Canola finishes steady; wheat drops

WINNIPEG – ICE Futures canola contracts were down for the most of trading on Wednesday, but rallied off of earlier lows to end the day at steady.

Increases in soybean prices and bargain hunting in canola provided support.

Continuing issues between Canada and China has led to a large carryover for 2018 and poor export demand, which weighed on values.

The Canadian dollar pushed above the 75 U.S. cents by midafternoon Wednesday.

SOYBEAN futures at the Chicago Board of Trade were stronger on Wednesday, on comments from United States Trade Representative Robert Lighthizer stating an end to the U.S./China trade war would mean trillions of dollars for U.S. agriculture.

A deal is expected to be signed by the end of the month.

However, that was tempered by bipartisan criticism leveled at President Donald Trump. In the president’s 2020 budget he has proposed a 15 per cent spending cut to the U.S. Department of Agriculture. Trump also commented that subsidies to U.S. farmers have been too generous. Republicans and Democrats rebuked Trump, stating those subsidies are actually crop insurance.

CORN futures were up on Wednesday. Trump said he plans to allow E15 ethanol to be sold, something the U.S. corn industry has been lobbying for. This was tempered by reports of U.S. corn being non-competitive on the global market.

WHEAT futures were down in trading on Wednesday, with losses from six to 10 cents per bushel in the Chicago, Kansas and Minneapolis wheat contracts.
This was a correction from Tuesday’s gains and there being large global supplies of wheat.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was $1.39 at US$58.26 per barrel.

In the afternoon, the Canadian dollar was trading around US75.04 cents, up from 74.75 cents the previous trading day. The U.S. dollar was C$1.3326.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Mar 19 453.30s unch unch

Canola May 19 458.30s unch unch

Canola Jul 19 467.10s unch unch

Canola Nov 19 480.80s +0.20 +0.04%

Canola Jan 20 487.00s +0.30 +0.06%

 

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 19 889-0s +4-2 +0.48%

Soybean May 19 901-0s +4-0 +0.45%

Soybean Jul 19 914-6s +3-6 +0.41%

Soybean Aug 19 921-0s +4-0 +0.44%

Soybean Sep 19 925-6s +3-6 +0.41%

 

Soybean Meal Mar 19 300.2s +1.9 +0.64%

Soybean Meal May 19 304.7s +1.7 +0.56%

Soybean Meal Jul 19 308.7s +1.7 +0.55%

 

Soybean Oil Mar 19 29.69s -0.09 -0.30%

Soybean Oil May 19 29.93s -0.06 -0.20%

Soybean Oil Jul 19 30.25s -0.06 -0.20%

 

Corn Mar 19 357-2s +0-6 +0.21%

Corn May 19 366-4s +0-6 +0.21%

Corn Jul 19 376-2s +0-6 +0.20%

Corn Sep 19 383-4s +0-6 +0.20%

Corn Dec 19 392-2s +0-6 +0.19%

 

Oats Mar 19 260-0s +1-2 +0.48%

Oats May 19 269-2s +1-2 +0.47%

Oats Jul 19 269-0s +0-4 +0.19%

Oats Sep 19 263-4s -0-6 -0.28%

Oats Dec 19 257-4s -2-4 -0.96%

 

Wheat Mar 19 440-2s -6-0 -1.34%

Wheat May 19 447-2s -5-6 -1.27%

Wheat Jul 19 455-2s -5-4 -1.19%

Wheat Sep 19 464-2s -4-6 -1.01%

Wheat Dec 19 479-0s -4-4 -0.93%

 

Minneapolis

Spring Wheat Mar 19 547-2s -5-0 -0.91%

Spring Wheat May 19 550-4s -10-2 -1.83%

Spring Wheat Jul 19 553-4s -9-4 -1.69%

Spring Wheat Sep 19 560-6s -8-6 -1.54%

Spring Wheat Dec 19 573-2s -7-6 -1.33%

 

Kansas City

Hard Red Wheat Mar 19 429-6s -6-0 -1.38%

Hard Red Wheat May 19 436-6s -6-0 -1.36%

Hard Red Wheat Jul 19 445-4s -6-2 -1.38%

Hard Red Wheat Sep 19 456-2s -7-0 -1.51%

Hard Red Wheat Dec 19 475-4s -7-0 -1.45%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Apr 19 126.675s +0.025 +0.02%

Live Cattle Jun 19 119.325s +0.650 +0.55%

Live Cattle Aug 19 115.625s +0.150 +0.13%

 

Feeder Cattle Mar 19 141.550s +0.250 +0.18%

Feeder Cattle Apr 19 144.125s -0.275 -0.19%

Feeder Cattle May 19 146.075s -0.025 -0.02%

 

Lean Hogs Apr 19 63.475s -0.175 -0.27%

Lean Hogs May 19 72.275s +0.525 +0.73%

Lean Hogs Jun 19 80.825s +0.575 +0.72%

 

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