Winnipeg, Oct. 21 (MarketsFarm) – ICE Futures canola contracts were weaker on Monday, as a firmer tone in the Canadian dollar and speculative selling pressure weighed on values.
Seasonal harvest pressure also weighed on prices, as heavy farmer deliveries are filling up the commercial pipeline despite the ongoing delays in many areas.
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The slow harvest helped limit the losses. Strength in Chicago Board of Trade soyoil also provided some underlying support.
About 46,238 canola contracts traded on Monday, which compares with Friday when 29,835 contracts changed hands. Spreading accounted for 37,612 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade settled with small losses after trading to both sides of unchanged on Monday.
The soybean market appeared to be running into upside resistance from a chart standpoint, accounting for some of the selling pressure as an overnight attempt at moving higher was met with selling.
Uncertainty over trade relations between the United States and China remained a feature in the background, with China buying 480,000 tonnes of Brazilian beans last week and none from the U.S.
However, support came from ongoing harvest delays across the U.S. Midwest, as cool and wet conditions continue to slow the progress.
CORN was softer, taking some direction from wheat.
The U.S. corn harvest is also running well behind normal, but those concerns have been factored into the market for some time and the market continued to back away from the nearby highs hit last week.
WHEAT futures were all lower, with speculative profit-taking on last week’s gains a feature.
Weekly U.S. wheat export inspections of just over half a million tonnes were up on the week, and helped keep the wheat export pace running ahead of the year ago level.
Concerns over the quality of the North American spring wheat crop were also supportive, with a large portion still unharvested and dealing with adverse conditions.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down 47 cents at US$53.31 per barrel.
In the afternoon, the Canadian dollar was trading around US76.36 cents, up from 76.15 cents the previous trading day. The U.S. dollar was C$1.3096.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Nov 19 451.40s -2.30 -0.51%
Canola Jan 20 460.00s -1.80 -0.39%
Canola Mar 20 469.00s -2.00 -0.42%
Canola May 20 476.70s -1.90 -0.40%
Canola Jul 20 483.10s -1.80 -0.37%
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 19 933-2s -0-6 -0.08%
Soybean Jan 20 946-6s -0-6 -0.08%
Soybean Mar 20 959-0s -0-2 -0.03%
Soybean May 20 967-4s unch unch
Soybean Jul 20 975-4s -0-4 -0.05%
Soybean Meal Dec 19 307.7s -0.8 -0.26%
Soybean Meal Jan 20 310.3s -0.9 -0.29%
Soybean Meal Mar 20 314.4s -0.8 -0.25%
Soybean Oil Dec 19 30.48s +0.12 +0.40%
Soybean Oil Jan 20 30.71s +0.11 +0.36%
Soybean Oil Mar 20 30.96s +0.12 +0.39%
Corn Dec 19 387-2s -3-6 -0.96%
Corn Mar 20 399-4s -3-2 -0.81%
Corn May 20 406-6s -2-6 -0.67%
Corn Jul 20 413-0s -2-2 -0.54%
Corn Sep 20 404-6s -1-6 -0.43%
Oats Dec 19 288-4s -5-6 -1.95%
Oats Mar 20 286-0s -4-4 -1.55%
Oats May 20 287-2s -1-0 -0.35%
Oats Jul 20 285-2s +1-2 +0.44%
Oats Sep 20 279-2s +3-0 +1.09%
Wheat Dec 19 523-4s -8-6 -1.64%
Wheat Mar 20 529-4s -7-4 -1.40%
Wheat May 20 534-4s -7-0 -1.29%
Wheat Jul 20 537-6s -6-2 -1.15%
Wheat Sep 20 544-0s -5-6 -1.05%
Minneapolis
Spring Wheat Dec 19 537-6s -6-6 -1.24%
Spring Wheat Mar 20 551-2s -7-0 -1.25%
Spring Wheat May 20 559-6s -7-4 -1.32%
Spring Wheat Jul 20 566-6s -7-4 -1.31%
Spring Wheat Sep 20 574-0s -6-6 -1.16%
Kansas City
Hard Red Wheat Dec 19 425-4s -8-2 -1.90%
Hard Red Wheat Mar 20 438-4s -7-4 -1.68%
Hard Red Wheat May 20 447-2s -7-2 -1.60%
Hard Red Wheat Jul 20 456-0s -7-0 -1.51%
Hard Red Wheat Sep 20 465-0s -7-2 -1.54%
Kansas City
Live Cattle Oct 19 110.950s +0.475 +0.43%
Live Cattle Dec 19 113.875s +0.250 +0.22%
Live Cattle Feb 20 119.225s +0.150 +0.13%
Feeder Cattle Oct 19 143.425s -0.075 -0.05%
Feeder Cattle Nov 19 142.850s unch unch
Feeder Cattle Jan 20 139.100s -0.350 -0.25%
Lean Hogs Dec 19 67.825s -0.125 -0.18%
Lean Hogs Feb 20 78.175s +0.700 +0.90%
Lean Hogs Apr 20 84.400s +0.950 +1.14%
