Canola futures bounce back

WINNIPEG, (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts ended higher on Tuesday, recovering after last week’s losses.

Canola’s considerable weakness was due to market concerns of protestors and rail blockades disrupting shipping activity. The canola market has since recovered some of those losses.

Relative weakness for soyoil on the Chicago Board of Trade kept a lid on canola prices.

On Tuesday, 55,330 contracts were traded, which compares with Friday when 39,222 contracts changed hands. Spreading accounted for 34,970 contracts traded.

SOYBEAN futures at the Chicago Board of Trade (CBOT) finished lower on Tuesday, as some market participants have taken to the sidelines due to uncertainty regarding future demand from China.

Phase One of a trade agreement between the United States and China has officially come into effect, and China will start granting tariff exemptions on U.S. goods, including soybeans, as of March 2.

According to the export sales report from the United States Department of Agriculture (USDA), soybean exports were 55 per cent higher week over week, totalling just under 1 million tonnes. Last week’s soybean exports were lower than the same week last year by about 8 per cent.

National Oilseed Processors Association (NOPA) crushers used about 177 million bushels of soybeans in January, which is a 1.2 per cent increase from December.

Soybean oil stocks were just over 2 billion pounds in January. That is a 14 per cent increase over December, and a 30 per cent increase year over year.

CORN futures were stronger today. Many traders are rolling March positions into May before the end of the month.

The weekly export inspection report from the USDA showed corn exports totaled approximately 795,000 tonnes last week. That’s slightly lower when compared to the same week last year.

Accumulated corn exports for the marketing year total 485 million bushels, which is slower than last year’s pace by about 50 per cent.

WHEAT futures were higher on Tuesday.

Last week, about 502,000 tonnes of wheat were inspected for export, which is slightly lower than the previous week but 38 per cent higher when compared to the same week last year.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was unchanged at US$52.05 per barrel.

In the afternoon, the Canadian dollar was trading around US75.43 cents, down from 75.48 cents the previous trading day. The U.S. dollar was C$1.3258.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Mar 20 462.30s +2.80 +0.61%

Canola May 20 471.00s +2.30 +0.49%

Canola Jul 20 477.70s +2.70 +0.57%

Canola Nov 20 486.50s +3.60 +0.75%

Canola Jan 21 493.20s +4.00 +0.82%

 

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

Soybean Mar 20 892-2s -1-4 -0.17%

Soybean May 20 902-2s -1-0 -0.11%

Soybean Jul 20 914-0s -1-4 -0.16%

Soybean Aug 20 917-4s -1-6 -0.19%

Soybean Sep 20 917-4s -1-4 -0.16%

 

Soybean Meal Mar 20 292.2s +1.1 +0.38%

Soybean Meal May 20 297.6s +1.0 +0.34%

Soybean Meal Jul 20 302.7s +0.3 +0.10%

 

Soybean Oil Mar 20 30.48s -0.09 -0.29%

Soybean Oil May 20 30.84s -0.10 -0.32%

Soybean Oil Jul 20 31.22s -0.11 -0.35%

 

Corn Mar 20 383-0s +5-2 +1.39%

Corn May 20 387-4s +5-4 +1.44%

Corn Jul 20 390-4s +5-0 +1.30%

Corn Sep 20 388-4s +4-2 +1.11%

Corn Dec 20 393-2s +4-4 +1.16%

 

Oats Mar 20 303-4s +7-4 +2.53%

Oats May 20 302-0s +6-0 +2.03%

Oats Jul 20 295-4s +4-2 +1.46%

Oats Sep 20 279-4s +3-0 +1.08%

Oats Dec 20 270-4s +1-2 +0.46%

 

Wheat Mar 20 566-6s +24-0 +4.42%

Wheat May 20 565-0s +23-4 +4.34%

Wheat Jul 20 562-4s +21-4 +3.97%

Wheat Sep 20 568-0s +20-6 +3.79%

Wheat Dec 20 577-0s +20-4 +3.68%

 

Minneapolis

Spring Wheat Mar 20 540-0s +14-4 +2.76%

Spring Wheat May 20 549-4s +14-0 +2.61%

Spring Wheat Jul 20 557-4s +14-0 +2.58%

Spring Wheat Sep 20 566-2s +13-6 +2.49%

Spring Wheat Dec 20 577-6s +12-6 +2.26%

 

Kansas City

Hard Red Wheat Mar 20 485-6s +20-2 +4.35%

Hard Red Wheat May 20 493-0s +20-6 +4.39%

Hard Red Wheat Jul 20 500-0s +21-2 +4.44%

Hard Red Wheat Sep 20 507-2s +20-6 +4.27%

Hard Red Wheat Dec 20 518-0s +20-2 +4.07%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Feb 20 121.425s +0.600 +0.50%

Live Cattle Apr 20 120.600s +0.275 +0.23%

Live Cattle Jun 20 112.200s +0.200 +0.18%

 

Feeder Cattle Mar 20 139.300s +0.775 +0.56%

Feeder Cattle Apr 20 141.775s +0.400 +0.28%

Feeder Cattle May 20 143.775s +0.575 +0.40%

 

Lean Hogs Apr 20 65.500s +1.200 +1.87%

Lean Hogs May 20 73.550s +0.550 +0.75%

Lean Hogs Jun 20 81.375s +0.475 +0.59%

 

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