OTTAWA, (Reuters) – ICE canola futures fell on Monday on lower soybean oil prices.
Farmers were not really selling, a trader said. Traders were spreading into soybean meal and selling soybean oil, which pressured canola.
March canola dropped $1.50 to $459.80 per tonne.
March-May canola spread traded 8,562 times.
U.S. soybeans rose for the sixth straight day on expectations Beijing will meet the purchasing targets agreed to in the Phase 1 trade deal with Washington, but gains were capped by ongoing concerns about the coronavirus outbreak.
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As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
Euronext May rapeseed futures and Malaysian April palm oil futures fell.
Canadian Finance Minister Bill Morneau told a business audience in Calgary on Monday the spreading coronavirus will hit the Canadian economy, particularly the tourism sector, supply chains and the struggling oil industry.
The commodity-linked Canadian dollar weakened to a four-month low against its U.S. counterpart as worries about the coronavirus slowing global economic growth overshadowed stronger-than-expected domestic housing data.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down 75 cents at US$49.57 per barrel.
In the afternoon, the Canadian dollar was trading around US75.08 cents, down from 75.16 cents the previous trading day. The U.S. dollar was C$1.3319.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Mar 20 459.80s -1.50 -0.33%
Canola May 20 469.00s -1.60 -0.34%
Canola Jul 20 476.10s -1.40 -0.29%
Canola Nov 20 482.90s -1.00 -0.21%
Canola Jan 21 489.40s -0.90 -0.18%
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 20 884-2s +2-2 +0.26%
Soybean May 20 897-2s +2-2 +0.25%
Soybean Jul 20 910-2s +2-2 +0.25%
Soybean Aug 20 914-6s +2-2 +0.25%
Soybean Sep 20 914-6s +1-4 +0.16%
Soybean Meal Mar 20 291.4s +2.1 +0.73%
Soybean Meal May 20 297.1s +1.9 +0.64%
Soybean Meal Jul 20 302.2s +1.7 +0.57%
Soybean Oil Mar 20 30.62s -0.35 -1.13%
Soybean Oil May 20 30.99s -0.35 -1.12%
Soybean Oil Jul 20 31.37s -0.33 -1.04%
Corn Mar 20 381-6s -1-6 -0.46%
Corn May 20 386-4s -2-0 -0.51%
Corn Jul 20 390-6s -1-4 -0.38%
Corn Sep 20 389-0s -0-4 -0.13%
Corn Dec 20 393-4s -0-4 -0.13%
Oats Mar 20 301-6s -1-2 -0.41%
Oats May 20 297-6s unch unch
Oats Jul 20 289-6s -0-4 -0.17%
Oats Sep 20 272-2s unch unch
Oats Dec 20 270-0s -0-2 -0.09%
Wheat Mar 20 552-0s -6-6 -1.21%
Wheat May 20 551-4s -5-2 -0.94%
Wheat Jul 20 552-4s -4-4 -0.81%
Wheat Sep 20 558-6s -3-6 -0.67%
Wheat Dec 20 568-2s -2-6 -0.48%
Minneapolis
Spring Wheat Mar 20 533-6s -2-0 -0.37%
Spring Wheat May 20 543-4s -2-0 -0.37%
Spring Wheat Jul 20 551-6s -2-4 -0.45%
Spring Wheat Sep 20 560-2s -2-4 -0.44%
Spring Wheat Dec 20 571-4s -1-6 -0.31%
Kansas City
Hard Red Wheat Mar 20 472-4s unch unch
Hard Red Wheat May 20 478-4s unch unch
Hard Red Wheat Jul 20 485-2s unch unch
Hard Red Wheat Sep 20 493-0s -0-2 -0.05%
Hard Red Wheat Dec 20 504-4s -0-2 -0.05%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Feb 20 120.300s -1.025 -0.84%
Live Cattle Apr 20 118.675s -1.125 -0.94%
Live Cattle Jun 20 110.450s -0.825 -0.74%
Feeder Cattle Mar 20 135.700s +0.500 +0.37%
Feeder Cattle Apr 20 137.525s +0.025 +0.02%
Feeder Cattle May 20 139.450s -0.125 -0.09%
Lean Hogs Feb 20 56.200s -0.900 -1.58%
Lean Hogs Apr 20 65.075s -1.175 -1.77%
Lean Hogs May 20 74.400s -0.450 -0.60%
