(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.
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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%
