ICE Futures canola contracts were weaker in choppy activity for most of Wednesday’s session, but managed to settle with small gains.
Losses in Chicago Board of Trade (CBOT) soybeans weighed on values for most of the session.
Ample supplies in the commercial pipeline and only routine demand also pressured values. However, a slowdown in farmer selling ahead of the holidays helped temper the declines.
Supportive technical signals, a firm tone in CBOT soyoil and continued weakness in the Canadian dollar also provided underlying support.
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As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
About 24,162 canola contracts traded, which compares with Tuesday when 36,578 contracts changed hands. Spreading accounted for 16,264 of the contracts traded.
Chicago Board of Trade soybean futures were weaker on Wednesday, seeing a correction after recent gains.
The United States Department of Agriculture (USDA) reported flash sales of 1.2 million tonnes of soybeans to China this morning, confirming recent rumours that business was picking up to the country.
However, soybeans already rose on Tuesday on talk of the export shipments and failed to see follow through strength on Wednesday.
Relatively favourable South American crop prospects also weighed on beans, although dryness concerns are starting to pop up in parts of Brazil.
CORN futures were lower, following wheat and soybeans.
Weekly U.S. ethanol production held steady in the latest report. Supplies of the renewable fuel increased, despite reports that a number of plants were shutting down due to poor margins in the sector.
Ukraine’s agriculture ministry pegged the country’s corn crop this year at 35.5 million tonnes, which would be up by half a million from the USDA’s current estimate.
WHEAT futures were lower, seeing some follow-through selling after Tuesday’s declines with speculative profit-taking a feature.
Continued competition from Russian wheat exports on the global market also weighed on values. While exportable Russian supplies are reportedly tightening, weakness in the Russian ruble was making Russian wheat more attractive to global buyers while cutting into the demand for U.S. wheat.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was up 96 cents at US$47.20 per barrel.
In the afternoon, the Canadian dollar was trading around US74.35 cents, up from 74.33 cents the previous trading day. The U.S. dollar was C$1.3450.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 19 480.40s +0.10 +0.02%
Canola Mar 19 488.50s +0.10 +0.02%
Canola May 19 496.10s +0.50 +0.10%
Canola Jul 19 502.70s +0.80 +0.16%
Canola Nov 19 498.40s +1.60 +0.32%
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 Jan 19 900-0s -7-6 -0.85%
Soybeans Mar 19 913-0s -7-6 -0.84%
Soybeans May 19 925-6s -8-2 -0.88%
Soybeans Jul 19 937-6s -8-0 -0.85%
Soybeans Aug 19 942-2s -8-0 -0.84%
Soybean Meal Jan 19 307.8s -2.6 -0.84%
Soybean Meal Mar 19 312.0s -2.7 -0.86%
Soybean Meal May 19 315.6s -2.6 -0.82%
Soybean Oil Jan 19 28.46s +0.05 +0.18%
Soybean Oil Mar 19 28.72s +0.05 +0.17%
Soybean Oil May 19 28.98s +0.04 +0.14%
Corn Mar 19 381-6s -3-6 -0.97%
Corn May 19 389-6s -3-6 -0.95%
Corn Jul 19 396-6s -3-2 -0.81%
Corn Sep 19 398-2s -3-0 -0.75%
Corn Dec 19 402-4s -2-4 -0.62%
Oats Mar 19 286-4s -0-4 -0.17%
Oats May 19 289-0s +1-0 +0.35%
Oats Jul 19 287-4s +2-0 +0.70%
Oats Sep 19 274-4s +1-2 +0.46%
Oats Dec 19 265-6s -2-0 -0.75%
Wheat Mar 19 522-4s -10-2 -1.92%
Wheat May 19 529-6s -9-4 -1.76%
Wheat Jul 19 537-0s -8-6 -1.60%
Wheat Sep 19 544-6s -8-2 -1.49%
Wheat Dec 19 557-4s -7-0 -1.24%
Minneapolis
Spring Wheat Mar 19 568-4s -8-2 -1.43%
Spring Wheat May 19 575-0s -7-4 -1.29%
Spring Wheat Jul 19 581-2s -7-2 -1.23%
Spring Wheat Sep 19 589-0s -8-0 -1.34%
Spring Wheat Dec 19 601-4s -7-4 -1.23%
Kansas City
Hard Red Wheat Mar 19 508-4s -8-6 -1.69%
Hard Red Wheat May 19 520-0s -8-4 -1.61%
Hard Red Wheat Jul 19 531-4s -8-0 -1.48%
Hard Red Wheat Sep 19 543-2s -8-0 -1.45%
Hard Red Wheat Dec 19 560-6s -7-2 -1.28%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 18 119.725s -0.050 -0.04%
Live Cattle Feb 19 122.250s -0.325 -0.27%
Live Cattle Apr 19 124.575s -0.025 -0.02%
Feeder Cattle Jan 19 146.200s unch unch
Feeder Cattle Mar 19 144.275s -0.025 -0.02%
Feeder Cattle Apr 19 144.800s -0.150 -0.10%
Lean Hogs Feb 19 62.700s +0.050 +0.08%
Lean Hogs Apr 19 67.875s +0.050 +0.07%
Lean Hogs May 19 73.750s +0.050 +0.07%
