Canola follows soybeans lower

 Winnipeg (CNS Canada) – ICE Futures Canada canola contracts were weaker on Thursday, taking some direction from Chicago Board of Trade soybeans.

Forecasts calling for beneficial rains in dry areas of Argentina accounted for some selling in soybeans, with smaller-than-expected weekly export sales for the United States contributing to the declines there.

Ample old crop canola supplies, strength in the Canadian dollar, declining crush margins, and expectations for large Canadian plantings this spring also weighed on values.

However, canola lagged the soy complex to the downside as scale-down commercial demand provided some support.

About 22,345 canola contracts traded on Thursday, which compares with Wednesday when 17,007 contracts changed hands. Spreading accounted for 20,312 of the contracts traded.

SOYBEANS
Soybean futures at the Chicago Board of Trade moved lower on Thursday, as weekly United States soybean export sales of about 400,000 tonnes came in well below trade expectation.

Updated forecasts calling for some much needed rain in parts of Argentina over the next two weeks added to the softer tone, as traders took out some of the weather premiums that had built up in the market. Relatively favourable Brazilian crop prospects are also still overhanging soybeans.

However, weekly U.S. soymeal and soyoil sales were both solid, which provided underlying support.

CORN
Corn futures held steady on the day. While the losses in soybeans put some spillover pressure on corn, the grain found some independent strength on the back of its own solid export news.

The USDA reported weekly U.S. corn export sales of 1.9 million tonnes, which topped trade expectations.

WHEAT

U.S. wheat futures were mixed, with a firmer tone in Minneapolis spring wheat and losses in the winter wheats.

Weekly U.S. wheat export sales were disappointing, at only 389,000 tonnes, which weighed on the Chicago and Kansas City contracts.

However, adjustments in the wheat spreads helped underpin the Minneapolis market. Persistent dryness concerns in the southern U.S. Plains also remained supportive overall.

 

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up $1.07 at US$65.80 per barrel.

In the afternoon, the Canadian dollar was trading around US81.499 cents, up from 81.22 cents the previous trading day. The U.S. dollar was C$1.2270

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Mar 18 494.30s -2.40 -0.48%

Canola May 18 500.00s -3.10 -0.62%

Canola Jul 18 504.20s -3.80 -0.75%

Canola Nov 18 501.40s -3.20 -0.63%

Canola Jan 19 505.60s -3.30 -0.65%

 

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 18 985-0s -10-6 -1.08%

Soybeans May 18 996-4s -10-4 -1.04%

Soybeans Jul 18 1006-0s -10-2 -1.01%

Soybeans Aug 18 1008-0s -10-0 -0.98%

Soybeans Sep 18 1003-4s -8-6 -0.86%

 

Soybean Meal Mar 18 334.0s -3.8 -1.12%

Soybean Meal May 18 337.7s -3.8 -1.11%

Soybean Meal Jul 18 340.3s -3.4 -0.99%

 

Soybean Oil Mar 18 32.90s -0.17 -0.51%

Soybean Oil May 18 33.10s -0.18 -0.54%

Soybean Oil Jul 18 33.31s -0.17 -0.51%

 

Corn Mar 18 361-6s +0-2 +0.07%

Corn May 18 370-0s +0-4 +0.14%

Corn Jul 18 377-6s +0-4 +0.13%

Corn Sep 18 385-0s +0-4 +0.13%

Corn Dec 18 393-2s unch unch

 

Oats Mar 18 267-2s +1-6 +0.66%

Oats May 18 267-2s +1-4 +0.56%

Oats Jul 18 269-2s +1-4 +0.56%

Oats Sep 18 270-6s +1-0 +0.37%

Oats Dec 18 268-2s +0-2 +0.09%

 

Wheat Mar 18 451-0s -0-6 -0.17%

Wheat May 18 464-2s -1-2 -0.27%

Wheat Jul 18 478-0s -1-0 -0.21%

Wheat Sep 18 491-4s -0-6 -0.15%

Wheat Dec 18 510-0s -0-4 -0.10%

 

Minneapolis

Spring Wheat Mar 18 611-6s +4-4 +0.74%

Spring Wheat May 18 622-4s +4-2 +0.69%

Spring Wheat Jul 18 630-4s +3-4 +0.56%

Spring Wheat Sep 18 628-4s +3-2 +0.52%

Spring Wheat Dec 18 637-4s +3-2 +0.51%

 

Kansas City

Hard Red Wheat Mar 18 467-0s -0-2 -0.05%

Hard Red Wheat May 18 481-6s -0-2 -0.05%

Hard Red Wheat Jul 18 497-6s +0-2 +0.05%

Hard Red Wheat Sep 18 512-6s +0-4 +0.10%

Hard Red Wheat Dec 18 532-0s +1-4 +0.28%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle     Feb 18 126.425s +2.575 +2.08%

Live Cattle     Apr 18 125.925s +3.000 +2.44%

Live Cattle     Jun 18 117.750s +2.675 +2.32%

 

Feeder Cattle     Mar 18 149.550s +4.500 +3.10%

Feeder Cattle     Apr 18 150.125s +4.275 +2.93%

Feeder Cattle     May 18 150.225s +4.300 +2.95%

 

Lean Hogs     Feb 18 74.825s +1.600 +2.19%

Lean Hogs     Apr 18 72.825s +0.575 +0.80%

Lean Hogs     May 18 78.425s +0.600 +0.77%

Comments

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