Canola futures bounce back at week’s end

 

Winnipeg, (MarketsFarm) – ICE Futures canola contracts were stronger on Friday, taking back much of the losses posted earlier in the week amid ideas those declines were overdone.

A turn higher in Chicago Board of Trade soyoil and soybeans provided underlying support. A weaker tone in the Canadian dollar also underpinned the futures.

However, large supplies in the commercial pipeline tempered the upside. The Canadian Grain Commission reported total visible canola supplies of 1.5 million tonnes in its latest weekly report.

About 17,596 canola contracts traded on Friday, which compares with Thursday when 14,099 contracts changed hands. Spreading accounted for 11,580 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were stronger on Friday, seeing a correction ahead of the weekend after dropping sharply earlier this week.

Uncertainty over the phase one trade deal signed between the United States and China earlier this week remained a feature in the market, as traders are skeptical over how much more U.S. agricultural commodities China will actually buy.

Forecasts calling for improving moisture conditions for developing soybean crops in Brazil also put some pressure on values, tempering the advances.

Losses in Malaysian palm oil, amid increasing tensions between that country and India, were also bearish for soyoil. However, soyoil futures uncovered chart support and turned higher.

CORN was also up on Friday, seeing a correction after dropping to its lowest levels in one month on Thursday. Yesterday’s solid weekly export data was also supportive.

WHEAT futures were due for a correction ahead of the weekend as well, with the biggest gains in Minneapolis spring wheat as solid export demand provided support. Ideas that yesterday’s losses were overdone added to the pre-weekend buying interest.

Production concerns elsewhere in the world, including Europe and Australia, contributed to the strength in the futures.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up two cents at US$58.54 per barrel.

In the afternoon, the Canadian dollar was trading around US76.56 cents, down from 76.66 cents the previous trading day. The U.S. dollar was C$1.3062.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Mar 20 481.00s +5.00 +1.05%

Canola May 20 489.70s +4.70 +0.97%

Canola Jul 20 494.70s +4.40 +0.90%

Canola Nov 20 497.80s +3.30 +0.67%

Canola Jan 21 502.80s +3.10 +0.62%

 

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 20 929-6s +5-6 +0.62%

Soybean May 20 943-0s +5-6 +0.61%

Soybean Jul 20 955-4s +5-4 +0.58%

Soybean Aug 20 959-2s +5-2 +0.55%

Soybean Sep 20 958-0s +5-0 +0.52%

 

Soybean Meal Mar 20 300.6s unch unch

Soybean Meal May 20 305.2s unch unch

Soybean Meal Jul 20 309.7s unch unch

 

Soybean Oil Mar 20 33.35s +0.32 +0.97%

Soybean Oil May 20 33.67s +0.30 +0.90%

Soybean Oil Jul 20 34.02s +0.28 +0.83%

 

Corn Mar 20 389-2s +13-6 +3.66%

Corn May 20 395-2s +12-6 +3.33%

Corn Jul 20 401-0s +12-0 +3.08%

Corn Sep 20 400-2s +9-6 +2.50%

Corn Dec 20 402-6s +8-6 +2.22%

 

Oats Mar 20 311-6s +6-2 +2.05%

Oats May 20 306-6s +5-6 +1.91%

Oats Jul 20 297-6s +7-6 +2.67%

Oats Sep 20 282-0s +1-4 +0.53%

Oats Dec 20 272-4s +2-0 +0.74%

 

Wheat Mar 20 570-4s +5-2 +0.93%

Wheat May 20 571-2s +5-0 +0.88%

Wheat Jul 20 570-4s +3-6 +0.66%

Wheat Sep 20 575-6s +3-6 +0.66%

Wheat Dec 20 583-6s +3-2 +0.56%

 

Minneapolis

Spring Wheat Mar 20 560-0s +9-6 +1.77%

Spring Wheat May 20 568-4s +9-2 +1.65%

Spring Wheat Jul 20 575-2s +8-4 +1.50%

Spring Wheat Sep 20 583-0s +8-0 +1.39%

Spring Wheat Dec 20 594-0s +7-2 +1.24%

 

Kansas City

Hard Red Wheat Mar 20 494-2s +9-4 +1.96%

Hard Red Wheat May 20 501-4s +9-2 +1.88%

Hard Red Wheat Jul 20 509-2s +9-2 +1.85%

Hard Red Wheat Sep 20 517-4s +9-2 +1.82%

Hard Red Wheat Dec 20 528-4s +8-6 +1.68%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Feb 20 126.350s +0.225 +0.18%

Live Cattle Apr 20 127.250s +0.825 +0.65%

Live Cattle Jun 20 119.200s +0.350 +0.29%

 

Feeder Cattle Jan 20 145.350s -0.075 -0.05%

Feeder Cattle Mar 20 145.000s +0.175 +0.12%

Feeder Cattle Apr 20 147.875s +0.075 +0.05%

 

Lean Hogs Feb 20 67.675s +0.800 +1.20%

Lean Hogs Apr 20 74.100s +0.325 +0.44%

Lean Hogs May 20 80.700s -0.025 -0.03%

 

 

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