Canola down slightly, wheat mixed

The ICE Futures canola contacts closed slightly weaker Wednesday, as contracts continued to lag on the soy complex.

Chicago Board of Trade (CBOT) soybean, oil and meal contracts were all stronger. The soy complex found support from positive news out of the China and United States trade talks. The talks wrapped up today after three days of negotiations. China released a vague statement pledging to buy a “substantial amount” of U.S. goods.

Oilseed contracts are still finding support from South American crops. AgRural cut its Brazilian soybean estimate to 116.9 million tonnes from 121.4 million tonnes, due to the hot and dry weather. Conab releases its new numbers Thursday morning. There is also still concern about how the rain Argentina has received is affecting the crop there.

Ukraine has planted 3.2 million acres of winter canola, most of the crop is in good or satisfactory condition so far, according to the country’s agriculture ministry.

About 12,752 canola contracts traded, which compares with Tuesday when 8,645 contracts changed hands. Spreading accounted for 6,186 of the contracts traded.

Brazil received better than expected rains overnight, with parts of Parana, Rio Grande do Sul, and Paraguay regions receiving precipitation.

Departamento de Economia Rural (DERAL) in Brazil is reporting that the soybean harvest in the Parana region is five per cent done, which is a record pace. Conditions are rated at 58 per cent good, 30 per cent average and 12 per cent bad, all of which are down from last year.

CBOT corn prices finished the day in the green.

The U.S. weekly ethanol report is still being released despite the shutdown. Today’s report showed ethanol production was at one million barrels per day this week, down 11,000 barrels from the previous week. Stock rose to 23.3 million barrels from 23.2 million barrels.

DERAL is reporting that Brazil’s Parana first crop corn condition is down to 74 per cent good, 24 per cent fair, and two per cent poor.

ADVERTISEMENT

Wheat futures in the U.S. finished the day mixed.

Egypt has two wheat tenders out today, one for Feb. 20 to 28 shipment, and one for March 1 to 10 shipment.

Algeria bought 550,000 tonnes of wheat at US$261 per tonne and it likely was from Argentina and France.

FranceAgriMer has lowered its estimate for French wheat exports this year to 8.7 million tonnes from 8.8 million tonnes, with ending stocks up 100,000 tonnes to 2.8 million tonnes.

 

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up $2.58 at US$52.36 per barrel.

In the afternoon, the Canadian dollar was trading around US75.64 cents, up from 75.23 cents the previous trading day. The U.S. dollar was C$1.3221.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jan 19 483.80s -0.50 -0.10%

Canola Mar 19 484.90s -0.50 -0.10%

Canola May 19 493.60s -0.30 -0.06%

Canola Jul 19 500.90s -0.30 -0.06%

Canola Nov 19 498.10s -0.50 -0.10%

 

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 19 911-4s +5-2 +0.58%

Soybeans Mar 19 924-0s +5-4 +0.60%

Soybeans May 19 937-2s +5-4 +0.59%

Soybeans Jul 19 949-0s +5-4 +0.58%

Soybeans Aug 19 953-4s +5-2 +0.55%

 

Soybean Meal Jan 19 319.0s +1.4 +0.44%

Soybean Meal Mar 19 323.4s +1.8 +0.56%

Soybean Meal May 19 327.0s +1.9 +0.58%

 

Soybean Oil Jan 19 28.32s +0.14 +0.50%

Soybean Oil Mar 19 28.60s +0.17 +0.60%

Soybean Oil May 19 28.87s +0.18 +0.63%

 

Corn Mar 19 382-0s +2-0 +0.53%

Corn May 19 390-0s +2-0 +0.52%

Corn Jul 19 397-4s +1-6 +0.44%

Corn Sep 19 400-0s +1-4 +0.38%

Corn Dec 19 404-0s +1-2 +0.31%

 

Oats Mar 19 285-6s +3-0 +1.06%

Oats May 19 282-0s +3-2 +1.17%

Oats Jul 19 283-4s +3-2 +1.16%

Oats Sep 19 275-4s +1-6 +0.64%

Oats Dec 19 272-6s +3-0 +1.11%

 

Wheat Mar 19 520-0s +2-2 +0.43%

Wheat May 19 526-0s +2-4 +0.48%

Wheat Jul 19 530-6s +1-6 +0.33%

Wheat Sep 19 539-2s +1-6 +0.33%

Wheat Dec 19 552-6s +1-2 +0.23%

 

Minneapolis

Spring Wheat Mar 19 570-4s +3-2 +0.57%

Spring Wheat May 19 576-0s +3-0 +0.52%

Spring Wheat Jul 19 583-0s +3-0 +0.52%

Spring Wheat Sep 19 590-6s +3-4 +0.60%

Spring Wheat Dec 19 604-2s +4-0 +0.67%

 

Kansas City

Hard Red Wheat Mar 19 505-4s +0-4 +0.10%

Hard Red Wheat May 19 517-2s +0-4 +0.10%

Hard Red Wheat Jul 19 527-0s unch unch

Hard Red Wheat Sep 19 539-0s -0-4 -0.09%

Hard Red Wheat Dec 19 556-0s -0-2 -0.04%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Feb 19 124.800s -0.500 -0.40%

Live Cattle Apr 19 125.800s -0.350 -0.28%

Live Cattle Jun 19 117.250s -0.225 -0.19%

 

Feeder Cattle Jan 19 146.825s -0.800 -0.54%

Feeder Cattle Mar 19 144.900s -0.550 -0.38%

Feeder Cattle Apr 19 145.475s -0.625 -0.43%

 

Lean Hogs Feb 19 63.775s +1.175 +1.88%

Lean Hogs Apr 19 67.550s +1.525 +2.31%

Lean Hogs May 19 74.200s +1.250 +1.71%

 

About the author

Ashley Robinson Commodity News Service's recent articles

Comments

Markets at a glance

Copyright © 2018. All market data is provided by Barchart Market Data Solutions. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.

explore

Stories from our other publications