Canola drops along with grain markets

Grain markets were lower today, with canola finishing $2.40 per tonne down on the March ICE contract, closing at $473.40. The rest of the 2019 canola contracts were off between $2 and $2.80 with January 2020 down 70 cents, hanging in a $498.30.

It was canola chasing soy down, as the markets looked for positive Chinese trade news that didn’t come. March futures on Chicago dropped 6.75 US-cents to $9.00-75, with May down 7 cents to $9.14-50.

Corn was down, after showing promise prior to the President’s day holiday, but not as much as U.S. wheat contracts, shrugging off as much 17.5 cents for spring wheat on the March contract in Chicago, ending at $5.50 per bushel. March hard red winter was down 15.75 cents to finish the day at $4.60-5.

It was technical selling the pulled on the cereals, but soft trade numbers from USDA undermined any warm feelings that might have emerged from under the lid of the winter deep freeze. Brazil’s corn crop has been described positively by analysts that cover the region’s markets. This emerged from a Reuters poll, along with the cause, greater planted acres and improved weather conditions for the crop.

Chinese news was centered on finding new markets for corn, wheat and barley, outside of the United States, further fueling speculation that the Sino-American trade discussions are not going as well as been hoped.

Canadian wheat markets were off on the American news, off from C$6 to 8.50 per tonne, depending on the location. Durum hung on to recent gains, off a few cents in most cases. Elevator prices for canola fell from $5 to $8 per tonne, with prices hanging in the mid $450 to $460 range, according the PDQ system from the Alberta Wheat Commission.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up 50 cents at US$56.09 per barrel.

In the afternoon, the Canadian dollar was trading around US75.54 cents, up from 75.38 cents the previous trading day. The U.S. dollar was C$1.3238.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Mar 19 473.70s -2.10 -0.44%

Canola May 19 482.30s -2.50 -0.52%

Canola Jul 19 489.50s -2.60 -0.53%

Canola Nov 19 492.30s -1.90 -0.38%

Canola Jan 20 497.80s -1.20 -0.24%

 

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 19 900-6s -6-6 -0.74%

Soybean May 19 914-4s -7-0 -0.76%

Soybean Jul 19 928-0s -7-0 -0.75%

Soybean Aug 19 933-4s -6-6 -0.72%

Soybean Sep 19 937-2s -6-2 -0.66%

 

Soybean Meal Mar 19 305.4s -1.1 -0.36%

Soybean Meal May 19 309.5s -1.0 -0.32%

Soybean Meal Jul 19 313.4s -1.2 -0.38%

 

Soybean Oil Mar 19 29.74s -0.21 -0.70%

Soybean Oil May 19 30.08s -0.20 -0.66%

Soybean Oil Jul 19 30.41s -0.21 -0.69%

 

Corn Mar 19 369-6s -5-0 -1.33%

Corn May 19 378-0s -4-6 -1.24%

Corn Jul 19 386-0s -4-4 -1.15%

Corn Sep 19 390-6s -3-4 -0.89%

Corn Dec 19 396-6s -2-4 -0.63%

 

Oats Mar 19 270-0s -5-6 -2.09%

Oats May 19 275-4s -5-2 -1.87%

Oats Jul 19 277-2s -3-4 -1.25%

Oats Sep 19 269-2s -2-4 -0.92%

Oats Dec 19 261-2s -2-4 -0.95%

 

Wheat Mar 19 489-6s -14-4 -2.88%

Wheat May 19 492-2s -14-6 -2.91%

Wheat Jul 19 496-4s -12-6 -2.50%

Wheat Sep 19 506-0s -12-4 -2.41%

Wheat Dec 19 520-6s -11-6 -2.21%

 

Minneapolis

Spring Wheat Mar 19 555-4s -17-4 -3.05%

Spring Wheat May 19 555-2s -11-6 -2.07%

Spring Wheat Jul 19 560-6s -9-4 -1.67%

Spring Wheat Sep 19 568-2s -7-4 -1.30%

Spring Wheat Dec 19 581-2s -5-4 -0.94%

 

Kansas City

Hard Red Wheat Mar 19 460-6s -15-6 -3.31%

Hard Red Wheat May 19 468-2s -16-2 -3.35%

Hard Red Wheat Jul 19 478-2s -15-0 -3.04%

Hard Red Wheat Sep 19 490-2s -14-6 -2.92%

Hard Red Wheat Dec 19 508-0s -14-4 -2.78%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Feb 19 127.875s +1.250 +0.99%

Live Cattle Apr 19 128.450s +1.275 +1.00%

Live Cattle Jun 19 118.600s +0.525 +0.44%

 

Feeder Cattle Mar 19 143.750s +1.150 +0.81%

Feeder Cattle Apr 19 146.000s +0.775 +0.53%

Feeder Cattle May 19 147.000s +0.425 +0.29%

 

Lean Hogs Apr 19 56.525s -3.000 -5.04%

Lean Hogs May 19 65.450s -3.000 -4.38%

Lean Hogs Jun 19 73.725s -3.000 -3.91%

 

 

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