Winnipeg (CNS Canada) – The ICE Futures Canada canola market finished mixed in choppy trading on Tuesday. Warmer weather across the Prairies and ideas the market was somewhat overbought weighed on the more deferred contracts while technical buying bolstered the front-month contracts.
Traders were exiting the front-month contract and positioning themselves ahead of Friday’s acreage estimates by Statistics Canada.
An analyst in Winnipeg pointed out canola has had trouble in the past several months rising above the C$540 per tonne mark, which once again has held true.
Read Also
U.S. livestock: Cattle make gains, hogs mixed
Most Chicago cattle futures rose on Wednesday after Tuesday’s hard fall. Hogs settled on either side of unchanged. Most-active October…
“We’re now in this period of significant overhead resistance,” he said.
However, seasonal buying and some recent interest from China helped limit the losses.
Recent weakness in the Canadian dollar helped prop up values.
Around 18,907 canola contracts were traded on Tuesday, which compares with Monday when around 25,581 contracts changed hands. Spreading accounted for 13,804 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market chalked up minor gains on technical buying Tuesday.
Trade concerns between China and the United States continue to permeate the market. There is even talk China could be set to cancel some old crop purchases.
Planting in the U.S. is about two per cent complete.
Corn futures ended a few cents higher on reasonable demand Tuesday.
According to the USDA, planting progress in the U.S. is around five percent complete, which is well behind the five-year average of 14 percent complete.
The chance that farmers in the U.S. will switch out some corn acres to soybeans is looking more remote as weather conditions improve across the U.S. Corn Belt.
Chicago wheat futures finished strong on Tuesday after rainfall in the U.S. Southern Plains was much lighter than expected.
The vast majority of the snow in the U.S. Northern Plains is close to gone, which has eased concerns about a possible late start to planting.
According to the USDA, spring wheat planting in the U.S. is close to three percent complete, unchanged from the previous week.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 94 cents at US$67.70 per barrel.
In the afternoon, the Canadian dollar was trading around US77.93 cents, up from 77.81 cents the previous trading day. The U.S. dollar was C$1.2832.
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 18 539.50s +0.30 +0.06%
Canola Jul 18 536.00s unch unch
Canola Nov 18 517.80 -3.50 -0.67%
Canola Jan 19 523.70s -1.80 -0.34%
Canola Mar 19 525.50s -2.00 -0.38%
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 1022-2s +1-4 +0.15%
Soybeans Jul 18 1034-0s +1-6 +0.17%
Soybeans Aug 18 1036-0s +1-4 +0.14%
Soybeans Sep 18 1031-6s +1-0 +0.10%
Soybeans Nov 18 1028-6s +0-4 +0.05%
Soybean Meal May 18 372.1s +0.3 +0.08%
Soybean Meal Jul 18 376.3s +0.1 +0.03%
Soybean Meal Aug 18 376.8s +0.7 +0.19%
Soybean Oil May 18 31.01s -0.03 -0.10%
Soybean Oil Jul 18 31.27s -0.03 -0.10%
Soybean Oil Aug 18 31.39s -0.04 -0.13%
Corn May 18 381-2s +2-6 +0.73%
Corn Jul 18 390-0s +2-4 +0.65%
Corn Sep 18 397-2s +2-2 +0.57%
Corn Dec 18 406-4s +2-2 +0.56%
Corn Mar 19 414-2s +2-2 +0.55%
Oats May 18 224-2s -2-4 -1.10%
Oats Jul 18 225-2s -2-4 -1.10%
Oats Sep 18 232-2s -2-4 -1.06%
Oats Dec 18 243-4s -1-6 -0.71%
Oats Mar 19 249-6s -2-0 -0.79%
Wheat May 18 472-4s +11-0 +2.38%
Wheat Jul 18 484-2s +9-6 +2.05%
Wheat Sep 18 501-6s +8-4 +1.72%
Wheat Dec 18 525-4s +7-6 +1.50%
Wheat Mar 19 544-0s +7-2 +1.35%
Minneapolis
Spring Wheat May 18 592-6s +4-6 +0.81%
Spring Wheat Jul 18 598-6s +3-6 +0.63%
Spring Wheat Sep 18 606-2s +4-2 +0.71%
Spring Wheat Dec 18 618-4s +3-2 +0.53%
Spring Wheat Mar 19 630-6s +2-6 +0.44%
Kansas City
Hard Red Wheat May 18 492-4s +9-2 +1.91%
Hard Red Wheat Jul 18 512-0s +9-2 +1.84%
Hard Red Wheat Sep 18 529-4s +9-0 +1.73%
Hard Red Wheat Dec 18 554-2s +8-0 +1.46%
Hard Red Wheat Mar 19 570-6s +7-4 +1.33%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 18 121.100s -0.625 -0.51%
Live Cattle Jun 18 105.050s +0.175 +0.17%
Live Cattle Aug 18 104.925s -0.150 -0.14%
Feeder Cattle Apr 18 139.100s +0.075 +0.05%
Feeder Cattle May 18 140.150s -0.450 -0.32%
Feeder Cattle Aug 18 146.475s -0.650 -0.44%
Lean Hogs May 18 67.450s -0.550 -0.81%
Lean Hogs Jun 18 74.825s -1.550 -2.03%
Lean Hogs Jul 18 78.000s -0.900 -1.14%
