Canola and wheat finish weaker

Winnipeg – ICE Futures canola contracts were weaker on Monday, although activity was thin and choppy.

Bearish technical signals, losses in Chicago Board of Trade soybeans, and concerns over declining Chinese demand all added to the softer tone in the market, according to participants.

Large old crop supplies and expectations for another big crop in 2019 also kept the general path of least resistance pointed lower.

However, support held to the downside amid ideas that canola was looking cheap for end users.

The Canadian dollar and CBOT soyoil both held steady on Monday, providing some support as crush margins saw some improvement.

About 9,350 canola contracts traded on Monday, which compares with Friday when 11,933 contracts changed hands. Spreading accounted for 4,714 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were weaker on Monday, as the ongoing lack of any concrete trade deal with China weighed on values.

The United States Department of Agriculture reported private export sales of 926,000 tonnes of soybeans to China this morning. However, the business did little to support the market, as it was largely seen as confirmation of rumoured business from last week.

The advancing Brazilian harvest weighed on values, with just over half of the soybean crop now off the fields in the South American country, according to reports.

CORN futures were weaker, as last week’s move by the USDA to raise its corn ending stocks projection by 100 million bushels continued to weigh on values.

Relatively favourable prospects for Brazil’s second corn crop and heighted concerns over African Swine Fever in China also put some pressure on the corn market.

WHEAT futures were weaker, with the largest losses in the Chicago and Kansas City winter wheat contracts.

Ample world wheat supplies and losses in European wheat prices accounted for some of the selling pressure.

Fund traders are holding large short positions in wheat, but have little reason to cover those bets.

Heavy snow cover and a delayed start to spring across the northern states has raised some concerns over spring wheat seeding, with the possibility that acres won’t live up to expectations helping keep the Minneapolis futures well supported compared to the winter wheats.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up 72 cents at US$56.79 per barrel.

In the afternoon, the Canadian dollar was trading around US74.55 cents, up from 74.50 cents the previous trading day. The U.S. dollar was C$1.3414.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Mar 19 450.80s -1.50 -0.33%

Canola May 19 455.80s -1.50 -0.33%

Canola Jul 19 464.10s -2.00 -0.43%

Canola Nov 19 477.10s -2.30 -0.48%

Canola Jan 20 483.50s -2.50 -0.51%

 

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 19 877-6s -6-0 -0.68%

Soybean May 19 890-0s -5-6 -0.64%

Soybean Jul 19 904-0s -5-6 -0.63%

Soybean Aug 19 910-2s -5-6 -0.63%

Soybean Sep 19 915-4s -5-4 -0.60%

 

Soybean Meal Mar 19 296.7s -2.4 -0.80%

Soybean Meal May 19 301.3s -2.4 -0.79%

Soybean Meal Jul 19 305.3s -2.3 -0.75%

 

Soybean Oil Mar 19 29.40s +0.01 +0.03%

Soybean Oil May 19 29.64s -0.01 -0.03%

Soybean Oil Jul 19 29.97s +0.01 +0.03%

 

Corn Mar 19 352-4s -2-2 -0.63%

Corn May 19 362-0s -2-2 -0.62%

Corn Jul 19 371-4s -2-0 -0.54%

Corn Sep 19 378-2s -2-0 -0.53%

Corn Dec 19 386-4s -2-0 -0.51%

 

Oats Mar 19 253-2s -1-0 -0.39%

Oats May 19 262-4s -1-0 -0.38%

Oats Jul 19 262-6s -1-0 -0.38%

Oats Sep 19 260-0s -1-6 -0.67%

Oats Dec 19 256-0s -1-0 -0.39%

 

Wheat Mar 19 422-2s -10-4 -2.43%

Wheat May 19 428-4s -11-0 -2.50%

Wheat Jul 19 437-0s -10-4 -2.35%

Wheat Sep 19 446-0s -11-0 -2.41%

Wheat Dec 19 461-0s -11-0 -2.33%

 

Minneapolis

Spring Wheat Mar 19 550-6s -5-0 -0.90%

Spring Wheat May 19 546-2s -3-0 -0.55%

Spring Wheat Jul 19 548-6s -2-4 -0.45%

Spring Wheat Sep 19 555-6s -2-0 -0.36%

Spring Wheat Dec 19 568-2s -2-0 -0.35%

 

Kansas City

Hard Red Wheat Mar 19 414-2s -10-4 -2.47%

Hard Red Wheat May 19 420-2s -10-4 -2.44%

Hard Red Wheat Jul 19 429-6s -10-4 -2.39%

Hard Red Wheat Sep 19 442-2s -11-2 -2.48%

Hard Red Wheat Dec 19 463-0s -10-2 -2.17%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Apr 19 129.000s -0.675 -0.52%

Live Cattle Jun 19 120.250s -0.700 -0.58%

Live Cattle Aug 19 116.650s -0.525 -0.45%

 

Feeder Cattle Mar 19 142.300s -1.625 -1.13%

Feeder Cattle Apr 19 145.975s -1.725 -1.17%

Feeder Cattle May 19 147.400s -1.125 -0.76%

 

Lean Hogs Apr 19 62.850s +2.300 +3.80%

Lean Hogs May 19 71.025s +2.100 +3.05%

Lean Hogs Jun 19 79.950s +1.775 +2.27%

 

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