WINNIPEG, – Intercontinental Exchange (ICE) Futures canola contracts were steady to stronger on Thursday, due to spillover from Chicago. However, forecasts of rain and a stronger Canadian dollar weighed on values.
Gains were made on the Chicago Board of Trade as trade talks between the United States and China will resume in the near future. The spillover was felt in the canola market.
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The Canadian dollar rose to 75.78 U.S. cents by mid-afternoon Thursday on increased crude oil prices.
Tensions rose in the Persian Gulf earlier today after Iran shot down an U.S. military drone Iran claimed the drone was over its airspace, while U.S. claimed the drone was over international waters. Fears of a wider confrontation boosted oil prices.
There were 34,483 contracts traded on Thursday, which compares with Wednesday when 25,312 contracts changed hands. Spreading accounted for 24,482 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Nov 469.70 up 0.40
Jan 476.90 up 1.00
Mar 482.70 up 1.10
SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Thursday, due to concerns about the weather and the coming resumption of U.S./China trade talks in the near future.
Soybean bids rose by 12 cents per bushel, while soyoil was up 0.22 of a cent and soymeal jumped US$6.10 per hundredweight.
The weather forecast has called for two inches or more rain over the U.S. Midwest and Plains. The thoroughly soaked region is likely to see acres go unplanted and reduced yields from crops struggling to grow.
Chinese President Xi Jinping and U.S. President Donald Trump spoke by phone on Wednesday, and agreed that trade talks will be restarted. Also, the presidents will discuss trade at next week’s G20 Summit in Japan.
Thursday’s export sales report from the U.S Department of Agriculture (USDA) said 772,000 tonnes of soybeans were sold. That was near the top of market expectations.
CORN futures were higher Thursday, on spillover from soybeans.
Prices climbed by eight to nine cents per bushel.
Corn export sales came in at 399,000 tonnes, according to the USDA. The sales were at the low end of market expectations.
An Iowa State University agriculture economist predicted U.S. corn yields could fall by 20 to 22 per cent this year. That would put the national average yield at 135 bushels per acre.
WHEAT futures were mixed on Thursday, with gains at Chicago of four to five cents per bushel and two to three cents at Kansas City wheat. Bids at Minneapolis futures lost about three cents per bushel.
Wheat exports sales were disappointing, as 188,000 tonnes were sold. That was 10,000 tonnes under the low end of expectations.
Ahead of Statistics Canada’s acreage production report, scheduled for June 26, a group of analysts pegged total wheat acres in Canada at 25.70 million acres, which would be relatively steady with April’s estimate 25.67 million and one million acres more than last year.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was up $2.89 at US$56.65 per barrel.
In the afternoon, the Canadian dollar was trading around US75.81 cents, up from 74.95 cents the previous trading day. The U.S. dollar was C$1.3191.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jul 19 455.80s +0.30 +0.07%
Canola Nov 19 469.70s +0.40 +0.09%
Canola Jan 20 476.90s +1.00 +0.21%
Canola Mar 20 482.70s +1.10 +0.23%
Canola May 20 487.20s +1.00 +0.21%
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 Jul 19 915-4s +12-2 +1.36%
Soybean Aug 19 921-6s +12-2 +1.35%
Soybean Sep 19 928-0s +12-0 +1.31%
Soybean Nov 19 941-0s +12-2 +1.32%
Soybean Jan 20 953-2s +12-2 +1.30%
Soybean Meal Jul 19 323.0s +6.1 +1.92%
Soybean Meal Aug 19 324.2s +6.0 +1.89%
Soybean Meal Sep 19 325.9s +6.1 +1.91%
Soybean Oil Jul 19 28.59s +0.22 +0.78%
Soybean Oil Aug 19 28.72s +0.22 +0.77%
Soybean Oil Sep 19 28.83s +0.22 +0.77%
Corn Jul 19 450-0s +9-0 +2.04%
Corn Sep 19 454-6s +8-4 +1.90%
Corn Dec 19 461-0s +7-6 +1.71%
Corn Mar 20 466-2s +7-4 +1.63%
Corn May 20 468-0s +7-6 +1.68%
Oats Jul 19 283-6s -1-6 -0.61%
Oats Sep 19 280-6s -3-6 -1.32%
Oats Dec 19 283-0s -5-4 -1.91%
Oats Mar 20 286-6s -5-4 -1.88%
Oats May 20 286-0s -5-4 -1.89%
Wheat Jul 19 526-4s +4-2 +0.81%
Wheat Sep 19 531-6s +5-0 +0.95%
Wheat Dec 19 541-4s +5-4 +1.03%
Wheat Mar 20 552-2s +5-6 +1.05%
Wheat May 20 555-2s +6-0 +1.09%
Minneapolis
Spring Wheat Jul 19 538-2s -3-2 -0.60%
Spring Wheat Sep 19 545-4s -3-0 -0.55%
Spring Wheat Dec 19 557-4s -3-4 -0.62%
Spring Wheat Mar 20 571-0s -2-2 -0.39%
Spring Wheat May 20 579-0s -2-2 -0.39%
Kansas City
Hard Red Wheat Jul 19 460-4s +3-0 +0.66%
Hard Red Wheat Sep 19 470-6s +2-6 +0.59%
Hard Red Wheat Dec 19 491-4s +1-4 +0.31%
Hard Red Wheat Mar 20 512-2s +1-2 +0.24%
Hard Red Wheat May 20 524-6s +0-6 +0.14%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Jun 19 108.175s -0.325 -0.30%
Live Cattle Aug 19 103.950s -0.600 -0.57%
Live Cattle Oct 19 105.575s -0.525 -0.49%
Feeder Cattle Aug 19 134.700s -1.825 -1.34%
Feeder Cattle Sep 19 135.375s -1.625 -1.19%
Feeder Cattle Oct 19 135.825s -1.600 -1.16%
Lean Hogs Jul 19 79.250s -2.375 -2.91%
Lean Hogs Aug 19 80.900s -2.100 -2.53%
Lean Hogs Oct 19 75.725s -1.725 -2.23%
