The ICE Futures canola contacts finished the day weaker, realigning itself with the soy complex.
Chicago Board of Trade (CBOT) soybean, oil and meal contracts were all weaker, however they weren’t down as much they were on Thursday. Despite more positive news from China, analysts are thinking the soybean market has peaked for now.
The Canadian dollar was weaker today, which provided slight support for the canola market.
Internationally, Australia exported 39,217 tonnes of canola in September, which was 59 per cent less than what they exported in August, according to the Australian Bureau of Statistics. Australia suffered from a drought this year, which reduced crops there.
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About 32,007 canola contracts traded, which compares with Thursday when 20,300 contracts changed hands. Spreading accounted for 25,846 of the contracts traded.
The United States Department of Agriculture (USDA) announced a sale of 300,000 tonnes of soybeans to China and 130,000 tonnes to unknown destinations this morning.
The National Oilseed Processors Association is expected to announce record November crush on Monday. However, the pace at plants is starting to slow as margins are weakening due to higher soybean costs and weak product prices.
CBOT corn prices finished the day mixed.
Data from China, released Friday, has the country having produced 257.3 million tonnes of corn this year, a drop of 0.66 percent from last year’s crop. However, this was still 20 per cent larger than previous forecasts.
The USDA announced a sale of 125,000 tonnes of corn to Japan this morning.
The Buenos Aires Grain Exchange (BAGE) is estimating that Argentina’s corn crop is 47 per cent planted, which is behind the average of 54 per cent.
Wheat futures in the U.S. finished the day weaker.
BAGE has lowered its estimate of Argentina’s wheat production to 19 million tonnes, due to frost and hail losses. They also pegged the wheat harvest at 57.4 per cent done, which is average. Heavy rains are forecast for the next few days which could affect the crop.
A private analyst is estimating the U.S. 2019 winter wheat acreage at 32.253 million acres, which is less than last year’s 32.535 million acres.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down $1.38 at US$51.20 per barrel.
In the afternoon, the Canadian dollar was trading around US74.74 cents, down from 74.86 cents the previous trading day. The U.S. dollar was C$1.3379.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 19 477.80s -5.10 -1.06%
Canola Mar 19 485.20s -4.30 -0.88%
Canola May 19 492.50s -3.60 -0.73%
Canola Jul 19 498.80s -3.40 -0.68%
Canola Nov 19 492.40s -1.00 -0.20%
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 19 900-4s -6-4 -0.72%
Soybeans Mar 19 913-6s -6-6 -0.73%
Soybeans May 19 927-0s -6-2 -0.67%
Soybeans Jul 19 938-6s -6-2 -0.66%
Soybeans Aug 19 943-0s -6-2 -0.66%
Soybean Meal Dec 18 309.4s unch unch
Soybean Meal Jan 19 307.3s -1.2 -0.39%
Soybean Meal Mar 19 311.6s -1.3 -0.42%
Soybean Oil Dec 18 28.39s -0.25 -0.87%
Soybean Oil Jan 19 28.49s -0.34 -1.18%
Soybean Oil Mar 19 28.76s -0.33 -1.13%
Corn Dec 18 376-6s +1-2 +0.33%
Corn Mar 19 384-6s +0-4 +0.13%
Corn May 19 392-2s +0-4 +0.13%
Corn Jul 19 398-6s +0-4 +0.13%
Corn Sep 19 400-0s +0-2 +0.06%
Oats Dec 18 278-4s -3-4 -1.24%
Oats Mar 19 287-4s -6-0 -2.04%
Oats May 19 289-2s -6-0 -2.03%
Oats Jul 19 286-0s -5-6 -1.97%
Oats Sep 19 273-0s -5-4 -1.97%
Wheat Dec 18 527-6s unch unch
Wheat Mar 19 530-0s -6-0 -1.12%
Wheat May 19 536-4s -5-2 -0.97%
Wheat Jul 19 542-6s -4-6 -0.87%
Wheat Sep 19 549-6s -4-6 -0.86%
Minneapolis
Spring Wheat Dec 18 580-4s unch unch
Spring Wheat Mar 19 584-0s -4-2 -0.72%
Spring Wheat May 19 589-0s -2-6 -0.46%
Spring Wheat Jul 19 595-0s -2-0 -0.34%
Spring Wheat Sep 19 601-4s -2-2 -0.37%
Kansas City
Hard Red Wheat Dec 18 492-4s unch unch
Hard Red Wheat Mar 19 518-2s -1-6 -0.34%
Hard Red Wheat May 19 529-2s -1-2 -0.24%
Hard Red Wheat Jul 19 538-4s -1-0 -0.19%
Hard Red Wheat Sep 19 550-0s -1-2 -0.23%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 18 119.575s +0.125 +0.10%
Live Cattle Feb 19 122.400s -0.450 -0.37%
Live Cattle Apr 19 124.500s -0.300 -0.24%
Feeder Cattle Jan 19 147.575s -0.400 -0.27%
Feeder Cattle Mar 19 145.775s -0.150 -0.10%
Feeder Cattle Apr 19 146.250s -0.250 -0.17%
Lean Hogs Dec 18 54.950s +0.150 +0.27%
Lean Hogs Feb 19 64.500s -0.325 -0.50%
Lean Hogs Apr 19 70.050s -0.300 -0.43%
