Canola contracts lower with canola harvest

WINNIPEG, Sept. 19 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower Thursday, as a trader
believes the movement late in the session was due to farmers selling off of their combines.

However, there has remained little to influence bids very far either way. Moreso, since buyers have been able to stand pat, given farmers are holding on to a great deal of canola with more to come when the harvest picks up.

Following showers forecast over the southern portion of the Prairies over the next couple of days, a stretch of good weather is expected.

There were 26,716 contracts traded on Thursday, which compares with Wednesday when 36,112 contracts changed hands. Spreading accounted for 20,696 contracts traded. Settlement prices are in Canadian dollars per metric tonne.

Price Change
Canola Nov 450.90 dn 1.40
Jan 459.60 dn 1.20
Mar 468.30 dn 0.70
May 476.20 dn 0.40

SOYBEAN futures at the Chicago Board of Trade (CBOT) were higher on Thursday, on hopes for progress on United States/China trade talks.

Deputy trade negotiators from both countries are meeting today and tomorrow in Washington. The main focus of talks will be agriculture, with hopes of getting China to buy more U.S. soybeans. Talks this week could lead to an interim deal next month.

In the U.S. Department of Agriculture’s weekly export sales report, soybeans did extremely well for the week ended Sept. 12. Sales topped nearly 1.73 million tonnes, which far exceeded trade expectations. Soymeal export sales came in at 435,800 tonnes, which was on the high end of market predictions. Soyoil was at 20,600 tonnes and well within expectations.

South Korea reported a second case of African swine fever. Following the first case earlier this week, the shipping of pigs within the country was prohibited and 200 were culled.

CORN futures were higher on Thursday in part on the strength of better than expected export sales.

The sales nearly triple over last week with 1.46 million tonnes sold. That was above market expectations. However, previously announced corn sales to Mexico made up a good part of the transactions and that limited the surprise factor.

U.S. President Donald Trump was scheduled to meet today with senators from the biofuel refining states to discuss the situation over waivers he recently granted and the shut downs or production cutbacks at numerous biofuel plants. Meanwhile, an ethanol plant in Sioux City, Iowa was shut down today.

A Reuters survey pegged Brazil corn production this year to be 102.30 million tonnes, up from last year’s 99.98 million.

WHEAT futures were mixed on Thursday, with losses in Chicago and Kansas City and gains for Minneapolis.

It was a disappointing week for export sales of U.S. wheat, at 287,000 tonnes, which was well under the low end trade expectations.

Despite a hot and dry summer, Strategie Grains increased its estimate of European Union wheat production this year by 1.60 million tonnes to now 144.50 million. The EU is the world’s top producer of wheat.

There was widespread frost in Australia. No word yet of the country’s wheat production being further revised downward. Recently the crop estimate was cut from 21.0 million to 19.0 million tonnes due to ongoing drought conditions.

Dry weather in Ukraine has slowed its winter wheat planting.

Egypt bought 180,000 tonnes of wheat from Russia without a bid from the U.S.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up 43 cents at $58.68 per barrel.

In the afternoon, the Canadian dollar was up .07 cents US75.42. The U.S. dollar was C$1.3271.

 

Name / Contract Last Change % Change
Canola Nov 19 450.90s -1.40 -0.31%
Canola Jan 20 459.60s -1.20 -0.26%
Canola Mar 20 468.30s -0.70 -0.15%
Canola May 20 476.20s -0.40 -0.08%
Canola Jul 20 482.50s -0.40 -0.08%
MPC Sonia Aug 19 99.2897s -0.0003 unch
MPC Sonia Sep 19 99.2900s -0.0025 unch
MPC Sonia Nov 19 99.3200s -0.0050 -0.01%
S&P 500 Comm Srvs Sep 19 267.00 +0.15 +0.06%
S&P 500 Comm Srvs Dec 19 267.90 +0.15 +0.06%
S&P 500 Comm Srvs Mar 20 268.70s -0.20 -0.07%
Soybean Nov 19 893-0s +4-2 +0.48%
Soybean Jan 20 906-0s +3-6 +0.42%
Soybean Mar 20 918-2s +3-0 +0.33%
Soybean May 20 928-6s +2-4 +0.27%
Soybean Jul 20 937-4s +1-4 +0.16%
Soybean Meal Oct 19 292.2s +0.6 +0.21%
Soybean Meal Dec 19 296.1s +0.7 +0.24%
Soybean Meal Jan 20 297.7s +0.5 +0.17%
Soybean Oil Oct 19 29.81s -0.06 -0.20%
Soybean Oil Dec 19 29.97s -0.03 -0.10%
Soybean Oil Jan 20 30.20s -0.02 -0.07%
Corn Dec 19 372-6s +1-4 +0.40%
Corn Mar 20 384-0s +1-4 +0.39%
Corn May 20 391-6s +1-4 +0.38%
Corn Jul 20 397-4s +1-0 +0.25%
Corn Sep 20 399-6s +0-2 +0.06%
Oats Dec 19 276-6s -1-0 -0.36%
Oats Mar 20 281-2s +1-0 +0.36%
Oats May 20 280-4s +1-4 +0.54%
Oats Jul 20 280-6s +1-6 +0.63%
Oats Sep 20 279-4s -0-4 -0.18%
Wheat Dec 19 488-0s -1-4 -0.31%
Wheat Mar 20 494-2s -1-4 -0.30%
Wheat May 20 498-6s -1-2 -0.25%
Wheat Jul 20 502-2s -1-4 -0.30%
Wheat Sep 20 509-6s -1-4 -0.29%
Spring Wheat Dec 19 520-2s +7-0 +1.36%
Spring Wheat Mar 20 533-6s +5-6 +1.09%
Spring Wheat May 20 544-4s +5-4 +1.02%
Spring Wheat Jul 20 554-2s +5-2 +0.96%
Spring Wheat Sep 20 563-6s +4-4 +0.80%
Hard Red Wheat Dec 19 409-4s -0-2 -0.06%
Hard Red Wheat Mar 20 423-2s -0-4 -0.12%
Hard Red Wheat May 20 433-0s -0-6 -0.17%
Hard Red Wheat Jul 20 442-2s -0-6 -0.17%
Hard Red Wheat Sep 20 453-6s -0-6 -0.17%
Live Cattle (Pit) Oct 19 99.800s -0.575 -0.57%
Live Cattle (Pit) Dec 19 105.825s -0.325 -0.31%
Live Cattle (Pit) Feb 20 112.525s +0.150 +0.13%
Feeder Cattle (Pit) Sep 19 139.950s +0.075 +0.05%
Feeder Cattle (Pit) Oct 19 138.925s +0.525 +0.38%
Feeder Cattle (Pit) Nov 19 137.250s +0.950 +0.70%
Lean Hogs (Pit) Oct 19 61.400s -1.525 -2.42%
Lean Hogs (Pit) Dec 19 67.950s +0.150 +0.22%
Lean Hogs (Pit) Feb 20 75.050s +0.225 +0.30%

 

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