WINNIPEG, (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished slightly higher on Friday, as bids are expected to fluctuate either side of steady for the next few months, according to a trader.
He also noted that volumes were significantly lower today, as speculators finished rolling out of their November contracts yesterday.
The Chicago soy complex provided support. In particular soyoil, as bids increased by more than a quarter cent.
The Canadian dollar was steady by mid-afternoon Friday at 76.04 U.S. cents, after closing Thursday at 75.99.
There were 21,109 contracts traded on Friday, which compares with Thursday when 28,224 contracts changed hands. Spreading accounted for 16,360 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Canola Jan 458.20 up 0.80
Mar 467.60 up 0.80
May 476.70 up 1.10
May 484.20 up 1.40
SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Friday, as the United States and China proceed with their partial trade agreement.
United States Treasury Secretary Wilbur Ross told the media on Friday that Phase One of the U.S./China trade deal remains on course. He said officials from both countries will discuss a new site to sign the pact during a teleconference today. The deal was to have been signed at the now cancelled APEC Summit in Chile that was scheduled for later this month.
The U.S. Department of Agriculture released its oilseed crush data today and the September crush came in at 162.0 million bushels, which matched average trade expectations.
The USDA announced a private sale of 132,000 tonnes of soybeans to China this morning. Delivery will be during the current marketing year.
IEG Vantage increased its estimate of U.S. soybean yields by a half bushel per acre to now 47.0 bushels per acres (BPA). IEG has projected production to reach 3.553 billion bushels. The USDA’s estimate is at 46.9 BPA.
For 2020/21, the USDA estimated 84.0 million acres of soybeans to be planted. Production is expected to be 4.2 billion bushels and ending stocks were forecast at 518 million bushels.
After dealing with a great amount of rain, farmers in Argentina were starting to ramp up their planting of soybeans, according to the Buenos Aires Grain Exchange (BAGE).
CORN futures were steady to lower on Friday despite weather concerns for the Midwest and Corn Belt.
Precipitation and cold temperatures have continued to delay the U.S. harvest. However, drier weather has been forecast for the coming week, but below average temperatures are expected to linger.
IEG raised their projection for the U.S. corn yield to 168.6 BPA, virtually on par with the USDA’s estimate. IEG forecast production to come in at 13.797 billion bushels.
In the USDA’s forecast for 2020/21, approximately 94.5 million acres are expected to be planted, with production at 15.545 billion bushels. Ending stocks are projected to be 2.754 billion bushels.
The BAGE reported that Argentina’s corn planting reached 40 per cent complete this week and was 4.5 points ahead of this time last year.
WHEAT futures were higher on Friday, on expectations of fewer U.S. acres to be planted next year.
The USDA called for wheat acres to decline slightly, from 45.2 million this year to 45.0 million in 2020/21. Ending stocks are forecast to be 925 million bushels.
FranceAgriMer estimated that the planting of France’s soft wheat was 54 per cent complete as of Oct. 28.
Ukraine wheat exports jumped 39 per cent during 2019/20 at 10.92 million tonnes compared to this time last year.
Dry conditions earlier this year has resulted in Argentina’s wheat production declining by 1 million tonnes. With 3.5 per cent of the harvest completed so far, the BAGE has now projected 18.8 million tonnes.
Light crude oil nearby futures in New York was up $2.02 at US$56.20 per barrel.
In the afternoon, the Canadian dollar was trading around US76.01 cents, up from 75.99 cents the previous trading day. The U.S. dollar was C$1.3157.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 20 458.20s +0.80 +0.17%
Canola Mar 20 467.60s +0.80 +0.17%
Canola May 20 476.70s +1.10 +0.23%
Canola Jul 20 484.20s +1.40 +0.29%
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.
Soybean Nov 19 924-2s +7-4 +0.82%
Soybean Jan 20 936-6s +4-4 +0.48%
Soybean Mar 20 949-2s +4-0 +0.42%
Soybean May 20 960-6s +3-6 +0.39%
Soybean Jul 20 970-6s +3-4 +0.36%
Soybean Meal Dec 19 303.9s -0.5 -0.16%
Soybean Meal Jan 20 306.3s -0.6 -0.20%
Soybean Meal Mar 20 309.9s -0.6 -0.19%
Soybean Oil Dec 19 31.03s +0.28 +0.91%
Soybean Oil Jan 20 31.25s +0.28 +0.90%
Soybean Oil Mar 20 31.53s +0.28 +0.90%
Corn Dec 19 389-2s -0-6 -0.19%
Corn Mar 20 398-4s -0-2 -0.06%
Corn May 20 404-4s -0-2 -0.06%
Corn Jul 20 410-0s unch unch
Corn Sep 20 402-4s +0-4 +0.12%
Oats Dec 19 306-0s +8-6 +2.94%
Oats Mar 20 301-4s +8-0 +2.73%
Oats May 20 300-4s +7-0 +2.39%
Oats Jul 20 298-4s +6-6 +2.31%
Oats Sep 20 289-0s +6-0 +2.12%
Wheat Dec 19 516-0s +7-2 +1.43%
Wheat Mar 20 521-6s +7-0 +1.36%
Wheat May 20 526-4s +7-2 +1.40%
Wheat Jul 20 531-0s +7-6 +1.48%
Wheat Sep 20 537-6s +7-6 +1.46%
Spring Wheat Dec 19 531-2s +7-2 +1.38%
Spring Wheat Mar 20 548-0s +7-4 +1.39%
Spring Wheat May 20 558-4s +7-4 +1.36%
Spring Wheat Jul 20 566-4s +6-6 +1.21%
Spring Wheat Sep 20 573-4s +6-2 +1.10%
Hard Red Wheat Dec 19 426-0s +6-2 +1.49%
Hard Red Wheat Mar 20 438-6s +6-4 +1.50%
Hard Red Wheat May 20 447-6s +7-0 +1.59%
Hard Red Wheat Jul 20 456-2s +7-2 +1.61%
Hard Red Wheat Sep 20 465-2s +6-6 +1.47%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 19 119.525s +2.300 +1.96%
Live Cattle Feb 20 124.225s +1.875 +1.53%
Live Cattle Apr 20 125.450s +1.500 +1.21%
Feeder Cattle Nov 19 149.125s +1.525 +1.03%
Feeder Cattle Jan 20 146.000s +1.325 +0.92%
Feeder Cattle Mar 20 145.125s +1.750 +1.22%
Lean Hogs Dec 19 64.450s -1.550 -2.35%
Lean Hogs Feb 20 72.575s -0.750 -1.02%
Lean Hogs Apr 20 79.475s -0.375 -0.47%