Winnipeg (CNS Canada) – The ICE Futures Canada canola complex finished higher on Wednesday, taking strength from gains in U.S. soyoil.
Speculative buying and slight gains in U.S. soybeans were also supportive for the market.
Recent exports of both old crop and new crop were bullish for canola, according to a trader in Winnipeg.
Slow farmer selling added to the upside.
However, the Canadian dollar was higher, relative to its U.S. counterpart, which made canola less attractive to foreign buyers.
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There are ideas canola acres will increase across Western Canada this spring.
Around 13,012 canola contracts were traded on Wednesday, which compares with Tuesday when around 12,717 contracts changed hands. Spreading accounted for 7,534 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market eked out tiny gains on Wednesday, in tight technical trade.
There seems to be a bit of uncertainty over how big Argentina’s crop will turn out to be. Right now most estimates range from 40 to 44 million tonnes.
Rising palm oil production out of Malaysia was bearish for values.
Corn futures finished within a narrow margin on either side of unchanged.
The latest estimate for corn acreage in the United States this spring is 88.5 million acres, which is about a million and a half acres lower than the previous estimate.
More rain and snow is expected to fall on the U.S. Plains this week, which should improve soil moisture.
Chicago wheat futures finished slightly lower on Wednesday.
It looks like the next seven days will also see dry weather across the U.S. Southern Plains. Some rain was initially expected to land in Kansas but it now looks like it will miss the state.
Traders are already focused on the USDA’s planting intentions report, which is set to come out next week.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up $1.63 at US$65.17 per barrel.
In the afternoon, the Canadian dollar was trading around US77.51 cents, up from 76.47 cents the previous trading day. The U.S. dollar was C$1.2902.
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 18 521.00s +1.20 +0.23%
Canola Jul 18 526.60s +1.30 +0.25%
Canola Nov 18 516.70s +0.90 +0.17%
Canola Jan 19 520.80s +1.40 +0.27%
Canola Mar 19 522.50s +1.20 +0.23%
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 May 18 1029-6s +1-4 +0.15%
Soybeans Jul 18 1040-4s +1-4 +0.14%
Soybeans Aug 18 1041-6s +1-4 +0.14%
Soybeans Sep 18 1030-2s +2-0 +0.19%
Soybeans Nov 18 1026-2s +1-2 +0.12%
Soybean Meal May 18 364.5s +2.8 +0.77%
Soybean Meal Jul 18 366.8s +2.6 +0.71%
Soybean Meal Aug 18 364.6s +2.3 +0.63%
Soybean Oil May 18 32.37s +0.63 +1.98%
Soybean Oil Jul 18 32.60s +0.63 +1.97%
Soybean Oil Aug 18 32.71s +0.62 +1.93%
Corn May 18 375-0s +0-4 +0.13%
Corn Jul 18 383-0s +0-4 +0.13%
Corn Sep 18 389-4s -0-2 -0.06%
Corn Dec 18 396-6s -0-4 -0.13%
Corn Mar 19 403-6s -0-4 -0.12%
Oats May 18 231-4s -4-0 -1.70%
Oats Jul 18 238-4s -3-2 -1.34%
Oats Sep 18 244-4s -2-6 -1.11%
Oats Dec 18 252-4s unch unch
Oats Mar 19 258-4s +0-6 +0.29%
Wheat May 18 453-4s +0-4 +0.11%
Wheat Jul 18 469-2s +0-4 +0.11%
Wheat Sep 18 485-4s +0-2 +0.05%
Wheat Dec 18 507-2s +0-6 +0.15%
Wheat Mar 19 524-4s +1-0 +0.19%
Minneapolis
Spring Wheat May 18 589-2s -4-0 -0.67%
Spring Wheat Jul 18 598-6s -3-6 -0.62%
Spring Wheat Sep 18 607-0s -4-2 -0.70%
Spring Wheat Dec 18 620-0s -4-4 -0.72%
Spring Wheat Mar 19 629-0s -4-4 -0.71%
Kansas City
Hard Red Wheat May 18 465-4s -4-4 -0.96%
Hard Red Wheat Jul 18 483-6s -4-0 -0.82%
Hard Red Wheat Sep 18 501-6s -4-0 -0.79%
Hard Red Wheat Dec 18 524-4s -3-4 -0.66%
Hard Red Wheat Mar 19 538-4s -2-2 -0.42%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 18 117.700s -1.875 -1.57%
Live Cattle Jun 18 107.375s -1.625 -1.49%
Live Cattle Aug 18 105.275s -1.425 -1.34%
Feeder Cattle Mar 18 136.775s -1.000 -0.73%
Feeder Cattle Apr 18 136.225s -1.225 -0.89%
Feeder Cattle May 18 136.950s -1.300 -0.94%
Lean Hogs Apr 18 62.575s -0.675 -1.07%
Lean Hogs May 18 70.325s +0.125 +0.18%
Lean Hogs Jun 18 77.225s +0.475 +0.62%
