Winnipeg (CNS Canada) – The ICE Futures Canada canola complex ended mixed on Tuesday, with the nearby May contract propped up by the Canadian currency while the more-deferred contracts sank in sympathy with U.S soybeans.
Farmer hedges were a feature of the day’s activity and put pressure on prices, according to a trader in Winnipeg.
There are ideas that the USDA’s seeding intentions report, due to come out on Thursday, will be bearish for canola.
Large world supplies weighed on the market.
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Chicago Board of Trade corn futures extended session losses on Tuesday, weighed down by forecasts for crop-friendly rain in U.S. grain belts this week.
However, weakness in the Canadian dollar, relative to its U.S. counterpart, was bullish for canola as it made the commodity more attractive on the international market.
Around 14,838 canola contracts were traded on Tuesday, which compares with Monday when around 10,365 contracts changed hands. Spreading accounted for 6,744 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market ended lower on Tuesday due to lukewarm demand.
China imported 24 per cent less soybeans (3.345 million tonnes) from the U.S. in February than the year before. At the same time, China imported 154 per cent more soybeans (1.746 million tonnes) from Brazil, compared to last year.
South Korea has recorded its first case of foot and mouth disease at a hog farm this year. If the outbreak spreads it could eventually cut into livestock feed demand.
Corn futures ended relatively unchanged on Tuesday.
The market was pressured by fund selling.
Planting is clipping along in most states with Texas corn already 43 percent planted, that’s up eight percentage points from last year.
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Chicago wheat futures finished lower in speculative selling.
Russian wheat prices have been softening as of late, which was bearish for U.S. wheat exporters.
Winter wheat ratings in Kansas improved for the first time in months. Forty-nine per cent of the crop is rated as being either poor or very poor, a decline of six per cent from last week.
Traders were taking positons ahead of Thursday’s USDA seeding intentions report.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 30 cents at US$65.25 per barrel.
In the afternoon, the Canadian dollar was trading around US77.55 cents, down from 77.82 cents the previous trading day. The U.S. dollar was C$1.2895.
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 18 522.90s +0.20 +0.04%
Canola Jul 18 527.60s -0.20 -0.04%
Canola Nov 18 514.30s -1.30 -0.25%
Canola Jan 19 517.80s -1.50 -0.29%
Canola Mar 19 519.60s -1.60 -0.31%
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 1019-4s -6-0 -0.59%
Soybeans Jul 18 1030-2s -6-2 -0.60%
Soybeans Aug 18 1032-4s -6-4 -0.63%
Soybeans Sep 18 1024-0s -6-2 -0.61%
Soybeans Nov 18 1020-4s -5-0 -0.49%
Soybean Meal May 18 372.4s -2.6 -0.69%
Soybean Meal Jul 18 375.1s -2.7 -0.71%
Soybean Meal Aug 18 372.2s -2.5 -0.67%
Soybean Oil May 18 31.58s +0.12 +0.38%
Soybean Oil Jul 18 31.85s +0.13 +0.41%
Soybean Oil Aug 18 31.98s +0.14 +0.44%
Corn May 18 374-0s unch unch
Corn Jul 18 382-4s unch unch
Corn Sep 18 389-0s unch unch
Corn Dec 18 397-0s +0-2 +0.06%
Corn Mar 19 404-2s +0-2 +0.06%
Oats May 18 226-0s -0-4 -0.22%
Oats Jul 18 233-4s -1-6 -0.74%
Oats Sep 18 241-2s -1-4 -0.62%
Oats Dec 18 252-0s unch unch
Oats Mar 19 258-0s unch unch
Wheat May 18 449-0s -5-2 -1.16%
Wheat Jul 18 466-4s -5-0 -1.06%
Wheat Sep 18 483-2s -4-4 -0.92%
Wheat Dec 18 504-6s -4-2 -0.83%
Wheat Mar 19 521-2s -4-4 -0.86%
Minneapolis
Spring Wheat May 18 593-2s -4-0 -0.67%
Spring Wheat Jul 18 601-6s -3-2 -0.54%
Spring Wheat Sep 18 608-2s -3-2 -0.53%
Spring Wheat Dec 18 619-6s -2-6 -0.44%
Spring Wheat Mar 19 628-2s -2-0 -0.32%
Kansas City
Hard Red Wheat May 18 464-0s -4-2 -0.91%
Hard Red Wheat Jul 18 483-4s -4-2 -0.87%
Hard Red Wheat Sep 18 502-0s -4-0 -0.79%
Hard Red Wheat Dec 18 525-0s -4-2 -0.80%
Hard Red Wheat Mar 19 539-4s -4-2 -0.78%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 18 115.425s +0.250 +0.22%
Live Cattle Jun 18 105.250s -0.050 -0.05%
Live Cattle Aug 18 103.975s +0.300 +0.29%
Feeder Cattle Mar 18 135.425s +0.500 +0.37%
Feeder Cattle Apr 18 135.350s +0.850 +0.63%
Feeder Cattle May 18 136.350s +0.800 +0.59%
Lean Hogs Apr 18 57.750s -0.275 -0.47%
Lean Hogs May 18 65.450s +0.200 +0.31%
Lean Hogs Jun 18 74.025s -0.075 -0.10%
