Canola futures back away from 2-month highs

Winnipeg, (MarketsFarm) – The ICE Futures canola market settled with small losses on Monday, backing away from the two month highs hit last week as traders adjusted positions ahead of the holidays.

The North American agricultural markets will close early on Tuesday, with the ICE canola market remaining closed through Christmas and Boxing Day. Trade in canola will resume on Friday, Dec. 27. The Chicago Board of Trade reopens a day earlier.

Ample visible supplies in the commercial pipeline and recent firmness in the Canadian dollar contributed to the weaker tone in canola.

However, large crush margins helped temper the losses as canola remains attractively priced for end users. Gains in CBOT soybeans also provided some spillover support.

About 32,877 canola contracts traded on Friday, which compares with Friday when 42,945 contracts changed hands. Spreading accounted for 23,180 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were stronger on Monday, seeing some follow-through buying interest after last week’s gains.

Ideas that the trade deal between the United States and China was getting closer to being signed were somewhat supportive.

The U.S. Department of Agriculture reported private export sales of 126,000 tonnes of soybeans to China this morning.

Total weekly soybean shipments of 1.08 million tonnes were down from the previous week, but helped bring the year-to-date total to 19.8 million tonnes. That was well ahead of last year’s pace.

The Buenos Aires Grain Exchange cut their forecast for Argentina’s soybean crop by 1.5 million tonnes, to 51.1 million tonnes. Planting progress in the country was at about 70 per cent complete.

CORN settled with small gains, taking some direction from soybeans.

The Buenos Aires Grain exchange pegged Argentina’s corn crop at 46.6 million tonnes, which would be down from an earlier estimate and well off the 50 million tonnes projected by the USDA.

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

Weekly U.S. wheat shipments of about half a million tonnes helped bring total exports to date to just over 14 million tonnes. That’s ahead of the previous year when 12.9 million tonnes were exported by this time.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was US$60.69 per barrel.

In the afternoon, the Canadian dollar was trading around US75.99 cents. The U.S. dollar was C$1.3160 up from $1.3119 the previous day.

Name / Contract High Low Last Change Settlement
Canola Jan 2020 468.50 465.20 466.90 -1.40 466.90
Canola Mar 2020 477.90 474.50 476.80 -0.70 476.80
Canola May 2020 487.70 483.90 485.60 -1.60 485.60
Canola Jul 2020 494.50 490.70 491.70 -2.30 491.70
Canola Nov 2020 496.90 493.10 494.00 -1.80 494.00
Soybean Jan 2020 937.00 927.50 934.00 5.75 934.50
Soybean Mar 2020 946.75 937.50 942.25 4.00 942.25
Soybean May 2020 960.00 950.50 955.50 4.25 955.75
Soybean Jul 2020 971.00 961.75 967.00 4.50 967.25
Soybean Aug 2020 973.00 965.75 970.50 4.25 971.25
Soybean Sep 2020 970.00 963.25 966.50 3.00 966.50
Soybean Meal Jan 2020 302.00 297.80 301.40 3.50 301.20
Soybean Meal Mar 2020 306.40 302.10 305.80 3.60 305.70
Soybean Meal May 2020 309.50 305.40 309.10 3.40 308.80
Soybean Oil Jan 2020 34.02 33.67 33.78 -0.01 33.74
Soybean Oil Mar 2020 34.29 33.94 34.05 -0.01 34.01
Soybean Oil May 2020 34.60 34.25 34.35 -0.01 34.32
Corn Mar 2020 390.25 387.25 388.75 1.00 388.75
Corn May 2020 396.25 393.25 395.25 1.25 395.50
Corn Jul 2020 402.25 399.00 401.25 1.75 401.00
Corn Sep 2020 401.00 399.00 401.00 1.50 400.50
Corn Dec 2020 402.75 401.00 402.50 0.75 402.25
Oats Mar 2020 292.75 284.00 288.50 -3.50 288.50
Oats May 2020 289.50 281.50 286.00 -2.25 286.50
Oats Jul 2020 283.75 279.75 281.00 -0.50 282.00
Oats Sep 2020 270.75 270.75 270.75 -0.25 271.00
Oats Dec 2020 270.00 263.75 268.50 unch 270.00
Wheat Mar 2020 547.00 538.75 539.50 -2.75 539.75
Wheat May 2020 550.50 542.75 543.75 -2.25 543.50
Wheat Jul 2020 553.25 546.00 547.00 -1.75 547.25
Wheat Sep 2020 558.00 552.25 552.75 -1.00 553.25
Wheat Dec 2020 566.50 561.75 562.25 unch 563.00
Spring Wheat Mar 2020 543.00 536.50 537.00 0.25 537.00
Spring Wheat May 2020 551.00 545.00 546.00 0.75 546.00
Spring Wheat Jul 2020 555.75 553.50 554.50 1.25 554.50
Spring Wheat Sep 2020 564.75 562.00 564.00 1.25 564.00
Spring Wheat Dec 2020 577.00 577.00 577.00 1.75 577.00
Hard Red Wheat Mar 2020 466.75 458.00 458.50 -3.75 458.50
Hard Red Wheat May 2020 475.00 466.50 466.75 -3.50 467.25
Hard Red Wheat Jul 2020 482.00 474.00 474.50 -3.25 474.75
Hard Red Wheat Sep 2020 488.75 482.00 482.25 -2.25 482.25
Hard Red Wheat Dec 2020 498.25 492.00 492.25 -1.75 492.25
Live Cattle (Pit) Dec 2019 122.40 122.40 122.40 0.18 122.40
Live Cattle (Pit) Feb 2020 125.68 125.68 125.68 -0.13 125.68
Live Cattle (Pit) Apr 2020 126.65 126.65 126.65 -0.07 126.65
Feeder Cattle (Pit) Jan 2020 143.53 143.53 143.53 -0.75 143.53
Feeder Cattle (Pit) Mar 2020 143.73 143.73 143.73 -0.65 143.73
Feeder Cattle (Pit) Apr 2020 145.95 145.95 145.95 -0.55 145.95
Lean Hogs (Pit) Feb 2020 70.25 70.25 70.25 -0.43 70.25
Lean Hogs (Pit) Apr 2020 77.55 77.55 77.55 0.05 77.55
Lean Hogs (Pit) May 2020 83.90 83.90 83.90 0.20 83.90

 

About the author

Markets at a glance

explore

Stories from our other publications