Canola defies soyoil drop

WINNIPEG, (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished lower on Wednesday.

Considerable weakness in Chicago soyoil was characterized as an “overwhelmingly negative factor” for canola prices. At market close, soyoil was down by over a penny. In comparison, canola prices held fairly steady.
A weaker tone to the Canadian dollar provided support to values. The dollar was at 70.3 cents at midday.
Spreading activity was also a supportive factor, as traders sold oil and bought canola.
On Wednesday, 15,451 contracts were traded, which compares with Tuesday when 40,578 contracts changed hands. Spreading accounted for 10,092 contracts traded.

SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower at midweek.

Market expectations for soybeans crushed in February range from 175 to 179 million bushels, which would be the largest February crush on record.

Yesterday, the United States Department of Agriculture (USDA) released grain and oilseed stocks as of March 1. Soybean stocks have dropped by 17 per cent to total 2.25 billion bushels, which was higher than market expectations.

CORN futures were weaker on Wednesday.
Data from the Energy Information Administration showed ethanol production was lower by 165,000 barrels per day last week. That’s the largest week-over-week drop since 2010. Ethanol production averaged 840,000 barrels per day, which was the lowest rate of weekly production since 2013. Ethanol stocks were higher by 1.57 million barrels despite the production cut.

WHEAT futures were broadly lower on Wednesday.
Marketing year to date wheat shipments are ahead of last year’s pace by approximately 1.6 million tonnes.
The USDA called for planted wheat acres to slip one per cent in 2020 to 44.66 million. That’s the lowest amount since 1919.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up 17 cents at US$21.20 per barrel.

In the afternoon, the Canadian dollar was trading around US70.34 cents, down from $70.49 cents the previous trading day. The U.S. dollar was C$1.4217.

Winnipeg ICE Futures Canada dollars per tonne.

Name / Contract High Low Last Change Settlement
Canola May 2020 470.70 464.80 465.10 -3.70 465.10
Canola Jul 2020 479.60 473.30 473.40 -4.30 473.40
Canola Nov 2020 487.70 481.20 481.50 -4.20 481.50
Canola Jan 2021 492.90 487.00 487.50 -3.40 487.50
Canola Mar 2021 497.90 492.30 493.40 -2.60 493.40
Soybean May 2020 887.25 860.75 862.75 -23.25 863.25
Soybean Jul 2020 890.25 865.25 867.25 -22.25 867.50
Soybean Aug 2020 889.00 866.50 868.75 -20.00 868.00
Soybean Sep 2020 881.50 862.25 864.75 -16.25 863.75
Soybean Nov 2020 878.50 861.00 863.50 -14.00 862.50
Soybean Jan 2021 875.75 860.25 862.50 -13.00 861.50
Soybean Meal May 2020 322.60 314.40 314.90 -6.60 315.80
Soybean Meal Jul 2020 318.80 311.70 312.20 -6.70 312.90
Soybean Meal Aug 2020 314.90 308.70 309.00 -5.00 309.40
Soybean Oil May 2020 26.97 25.82 26.05 -0.96 26.07
Soybean Oil Jul 2020 27.32 26.18 26.41 -0.95 26.42
Soybean Oil Aug 2020 27.43 26.36 26.58 -0.93 26.60
Corn May 2020 342.75 333.50 334.75 -6.00 335.25
Corn Jul 2020 347.50 338.25 338.75 -7.25 339.25
Corn Sep 2020 351.00 340.50 340.75 -9.00 341.00
Corn Dec 2020 358.75 347.00 347.25 -10.25 347.25
Corn Mar 2021 369.50 359.00 359.00 -9.50 359.25
Oats May 2020 265.25 259.00 260.25 -4.00 260.00
Oats Jul 2020 264.25 262.00 263.25 -4.25 262.50
Oats Sep 2020 259.50 253.00 257.50 -3.75 261.25
Oats Dec 2020 256.75 252.00 253.75 -2.25 256.00
Oats Mar 2021 257.75 257.75 257.75 -2.25 260.00
Wheat May 2020 571.75 546.50 550.25 -18.50 548.00
Wheat Jul 2020 566.75 544.25 547.75 -14.75 545.00
Wheat Sep 2020 569.00 547.75 551.25 -14.00 548.75
Wheat Dec 2020 576.75 555.75 559.75 -13.00 557.25
Wheat Mar 2021 581.25 561.75 565.75 -13.00 562.50
Spring Wheat May 2020 539.25 523.00 525.25 -14.00 525.25
Spring Wheat Jul 2020 548.00 533.00 536.25 -11.75 536.25
Spring Wheat Sep 2020 556.00 542.00 543.00 -13.75 543.00
Spring Wheat Dec 2020 567.25 552.25 554.00 -13.25 554.00
Spring Wheat Mar 2021 576.75 563.00 564.50 -13.25 564.50
Hard Red Wheat May 2020 496.75 470.75 475.00 -18.00 472.00
Hard Red Wheat Jul 2020 503.50 478.25 482.50 -17.00 479.50
Hard Red Wheat Sep 2020 510.25 486.75 490.75 -16.25 488.00
Hard Red Wheat Dec 2020 522.00 499.25 503.50 -14.75 499.50
Hard Red Wheat Mar 2021 529.75 509.25 513.75 -14.00 509.25
Live Cattle (Pit) Apr 2020 97.33 97.33 97.33 -4.50 97.33
Live Cattle (Pit) Jun 2020 87.58 87.58 87.58 -4.50 87.58
Live Cattle (Pit) Aug 2020 89.10 89.10 89.10 -4.50 89.10
Feeder Cattle (Pit) Apr 2020 117.43 117.43 117.43 -4.50 117.43
Feeder Cattle (Pit) May 2020 118.40 118.40 118.40 -4.50 118.40
Feeder Cattle (Pit) Aug 2020 124.40 124.40 124.40 -4.50 124.40
Lean Hogs (Pit) Apr 2020 49.20 49.20 49.20 -3.00 49.20
Lean Hogs (Pit) May 2020 49.98 49.98 49.98 -3.00 49.98
Lean Hogs (Pit) Jun 2020 57.33 57.33 57.33 -3.00 57.33

About the author

Marlo Glass – MarketsFarm's recent articles

Markets at a glance

explore

Stories from our other publications