Big stocks for canola; oilseeds down for the day

Winnipeg (CNS Canada) – The ICE Futures Canada canola market ended lower on Friday, tracking losses in Chicago Board of Trade soybeans.

Fund action was extremely limited, resulting in a day of low-volume trade.

Statistics Canada released stocks numbers today that pegged canola stocks at a whopping 9.1 million tonnes as of March 31, which pressured the market.

There continues to be ideas that farmers will plant more canola than StatsCan’s official estimate.

However, interest in canola is strong these days from China as that country grapples with trade disputes between itself and the United States. China is already importing massive volumes of soybeans from South America.

However, strength in the Canadian dollar was bearish for canola, as it made the commodity less attractive on the international market.

Gains in soyoil helped to limit the losses.

Around 9,407 canola contracts were traded on Friday, which compares with Thursday when around 9,447 contracts changed hands. Spreading accounted for 4,814 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

Soybean futures suffered sharp losses on Friday, weighed down by technical selling.

Weakness in global markets also spilled over into the soybean futures, according to a report.

Concerns over the trade dispute between China and the U.S. undermined the market.

Corn futures finished slightly lower as traders squared positions ahead of the weekend.

On Monday, the USDA will release planting progress estimates for crops in the U.S. Many analysts believe the U.S. corn number will be close to the five-year average of 63 percent.

Many fields in the Mississippi Delta could use some rain.

Chicago wheat ended lower in speculative trade.

Prices were pressured by forecasts calling for rain this weekend in the U.S. Plains.

This morning, Statistics Canada pegged Canadian wheat stocks as of March 31 at 16.4 million tonnes. That’s down by about 600,000 tonnes from the same point last year.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 66 cents at US$70.70 per barrel.

In the afternoon, the Canadian dollar was trading around US78.18 cents, down from 78.32 cents the previous trading day. The U.S. dollar was C$1.2791.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola May 18 531.80s -0.90 -0.17%

Canola Jul 18 532.30s -0.90 -0.17%

Canola Nov 18 519.50s +1.70 +0.33%

Canola Jan 19 522.80s -1.30 -0.25%

Canola Mar 19 525.70s -0.80 -0.15%

 

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 May 18 994-6s -18-4 -1.83%

Soybeans Jul 18 1003-2s -18-0 -1.76%

Soybeans Aug 18 1007-2s -17-4 -1.71%

Soybeans Sep 18 1010-0s -17-2 -1.68%

Soybeans Nov 18 1014-2s -16-6 -1.62%

 

Soybean Meal May 18 382.7s -7.8 -2.00%

Soybean Meal Jul 18 378.6s -7.5 -1.94%

Soybean Meal Aug 18 376.8s -7.1 -1.85%

 

Soybean Oil May 18 31.17s +0.19 +0.61%

Soybean Oil Jul 18 31.31s +0.18 +0.58%

Soybean Oil Aug 18 31.42s +0.17 +0.54%

 

Corn May 18 389-6s -5-0 -1.27%

Corn Jul 18 396-4s -5-4 -1.37%

Corn Sep 18 405-0s -5-2 -1.28%

Corn Dec 18 414-4s -5-0 -1.19%

Corn Mar 19 423-2s -4-6 -1.11%

 

Oats May 18 223-4s -8-4 -3.66%

Oats Jul 18 234-0s -8-6 -3.60%

Oats Sep 18 240-4s -5-6 -2.34%

Oats Dec 18 250-4s -6-2 -2.43%

Oats Mar 19 255-4s -5-2 -2.01%

 

Wheat May 18 489-4s -18-2 -3.59%

Wheat Jul 18 498-6s -7-6 -1.53%

Wheat Sep 18 515-6s -7-2 -1.39%

Wheat Dec 18 537-2s -6-6 -1.24%

Wheat Mar 19 555-4s -7-0 -1.24%

 

Minneapolis

Spring Wheat May 18 613-4s -1-6 -0.28%

Spring Wheat Jul 18 605-0s -4-0 -0.66%

Spring Wheat Sep 18 611-6s -4-0 -0.65%

Spring Wheat Dec 18 623-4s -4-2 -0.68%

Spring Wheat Mar 19 635-0s -4-0 -0.63%

 

Kansas City

Hard Red Wheat May 18 501-6s -5-6 -1.13%

Hard Red Wheat Jul 18 518-0s -9-0 -1.71%

Hard Red Wheat Sep 18 536-4s -9-0 -1.65%

Hard Red Wheat Dec 18 562-0s -8-6 -1.53%

Hard Red Wheat Mar 19 579-6s -9-6 -1.65%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Jun 18 107.625s +0.100 +0.09%

Live Cattle Aug 18 104.425s +0.125 +0.12%

Live Cattle Oct 18 107.475s +0.225 +0.21%

 

Feeder Cattle May 18 138.425s -0.175 -0.13%

Feeder Cattle Aug 18 143.900s -0.050 -0.03%

Feeder Cattle Sep 18 143.975s -0.150 -0.10%

 

Lean Hogs May 18 65.300s -0.175 -0.27%

Lean Hogs Jun 18 75.100s -2.225 -2.88%

Lean Hogs Jul 18 76.975s -1.100 -1.41%

 

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