Canola floats on weak currency

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.

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%

 

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