Winnipeg, February (CNS Canada) – The ICE Futures Canada canola complex recorded gains on Tuesday, taking strength from advances in U.S. soyoil and weakness in the Canadian dollar.
Funds were engaging in short-covering and traders began taking new positions.
“Guys were rolling their positions forward from the March (contract) to the May, or just taking March off altogether,” said a trader in Winnipeg.
Crushers began buying more canola as their margins began to improve.
However, farmer selling was bearish for values.
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Canola acreage is expected to be very large in the spring.
Around 40,573 canola contracts were traded on Tuesday, which compares with Friday when around 25,676 contracts changed hands. Spreading accounted for 26,824 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market moved to its highest point in over half a year after weekend rains in Argentina failed to live up to expectations.
Strength in soymeal also helped bolster soybeans.
Many analysts expect Argentina’s crop to fall under 50 million tonnes.
Corn futures suffered modest losses on Tuesday, pressured by ideas the market was overbought.
Overhead resistance for the front-month March contract has been pegged at US$3.70 a bushel.
Corn export inspection numbers were in the mid-range of expectations at 938,000 tonnes.
Chicago wheat futures weakened on Tuesday, due to strength in the U.S. dollar.
Traders took profits, which weighed on futures.
Weekly wheat export inspections were on the low side of expectations.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 22 cents at US$61.90 per barrel.
In the afternoon, the Canadian dollar was trading around US79.09 cents, down from 79.65 cents the previous trading day. The U.S. dollar was C$1.2644.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Mar 18 505.30s +2.20 +0.44%
Canola May 18 511.30s +3.10 +0.61%
Canola Jul 18 515.70s +2.00 +0.39%
Canola Nov 18 508.90s +2.00 +0.39%
Canola Jan 19 513.50s +2.00 +0.39%
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 Mar 18 1026-4s +5-0 +0.49%
Soybeans May 18 1037-4s +5-0 +0.48%
Soybeans Jul 18 1047-0s +4-6 +0.46%
Soybeans Aug 18 1048-2s +5-0 +0.48%
Soybeans Sep 18 1034-6s +4-0 +0.39%
Soybean Meal Mar 18 376.5s +3.2 +0.86%
Soybean Meal May 18 379.3s +3.3 +0.88%
Soybean Meal Jul 18 376.6s +2.8 +0.75%
Soybean Oil Mar 18 31.86s +0.32 +1.01%
Soybean Oil May 18 32.04s +0.31 +0.98%
Soybean Oil Jul 18 32.22s +0.30 +0.94%
Corn Mar 18 365-4s -2-0 -0.54%
Corn May 18 373-6s -1-2 -0.33%
Corn Jul 18 381-4s -1-2 -0.33%
Corn Sep 18 388-2s -1-2 -0.32%
Corn Dec 18 396-0s -1-0 -0.25%
Oats Mar 18 266-2s -1-4 -0.56%
Oats May 18 268-4s -3-2 -1.20%
Oats Jul 18 268-2s -2-4 -0.92%
Oats Sep 18 263-2s -5-0 -1.86%
Oats Dec 18 262-2s -5-4 -2.05%
Wheat Mar 18 449-2s -8-4 -1.86%
Wheat May 18 462-4s -9-0 -1.91%
Wheat Jul 18 478-2s -8-2 -1.70%
Wheat Sep 18 495-0s -7-4 -1.49%
Wheat Dec 18 516-6s -6-4 -1.24%
Minneapolis
Spring Wheat Mar 18 602-4s -2-6 -0.45%
Spring Wheat May 18 612-4s -3-2 -0.53%
Spring Wheat Jul 18 621-4s -2-6 -0.44%
Spring Wheat Sep 18 627-6s -3-2 -0.52%
Spring Wheat Dec 18 636-0s -3-0 -0.47%
Kansas City
Hard Red Wheat Mar 18 471-6s -6-6 -1.41%
Hard Red Wheat May 18 487-2s -6-2 -1.27%
Hard Red Wheat Jul 18 504-6s -5-6 -1.13%
Hard Red Wheat Sep 18 522-2s -5-4 -1.04%
Hard Red Wheat Dec 18 543-0s -5-2 -0.96%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Feb 18 130.300s +0.200 +0.15%
Live Cattle Apr 18 127.725s +0.075 +0.06%
Live Cattle Jun 18 118.825s +0.150 +0.13%
Feeder Cattle Mar 18 149.800s +0.075 +0.05%
Feeder Cattle Apr 18 152.450s +0.050 +0.03%
Feeder Cattle May 18 153.050s +0.225 +0.15%
Lean Hogs Apr 18 69.200s +1.050 +1.54%
Lean Hogs May 18 76.000s +1.075 +1.43%
Lean Hogs Jun 18 80.950s +1.225 +1.54%
