Canola down sharply with soybeans

Winnipeg, Jan. 10 (CNS Canada) – ICE Futures canola contracts were down sharply on Thursday, finishing right above major support as losses in the Chicago Board of Trade soy complex spilled over to weigh on values.

The most active March contract settled right above the psychological C$480 per tonne mark, as bearish technical signals and speculative selling pressure contributed to the declines.

Soft demand from both exporters and the domestic crush sector contributed the declines, as ample supplies in the commercial pipeline had end-users content to only buy on a scale-down basis.

About 10,964 canola contracts traded on Thursday, which compares with Wednesday when 12,752 contracts changed hands. Spreading accounted for 5,558 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were down sharply on Thursday, as optimism over trade relations between the United States and China dissipated.

Brazil’s CONAB released updated estimates on the size of that country’s crops, pegging soybeans at 118.8 million tonnes. That was down from the December forecast of 120.1 million, but still above most other trade estimates that had averaged around 117 million.

However, while Brazilian production may be down from earlier estimates, large exports are still expected.

CORN futures were also softer, with rising production estimates out of South America were behind some of the weakness.

CONAB pegged the Brazilian crop at 91.2 million tonnes, while private forecasters Agroconsult estimated a 95.6 million-tonne corn crop. That compares with the 82 million tonnes grown a year ago.

In Argentina, the Rosario Grain Exchange raised its estimate for that country’s corn crop to 44 million tonnes. That compares with the 32 million tonnes grown last year.

WHEAT futures were lower, as strength in the U.S. dollar index and spillover from the losses in corn and beans weighed on values.

Bearish export news contributed to the softer tone, as U.S. wheat missed out on the latest Egyptian tender.

Light crude oil nearby futures in New York was up 23 cents at US$52.59 per barrel.

In the afternoon, the Canadian dollar was trading around US75.56 cents, down from 75.64 cents the previous trading day. The U.S. dollar was C$1.3234.

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jan 19 479.40s -4.40 -0.91%
Canola Mar 19 480.50s -4.40 -0.91%
Canola May 19 489.00s -4.60 -0.93%
Canola Jul 19 496.60s -4.30 -0.86%
Canola Nov 19 494.40s -3.70 -0.74%

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 19 895-4s -16-0 -1.76%
Soybeans Mar 19 906-6s -17-2 -1.87%
Soybeans May 19 920-2s -17-0 -1.81%
Soybeans Jul 19 932-2s -16-6 -1.77%
Soybeans Aug 19 937-2s -16-2 -1.70%

Soybean Meal Jan 19 312.6s -6.4 -2.01%
Soybean Meal Mar 19 316.8s -6.6 -2.04%
Soybean Meal May 19 320.6s -6.4 -1.96%

Soybean Oil Jan 19 27.94s -0.38 -1.34%
Soybean Oil Mar 19 28.19s -0.41 -1.43%
Soybean Oil May 19 28.48s -0.39 -1.35%

Corn Mar 19 376-2s -5-6 -1.51%
Corn May 19 384-4s -5-4 -1.41%
Corn Jul 19 392-2s -5-2 -1.32%
Corn Sep 19 395-0s -5-0 -1.25%
Corn Dec 19 399-0s -5-0 -1.24%

Oats Mar 19 288-6s +3-0 +1.05%
Oats May 19 284-0s +2-0 +0.71%
Oats Jul 19 284-4s +1-0 +0.35%
Oats Sep 19 276-4s +1-0 +0.36%
Oats Dec 19 272-0s -0-6 -0.27%

Wheat Mar 19 513-6s -6-2 -1.20%
Wheat May 19 519-6s -6-2 -1.19%
Wheat Jul 19 524-2s -6-4 -1.22%
Wheat Sep 19 532-6s -6-4 -1.21%
Wheat Dec 19 546-4s -6-2 -1.13%

Minneapolis
Spring Wheat Mar 19 564-0s -6-4 -1.14%
Spring Wheat May 19 569-4s -6-4 -1.13%
Spring Wheat Jul 19 576-2s -6-6 -1.16%
Spring Wheat Sep 19 583-6s -7-0 -1.18%
Spring Wheat Dec 19 597-0s -7-2 -1.20%

Kansas City
Hard Red Wheat Mar 19 498-6s -6-6 -1.34%
Hard Red Wheat May 19 510-0s -7-2 -1.40%
Hard Red Wheat Jul 19 519-4s -7-4 -1.42%
Hard Red Wheat Sep 19 531-4s -7-4 -1.39%
Hard Red Wheat Dec 19 548-6s -7-2 -1.30%

Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Feb 19 124.875s +0.075 +0.06%
Live Cattle Apr 19 125.925s +0.125 +0.10%
Live Cattle Jun 19 117.375s +0.125 +0.11%

Feeder Cattle Jan 19 146.750s -0.075 -0.05%
Feeder Cattle Mar 19 145.075s +0.175 +0.12%
Feeder Cattle Apr 19 145.675s +0.200 +0.14%

Lean Hogs Feb 19 64.075s +0.300 +0.47%
Lean Hogs Apr 19 67.850s +0.300 +0.44%
Lean Hogs May 19 73.900s -0.300 -0.40%

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