The ICE Futures canola platform were stronger at market close following yesterday’s drop, as the market finished the week in its see-saw pattern. However, unlike the rest of the week the canola market was able to regain its losses from the previous day, breaking the downward trend of the week.
Chicago Board of Trade (CBOT) soybeans and meal contracts were weaker, while soyoil contracts were stronger. Many expected the soybean market would see a rebound following Thursday’s large losses.
The Alberta crop report released today showed minimal harvest progress across the province as of Tuesday. The canola crop was 30 percent complete, up four percentage points from the previous week.
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Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.
However, news continues to flood in of farmers being able to return to the fields this week. Traders are beginning to worry more though about the quality of the crop that will be brought in. Grain buyers are also worrying and are rushing to buy canola to keep their crushing plants going.
The Canadian dollar was weaker at market close, which was supportive for canola.
About 28,885 canola contracts traded, which compares with Thursday when 20,014 contracts changed hands. Spreading accounted for 18,416 of the contracts traded.
The United States Department of Agriculture (USDA) announced China cancelled a sale of 180,000 tonnes of U.S. soybeans Friday morning. It also said 120,000 tonnes of optional origin beans to unknown destinations were cancelled Thursday.
While Chinese buyers still have 32.5 million bushels of soybean sales on the books, total commitments are down 92 percent from year-ago levels.
According to the Chinese government though, China has ample soybean stocks and price fluctuations are unlikely. The government also said domestic planted acreage has increased and China is set for a bumper harvest.
CBOT corn prices finished the day weaker.
The long range forecast is calling for above normal precipitation for most of the U.S. Corn Belt, which could hamper harvest progress. However, the short range forecast looks clear for the next five to seven days.
Wheat futures in the U.S. finished the day in the green. The Alberta crop report released today showed minimal harvest progress across the province as of Tuesday.
The spring wheat crop was 60 percent done, up three percentage points from the previous week.
The Russian harvest is nearing completion. The wheat crop is 98 percent combined and fears of not having enough wheat are beginning to fade. The Russian Agriculture Ministry has raised its forecast for this year’s wheat crop to 68 to 69 million tonnes.
Japan purchased 98,180 tonnes of wheat Friday morning, with the U.S. accounting for 71,000 tonnes and Australia the rest. On Thursday, Japan bought 127,000 tonnes of milling wheat, with the U.S. accounting for 60,000 tonnes.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was up 47 cents at US$69.12 per barrel.
In the afternoon, the Canadian dollar was trading around US76.31 cents, down from 76.59 cents the previous trading day. The U.S. dollar was C$1.3104.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Nov 18 494.70s +4.10 +0.84%
Canola Jan 19 502.50s +4.80 +0.96%
Canola Mar 19 509.50s +4.80 +0.95%
Canola May 19 514.20s +5.20 +1.02%
Canola Jul 19 517.40s +5.00 +0.98%
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 Nov 18 856-6s -6-6 -0.78%
Soybeans Jan 19 870-4s -7-2 -0.83%
Soybeans Mar 19 883-4s -7-0 -0.79%
Soybeans May 19 897-0s -6-6 -0.75%
Soybeans Jul 19 907-4s -6-2 -0.68%
Soybean Meal Dec 18 313.1s -3.2 -1.01%
Soybean Meal Jan 19 315.1s -3.1 -0.97%
Soybean Meal Mar 19 314.6s -2.8 -0.88%
Soybean Oil Dec 18 29.14s +0.12 +0.41%
Soybean Oil Jan 19 29.38s +0.13 +0.44%
Soybean Oil Mar 19 29.62s +0.13 +0.44%
Corn Dec 18 367-0s -3-6 -1.01%
Corn Mar 19 379-4s -3-4 -0.91%
Corn May 19 387-0s -3-2 -0.83%
Corn Jul 19 392-6s -3-0 -0.76%
Corn Sep 19 394-4s -2-2 -0.57%
Oats Dec 18 295-2s unch unch
Oats Mar 19 287-0s unch unch
Oats May 19 287-6s +1-4 +0.52%
Oats Jul 19 289-6s +1-4 +0.52%
Oats Sep 19 286-6s +0-6 +0.26%
Wheat Dec 18 514-6s +1-6 +0.34%
Wheat Mar 19 534-2s +0-6 +0.14%
Wheat May 19 547-0s +1-2 +0.23%
Wheat Jul 19 552-6s +1-0 +0.18%
Wheat Sep 19 562-4s -0-2 -0.04%
Minneapolis
Spring Wheat Dec 18 588-6s +3-6 +0.64%
Spring Wheat Mar 19 598-4s +3-4 +0.59%
Spring Wheat May 19 604-6s +3-2 +0.54%
Spring Wheat Jul 19 611-4s +3-4 +0.58%
Spring Wheat Sep 19 617-0s +4-2 +0.69%
Kansas City
Hard Red Wheat Dec 18 516-2s +1-4 +0.29%
Hard Red Wheat Mar 19 540-6s +1-6 +0.32%
Hard Red Wheat May 19 554-2s +2-0 +0.36%
Hard Red Wheat Jul 19 560-2s +2-4 +0.45%
Hard Red Wheat Sep 19 574-2s +2-0 +0.35%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 18 112.250s -0.825 -0.73%
Live Cattle Dec 18 116.775s -0.400 -0.34%
Live Cattle Feb 19 121.150s -0.225 -0.19%
Feeder Cattle Oct 18 154.650s -0.600 -0.39%
Feeder Cattle Nov 18 154.100s -0.325 -0.21%
Feeder Cattle Jan 19 148.750s -0.675 -0.45%
Lean Hogs Dec 18 51.600s -0.700 -1.34%
Lean Hogs Feb 19 59.025s -1.200 -1.99%
Lean Hogs Apr 19 65.725s -1.275 -1.90%
