Canola futures drop as harvest progresses

WINNIPEG, (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower on Friday, remaining pressured by harvest progress and a spate of commercial canola deliveries.

According to data from the Canadian Grain Commission, canola deliveries hit record-highs last week. Over 719,000 tonnes of canola were delivered across the Prairies.

With blue skies in the forecast, producers will be able to make considerable harvest progress this weekend.

Manitoba’s canola harvest is 80 percent complete, along with 58 percent of Saskatchewan’s canola crop.

Canola remains competitively priced on global markets, as the soy complex on the Chicago Board of Trade, European rapeseed and Malaysian palm oil all showed strength on Friday.

A comparatively stronger Canadian dollar also put pressure on canola values. The dollar remained just over 76.14 U.S. cents on Friday.

On Friday, 29,835 contracts were traded, which compares with Thursday when 37,436 contracts changed hands. Spreading accounted for 25,440 contracts traded.

SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Friday, amid positive trade sentiments between the United States and China.

Last week, China bought over 850,000 tonnes of U.S. soybeans. In total, 1.7 million tonnes of soybeans were sold. That was in line with trade expectations, but 13 per cent lower than sales made in the week prior. Sales were made primarily to China, Egypt, and other unknown destinations.

About 153,000 tonnes of soybean meal and about 4,000 tonnes of soy oil were sold, which was also in line with trade expectations.

CORN futures were slightly lower today, due to continually quiet demand. Corn export sales totalled around 368,000 tonnes last week, which is up by 30 per cent from the previous week, but 48 per cent lower than the four-week average. Sales were made mainly to Japan, Colombia, and Mexico.

On the year, corn export sales are about 64 per cent lower than they were at this time last year.

WHEAT futures were mixed on Friday, finding support from snow in the northern Plains which may have flattened crops.

Export sales last week were around 395,000 tonnes, which was in line with trade expectations but 24 per cent lower from the previous week. Hard red wheat accounted for about 42 per cent of export sales, and Minneapolis spring wheat made up about 37 per cent.

 

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down 15 cents at US$53.78 per barrel.

In the afternoon, the Canadian dollar was trading around US76.15 cents, up from 76.09 cents the previous trading day. The U.S. dollar was C$1.3132.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Nov 19 453.70s -3.30 -0.72%

Canola Jan 20 461.80s -3.60 -0.77%

Canola Mar 20 471.00s -3.50 -0.74%

Canola May 20 478.60s -3.60 -0.75%

Canola Jul 20 484.90s -3.30 -0.68%

 

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 Nov 19 934-0s +2-4 +0.27%

Soybean Jan 20 947-4s +2-2 +0.24%

Soybean Mar 20 959-2s +2-2 +0.24%

Soybean May 20 967-4s +2-2 +0.23%

Soybean Jul 20 976-0s +2-4 +0.26%

 

Soybean Meal Dec 19 308.5s +1.7 +0.55%

Soybean Meal Jan 20 311.2s +1.8 +0.58%

Soybean Meal Mar 20 315.2s +1.8 +0.57%

 

Soybean Oil Dec 19 30.36s -0.03 -0.10%

Soybean Oil Jan 20 30.60s -0.03 -0.10%

Soybean Oil Mar 20 30.84s -0.05 -0.16%

 

Corn Dec 19 391-0s -3-6 -0.95%

Corn Mar 20 402-6s -3-6 -0.92%

Corn May 20 409-4s -3-2 -0.79%

Corn Jul 20 415-2s -2-4 -0.60%

Corn Sep 20 406-4s -0-6 -0.18%

 

Oats Dec 19 294-2s -4-4 -1.51%

Oats Mar 20 290-4s -2-6 -0.94%

Oats May 20 288-2s -2-2 -0.77%

Oats Jul 20 284-0s -1-2 -0.44%

Oats Sep 20 276-2s -1-2 -0.45%

 

Wheat Dec 19 532-2s +6-6 +1.28%

Wheat Mar 20 537-0s +6-6 +1.27%

Wheat May 20 541-4s +7-4 +1.40%

Wheat Jul 20 544-0s +8-0 +1.49%

Wheat Sep 20 549-6s +8-2 +1.52%

 

Minneapolis

Spring Wheat Dec 19 544-4s -7-4 -1.36%

Spring Wheat Mar 20 558-2s -7-4 -1.33%

Spring Wheat May 20 567-2s -7-2 -1.26%

Spring Wheat Jul 20 574-2s -6-2 -1.08%

Spring Wheat Sep 20 580-6s -5-2 -0.90%

 

Kansas City

Hard Red Wheat Dec 19 433-6s +2-4 +0.58%

Hard Red Wheat Mar 20 446-0s +2-0 +0.45%

Hard Red Wheat May 20 454-4s +2-0 +0.44%

Hard Red Wheat Jul 20 463-0s +2-2 +0.49%

Hard Red Wheat Sep 20 472-2s +2-4 +0.53%

 

Kansas City

Live Cattle Oct 19 110.475s -1.925 -1.71%

Live Cattle Dec 19 113.625s -0.750 -0.66%

Live Cattle Feb 20 119.075s -0.475 -0.40%

 

Feeder Cattle Oct 19 143.500s -0.700 -0.49%

Feeder Cattle Nov 19 142.850s -1.475 -1.02%

Feeder Cattle Jan 20 139.450s -1.400 -0.99%

 

Lean Hogs Dec 19 67.950s -0.200 -0.29%

Lean Hogs Feb 20 77.475s -0.175 -0.23%

Lean Hogs Apr 20 83.450s -0.350 -0.42%

 

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