Canola down slightly; wheat mixed

Winnipeg – ICE Futures canola contracts settled with small losses on Wednesday, after a volatile trading session that saw prices bounce around within a wide range.

Speculative short-covering provided support for much of the day, with a lack of significant farmer selling on the other side also underpinning the futures as producers remain focused on spring seeding.

Gains in Chicago Board of Trade soybeans and dryness concerns in parts of Western Canada were also somewhat supportive.

However, the large old crop supplies and ongoing concerns over Chinese demand tempered the upside and canola failed to hold onto its gains.

About 21,128 canola contracts traded on Wednesday, which compares with Tuesday when 26,237 contracts changed hands. Spreading accounted for 10,406 of the contracts trade.

SOYBEAN futures at the Chicago Board of Trade were up on Wednesday, seeing some follow-through speculative short-covering after Tuesday’s bounce off of ten-year lows.

Spring seeding is running well behind normal across much of the Midwest, with more rain in the forecasts over the next two weeks.

While the delays could lead to some intended corn acres switching to beans instead, yields could be hurt by later seeding dates.

Uncertainty over trade talks with China remained a bearish influence in the background, although the latest rhetoric out of the White House was looking more optimistic.

The National Oilseed Processors Association reported that 160 million bushels of soybeans were crushed in the U.S. in April, which came in below trade expectations. Soymeal exports of 763,000 tonnes during the month also failed to live up to expectations, with African swine fever cutting into the demand from China.

CORN futures were stronger, hitting their best levels in seven weeks as the slow Midwest seeding pace provided support.

While there should be a window of opportunity in many areas this week, conditions are forecast to turn wetter again by the weekend.

The latest weekly ethanol report showed production of the renewable fuel in the U.S. at 1.051 million barrels per day, which was up from the previous week. Meanwhile, ethanol stocks tightened to 22.25 million barrels.

WHEAT futures were mixed, with losses in Minneapolis and Kansas City contracts and a firm tone in Chicago soft wheat.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up 24 cents at US$62.02 per barrel.

In the afternoon, the Canadian dollar was trading around US74.34 cents, up from 74.24 cents the previous trading day. The U.S. dollar was C$1.3451.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jul 19 441.50s -0.90 -0.20%

Canola Nov 19 453.20s -0.50 -0.11%

Canola Jan 20 459.00s -0.80 -0.17%

Canola Mar 20 464.50s -1.10 -0.24%

Canola May 20 469.50s -1.10 -0.23%

 

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

Soybean Jul 19 835-4s +4-0 +0.48%

Soybean Aug 19 842-0s +4-0 +0.48%

Soybean Sep 19 848-0s +4-0 +0.47%

Soybean Nov 19 859-6s +3-2 +0.38%

Soybean Jan 20 872-4s +3-0 +0.35%

 

Soybean Meal Jul 19 299.8s +1.8 +0.60%

Soybean Meal Aug 19 301.2s +1.7 +0.57%

Soybean Meal Sep 19 303.0s +1.8 +0.60%

 

Soybean Oil Jul 19 27.24s +0.24 +0.89%

Soybean Oil Aug 19 27.37s +0.24 +0.88%

Soybean Oil Sep 19 27.50s +0.24 +0.88%

 

Corn Jul 19 369-4s +0-6 +0.20%

Corn Sep 19 378-2s +1-0 +0.27%

Corn Dec 19 388-6s +1-0 +0.26%

Corn Mar 20 400-4s +1-0 +0.25%

Corn May 20 407-6s +1-2 +0.31%

 

Oats Jul 19 287-6s +1-6 +0.61%

Oats Sep 19 274-4s +0-4 +0.18%

Oats Dec 19 267-2s -0-4 -0.19%

Oats Mar 20 266-0s -0-2 -0.09%

Oats May 20 262-6s -0-4 -0.19%

 

Wheat Jul 19 448-6s +0-2 +0.06%

Wheat Sep 19 456-2s +0-2 +0.05%

Wheat Dec 19 470-4s -0-2 -0.05%

Wheat Mar 20 484-4s unch unch

Wheat May 20 492-4s unch unch

 

Minneapolis

Spring Wheat Jul 19 515-2s -8-0 -1.53%

Spring Wheat Sep 19 524-4s -7-2 -1.36%

Spring Wheat Dec 19 537-6s -7-4 -1.38%

Spring Wheat Mar 20 552-0s -7-6 -1.38%

Spring Wheat May 20 561-0s -7-4 -1.32%

 

Kansas City

Hard Red Wheat Jul 19 402-0s -6-6 -1.65%

Hard Red Wheat Sep 19 413-0s -6-4 -1.55%

Hard Red Wheat Dec 19 434-2s -6-2 -1.42%

Hard Red Wheat Mar 20 455-4s -4-4 -0.98%

Hard Red Wheat May 20 470-6s -3-4 -0.74%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Jun 19 109.675s +0.175 +0.16%

Live Cattle Aug 19 106.975s +0.250 +0.23%

Live Cattle Oct 19 106.750s +0.275 +0.26%

 

Feeder Cattle May 19 135.925s -0.075 -0.06%

Feeder Cattle Aug 19 142.275s -0.225 -0.16%

Feeder Cattle Sep 19 143.225s -0.350 -0.24%

 

Lean Hogs Jun 19 91.825s +2.700 +3.03%

Lean Hogs Jul 19 91.925s +1.875 +2.08%

Lean Hogs Aug 19 92.625s +1.450 +1.59%

 

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