Canola futures down, but steadies

WINNIPEG – Intercontinental Exchange (ICE) Futures canola contracts were mostly lower on Thursday, in the new crop months.

The rise in the Canadian dollar this week spurred a sell-off of canola, according to a Winnipeg-based trader. However, the markets have largely stabilized and have been looking for direction. The trader said it’s unlikely bids will be pushed too far either way for the time being.

There were 15,296 contracts traded on Thursday, which compares with Wednesday when 24,272 contracts changed hands. Spreading accounted for 7,842 contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

Price Change
Canola Jul 441.10 up 0.30
Nov 452.00 dn 1.80
Jan 459.40 dn 1.60
Mar 466.10 dn 1.60

SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Thursday, due to poor export sales data from the United States Department of Agriculture (USDA).

Bids slipped by around six cents per bushel.

The USDA reported about 487,000 tonnes of soybeans were sold, under market expectations of 550,000 tonnes. Almost 724,000 tonnes were shipped this week, with 29 per cent headed to China.

The International Grains Council (IGC) lowered its global soybean production estimates by 2.5 per cent to approximately 349.0 million tonnes, as lower yields are expected in the U.S. this year.

CORN futures were down on Thursday, with positioning ahead of the USDA’s acreage and grain stocks reports to be released on Friday.

Corn lost between three to four cents per bushel.

The USDA reported export sales of almost 404,000 tonnes, slightly below market expectations of about 500,000 tonnes. Export shipments tallied nearly 696,000 tonnes, with Mexico the top customer with 31 per cent of shipments.

The IGC’s estimate of global corn production was down two per cent at 1.095 billion tonnes from 1.118 billion.

WHEAT futures were mixed on Thursday, due in part to technical selling prompted by improving weather and field conditions in the U.S.

Chicago wheat gained a quarter cent to three and half cents per bushel, while Minneapolis rose by one to two cents. Kansas City wheat eased downward by a half cent to a penny.

The USDA report new crop wheat sales of 612,350 tonnes, well above market expectations of 351,000 tonnes. Shipments amounted to nearly 422,000 tonnes, with the top customers the Philippines taking 12 per cent.

The IGC upped its projections for global wheat production by 0.4 per cent to 769.0 million tonnes, due to increased production expected in India, the European Union, and Ukraine.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up eight cents at US$59.29 per barrel.

In the afternoon, the Canadian dollar was trading around US76.19 cents, unchanged from the previous trading day. The U.S. dollar was C$1.3125, also unchanged.

Winnipeg ICE Futures Canada dollars per tonne

Name / Contract Last Change % Change

Canola Jul 19 441.10s +0.30 +0.07%

Canola Nov 19 452.00s -1.80 -0.40%

Canola Jan 20 459.40s -1.60 -0.35%

Canola Mar 20 466.10s -1.60 -0.34%

Canola May 20 471.60s -1.50 -0.32%

 

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 Jul 19 887-6s -6-4 -0.73%

Soybean Aug 19 893-6s -6-0 -0.67%

Soybean Sep 19 900-0s -6-0 -0.66%

Soybean Nov 19 912-2s -6-0 -0.65%

Soybean Jan 20 923-6s -6-2 -0.67%

 

Soybean Meal Jul 19 312.2s -1.2 -0.38%

Soybean Meal Aug 19 313.2s -1.3 -0.41%

Soybean Meal Sep 19 314.8s -1.1 -0.35%

 

Soybean Oil Jul 19 27.81s unch unch

Soybean Oil Aug 19 27.93s -0.03 -0.11%

Soybean Oil Sep 19 28.04s -0.03 -0.11%

 

Corn Jul 19 440-0s -3-2 -0.73%

Corn Sep 19 445-6s -3-6 -0.83%

Corn Dec 19 451-0s -3-4 -0.77%

Corn Mar 20 456-6s -2-6 -0.60%

Corn May 20 458-0s -3-0 -0.65%

 

Oats Jul 19 278-0s +0-6 +0.27%

Oats Sep 19 278-4s +2-2 +0.81%

Oats Dec 19 279-4s +0-6 +0.27%

Oats Mar 20 283-4s unch unch

Oats May 20 282-2s unch unch

 

Wheat Jul 19 547-4s +3-6 +0.69%

Wheat Sep 19 546-6s +0-2 +0.05%

Wheat Dec 19 556-6s +0-4 +0.09%

Wheat Mar 20 565-6s +0-4 +0.09%

Wheat May 20 567-0s +0-2 +0.04%

 

Minneapolis

Spring Wheat Jul 19 551-4s +1-2 +0.23%

Spring Wheat Sep 19 561-4s +2-0 +0.36%

Spring Wheat Dec 19 575-4s +1-6 +0.31%

Spring Wheat Mar 20 589-2s +1-4 +0.26%

Spring Wheat May 20 595-6s +0-4 +0.08%

 

Kansas City

Hard Red Wheat Jul 19 468-0s -1-0 -0.21%

Hard Red Wheat Sep 19 481-4s -0-4 -0.10%

Hard Red Wheat Dec 19 503-2s -0-4 -0.10%

Hard Red Wheat Mar 20 523-0s +0-2 +0.05%

Hard Red Wheat May 20 534-0s +0-2 +0.05%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle   Jun 19 110.575s +1.575 +1.44%

Live Cattle   Aug 19 105.350s -0.025 -0.02%

Live Cattle   Oct 19 106.325s -0.225 -0.21%

 

Feeder Cattle   Aug 19 135.800s -0.025 -0.02%

Feeder Cattle   Sep 19 136.100s -0.250 -0.18%

Feeder Cattle   Oct 19 136.250s -0.475 -0.35%

 

Lean Hogs   Jul 19 73.825s +0.275 +0.37%

Lean Hogs   Aug 19 77.175s +1.700 +2.25%

Lean Hogs   Oct 19 71.600s +2.100 +3.02%

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