WINNIPEG – Canola finished the day higher, despite soft news details on where the Chinese market is on oilseeds, including Canadian ones. March canola fished the day on ICE at $457.30, up $3.40 per tonne, followed by July up $3.10 to $465.60 and November up $3.80 to $478.60. March 2020 marched in, up $6.70 on the day, ending at $491.30.
It was technical trading on Chicago that kept most grain in the green Monday. Corn and soybean futures up around a quarter point in the session. What appeared to be short-covering lifted most contracts up between a half and three-quarters of point. Minneapolis wheat was down a U.S. penny to a penny and one-quarter.
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SOYBEAN futures at the Chicago Board of Trade were stronger on Monday.
United States soybean prices have remained above both Brazil and Argentina’s export offers, which has limited buying outside of China, after pledging to buy more U.S. soybeans to complete a trade deal.
China reduced its global soybean imports 18 per cent to 4.456 million tonnes in February, including 1.986 million tonnes from Brazil. U.S. soybean shipments to China rose to 907,754 tonnes in February, up from 135,814 tonnes in January but just a fraction of last February’s 3.35 million tonnes.
U.S. soybean export inspections rose slightly to 857,970 tonnes in the week ended March 21 from a week ago, including about 335,000 tonnes shipped to China.
Also in the U.S., the findings of the Mueller Report were released on Sunday. The report stated there was no collusion between Donald Trump and Russia during the 2016 presidential election. The report, however did not completely exonerate Trump. Democrats have demanded all of the Mueller report be released. Markets in the U.S. did get something of a bump from the report.
U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin were in China today for trade talks. Chinese officials will be in the U.S. next week to continue talks. A deal is expected to be reached by the end of April.
CORN futures were stronger on Monday, as flooding in the U.S. has made transportation difficult.
There is severe flooding in a number of states, with Iowa and Nebraska having more than US$3 billion in damages so far. The flooding could see U.S. farmers switch their planting intentions from corn to soybeans.
WHEAT futures were stronger on Monday. As with corn, it’s too wet in the U.S. wheat belts and more rains are expected into April. A blanket of heavy, wet snow covering is most of North Dakota, the top US wheat state, and has threatened to delay planting of spring wheat.
The U.S. Department of Agriculture is set to release monthly state winter wheat crop condition reports on Monday afternoon.
Demand for U.S. wheat supply must begin to improve, or spec funds will continue defend large short positions until exports improve. Managed funds increased net-short positions to 73,506 in Spring Red Wheat futures as of March 19, the largest since April. Funds were net short a record 51,380 contracts in the Hard Red Wheat market, U.S. Commodity Futures Trading Commission data showed on Friday.
U.S. wheat inspected for export fell to 340,398 tonnes last week, below trade estimates.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down 22 cents at US$58.82 per barrel.
In the afternoon, the Canadian dollar was trading around US74.52 cents, down from 74.57 cents the previous trading day. The U.S. dollar was C$1.3420.
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 19 456.70s +2.80 +0.62%
Canola Jul 19 465.20s +2.70 +0.58%
Canola Nov 19 477.80s +3.00 +0.63%
Canola Jan 20 484.60s +3.30 +0.69%
Canola Mar 20 489.10s +4.50 +0.93%
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 May 19 906-4s +2-6 +0.30%
Soybean Jul 19 920-0s +2-6 +0.30%
Soybean Aug 19 926-0s +2-6 +0.30%
Soybean Sep 19 930-6s +2-2 +0.24%
Soybean Nov 19 939-6s +2-2 +0.24%
Soybean Meal May 19 315.1s +0.1 +0.03%
Soybean Meal Jul 19 318.4s +0.2 +0.06%
Soybean Meal Aug 19 319.7s +0.2 +0.06%
Soybean Oil May 19 28.82s +0.16 +0.56%
Soybean Oil Jul 19 29.14s +0.16 +0.55%
Soybean Oil Aug 19 29.27s +0.16 +0.55%
Corn May 19 379-6s +1-4 +0.40%
Corn Jul 19 389-2s +1-6 +0.45%
Corn Sep 19 395-2s +2-0 +0.51%
Corn Dec 19 401-6s +1-6 +0.44%
Corn Mar 20 411-6s +1-4 +0.37%
Oats May 19 275-2s -3-2 -1.17%
Oats Jul 19 272-2s -2-6 -1.00%
Oats Sep 19 265-0s -1-6 -0.66%
Oats Dec 19 260-0s -1-6 -0.67%
Oats Mar 20 256-6s -1-4 -0.58%
Wheat May 19 469-4s +3-4 +0.75%
Wheat Jul 19 475-0s +4-2 +0.90%
Wheat Sep 19 483-4s +4-0 +0.83%
Wheat Dec 19 498-4s +4-2 +0.86%
Wheat Mar 20 511-6s +3-6 +0.74%
Minneapolis
Spring Wheat May 19 573-2s +1-0 +0.17%
Spring Wheat Jul 19 569-6s -1-0 -0.18%
Spring Wheat Sep 19 574-0s -0-6 -0.13%
Spring Wheat Dec 19 584-4s -1-2 -0.21%
Spring Wheat Mar 20 595-0s -1-2 -0.21%
Kansas City
Hard Red Wheat May 19 449-2s +4-2 +0.96%
Hard Red Wheat Jul 19 457-4s +4-0 +0.88%
Hard Red Wheat Sep 19 469-4s +4-4 +0.97%
Hard Red Wheat Dec 19 489-2s +4-6 +0.98%
Hard Red Wheat Mar 20 505-6s +5-2 +1.05%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 19 127.575s -2.150 -1.66%
Live Cattle Jun 19 121.125s -2.375 -1.92%
Live Cattle Aug 19 117.975s -2.050 -1.71%
Feeder Cattle Mar 19 142.175s -0.825 -0.58%
Feeder Cattle Apr 19 146.200s -2.600 -1.75%
Feeder Cattle May 19 150.700s -3.350 -2.17%
Lean Hogs Apr 19 78.650s +0.325 +0.41%
Lean Hogs May 19 86.750s -0.275 -0.32%
Lean Hogs Jun 19 95.550s -0.125 -0.13%
