Canola dips under weight of Cdn dollar, U.S. soy

Winnipeg (CNS Canada) – Canola contracts on the ICE Futures Canada platform finished weaker on Monday, weighed down by recent strength in the Canadian currency and losses in U.S. soy.

The Canadian dollar continues to hang well above the US$80 cent mark, which made canola less attractive on the international market.

Buying was lukewarm, according to a trader in Winnipeg.

“We’re not attracting a lot of buying interest from speculators,” he said. “It seems these markets are going to be swinging in both directions.”

Improving weather in Argentina was bearish for prices.

However, global demand for oilseeds remains strong.

Traders went bargain-hunting at the lows shortly before the market closed.

Gains in Malaysian palm oil futures lent support to prices.

Around 16,790 canola contracts were traded on Monday, which compares with Friday when around 20,702 contracts changed hands. Spreading accounted for 8,420 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

Soybean futures on the Chicago Board of Trade ended two to four cents weaker on Monday in technical trade.

The southern portion of Brazil and Argentina received rain over the weekend and more is expected this week, which should improve growing conditions for soybeans.

Weekly export inspections in the United States came in at 1.18 million tonnes, which was within analysts’ expectations.

Corn futures fell three to four cents lower on Monday, with the March contract falling below its usual perch at US$3.50 a bushel.

Weekly export inspection numbers were near 850,000 tonnes, which was slightly above market expectations.

Mexico bought 102,000 tonnes of corn from the U.S.

Chicago wheat futures finished two to three cents weaker on Monday.

The market is losing some of the weather premium it had as analysts say the impact of cold weather on the U.S. Plains was probably not as bad as feared.

Wheat export inspections came in at 234,000 tonnes, which was at the low end of traders’ expectations.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up 29 cents at US$61.73 per barrel.

In the afternoon, the Canadian dollar was trading around US80.49 cents, down from 80.57 cents the previous trading day. The U.S. dollar was C$1.2424

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jan 18 490.30s -1.80 -0.37%

Canola Mar 18 496.40s -1.80 -0.36%

Canola May 18 503.90s -1.80 -0.36%

Canola Jul 18 508.80s -1.30 -0.25%

Canola Nov 18 501.20s -1.00 -0.20%

 

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 18 958-2s -3-2 -0.34%

Soybeans Mar 18 966-6s -4-0 -0.41%

Soybeans May 18 977-4s -4-0 -0.41%

Soybeans Jul 18 987-2s -3-6 -0.38%

Soybeans Aug 18 990-0s -3-2 -0.33%

 

Soybean Meal Jan 18 317.5s -0.4 -0.13%

Soybean Meal Mar 18 321.5s -0.4 -0.12%

Soybean Meal May 18 324.1s -0.3 -0.09%

 

Soybean Oil Jan 18 33.43s -0.22 -0.65%

Soybean Oil Mar 18 33.54s -0.22 -0.65%

Soybean Oil May 18 33.69s -0.22 -0.65%

 

Corn Mar 18 347-2s -4-0 -1.14%

Corn May 18 355-4s -3-6 -1.04%

Corn Jul 18 363-6s -3-6 -1.02%

Corn Sep 18 371-6s -3-4 -0.93%

Corn Dec 18 381-0s -3-4 -0.91%

 

Oats Mar 18 250-0s +1-4 +0.60%

Oats May 18 251-6s -0-2 -0.10%

Oats Jul 18 257-4s -0-4 -0.19%

Oats Sep 18 252-2s -7-6 -2.98%

Oats Dec 18 251-0s -11-0 -4.20%

 

Wheat Mar 18 427-6s -3-0 -0.70%

Wheat May 18 440-4s -2-2 -0.51%

Wheat Jul 18 453-0s -2-6 -0.60%

Wheat Sep 18 466-4s -3-0 -0.64%

Wheat Dec 18 484-4s -2-6 -0.56%

 

Minneapolis

Spring Wheat Mar 18 625-4s -1-2 -0.20%

Spring Wheat May 18 630-4s -1-6 -0.28%

Spring Wheat Jul 18 633-6s -1-4 -0.24%

Spring Wheat Sep 18 623-2s +0-2 +0.04%

Spring Wheat Dec 18 633-4s +1-2 +0.20%

 

Kansas City

Hard Red Wheat Mar 18 433-2s -4-2 -0.97%

Hard Red Wheat May 18 447-0s -4-0 -0.89%

Hard Red Wheat Jul 18 462-4s -4-0 -0.86%

Hard Red Wheat Sep 18 478-2s -4-0 -0.83%

Hard Red Wheat Dec 18 498-2s -3-6 -0.75%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle    Feb 18 117.225s -2.025 -1.70%

Live Cattle    Apr 18 119.300s -1.550 -1.28%

Live Cattle    Jun 18 111.200s -1.125 -1.00%

 

Feeder Cattle    Jan 18 146.450s -0.175 -0.12%

Feeder Cattle    Mar 18 141.925s -0.050 -0.04%

Feeder Cattle    Apr 18 142.025s -0.325 -0.23%

 

Lean Hogs    Feb 18 72.975s +1.550 +2.17%

Lean Hogs    Apr 18 76.800s +0.725 +0.95%

Lean Hogs    May 18 80.950s +0.725 +0.90%

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