Winnipeg (CNS Canada) – The ICE Futures Canada canola complex finished weaker on Monday, following losses in U.S. soybeans.
Farmer selling added to the downside and some funds were liquidating positions.
Despite today’s losses, canola is still holding up relatively well, compared to its U.S. counterpart.
The May, July and November contracts have comparable numbers in the open interest, which may limit the volatility, according to a Winnipeg-based trader.
However, recent weakness in the Canadian dollar, relative to its U.S. counterpart, helped prop up prices somewhat.
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U.S. grains: Corn futures edge up, soybeans sag on improving US crop ratings
Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.
Global demand for oilseeds remains steady.
Around 12,717 canola contracts were traded on Monday, which compares with Friday when around 12,551 contracts changed hands. Spreading accounted for 5,102 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market recorded steep losses on Monday as rain fell in the eastern portion of Argentina. The moisture is likely too late to help the bulk of the crop but could aid some later-seeded fields.
Brazil’s soybean harvest is slightly ahead of schedule and looks to be record large.
Speculators were liquidating their long positions.
Corn futures dropped on Monday in sympathy with soybeans and wheat.
Brazil’s corn crop is about 34 percent harvested, which is behind the average of 45 per cent.
Long positions are under pressure to liquidate as the technical appear pointed lower.
Chicago wheat futures dropped on Monday in the wake of yesterday’s USDA report.
A mix of rain and snow in Kansas over the weekend sent prices tumbling as the state finally got some badly needed moisture. Eastern Texas and Oklahoma are also expected to receive rain this week.
Demand continues to be a problem for U.S. wheat exporters based on recent sales data
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 28 cents at US$62.06 per barrel.
In the afternoon, the Canadian dollar was trading around US76.52 cents, up from 76.34 cents the previous trading day. The U.S. dollar was C$1.3068.
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 18 517.70s -5.40 -1.03%
Canola Jul 18 522.90s -5.50 -1.04%
Canola Nov 18 512.90s -5.00 -0.97%
Canola Jan 19 516.60s -5.20 -1.00%
Canola Mar 19 518.50s -5.00 -0.96%
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 1022-4s -27-0 -2.57%
Soybeans Jul 18 1033-4s -26-6 -2.52%
Soybeans Aug 18 1035-2s -26-0 -2.45%
Soybeans Sep 18 1025-6s -22-0 -2.10%
Soybeans Nov 18 1022-6s -18-2 -1.75%
Soybean Meal May 18 358.6s -14.3 -3.83%
Soybean Meal Jul 18 361.3s -13.3 -3.55%
Soybean Meal Aug 18 359.4s -11.9 -3.20%
Soybean Oil May 18 32.06s +0.08 +0.25%
Soybean Oil Jul 18 32.29s +0.07 +0.22%
Soybean Oil Aug 18 32.40s +0.06 +0.19%
Corn May 18 375-0s -7-6 -2.02%
Corn Jul 18 383-2s -7-6 -1.98%
Corn Sep 18 390-0s -6-6 -1.70%
Corn Dec 18 397-4s -6-2 -1.55%
Corn Mar 19 404-6s -5-6 -1.40%
Oats May 18 235-0s -7-2 -2.99%
Oats Jul 18 241-6s -7-4 -3.01%
Oats Sep 18 247-4s -4-6 -1.88%
Oats Dec 18 251-0s -2-2 -0.89%
Oats Mar 19 254-6s -2-2 -0.88%
Wheat May 18 450-6s -17-0 -3.63%
Wheat Jul 18 467-6s -17-2 -3.56%
Wheat Sep 18 484-4s -17-4 -3.49%
Wheat Dec 18 506-2s -17-0 -3.25%
Wheat Mar 19 523-4s -16-2 -3.01%
Minneapolis
Spring Wheat May 18 596-4s -15-2 -2.49%
Spring Wheat Jul 18 605-0s -13-4 -2.18%
Spring Wheat Sep 18 613-4s -11-6 -1.88%
Spring Wheat Dec 18 626-0s -9-0 -1.42%
Spring Wheat Mar 19 635-2s -6-2 -0.97%
Kansas City
Hard Red Wheat May 18 470-2s -29-2 -5.86%
Hard Red Wheat Jul 18 488-0s -28-4 -5.52%
Hard Red Wheat Sep 18 506-2s -27-0 -5.06%
Hard Red Wheat Dec 18 528-4s -25-0 -4.52%
Hard Red Wheat Mar 19 541-4s -23-2 -4.12%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 18 120.225s -1.025 -0.85%
Live Cattle Jun 18 110.150s -1.600 -1.43%
Live Cattle Aug 18 107.700s -1.425 -1.31%
Feeder Cattle Mar 18 138.450s -1.525 -1.09%
Feeder Cattle Apr 18 138.200s -2.000 -1.43%
Feeder Cattle May 18 139.025s -1.925 -1.37%
Lean Hogs Apr 18 63.150s -2.300 -3.51%
Lean Hogs May 18 70.625s -2.125 -2.92%
Lean Hogs Jun 18 76.825s -2.300 -2.91%
