Winnipeg (CNS Canada) – The ICE Futures Canada canola market finished lower on Monday, tracking losses in U.S. soybeans.
Warm weather across Western Canada helped farmers make good seeding progress over the weekend, which dragged on prices. The favorable temperatures are reinforcing expectations that a large canola crop will be coming this year.
Canola is looking expensive relative to soybeans and other oilseeds.
However, strength in vegetable oil was supportive for canola.
Dry weather in Brazil, the poor soybean crop in Argentina and China’s reluctance to buy U.S. soybeans are raising hopes that demand for Canadian canola will grow.
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Around 8,353 canola contracts were traded on Monday, which compares with Friday when around 16,596 contracts changed hands. Spreading accounted for 3,202 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market suffered sharp losses to start the week as a new survey by the Wall Street Journal predicted soybean stocks in the United States would rise in Thursday’s stocks report.
Asian palm oil prices are also on the march higher, which pressured soybeans.
Drier weather over the weekend helped U.S. producers make good soybean planting progress. However wetter weather is on the horizon. The crop is roughly 12 per cent planted.
Corn futures ended lower in technical trading.
There are ideas that production in South America and the U.S. will be lower, which bolstered prices.
The survey pegged global stockpiles in 2018/19 at 182 million tonnes, which would be 13 million tonnes fewer than the previous year.
Chicago wheat futures finished weaker with profit-taking.
The chart picture for wheat is also looking bearish, which caused some traders to opt for safer positions.
Dryness is becoming a real problem for farmers in the Black Sea region.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up $1.01 at US$70.73 per barrel.
In the afternoon, the Canadian dollar was trading around US77.74 cents, down from 77.75 cents the previous trading day. The U.S. dollar was C$1.2864.
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 18 524.40s -2.20 -0.42%
Canola Jul 18 524.90s -2.20 -0.42%
Canola Nov 18 516.60s -3.40 -0.65%
Canola Jan 19 521.50s -3.00 -0.57%
Canola Mar 19 524.00s -3.00 -0.57%
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 May 18 1002-2s -25-0 -2.43%
Soybeans Jul 18 1011-4s -25-2 -2.44%
Soybeans Aug 18 1014-6s -25-2 -2.43%
Soybeans Sep 18 1016-2s -22-0 -2.12%
Soybeans Nov 18 1018-0s -19-2 -1.86%
Soybean Meal May 18 384.8s -9.6 -2.43%
Soybean Meal Jul 18 382.5s -11.2 -2.84%
Soybean Meal Aug 18 380.5s -9.9 -2.54%
Soybean Oil May 18 30.67s +0.11 +0.36%
Soybean Oil Jul 18 30.87s +0.10 +0.32%
Soybean Oil Aug 18 30.98s +0.10 +0.32%
Corn May 18 393-2s -5-4 -1.38%
Corn Jul 18 400-6s -5-4 -1.35%
Corn Sep 18 408-4s -5-2 -1.27%
Corn Dec 18 416-4s -4-4 -1.07%
Corn Mar 19 425-0s -3-4 -0.82%
Oats May 18 225-2s +1-4 +0.67%
Oats Jul 18 236-2s +1-2 +0.53%
Oats Sep 18 241-0s +1-2 +0.52%
Oats Dec 18 251-0s -0-4 -0.20%
Oats Mar 19 256-6s -0-4 -0.19%
Wheat May 18 514-0s -13-4 -2.56%
Wheat Jul 18 511-4s -14-6 -2.80%
Wheat Sep 18 528-6s -13-0 -2.40%
Wheat Dec 18 550-6s -12-2 -2.18%
Wheat Mar 19 569-2s -10-0 -1.73%
Minneapolis
Spring Wheat May 18 618-2s -11-4 -1.83%
Spring Wheat Jul 18 611-0s -12-0 -1.93%
Spring Wheat Sep 18 618-2s -10-6 -1.71%
Spring Wheat Dec 18 630-2s -10-4 -1.64%
Spring Wheat Mar 19 642-2s -10-0 -1.53%
Kansas City
Hard Red Wheat May 18 519-6s -16-0 -2.99%
Hard Red Wheat Jul 18 539-4s -16-2 -2.92%
Hard Red Wheat Sep 18 558-2s -15-4 -2.70%
Hard Red Wheat Dec 18 583-4s -14-2 -2.38%
Hard Red Wheat Mar 19 600-6s -12-2 -2.00%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Jun 18 105.175s -0.875 -0.83%
Live Cattle Aug 18 104.100s -0.975 -0.93%
Live Cattle Oct 18 107.100s -1.350 -1.24%
Feeder Cattle May 18 137.625s -2.775 -1.98%
Feeder Cattle Aug 18 143.700s -2.625 -1.79%
Feeder Cattle Sep 18 144.500s -2.275 -1.55%
Lean Hogs May 18 66.075s -1.000 -1.49%
Lean Hogs Jun 18 74.175s +0.650 +0.88%
Lean Hogs Jul 18 75.900s +0.325 +0.43%
