Canola down slightly in light trading

 

Winnipeg (CNS Canada) – Canola contracts on the ICE Futures Canada platform finished slightly weaker Wednesday in technical trading.

Losses in Chicago Board of Trade soyoil and soybeans were bearish for prices.

“Also, large funds have been in liquidation mode,” said a trader in Winnipeg. “I think we have the funds under 10,000 contracts on the long side now.”

Buying has also been sluggish over the past few days, which weighed on the market.

“No new business with China this week,” the trader added.

However, dry conditions in Western Canada, particularly along the southern Alberta/Saskatchewan border, were supportive for values.

Around 19,843 canola contracts were traded on Wednesday, which compares with Tuesday when around 21,828 contracts changed hands. Spreading accounted for 9,856 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

Soybean futures ended lower Wednesday in fund liquidation.

The market was feeling a bit of pressure from the accelerating pace of soybean planting in the United States. As well, roughly three quarters of the U.S. crop is in good or excellent shape, which surpassed expectations.

The July/November spread is near its widest range in over a decade.

Corn futures finished weaker, weighed down by weather forecasts calling for rain to fall in the U.S. Midwest.

There are ideas that Mexico could slap tariffs on U.S. corn imports in response to recent trade penalties imposed on it by the U.S.

However, demand for ethanol remains reasonably strong, which helped limit the losses.

Chicago wheat recorded solid gains on Wednesday, amid mounting concerns about dryness problems in Australia and Russia.

Farmers in Kansas have begun harvesting their winter wheat, but some reports indicate there are quality issues and some crops were abandoned.

Continued dry weather in the U.S. Southern Plains lent some support to values.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down 79 cents at US$64.73 per barrel.

In the afternoon, the Canadian dollar was trading around US77.44 cents, down from 76.961 cents the previous trading day. The U.S. dollar was C$1.2913.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jul 18 523.70s -1.60 -0.30%

Canola Nov 18 517.00s -0.90 -0.17%

Canola Jan 19 524.30s -0.80 -0.15%

Canola Mar 19 528.10s -0.40 -0.08%

Canola May 19 530.30s unch unch

 

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 Jul 18 994-2s -7-0 -0.70%

Soybeans Aug 18 999-4s -7-0 -0.70%

Soybeans Sep 18 1004-6s -6-6 -0.67%

Soybeans Nov 18 1013-4s -7-0 -0.69%

Soybeans Jan 19 1020-6s -6-2 -0.61%

 

Soybean Meal Jul 18 365.0s -2.3 -0.63%

Soybean Meal Aug 18 366.5s -2.5 -0.68%

Soybean Meal Sep 18 366.9s -2.8 -0.76%

 

Soybean Oil Jul 18 30.65s -0.14 -0.45%

Soybean Oil Aug 18 30.77s -0.14 -0.45%

Soybean Oil Sep 18 30.91s -0.15 -0.48%

 

Corn Jul 18 378-2s -5-4 -1.43%

Corn Sep 18 387-6s -5-2 -1.34%

Corn Dec 18 399-6s -4-2 -1.05%

Corn Mar 19 408-6s -4-0 -0.97%

Corn May 19 415-0s -3-6 -0.90%

 

Oats Jul 18 240-6s -3-2 -1.33%

Oats Sep 18 244-6s -3-6 -1.51%

Oats Dec 18 244-6s -3-6 -1.51%

Oats Mar 19 247-6s -4-4 -1.78%

Oats May 19 250-6s -4-2 -1.67%

 

Wheat Jul 18 519-6s +9-6 +1.91%

Wheat Sep 18 537-4s +10-0 +1.90%

Wheat Dec 18 558-2s +8-6 +1.59%

Wheat Mar 19 577-0s +8-2 +1.45%

Wheat May 19 588-2s +7-6 +1.34%

 

Minneapolis

Spring Wheat Jul 18 598-2s +1-2 +0.21%

Spring Wheat Sep 18 607-4s +1-4 +0.25%

Spring Wheat Dec 18 619-6s +1-6 +0.28%

Spring Wheat Mar 19 633-0s +2-2 +0.36%

Spring Wheat May 19 641-6s +2-4 +0.39%

 

Kansas City

Hard Red Wheat Jul 18 539-6s +10-6 +2.03%

Hard Red Wheat Sep 18 559-0s +10-6 +1.96%

Hard Red Wheat Dec 18 582-6s +11-2 +1.97%

Hard Red Wheat Mar 19 598-4s +10-4 +1.79%

Hard Red Wheat May 19 608-0s +9-2 +1.54%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Jun 18 108.300s +1.100 +1.03%

Live Cattle Aug 18 104.575s +0.525 +0.50%

Live Cattle Oct 18 107.175s +0.275 +0.26%

 

Feeder Cattle Aug 18 146.750s +0.625 +0.43%

Feeder Cattle Sep 18 148.025s +0.675 +0.46%

Feeder Cattle Oct 18 148.450s +0.825 +0.56%

 

Lean Hogs Jun 18 78.175s +1.650 +2.16%

Lean Hogs Jul 18 79.950s +2.925 +3.80%

Lean Hogs Aug 18 77.625s +1.975 +2.61%

 

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