Winnipeg, January 9 (CNS Canada) – Canola contracts on the ICE Futures Canada platform finished mostly stronger on Tuesday, propped up by speculative buying.
Gains in vegetable oil were supportive for canola.
There are some concerns about the lack of snow-cover in parts of Saskatchewan and Alberta.
Traders were positioning themselves ahead of Friday’s USDA report.
However, weakness in U.S. soybeans was bearish for canola.
Looming rain in parts of Brazil is expected to improve growing conditions for soybeans.
Around 18,891 canola contracts were traded on Tuesday, which compares with Monday when around 16,790 contracts changed hands. Spreading accounted for 15,566 of the contracts traded.
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U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
Settlement prices are in Canadian dollars per metric tonne.
Soybean futures on the Chicago Board of Trade ended two to three cents weaker on ideas that Brazil’s soybean production could increase.
Rain is expected to fall in Brazil, which was bearish.
Analysts expect soybean export numbers will be lowered in Friday’s USDA supply and demand report.
Concerns about dryness problems in Argentina and the reappearance of commercial longs in the market lent some support to prices.
Corn futures rose one cent on Tuesday in technical trade.
Brazil’s first corn crop was pegged at 27.7 million tonnes by a private analyst. That was significantly lower than a previous estimate.
There are some indications that farmers in the U.S. are preparing to dump more supplies onto the market.
The wheat market chalked up gains on the day, rising four cents a bushel on short-covering.
There are expectations that the USDA will project a four per cent reduction in planted wheat acres in Friday’s report.
Worries about frost damage in Kansas are being reported, which was was bullish.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up $1.23 at US$62.96 per barrel.
In the afternoon, the Canadian dollar was trading around US80.21 cents, down from 80.49 cents the previous trading day. The U.S. dollar was C$1.2467.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 18 490.30s unch unch
Canola Mar 18 496.40s unch unch
Canola May 18 504.30s +0.40 +0.08%
Canola Nov 18 502.80s +1.60 +0.32%
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 Jan 18 955-6s -2-4 -0.26%
Soybeans Mar 18 963-6s -3-0 -0.31%
Soybeans May 18 974-4s -3-0 -0.31%
Soybeans Jul 18 983-6s -3-4 -0.35%
Soybeans Aug 18 986-4s -3-4 -0.35%
Soybean Meal Jan 18 314.5s -3.0 -0.94%
Soybean Meal Mar 18 318.2s -3.3 -1.03%
Soybean Meal May 18 321.1s -3.0 -0.93%
Soybean Oil Jan 18 33.55s +0.12 +0.36%
Soybean Oil Mar 18 33.70s +0.16 +0.48%
Soybean Oil May 18 33.86s +0.17 +0.50%
Corn Mar 18 349-0s +1-6 +0.50%
Corn May 18 357-2s +1-6 +0.49%
Corn Jul 18 365-4s +1-6 +0.48%
Corn Sep 18 373-4s +1-6 +0.47%
Corn Dec 18 382-4s +1-4 +0.39%
Oats Mar 18 249-0s -1-0 -0.40%
Oats Jul 18 251-4s -6-0 -2.33%
Oats Sep 18 249-4s -2-6 -1.09%
Oats Dec 18 251-0s unch unch
Wheat Mar 18 432-2s +4-4 +1.05%
Wheat May 18 445-2s +4-6 +1.08%
Wheat Jul 18 457-4s +4-4 +0.99%
Wheat Sep 18 471-2s +4-6 +1.02%
Wheat Dec 18 489-2s +4-6 +0.98%
Minneapolis
Spring Wheat Mar 18 630-6s +5-2 +0.84%
Spring Wheat May 18 635-6s +5-2 +0.83%
Spring Wheat Jul 18 639-0s +5-2 +0.83%
Spring Wheat Sep 18 629-0s +5-6 +0.92%
Spring Wheat Dec 18 638-2s +4-6 +0.75%
Kansas City
Hard Red Wheat Mar 18 439-0s +5-6 +1.33%
Hard Red Wheat May 18 452-4s +5-4 +1.23%
Hard Red Wheat Jul 18 468-0s +5-4 +1.19%
Hard Red Wheat Sep 18 484-0s +5-6 +1.20%
Hard Red Wheat Dec 18 504-0s +5-6 +1.15%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 18 119.525s +0.225 +0.19%
Live Cattle Jun 18 111.675s +0.475 +0.43%
Feeder Cattle Jan 18 145.475s -0.975 -0.67%
Feeder Cattle Mar 18 142.750s +0.825 +0.58%
Feeder Cattle Apr 18 142.675s +0.650 +0.46%
Lean Hogs Feb 18 73.175s +0.200 +0.27%
Lean Hogs Apr 18 76.775s -0.025 -0.03%
Lean Hogs May 18 80.950s unch unch
