Winnipeg (CNS Canada) – ICE Futures Canada canola contracts were weaker on Friday, although activity was thin and choppy with spillover selling from the losses in Chicago soybeans countered by strength in soyoil.
A forecast from Agriculture and Agri-Food Canada predicting a one million acre increase in canola area in 2018 compared to 2017 added to the softer tone, with the government agency pegging canola plantings at a record 24.0 million acres.
Ag Canada is also predicting large ending stocks of 2.0 million tonnes for the current crop year and 2.25 million by July 2019. That would compare with the 1.3 million tonnes carried forward from this past crop year.
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Solid end-user demand and a lack of significant farmer selling were supportive, helping limit the losses.
About 11,282 canola contracts traded on Friday, which compares with Thursday when 16,557 contracts changed hands. Spreading accounted for 6,636 of the contracts traded.
Soybean futures at the Chicago Board of Trade moved lower on Friday, as weekly soybean export sales reported by the United States Department of Agriculture came in below trade expectations at about 760,000 tonnes (old and new crop combined).
Chart based selling, as prices backed away from nearby resistance, contributed to the declines.
However, ongoing concerns over dry conditions in Argentina provided some support, with some intended acres likely going unseeded due to the lack of moisture.
CBOT corn futures were firmer, as weekly U.S. corn sales of about 1.5 million tonnes topped trade guesses and brought in some short-covering ahead of the weekend.
The USDA also announced a private export sale of 125,000 tonnes to unknown destinations this morning.
All three U.S. wheat markets were higher, with the Chicago and Kansas City winter wheats leading to the upside as speculators covered short positions.
Weekly U.S. wheat export sales of about 430,000 tonnes came in at the high end of trade guesses, lending some support. Dry conditions in the southern U.S. Plains added to the firmer tone.
However, the large world supply situation continued to weigh on values.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 63 cents at US$66.14 per barrel.
In the afternoon, the Canadian dollar was trading around US81.14 cents, up from 80.77 cents the previous trading day. The U.S. dollar was C$1.2324.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Mar 18 493.70s -2.30 -0.46%
Canola May 18 500.30s -2.60 -0.52%
Canola Jul 18 505.40s -3.00 -0.59%
Canola Nov 18 502.00s -2.20 -0.44%
Canola Jan 19 507.10s -2.70 -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
Soybeans Mar 18 985-4s -6-6 -0.68%
Soybeans May 18 997-0s -6-6 -0.67%
Soybeans Jul 18 1006-4s -6-6 -0.67%
Soybeans Aug 18 1008-6s -6-4 -0.64%
Soybeans Sep 18 1004-2s -5-6 -0.57%
Soybean Meal Mar 18 335.7s -4.7 -1.38%
Soybean Meal May 18 338.8s -4.7 -1.37%
Soybean Meal Jul 18 340.9s -4.6 -1.33%
Soybean Oil Mar 18 32.79s +0.29 +0.89%
Soybean Oil May 18 32.99s +0.30 +0.92%
Soybean Oil Jul 18 33.19s +0.30 +0.91%
Corn Mar 18 356-4s +1-2 +0.35%
Corn May 18 365-0s +1-2 +0.34%
Corn Jul 18 373-2s +1-4 +0.40%
Corn Sep 18 380-6s +1-4 +0.40%
Corn Dec 18 389-4s +1-0 +0.26%
Oats Mar 18 266-0s +5-0 +1.92%
Oats May 18 259-0s +3-6 +1.47%
Oats Jul 18 260-2s +2-2 +0.87%
Oats Sep 18 262-0s +2-2 +0.87%
Oats Dec 18 260-0s +2-0 +0.78%
Wheat Mar 18 441-0s +6-4 +1.50%
Wheat May 18 453-6s +6-4 +1.45%
Wheat Jul 18 466-4s +6-6 +1.47%
Wheat Sep 18 480-2s +6-2 +1.32%
Wheat Dec 18 498-6s +5-6 +1.17%
Minneapolis
Spring Wheat Mar 18 614-4s +4-2 +0.70%
Spring Wheat May 18 624-0s +3-4 +0.56%
Spring Wheat Jul 18 630-6s +3-2 +0.52%
Spring Wheat Sep 18 626-4s +1-2 +0.20%
Spring Wheat Dec 18 637-2s +1-4 +0.24%
Kansas City
Hard Red Wheat Mar 18 443-0s +8-0 +1.84%
Hard Red Wheat May 18 457-6s +8-2 +1.84%
Hard Red Wheat Jul 18 474-4s +8-0 +1.71%
Hard Red Wheat Sep 18 491-0s +7-4 +1.55%
Hard Red Wheat Dec 18 511-2s +7-2 +1.44%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Feb 18 124.600s +2.125 +1.74%
Live Cattle Apr 18 124.625s +2.025 +1.65%
Live Cattle Jun 18 116.175s +1.950 +1.71%
Feeder Cattle Mar 18 146.725s +2.800 +1.95%
Feeder Cattle Apr 18 147.225s +2.500 +1.73%
Feeder Cattle May 18 147.050s +2.475 +1.71%
Lean Hogs Feb 18 72.275s -0.200 -0.28%
Lean Hogs Apr 18 73.800s -0.025 -0.03%
Lean Hogs May 18 78.875s -0.025 -0.03%
