Winnipeg (CNS Canada) – ICE Futures Canada canola contracts were weaker on Wednesday, backing away from nearby highs as participants booked profits on the final trading day of the month.
The nearby March contract hit a session high of C$499 per tonne at one point, but ran into resistance as values neared the psychological C$500 per tonne level.
Losses in Chicago Board of Trade soybeans and a firmer tone in the Canadian dollar contributed to the selling pressure in canola, according to participants.
However, solid end-user demand and a lack of significant farmer selling pressure provided some underlying support. Persistent South American weather concerns kept some caution in the futures as well.
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About 17,007 canola contracts traded on Wednesday, which compares with Tuesday when 24,189 contracts changed hands. Spreading accounted for 13,464 of the contracts traded.
Soybean futures at the Chicago Board of Trade were down on Wednesday, as month-end positioning and ideas that recent advances were overdone brought in some speculative selling.
Concerns over hot and dry weather conditions in Argentina have largely been priced into the futures for the time being, and there is some rain in the longer term forecasts.
Corn futures were steady to lower, taking some direction from the declines in soybeans and wheat. Profit-taking was a feature, as corn traded near the upper edge of its long-standing sideways range.
However, the USDA reported a private export sale of 145,000 tonnes of U.S. corn to unknown destinations which provided some support.
U.S. wheat futures were all lower, as traders booked profits after yesterday’s rally in Kansas City hard red winter wheat.
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Improving conditions for Australia’s wheat crop also weighed on values, especially as world supplies remain relatively large overall.
On the other side, the U.S. dryness concerns that boosted wheat yesterday remained supportive as condition ratings in a number of key U.S. wheat growing states are looking rather poor.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 23 cents at US$64.73 per barrel.
In the afternoon, the Canadian dollar was trading around US81.22 cents, up from 81.09 cents the previous trading day. The U.S. dollar was C$1.2312.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Mar 18 496.70s -1.60 -0.32%
Canola May 18 503.10s -1.80 -0.36%
Canola Jul 18 508.00s -1.90 -0.37%
Canola Nov 18 504.60s -2.00 -0.39%
Canola Jan 19 508.90s -2.30 -0.45%
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 Mar 18 995-6s -4-4 -0.45%
Soybeans May 18 1007-0s -4-2 -0.42%
Soybeans Jul 18 1016-2s -4-6 -0.47%
Soybeans Aug 18 1018-0s -4-2 -0.42%
Soybeans Sep 18 1012-2s -3-2 -0.32%
Soybean Meal Mar 18 337.8s -2.7 -0.79%
Soybean Meal May 18 341.5s -2.4 -0.70%
Soybean Meal Jul 18 343.7s -2.1 -0.61%
Soybean Oil Mar 18 33.07s -0.01 -0.03%
Soybean Oil May 18 33.28s unch unch
Soybean Oil Jul 18 33.48s -0.01 -0.03%
Corn Mar 18 361-4s unch unch
Corn May 18 369-4s -0-2 -0.07%
Corn Jul 18 377-2s -0-2 -0.07%
Corn Sep 18 384-4s -0-2 -0.06%
Corn Dec 18 393-2s -0-2 -0.06%
Oats Mar 18 265-4s -4-4 -1.67%
Oats May 18 265-6s +1-2 +0.47%
Oats Jul 18 267-6s +0-2 +0.09%
Oats Sep 18 269-6s +0-2 +0.09%
Oats Dec 18 268-0s +0-6 +0.28%
Wheat Mar 18 451-6s -5-4 -1.20%
Wheat May 18 465-4s -5-2 -1.12%
Wheat Jul 18 479-0s -4-4 -0.93%
Wheat Sep 18 492-2s -4-4 -0.91%
Wheat Dec 18 510-4s -5-2 -1.02%
Minneapolis
Spring Wheat Mar 18 607-2s -8-6 -1.42%
Spring Wheat May 18 618-2s -7-6 -1.24%
Spring Wheat Jul 18 627-0s -7-0 -1.10%
Spring Wheat Sep 18 625-2s -4-4 -0.71%
Spring Wheat Dec 18 634-2s -2-4 -0.39%
Kansas City
Hard Red Wheat Mar 18 467-2s -2-4 -0.53%
Hard Red Wheat May 18 482-0s -2-2 -0.46%
Hard Red Wheat Jul 18 497-4s -2-2 -0.45%
Hard Red Wheat Sep 18 512-2s -2-0 -0.39%
Hard Red Wheat Dec 18 530-4s -2-2 -0.42%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Feb 18 123.850s -0.975 -0.78%
Live Cattle Apr 18 122.925s -1.250 -1.01%
Live Cattle Jun 18 115.075s -0.975 -0.84%
Feeder Cattle Mar 18 145.050s -2.125 -1.44%
Feeder Cattle Apr 18 145.850s -1.950 -1.32%
Feeder Cattle May 18 145.925s -1.925 -1.30%
Lean Hogs Feb 18 73.225s +0.775 +1.07%
Lean Hogs Apr 18 72.250s -0.650 -0.89%
Lean Hogs May 18 77.825s -0.425 -0.54%
