Canola follows soy upwards

WINNIPEG – The ICE Futures canola platform closed mostly stronger, taking support from rising soyoil prices. Chicago Board of Trade soybeans and meal contracts were lower, while soyoil contracts were higher.
The Canadian dollar was weaker which was supportive for the canola market. However canola is currently considered overpriced compared to soybeans, which has been holding back gains for the oilseed. Snow has fallen across more of the Prairies, with parts of

Alberta, Saskatchewan and Manitoba all reporting precipitation. Due to the snow, harvest progress has stalled in parts of Western Canada.

About 25,931 canola contracts traded, which compares with Tuesday when 24,479 contracts changed hands. Spreading accounted for 15,406 of the contracts traded.

In the U.S. soybean futures on the Chicago Board of Trade finished the day lower. Meal contracts were also weaker while soyoil contracts were stronger. Losses were limited due to harvest progress concerns. Wet weather has slowed down harvest progress in the U.S.
Midwest. There are forecasts calling for heavy rains in the upcoming days.

Soybean planting in Brazil’s second top soy producing state, Parana, is 29 per cent complete compared to 16 per cent last year, according to the state’s agriculture statistics agency, the Department of Rural Economy.

Corn prices were slightly weaker at market close. The rain affecting the U.S. soy harvest is also affecting the corn harvest and limiting losses for the market. Ethanol production in the U.S. dropped last week but stocks still rose due to low biofuel prices and rising corn costs, according to data released today. The total for September is still in line with the U.S. Department of Agriculture forecast for the 2018 crop.

Wheat futures in the U.S. closed in the red. India has raised its minimum support price (MSP) for wheat, the MSP was also raised for rapeseed. The move comes as Indian Prime Minister Narendra Modi is preparing for next year’s election by trying to defuse discontent among farmers.

Russia’s agriculture safety watchdog has temporarily suspended 30 inland grain loading port’s licenses due to violating phytosanitary rules. The ports were in two of Russia’s top grain exporting regions. The suspensions could last up to 90 days.

Australia suffered the country’s driest September on record this year. There is rain in the forecast this week for the eastern portion of the country but it will offer little relief to the ongoing drought. Extended forecasts are showing little if any precipitation for the majority of the country.



Light crude oil nearby futures in New York was up $1.18 at US$76.41 per barrel.

In the afternoon, the Canadian dollar was trading around US77.93 cents, down from 78.02 cents the previous trading day. The U.S. dollar was C$1.2832.


Winnipeg ICE Futures Canada dollars per tonne.

Canola Nov 18 499.10s +1.40 +0.28%

Canola Jan 19 504.00s +0.60 +0.12%

Canola Mar 19 508.80s +0.80 +0.16%

Canola May 19 511.50s +0.50 +0.10%

Canola Jul 19 513.40s +0.10 +0.02%


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.



Soybeans Nov 18 861-4s -4-4 -0.52%

Soybeans Jan 19 875-6s -4-2 -0.48%

Soybeans Mar 19 889-0s -3-2 -0.36%

Soybeans May 19 902-2s -3-0 -0.33%

Soybeans Jul 19 913-0s -3-2 -0.35%


Soybean Meal Oct 18 307.5s -3.7 -1.19%

Soybean Meal Dec 18 311.2s -3.9 -1.24%

Soybean Meal Jan 19 312.0s -3.5 -1.11%


Soybean Oil Oct 18 29.52s +0.16 +0.54%

Soybean Oil Dec 18 29.84s +0.18 +0.61%

Soybean Oil Jan 19 30.08s +0.18 +0.60%


Corn Dec 18 364-6s -2-6 -0.75%

Corn Mar 19 376-6s -2-6 -0.72%

Corn May 19 384-4s -2-6 -0.71%

Corn Jul 19 389-6s -2-6 -0.70%

Corn Sep 19 393-4s -2-2 -0.57%


Oats Dec 18 275-0s +2-0 +0.73%

Oats Mar 19 271-0s +0-6 +0.28%

Oats May 19 271-2s +0-2 +0.09%

Oats Jul 19 272-0s -0-6 -0.27%

Oats Sep 19 274-6s -0-6 -0.27%


Wheat Dec 18 515-2s -4-0 -0.77%

Wheat Mar 19 534-6s -3-2 -0.60%

Wheat May 19 546-0s -3-0 -0.55%

Wheat Jul 19 552-2s -2-2 -0.41%

Wheat Sep 19 565-0s -2-0 -0.35%



Spring Wheat Dec 18 589-6s -1-6 -0.30%

Spring Wheat Mar 19 602-2s -2-0 -0.33%

Spring Wheat May 19 609-2s -2-2 -0.37%

Spring Wheat Jul 19 615-4s -2-2 -0.36%

Spring Wheat Sep 19 620-2s -2-4 -0.40%


Kansas City

Hard Red Wheat Dec 18 518-6s -3-6 -0.72%

Hard Red Wheat Mar 19 542-2s -4-2 -0.78%

Hard Red Wheat May 19 554-6s -5-0 -0.89%

Hard Red Wheat Jul 19 559-6s -4-0 -0.71%

Hard Red Wheat Sep 19 574-6s -2-6 -0.48%


Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Oct 18 113.200s -0.775 -0.68%

Live Cattle Dec 18 118.400s -1.075 -0.90%

Live Cattle Feb 19 122.750s -0.975 -0.79%


Feeder Cattle Oct 18 157.875s -1.200 -0.75%

Feeder Cattle Nov 18 158.775s -0.800 -0.50%

Feeder Cattle Jan 19 155.500s -0.950 -0.61%


Lean Hogs Oct 18 67.475s +1.050 +1.58%

Lean Hogs Dec 18 57.150s -2.000 -3.38%

Lean Hogs Feb 19 66.250s -1.550 -2.29%

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