Canola down with other commodities Monday

WINNIPEG, (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished lower on Monday, as plummeting crude oil values brought havoc to stock and commodity markets alike.

The Organization of Petroleum Exporting Countries and Russia have backed away from prior agreements to cut crude oil production, sending crude oil futures into freefall. Global stock indices were also impacted. Canola has been less sensitive to the mayhem than comparable vegetable oils, and didn’t drop as significantly as Chicago soyoil.

The Canadian dollar was at its weakest point in three years at midday. The dollar was at 73.87 U.S. cents, which provided a bit of support to canola values.

On Monday, 21,131 contracts were traded, which compares with Friday when 15,124 contracts changed hands. Spreading accounted for 14,402 contracts traded.

SOYBEAN futures at the Chicago Board of Trade (CBOT) finished lower on Monday, dragged down by a tumultuous financial sector and persistently low export demand.

Last week, U.S. soybean sales to China were the lowest in almost six months, totaling just over 6,000 tonnes. However, this morning, the United States Department of Agriculture (USDA) announced a sale of 123,000 tonnes of soybeans, purchased by unknown destinations.

CORN futures were weaker on Monday.

Ahead of the World Agriculture Supply Demand Estimates (WASDE) from the USDA, market participants expect U.S. corn ending stocks to total 1.88 billion bushels, which is lower than February’s estimate of 1.89 billion bushels.

Global corn stocks are expected to be high due to large South American production levels. Also, Brazil’s corn exports were lower by 78 per cent last month when compared to February of last year.

WHEAT futures were mixed to start the week, with Chicago’s May contract posting modest gains and Kansas City and Minneapolis remaining in the red.

Trade estimates peg U.S. wheat ending stocks to total approximately 25.7 million tonnes, which is higher than February’s estimate of 25.5 million tonnes.

Ukraine’s wheat exports have totalled 16.7 million tonnes so far this marketing year, and grain exports have risen by 24 per cent overall.

 

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down $10.15 at US$31.13 per barrel.

In the afternoon, the Canadian dollar was trading around US74.54 cents, up from 74.51 cents the previous trading day. The U.S. dollar was C$1.3598.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Mar 20 453.80s -6.20 -1.35%

Canola May 20 455.30s -4.40 -0.96%

Canola Jul 20 463.70s -4.30 -0.92%

Canola Nov 20 473.30s -3.40 -0.71%

Canola Jan 21 479.80s -3.50 -0.72%

 

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 Mar 20 863-4s -19-6 -2.24%

Soybean May 20 870-0s -21-2 -2.38%

Soybean Jul 20 879-0s -21-0 -2.33%

Soybean Aug 20 881-4s -20-2 -2.25%

Soybean Sep 20 882-2s -19-4 -2.16%

 

Soybean Meal Mar 20 296.6s -4.7 -1.56%

Soybean Meal May 20 300.4s -4.7 -1.54%

Soybean Meal Jul 20 304.7s -4.7 -1.52%

 

Soybean Oil Mar 20 27.31s -1.17 -4.11%

Soybean Oil May 20 27.54s -1.21 -4.21%

Soybean Oil Jul 20 27.90s -1.20 -4.12%

 

Corn Mar 20 374-2s -3-0 -0.80%

Corn May 20 372-6s -3-2 -0.86%

Corn Jul 20 375-0s -4-2 -1.12%

Corn Sep 20 372-4s -5-0 -1.32%

Corn Dec 20 376-2s -5-2 -1.38%

 

Oats Mar 20 261-0s -0-6 -0.29%

Oats May 20 267-4s -0-6 -0.28%

Oats Jul 20 270-6s +1-4 +0.56%

Oats Sep 20 263-2s +1-4 +0.57%

Oats Dec 20 263-0s +2-2 +0.86%

 

Wheat Mar 20 522-2s +1-0 +0.19%

Wheat May 20 518-6s +3-0 +0.58%

Wheat Jul 20 518-6s +2-0 +0.39%

Wheat Sep 20 525-6s +1-6 +0.33%

Wheat Dec 20 537-0s +1-6 +0.33%

 

Minneapolis

Spring Wheat Mar 20 507-4s -1-4 -0.29%

Spring Wheat May 20 520-6s -4-4 -0.86%

Spring Wheat Jul 20 530-6s -4-2 -0.79%

Spring Wheat Sep 20 540-2s -4-0 -0.73%

Spring Wheat Dec 20 554-2s -3-6 -0.67%

 

Kansas City

Hard Red Wheat Mar 20 436-4s -2-6 -0.63%

Hard Red Wheat May 20 441-0s -5-2 -1.18%

Hard Red Wheat Jul 20 448-6s -4-6 -1.05%

Hard Red Wheat Sep 20 459-0s -4-0 -0.86%

Hard Red Wheat Dec 20 472-4s -3-4 -0.74%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Apr 20 102.850s -2.900 -2.74%

Live Cattle Jun 20 97.100s -2.925 -2.92%

Live Cattle Aug 20 98.075s -3.000 -2.97%

 

Feeder Cattle Mar 20 126.200s -4.500 -3.44%

Feeder Cattle Apr 20 125.550s -4.500 -3.46%

Feeder Cattle May 20 126.650s -4.500 -3.43%

 

Lean Hogs Apr 20 63.000s -2.925 -4.44%

Lean Hogs May 20 68.700s -2.675 -3.75%

Lean Hogs Jun 20 77.350s -2.400 -3.01%

 

About the author

Marlo Glass – MarketsFarm's recent articles

Markets at a glance

explore

Stories from our other publications