 122.575s +0.650 +0.53%
Live Cattle Aug 19 118.100s +0.375 +0.32%
Feeder Cattle Mar 19 141.650s +0.325 +0.23%
Feeder Cattle Apr 19 146.300s -0.625 -0.43%
Feeder Cattle May 19 148.325s -0.125 -0.08%
Lean Hogs Apr 19 71.025s +2.225 +3.23%
Lean Hogs May 19 79.675s +1.775 +2.28%
Lean Hogs Jun 19 87.800s +1.275 +1.47%
