Canola and wheat finish mixed

 (CNS Canada) – ICE Futures canola contracts were mixed at Friday’s close, with losses in the front months and gains in the new crop contracts.

Bearish technical signals weighed on prices early in the day. Large old crop supplies, concerns over declining Chinese demand and strength in the Canadian dollar also put some pressure on values.

Losses in Chicago Board of Trade soyoil also weighed on canola for much of the day. However, soyoil managed to move higher by the close.

About 44,256 canola contracts traded on Friday, which compares with Thursday when 29,642 contracts changed hands. Spreading accounted for 36,772 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade settled with small gains on Friday, seeing very little reaction to updated supply/demand estimates from the United States Department of Agriculture.

Total U.S. soybean ending stocks for the current 2018/19 marketing year are now forecast at 910 million bushels, which would be down 45 million from the previous estimate, but still roughly double the 2017/18 level.

The world numbers pointed to declining Chinese import demand and increasing stocks in that country, which raised some concerns over just how many beans the U.S. may be able to sell to China.

The USDA dropped its Brazilian soybean production forecast by 5 million tonnes, pegging the crop there at 117 million. Argentina’s soybean crop is now estimated at 55 million tonnes, down by half a million from the December forecast.

The USDA cut its U.S. corn yield estimate for the year by 2.5 bushels per acre, to 176.4 bushels per acre. The production and carry-out stocks numbers were both lowered as well, providing some underlying support.

Brazil’s corn crop was left unchanged at 94.5 million tonnes by the USDA. Argentina’s crop is now forecast at 46 million tonnes, which would be up by 3.5 million from the December estimate.

WHEAT futures were mixed, with gains in the Chicago and Minneapolis futures and losses in Kansas City hard red winter wheat.

U.S. winter wheat seedings were pegged at 31.29 million acres by the USDA. That was below trade estimates and down by about 1.3 million acres on the year.

While the smaller acreage base was supportive, U.S. wheat stocks for the current marketing year were revised higher.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up eight cents at US$52.72 per barrel.

In the afternoon, the Canadian dollar was trading around US75.36 cents, down from 75.27 centsthe previous trading day. The U.S. dollar was C$1.3270.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Mar 19  483.30s  -0.90  -0.19%

Canola May 19  491.80s  -1.10  -0.22%

Canola Jul 19  499.90s  -0.70  -0.14%

Canola Nov 19  499.20s  +0.60  +0.12%

Canola Jan 20  503.90s  +0.90  +0.18%

 

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 Mar 19  914-4s  +1-2  +0.14%

Soybean May 19  928-6s  +1-4  +0.16%

Soybean Jul 19  942-2s  +1-2  +0.13%

Soybean Aug 19  947-6s  +1-4  +0.16%

Soybean Sep 19  950-2s  +1-2  +0.13%

 

Soybean Meal Mar 19  306.1s  +0.6  +0.20%

Soybean Meal May 19  310.1s  +0.6  +0.19%

Soybean Meal Jul 19  314.0s  +0.5  +0.16%

 

Soybean Oil Mar 19  30.87s  +0.06  +0.19%

Soybean Oil May 19  31.19s  +0.07  +0.22%

Soybean Oil Jul 19  31.49s  +0.06  +0.19%

 

Corn Mar 19  374-2s  -2-2  -0.60%

Corn May 19  382-2s  -2-0  -0.52%

Corn Jul 19  390-0s  -2-2  -0.57%

Corn Sep 19  393-4s  -1-6  -0.44%

Corn Dec 19  399-2s  -1-0  -0.25%

 

Oats Mar 19  284-2s  -2-0  -0.70%

Oats May 19  286-6s  -1-2  -0.43%

Oats Jul 19  286-0s  -1-6  -0.61%

Oats Sep 19  278-2s  -2-2  -0.80%

Oats Dec 19  271-2s  -3-0  -1.09%

 

Wheat Mar 19  517-2s  +4-0  +0.78%

Wheat May 19  519-4s  +2-4  +0.48%

Wheat Jul 19  522-2s  +0-4  +0.10%

Wheat Sep 19  529-6s  +0-2  +0.05%

Wheat Dec 19  542-4s  -0-2  -0.05%

 

Minneapolis

Spring Wheat Mar 19  568-4s  +4-0  +0.71%

Spring Wheat May 19  569-0s  +1-0  +0.18%

Spring Wheat Jul 19  574-4s  -0-4  -0.09%

Spring Wheat Sep 19  580-2s  -0-6  -0.13%

Spring Wheat Dec 19  592-4s  -0-2  -0.04%

 

Kansas City

Hard Red Wheat Mar 19  494-2s  -2-0  -0.40%

Hard Red Wheat May 19  501-2s  -2-4  -0.50%

Hard Red Wheat Jul 19  509-0s  -2-2  -0.44%

Hard Red Wheat Sep 19  519-4s  -1-2  -0.24%

Hard Red Wheat Dec 19  536-6s  -0-4  -0.09%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Feb 19  127.375s  +1.075  +0.85%

Live Cattle Apr 19  127.925s  +1.100  +0.87%

Live Cattle Jun 19  118.100s  +0.950  +0.81%

 

Feeder Cattle Mar 19  144.100s  +0.850  +0.59%

Feeder Cattle Apr 19  145.900s  +1.025  +0.71%

Feeder Cattle May 19  146.900s  +1.000  +0.69%

 

Lean Hogs Feb 19  55.050s  -0.225  -0.41%

Lean Hogs Apr 19  58.425s  -1.175  -1.97%

Lean Hogs May 19  66.400s  -0.950  -1.41%

 

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