Winnipeg (CNS Canada) – The ICE Futures Canada canola market finished higher on Monday, as weakness in the Canadian dollar made canola more attractive to international buyers.
Spreading was a main feature of the day as investors continued to exit the front-month contract in favour of more-deferred values.
The threat of a rail strike is still a factor overhanging the market. While Canadian Pacific Railway and its workers postponed a potential shutdown over the weekend the issue is still weighing on investors’ minds.
However, losses in vegetable oil and U.S. soybeans were bearish for values.
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Chicago Board of Trade soybean futures hit their highest level in more than a week on Thursday as technical buying helped the market recover from a three-month low reached on Monday, analysts said.
Canola is still quite expensive and improving weather conditions across the Prairies dragged on prices.
Around 22,343 canola contracts were traded on Monday, which compares with Friday when around 25,581 contracts changed hands. Spreading accounted for 15,172 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market finished lower to start the week, due to technical selling.
Exports from the United States have been underwhelming and there are ideas things could get worse due to the trade uncertainty with China. There is talk some orders could get cancelled if the two sides don’t work out their differences soon. In the meantime, China has turned to Brazil and Paraguay for supplies.
AgRural has pegged the Brazilian harvest at 91 per cent complete.
Corn futures ticked higher on Monday as some light buying re-entered the market.
Planting began over the weekend in the eastern U.S. Corn Belt.
China is preparing to auction off seven million tonnes of corn this week.
Chicago wheat futures chopped around in two-sided trade.
Rain in Kansas and Oklahoma was reported over the weekend, which was bearish as it should improve soil conditions. At last word the moisture was working its way south-east.
The July contract seems to have found temporary support at the US$4.72 per bushel mark.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 24 cents at US$68.64 per barrel.
In the afternoon, the Canadian dollar was trading around US77.81 cents, down from 78.40 cents the previous trading day. The U.S. dollar was C$1.2852.
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 18 539.20s +4.40 +0.82%
Canola Jul 18 536.00s +2.20 +0.41%
Canola Nov 18 521.30s +1.40 +0.27%
Canola Jan 19 525.50s +1.60 +0.31%
Canola Mar 19 527.50s +1.90 +0.36%
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 1020-6s -8-0 -0.78%
Soybeans Jul 18 1032-2s -8-0 -0.77%
Soybeans Aug 18 1034-4s -7-4 -0.72%
Soybeans Sep 18 1030-6s -6-6 -0.65%
Soybeans Nov 18 1028-2s -6-6 -0.65%
Soybean Meal May 18 371.8s -2.3 -0.61%
Soybean Meal Jul 18 376.2s -2.4 -0.63%
Soybean Meal Aug 18 376.1s -2.4 -0.63%
Soybean Oil May 18 31.04s -0.26 -0.83%
Soybean Oil Jul 18 31.30s -0.26 -0.82%
Soybean Oil Aug 18 31.43s -0.25 -0.79%
Corn May 18 378-4s +2-0 +0.53%
Corn Jul 18 387-4s +2-0 +0.52%
Corn Sep 18 395-0s +2-0 +0.51%
Corn Dec 18 404-2s +1-6 +0.43%
Corn Mar 19 412-0s +1-6 +0.43%
Oats May 18 226-6s -5-6 -2.47%
Oats Jul 18 227-6s -8-2 -3.50%
Oats Sep 18 234-6s -8-0 -3.30%
Oats Dec 18 245-2s -8-2 -3.25%
Oats Mar 19 251-6s -8-0 -3.08%
Wheat May 18 461-4s -1-6 -0.38%
Wheat Jul 18 474-4s -2-6 -0.58%
Wheat Sep 18 493-2s -2-4 -0.50%
Wheat Dec 18 517-6s -2-2 -0.43%
Wheat Mar 19 536-6s -2-0 -0.37%
Minneapolis
Spring Wheat May 18 588-0s -12-0 -2.00%
Spring Wheat Jul 18 595-0s -10-6 -1.77%
Spring Wheat Sep 18 602-0s -9-4 -1.55%
Spring Wheat Dec 18 615-2s -7-2 -1.16%
Spring Wheat Mar 19 628-0s -3-6 -0.59%
Kansas City
Hard Red Wheat May 18 483-2s +0-4 +0.10%
Hard Red Wheat Jul 18 502-6s +0-6 +0.15%
Hard Red Wheat Sep 18 520-4s unch unch
Hard Red Wheat Dec 18 546-2s -0-4 -0.09%
Hard Red Wheat Mar 19 563-2s -1-2 -0.22%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 18 121.725s +2.375 +1.99%
Live Cattle Jun 18 104.875s +1.150 +1.11%
Live Cattle Aug 18 105.075s +1.275 +1.23%
Feeder Cattle Apr 18 139.025s +1.725 +1.26%
Feeder Cattle May 18 140.600s +1.275 +0.92%
Feeder Cattle Aug 18 147.125s +2.625 +1.82%
Lean Hogs May 18 68.000s -1.950 -2.79%
Lean Hogs Jun 18 76.375s -1.175 -1.52%
Lean Hogs Jul 18 78.900s -1.125 -1.41%
