Canola dragged down by CDN currency

Winnipeg (CNS Canada) – The ICE Futures Canada canola finished lower on Tuesday, weighed down by a stronger Canadian dollar.

Increased farmer selling dragged on prices and export activity has been on the slow side.

Weakness in Chicago Board of Trade soybeans added to the bearishness.

However, gains in CBOT soyoil were supportive for prices.

Concerns over a lack of moisture in Western Canada lent some support to the market.

Around 14,505 canola contracts were traded on Tuesday, which compares with Monday when around 19,169 contracts changed hands. Spreading accounted for 5,668 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

The soybean market finished lower on Wednesday in technical selling.

Conditions are drying down in Brazilian soybean fields, which should enable more harvesting to get done.

Some traders have started taking positions ahead of Thursday’s USDA supply and demand report.

Corn futures ended roughly one cent higher in follow-through buying.

The most-active May contract took technical support at the US$3.85 level.

USDA weekly export inspections were significantly lower than last week.

Chicago wheat futures suffered mild losses in choppy trading.

A new report by Australia’s agriculture department has raised estimates for this year’s wheat crop. The new forecast calls for the crop to hit 23.7 million tonnes, which is up from the previous estimate of 21.2 million tonnes.

Russian grain exports through the last week of February were up 41 per cent from the previous year.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up three cents at US$62.60 per barrel.

In the afternoon, the Canadian dollar was trading around US77.64 cents, down from 76.99 cents the previous trading day. The U.S. dollar was C$1.2880.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Mar 18 520.70s -7.80 -1.48%

Canola May 18 526.00s -4.50 -0.85%

Canola Jul 18 530.50s -4.10 -0.77%

Canola Nov 18 515.30s -4.10 -0.79%

Canola Jan 19 519.40s -4.20 -0.80%

 

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 Mar 18 1064-4s -2-2 -0.21%

Soybeans May 18 1074-6s -2-6 -0.26%

Soybeans Jul 18 1083-0s -2-6 -0.25%

Soybeans Aug 18 1081-0s -2-0 -0.18%

Soybeans Sep 18 1060-2s +0-6 +0.07%

 

Soybean Meal Mar 18 384.5s -4.8 -1.23%

Soybean Meal May 18 388.0s -5.2 -1.32%

Soybean Meal Jul 18 387.7s -3.7 -0.95%

 

Soybean Oil Mar 18 32.30s +0.29 +0.91%

Soybean Oil May 18 32.48s +0.27 +0.84%

Soybean Oil Jul 18 32.69s +0.29 +0.90%

 

Corn Mar 18 379-6s +1-4 +0.40%

Corn May 18 388-2s +1-0 +0.26%

Corn Jul 18 395-4s +1-0 +0.25%

Corn Sep 18 400-4s +0-4 +0.13%

Corn Dec 18 406-4s +0-4 +0.12%

 

Oats Mar 18 262-0s -2-6 -1.04%

Oats May 18 267-6s -1-2 -0.46%

Oats Jul 18 268-0s -1-4 -0.56%

Oats Sep 18 265-0s -0-6 -0.28%

Oats Dec 18 266-0s -0-4 -0.19%

 

Wheat Mar 18 502-0s -0-2 -0.05%

Wheat May 18 507-0s -2-2 -0.44%

Wheat Jul 18 521-2s -2-0 -0.38%

Wheat Sep 18 536-2s -1-2 -0.23%

Wheat Dec 18 554-6s -1-0 -0.18%

 

Minneapolis

Spring Wheat Mar 18 627-2s +4-2 +0.68%

Spring Wheat May 18 629-0s +4-6 +0.76%

Spring Wheat Jul 18 636-6s +4-6 +0.75%

Spring Wheat Sep 18 641-6s +3-6 +0.59%

Spring Wheat Dec 18 649-6s +4-0 +0.62%

 

Kansas City

Hard Red Wheat Mar 18 529-2s -4-2 -0.80%

Hard Red Wheat May 18 541-4s -4-0 -0.73%

Hard Red Wheat Jul 18 557-6s -3-4 -0.62%

Hard Red Wheat Sep 18 573-2s -3-2 -0.56%

Hard Red Wheat Dec 18 590-6s -3-2 -0.55%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Apr 18 122.825s -0.400 -0.32%

Live Cattle Jun 18 114.775s -0.575 -0.50%

Live Cattle Aug 18 112.450s -0.675 -0.60%

 

Feeder Cattle Mar 18 144.300s -0.850 -0.59%

Feeder Cattle Apr 18 146.125s -0.750 -0.51%

Feeder Cattle May 18 147.100s -0.575 -0.39%

 

Lean Hogs Apr 18 68.200s -0.600 -0.87%

Lean Hogs May 18 74.250s -1.500 -1.98%

Lean Hogs Jun 18 79.950s -1.025 -1.27%

 

 

Comments

Copyright © 2016. All market data is provided by Barchart Market Data Solutions. Futures: at least 10 minute delayed except as noted. 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.
CME groupICE

explore

Stories from our other publications