ICE Futures canola contracts were weaker on Thursday, as losses in most outside equity and energy markets spilled into the grains and oilseeds.
Declines in Chicago Board of Trade soybean and soyoil contracts contributed to the softer tone in canola, with the losses in soybeans coming despite some solid weekly export data.
Ample canola supplies in the commercial pipeline and a seasonal slowdown in demand also weighed on canola, according to participants.
However, weakness in the Canadian dollar provided some underlying support as the currency dipped below 74 U.S. cents.
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About 24,749 canola contracts traded, which compares with Wednesday when 24,162 contracts changed hands. Spreading accounted for 17,550 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were weaker on Thursday, as the selloff in the stock market spilled into the market.
The losses in beans came despite strong export business, with traders still looking for more sales.
The United States Department of Agriculture (USDA) reported weekly U.S. soybean export sales of 2.8 million tonnes, which topped trade expectations. Additional flash sales of 200,000 tonnes to China and another 250,000 tonnes to unknown destinations were also reported.
There was talk that China could buy another two million tonnes over the next week, although trade relations between the U.S. and China remain somewhat shaky after the U.S. charged two Chinese men with hacking into U.S. government networks.
CORN futures were also pressured lower by the broad-based sense of risk-aversion in the financial markets.
The USDA announced weekly corn export sales of nearly two million tonnes for delivery during the current crop year and an additional 542,000 tonnes for 2019/20.
The USDA also announced additional private sales of 426,000 tonnes to Mexico this morning.
WHEAT settled near unchanged, seeing some consolidation after yesterday’s declines.
Chart-based positioning was a feature – as the weekly export data was relatively soft for wheat. The USDA reported weekly wheat export sales of only 313,000 tonnes, which was below trade estimates and well off the previous week’s total.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up xx cents at US$xx.xx per barrel.
In the afternoon, the Canadian dollar was trading around USxx.xx cents, down from xx.xx cents the previous trading day. The U.S. dollar was C$1.xxxx. 1/.7795
Winnipeg ICE Futures Canada dollars per tonne.
Name / Contract Last Change % Change
Canola Jan 19 477.40s -3.00 -0.62%
Canola Mar 19 485.80s -2.70 -0.55%
Canola May 19 493.60s -2.50 -0.50%
Canola Jul 19 500.30s -2.40 -0.48%
Canola Nov 19 498.00s -0.40 -0.08%
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 Jan 19 893-4s -6-4 -0.72%
Soybeans Mar 19 906-2s -6-6 -0.74%
Soybeans May 19 919-2s -6-4 -0.70%
Soybeans Jul 19 931-2s -6-4 -0.69%
Soybeans Aug 19 935-6s -6-4 -0.69%
Soybean Meal Jan 19 307.7s -0.1 -0.03%
Soybean Meal Mar 19 312.0s unch unch
Soybean Meal May 19 315.2s -0.4 -0.13%
Soybean Oil Jan 19 28.20s -0.26 -0.91%
Soybean Oil Mar 19 28.48s -0.24 -0.84%
Soybean Oil May 19 28.72s -0.26 -0.90%
Corn Mar 19 375-2s -6-4 -1.70%
Corn May 19 383-0s -6-6 -1.73%
Corn Jul 19 390-2s -6-4 -1.64%
Corn Sep 19 392-2s -6-0 -1.51%
Corn Dec 19 396-6s -5-6 -1.43%
Oats Mar 19 278-2s -8-2 -2.88%
Oats May 19 281-4s -7-4 -2.60%
Oats Jul 19 281-2s -6-2 -2.17%
Oats Sep 19 271-0s -3-4 -1.28%
Oats Dec 19 263-6s -2-0 -0.75%
Wheat Mar 19 523-4s +1-0 +0.19%
Wheat May 19 531-0s +1-2 +0.24%
Wheat Jul 19 538-2s +1-2 +0.23%
Wheat Sep 19 546-0s +1-2 +0.23%
Wheat Dec 19 559-4s +2-0 +0.36%
Minneapolis
Spring Wheat Mar 19 568-0s -0-4 -0.09%
Spring Wheat May 19 574-6s -0-2 -0.04%
Spring Wheat Jul 19 581-0s -0-2 -0.04%
Spring Wheat Sep 19 589-0s unch unch
Spring Wheat Dec 19 601-4s unch unch
Kansas City
Hard Red Wheat Mar 19 509-4s +1-0 +0.20%
Hard Red Wheat May 19 520-6s +0-6 +0.14%
Hard Red Wheat Jul 19 532-2s +0-6 +0.14%
Hard Red Wheat Sep 19 543-2s unch unch
Hard Red Wheat Dec 19 560-6s unch unch
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 18 120.225s +0.500 +0.42%
Live Cattle Feb 19 122.350s +0.100 +0.08%
Live Cattle Apr 19 124.575s unch unch
Feeder Cattle Jan 19 147.425s +1.225 +0.84%
Feeder Cattle Mar 19 145.450s +1.175 +0.81%
Feeder Cattle Apr 19 145.900s +1.100 +0.76%
Lean Hogs Feb 19 62.375s -0.325 -0.52%
Lean Hogs Apr 19 67.775s -0.100 -0.15%
Lean Hogs May 19 73.850s +0.100 +0.14%
