WINNIPEG, Manitoba, (Reuters) – ICE canola futures dipped on Monday, as ample supplies and soft demand kept the market locked in its trading range.
Large leftover Canadian supplies from last year’s harvest and expectations for a decent Canadian crop this year despite earlier dry conditions have weighed on the market, a trader said.
A stronger Canadian dollar added to pressure. The dollar strengthened against its U.S. counterpart ahead of a widely expected Federal Reserve interest rate cut this week.
China, the biggest export market for Canadian canola usually, continues to balk at purchasing supplies amid a diplomatic dispute.
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November canola lost $1.10 to $449.40 per tonne.
November-January canola spread traded 1,242 times.
Chicago August soybeans traded slightly higher as dry weather threatened U.S. Midwest crops, and on hopes for progress in U.S.-China trade talks.Paris Matif November rapeseed futures and Malaysian October palm oil futures eased.
Consultancy Strategie Grains cut its monthly forecast of the 2019 rapeseed harvest in the European Union to 17.40 million tonnes from 17.81 million a month ago.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was up $1.05 at US$57.05 per barrel.
In the afternoon, the Canadian dollar was trading down .13 cents at US75.99 cents. The U.S. dollar was C$1.3137.
$1.3159.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 19 449.40s -1.10 -0.24%
Canola Jan 20 457.10s -1.00 -0.22%
Canola Mar 20 464.30s -1.00 -0.21%
Canola May 20 469.80s -0.80 -0.17%
Canola Jul 20 474.90s -0.30 -0.06%
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 Aug 19 885-6s +2-4 +0.28%
Soybean Sep 19 891-4s +2-6 +0.31%
Soybean Nov 19 904-2s +3-2 +0.36%
Soybean Jan 20 917-4s +3-2 +0.36%
Soybean Mar 20 929-2s +3-4 +0.38%
Soybean Meal Aug 19 304.2s +1.1 +0.36%
Soybean Meal Sep 19 306.3s +1.4 +0.46%
Soybean Meal Oct 19 308.0s +1.5 +0.49%
Soybean Oil Aug 19 28.43s -0.04 -0.14%
Soybean Oil Sep 19 28.59s -0.04 -0.14%
Soybean Oil Oct 19 28.71s -0.04 -0.14%
Corn Sep 19 417-0s +2-4 +0.60%
Corn Dec 19 427-0s +2-4 +0.59%
Corn Mar 20 436-6s +2-2 +0.52%
Corn May 20 440-6s +2-0 +0.46%
Corn Jul 20 444-2s +2-0 +0.45%
Oats Sep 19 258-6s +1-2 +0.49%
Oats Dec 19 264-2s +1-2 +0.48%
Oats Mar 20 268-6s +1-0 +0.37%
Oats May 20 268-0s +1-0 +0.37%
Oats Jul 20 267-6s +1-0 +0.37%
Wheat Sep 19 503-4s +7-4 +1.51%
Wheat Dec 19 508-4s +4-2 +0.84%
Wheat Mar 20 518-0s +2-6 +0.53%
Wheat May 20 523-2s +2-6 +0.53%
Wheat Jul 20 524-6s +3-4 +0.67%
Minneapolis
Spring Wheat Sep 19 532-4s +8-0 +1.53%
Spring Wheat Dec 19 543-2s +6-4 +1.21%
Spring Wheat Mar 20 556-2s +5-4 +1.00%
Spring Wheat May 20 565-2s +5-6 +1.03%
Spring Wheat Jul 20 573-2s +5-6 +1.01%
Kansas City
Hard Red Wheat Sep 19 436-4s +4-4 +1.04%
Hard Red Wheat Dec 19 454-0s +3-6 +0.83%
Hard Red Wheat Mar 20 470-6s +3-4 +0.75%
Hard Red Wheat May 20 481-6s +3-2 +0.68%
Hard Red Wheat Jul 20 486-6s +2-6 +0.57%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Aug 19 108.650s unch unch
Live Cattle Oct 19 109.450s -0.450 -0.41%
Live Cattle Dec 19 113.850s -0.450 -0.39%
Feeder Cattle Aug 19 142.300s -1.425 -0.99%
Feeder Cattle Sep 19 142.825s -1.275 -0.88%
Feeder Cattle Oct 19 142.575s -1.000 -0.70%
Lean Hogs Aug 19 84.425s -2.000 -2.31%
Lean Hogs Oct 19 76.450s -3.000 -3.78%
Lean Hogs Dec 19 75.450s -2.650 -3.39%
