Canola futures drop, follows soybeans

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.

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%

 

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