Winnipeg (CNS Canada) – Canola contracts on the ICE Futures Canada platform posted modest gains on Thursday, taking advantage of recent weakness in the Canadian currency. The Canadian dollar is near its lowest level, relative to the U.S. dollar since last year.
Demand for canola remains steady while slow farmer selling added to the upside.
Some parts of Saskatchewan and Alberta could use more rain, which lent support to prices.
Many traders have exited the July contract, resulting in lower volumes.
The dominant November contract received technical support at the C$510 mark.
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Cattle futures climbed again on Friday as USDA data showed a continued decline in cattle on feed. Hogs also rose.
However, losses in the U.S. soy complex weighed on the market.
About 18,712 canola contracts traded, which compares with Wednesday when 24,122 contracts changed hands. Spreading accounted for 12,702 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Soybean futures posted gains with speculative buying.
Some reports of flooding in the United States Plains and the Midwest threw a slight weather premium into the market, although the rain in general is good for the plants.
U.S. soybeans are cheaper right now than Brazilian beans, however finding enough buyers to replace China is proving to be difficult for U.S. exporters.
Corn futures finished slightly higher in technical buying Thursday.
Excess dryness is damaging Brazil’s second corn crop and there are widespread expectations its production estimate will be lowered.
Weekly export sales in the U.S. came in at just 166,000 tonnes, which was drastically lower than the 700,000 tonnes analysts were expecting. China sold 1.4 million tonnes of corn at a state auction this week.
Chicago wheat futures ended stronger on Thursday, pushed up by harvest delays in the U.S. Plains. Forecasts indicate Kansas could see additional rains next week too.
There are ideas the market is technically oversold.
Strength in the U.S. dollar was bearish for wheat prices.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down 17 cents at US$66.54 per barrel.
In the afternoon, the Canadian dollar was trading around US75.07 cents, down from 75.12 cents the previous trading day. The U.S. dollar was C$1.3321.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jul 18 525.00s +5.60 +1.08%
Canola Nov 18 511.90s +3.60 +0.71%
Canola Jan 19 518.50s +3.30 +0.64%
Canola Mar 19 522.00s +2.80 +0.54%
Canola May 19 524.10s +2.40 +0.46%
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 Jul 18 880-4s -9-0 -1.01%
Soybeans Aug 18 885-4s -9-0 -1.01%
Soybeans Sep 18 891-2s -9-0 -1.00%
Soybeans Nov 18 901-4s -9-0 -0.99%
Soybeans Jan 19 910-4s -9-4 -1.03%
Soybean Meal Jul 18 331.8s -1.4 -0.42%
Soybean Meal Aug 18 332.8s -2.0 -0.60%
Soybean Meal Sep 18 333.5s -2.5 -0.74%
Soybean Oil Jul 18 29.19s -0.18 -0.61%
Soybean Oil Aug 18 29.29s -0.19 -0.64%
Soybean Oil Sep 18 29.40s -0.22 -0.74%
Corn Jul 18 357-0s +2-6 +0.78%
Corn Sep 18 366-4s +2-6 +0.76%
Corn Dec 18 378-2s +2-4 +0.67%
Corn Mar 19 387-6s +2-4 +0.65%
Corn May 19 394-2s +2-2 +0.57%
Oats Jul 18 242-0s +3-2 +1.36%
Oats Sep 18 240-0s +1-0 +0.42%
Oats Dec 18 239-2s -0-4 -0.21%
Oats Mar 19 243-6s -0-4 -0.20%
Oats May 19 246-2s -0-6 -0.30%
Wheat Jul 18 495-2s +7-0 +1.43%
Wheat Sep 18 506-6s +7-4 +1.50%
Wheat Dec 18 523-0s +6-0 +1.16%
Wheat Mar 19 539-4s +5-4 +1.03%
Wheat May 19 551-0s +5-4 +1.01%
Minneapolis
Spring Wheat Jul 18 552-6s unch unch
Spring Wheat Sep 18 564-6s +1-4 +0.27%
Spring Wheat Dec 18 579-2s +1-4 +0.26%
Spring Wheat Mar 19 594-0s +1-4 +0.25%
Spring Wheat May 19 602-2s +1-2 +0.21%
Kansas City
Hard Red Wheat Jul 18 493-2s +4-4 +0.92%
Hard Red Wheat Sep 18 510-0s +4-2 +0.84%
Hard Red Wheat Dec 18 532-4s +4-0 +0.76%
Hard Red Wheat Mar 19 548-2s +2-6 +0.50%
Hard Red Wheat May 19 558-4s +1-6 +0.31%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Jun 18 108.650s -0.375 -0.34%
Live Cattle Aug 18 106.125s -0.525 -0.49%
Live Cattle Oct 18 109.000s -0.275 -0.25%
Feeder Cattle Aug 18 148.475s -0.950 -0.64%
Feeder Cattle Sep 18 149.250s -0.700 -0.47%
Feeder Cattle Oct 18 149.025s -0.600 -0.40%
Lean Hogs Jul 18 80.475s +0.450 +0.56%
Lean Hogs Aug 18 75.725s +0.575 +0.77%
Lean Hogs Oct 18 61.525s +0.250 +0.41%
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down 17 cents at US$66.54 per barrel.
In the afternoon, the Canadian dollar was trading around US75.07 cents, down from 75.12 cents the previous trading day. The U.S. dollar was C$1.3321.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jul 18 525.00s +5.60 +1.08%
Canola Nov 18 511.90s +3.60 +0.71%
Canola Jan 19 518.50s +3.30 +0.64%
Canola Mar 19 522.00s +2.80 +0.54%
Canola May 19 524.10s +2.40 +0.46%
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 Jul 18 880-4s -9-0 -1.01%
Soybeans Aug 18 885-4s -9-0 -1.01%
Soybeans Sep 18 891-2s -9-0 -1.00%
Soybeans Nov 18 901-4s -9-0 -0.99%
Soybeans Jan 19 910-4s -9-4 -1.03%
Soybean Meal Jul 18 331.8s -1.4 -0.42%
Soybean Meal Aug 18 332.8s -2.0 -0.60%
Soybean Meal Sep 18 333.5s -2.5 -0.74%
Soybean Oil Jul 18 29.19s -0.18 -0.61%
Soybean Oil Aug 18 29.29s -0.19 -0.64%
Soybean Oil Sep 18 29.40s -0.22 -0.74%
Corn Jul 18 357-0s +2-6 +0.78%
Corn Sep 18 366-4s +2-6 +0.76%
Corn Dec 18 378-2s +2-4 +0.67%
Corn Mar 19 387-6s +2-4 +0.65%
Corn May 19 394-2s +2-2 +0.57%
Oats Jul 18 242-0s +3-2 +1.36%
Oats Sep 18 240-0s +1-0 +0.42%
Oats Dec 18 239-2s -0-4 -0.21%
Oats Mar 19 243-6s -0-4 -0.20%
Oats May 19 246-2s -0-6 -0.30%
Wheat Jul 18 495-2s +7-0 +1.43%
Wheat Sep 18 506-6s +7-4 +1.50%
Wheat Dec 18 523-0s +6-0 +1.16%
Wheat Mar 19 539-4s +5-4 +1.03%
Wheat May 19 551-0s +5-4 +1.01%
Minneapolis
Spring Wheat Jul 18 552-6s unch unch
Spring Wheat Sep 18 564-6s +1-4 +0.27%
Spring Wheat Dec 18 579-2s +1-4 +0.26%
Spring Wheat Mar 19 594-0s +1-4 +0.25%
Spring Wheat May 19 602-2s +1-2 +0.21%
Kansas City
Hard Red Wheat Jul 18 493-2s +4-4 +0.92%
Hard Red Wheat Sep 18 510-0s +4-2 +0.84%
Hard Red Wheat Dec 18 532-4s +4-0 +0.76%
Hard Red Wheat Mar 19 548-2s +2-6 +0.50%
Hard Red Wheat May 19 558-4s +1-6 +0.31%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Jun 18 108.650s -0.375 -0.34%
Live Cattle Aug 18 106.125s -0.525 -0.49%
Live Cattle Oct 18 109.000s -0.275 -0.25%
Feeder Cattle Aug 18 148.475s -0.950 -0.64%
Feeder Cattle Sep 18 149.250s -0.700 -0.47%
Feeder Cattle Oct 18 149.025s -0.600 -0.40%
Lean Hogs Jul 18 80.475s +0.450 +0.56%
Lean Hogs Aug 18 75.725s +0.575 +0.77%
Lean Hogs Oct 18 61.525s +0.250 +0.41%
