Canola bounces around in consolidative trade

 

Winnipeg (CNS Canada) – The ICE Futures Canada canola market ended mixed in narrow trading on Thursday, as values pushed and pulled in technical trade after losses earlier in the week.

Weakness in the Canadian dollar and advances in the U.S. soy complex lent support to the market.

Cold temperatures across Western Canada are starting to create ideas that some canola acres could be switched out this year due to the expected late start.

“If we get another dump of snow that could really delay seeding,” said a trader in Winnipeg.

Much of today’s activity was generated by spread-trading as investors continued to exit the front month.

Crush margins gained a few dollars today after recently hitting some of their lowest levels all season.

Around 30,039 canola contracts were traded on Thursday, which compares with Wednesday when around 26,329 contracts changed hands. Spreading accounted for 20,070 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

The soybean market posted gains on Thursday as the market continued to climb on estimates calling for a smaller than expected soybean crop in Argentina.

Weekly export sales in the United States were slightly higher than expected with 1.5 million tonnes of soybeans sold.

On the other side, the latest estimate for Brazil’s soybean crop has risen to 117.4 million tonnes, which limited the upside.

Corn ended close to unchanged on Thursday. The corn market was caught between short-term technical selling and some speculative buying.

Cold weather in the U.S. Plains continues to underpin the market while disappointing weekly export sales limited the upside.

Chicago wheat futures in Chicago declined with technical selling.

Export sales for the week were just 121,000, which was much lower than estimates which called for up to 350,000 tonnes to be sold.

Snow is forecast to fall in parts of South Dakota, Nebraska and Minnesota, which was bullish.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up 25 cents at US$67.07 per barrel.

In the afternoon, the Canadian dollar was trading around US79.43 cents, down from 79.52 cents the previous trading day. The U.S. dollar was C$1.2590.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola May 18 524.90s +1.50 +0.29%

Canola Jul 18 528.00s unch unch

Canola Nov 18 516.00s -0.10 -0.02%

Canola Jan 19 520.30s +0.30 +0.06%

Canola Mar 19 521.50s +0.40 +0.08%

 

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 1060-6s +13-0 +1.24%

Soybeans Jul 18 1071-6s +13-0 +1.23%

Soybeans Aug 18 1070-4s +11-4 +1.09%

Soybeans Sep 18 1060-4s +9-4 +0.90%

Soybeans Nov 18 1053-4s +7-0 +0.67%

 

Soybean Meal May 18 383.4s +3.2 +0.84%

Soybean Meal Jul 18 387.4s +3.1 +0.81%

Soybean Meal Aug 18 385.8s +2.5 +0.65%

 

Soybean Oil May 18 31.63s +0.10 +0.32%

Soybean Oil Jul 18 31.90s +0.09 +0.28%

Soybean Oil Aug 18 32.03s +0.07 +0.22%

 

Corn May 18 388-6s +1-6 +0.45%

Corn Jul 18 397-2s +1-4 +0.38%

Corn Sep 18 404-2s +1-4 +0.37%

Corn Dec 18 413-4s +1-4 +0.36%

Corn Mar 19 421-2s +1-4 +0.36%

 

Oats May 18 237-4s unch unch

Oats Jul 18 243-6s -0-2 -0.10%

Oats Sep 18 249-6s +0-2 +0.10%

Oats Dec 18 260-0s unch unch

Oats Mar 19 266-6s unch unch

 

Wheat May 18 481-0s -6-2 -1.28%

Wheat Jul 18 498-2s -6-0 -1.19%

Wheat Sep 18 516-6s -6-0 -1.15%

Wheat Dec 18 540-0s -5-6 -1.05%

Wheat Mar 19 557-6s -5-6 -1.02%

 

Minneapolis

Spring Wheat May 18 623-0s -6-0 -0.95%

Spring Wheat Jul 18 632-4s -6-2 -0.98%

Spring Wheat Sep 18 637-0s -4-6 -0.74%

Spring Wheat Dec 18 645-6s -4-2 -0.65%

Spring Wheat Mar 19 653-4s -2-2 -0.34%

 

Kansas City

Hard Red Wheat May 18 507-4s -9-2 -1.79%

Hard Red Wheat Jul 18 526-0s -9-6 -1.82%

Hard Red Wheat Sep 18 545-6s -9-2 -1.67%

Hard Red Wheat Dec 18 570-6s -8-4 -1.47%

Hard Red Wheat Mar 19 586-4s -7-6 -1.30%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Apr 18 115.750s +2.250 +1.98%

Live Cattle Jun 18 103.700s +2.125 +2.09%

Live Cattle Aug 18 104.275s +1.900 +1.86%

 

Feeder Cattle Apr 18 138.875s +3.600 +2.66%

Feeder Cattle May 18 139.975s +4.425 +3.26%

Feeder Cattle Aug 18 144.950s +4.250 +3.02%

 

Lean Hogs Apr 18 54.300s +1.000 +1.88%

Lean Hogs May 18 69.325s +1.400 +2.06%

Lean Hogs Jun 18 77.250s +1.475 +1.95%

 

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