Canola futures drop slightly.

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.

About 35 per cent of the country’s canola crop is still waiting to be harvested, with producers in Alberta the farthest behind.

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%

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