Canola futures drop slightly

Winnipeg, (MarketsFarm) – The ICE Futures canola market was weaker on Tuesday, but managed to settle above major support.

Improving North American crop conditions accounted for much of the selling pressure, with losses in Chicago Board of Trade soybeans and bearish technical signals contributing to the declines.

However, varied crop development and uncertainty over growing conditions heading through the summer kept some caution in the market, according to participants.

Ideas that canola was looking oversold also provided support, helping the futures settle well off their lows for the day.

About 14,671 canola contracts traded on Tuesday, which compares with Monday when 8,248 contracts changed hands. Spreading accounted for 5,894 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade posted large losses on Tuesday, as improving production prospects sparked some speculative selling.

The United States soybean crop was rated 54 per cent good-to-excellent in the latest weekly U.S. Department of Agriculture report. That was up one point from the previous week.

Nearby forecasts calling for cooler and wetter conditions across parts of the Midwest were also bearish, as the moderate weather helped ease concerns over heat and dryness that had provided support recently.

However, soybeans remain behind in development with only 22 per cent of the crop blooming as of this past Sunday. That compares with 62 per cent at the same time a year ago.

CORN was pressured lower by the improving U.S. corn prospects and speculative long liquidation.

The U.S. corn crop was rated 58 per cent good-to-excellent in the latest weekly report, which was up one point from the previous week.

However, slow development and ideas that seeded acres will eventually be revised lower remained somewhat supportive.

WHEAT futures were lower, taking some direction from the declines in soybeans and corn.

The U.S. winter wheat harvest was 57 per cent complete as of this past Sunday, which compares with the 71 per cent average for this time of year.

U.S. spring wheat condition ratings declined 2 points from the previous week, to come in at 76 per cent good to excellent.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down $1.96 at US$57.62 per barrel.

In the afternoon, the Canadian dollar was trading around US76.62 cents, down from 76.69 cents the previous trading day. The U.S. dollar was C$1.3052.

Winnipeg ICE Futures Canada dollars per tonne.

Canola Nov 19  445.30s  -1.60  -0.36%

Canola Jan 20  452.70s  -1.20  -0.26%

Canola Mar 20  459.80s  -0.90  -0.20%

Canola May 20  465.60s  -0.90  -0.19%

Canola Jul 20  471.00s  -0.40  -0.08%

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 Aug 19  887-6s  -14-0  -1.55%

Soybean Sep 19  893-6s  -14-0  -1.54%

Soybean Nov 19  906-0s  -14-0  -1.52%

Soybean Jan 20  918-6s  -13-4  -1.45%

Soybean Mar 20  927-4s  -13-4  -1.43%

 

Soybean Meal Aug 19  308.4s  -3.2  -1.03%

Soybean Meal Sep 19  309.9s  -3.4  -1.09%

Soybean Meal Oct 19  311.8s  -3.2  -1.02%

 

Soybean Oil Aug 19  27.99s  -0.29  -1.03%

Soybean Oil Sep 19  28.11s  -0.30  -1.06%

Soybean Oil Oct 19  28.23s  -0.31  -1.09%

 

Corn Sep 19  435-2s  -5-6  -1.30%

Corn Dec 19  441-2s  -5-6  -1.29%

Corn Mar 20  448-4s  -5-2  -1.16%

Corn May 20  452-0s  -4-4  -0.99%

Corn Jul 20  455-0s  -3-6  -0.82%

 

Oats Sep 19  275-6s  -5-4  -1.96%

Oats Dec 19  279-0s  -5-0  -1.76%

Oats Mar 20  283-4s  -3-6  -1.31%

Oats May 20  282-4s  -3-2  -1.14%

Oats Jul 20  281-6s  -2-2  -0.79%

 

Wheat Sep 19  507-4s  -0-2  -0.05%

Wheat Dec 19  519-2s  -0-6  -0.14%

Wheat Mar 20  531-4s  -1-4  -0.28%

Wheat May 20  537-4s  -1-4  -0.28%

Wheat Jul 20  538-2s  -1-4  -0.28%

 

Minneapolis

Spring Wheat Sep 19  530-2s  -2-2  -0.42%

Spring Wheat Dec 19  543-4s  -2-4  -0.46%

Spring Wheat Mar 20  558-0s  -2-6  -0.49%

Spring Wheat May 20  566-6s  -2-4  -0.44%

Spring Wheat Jul 20  574-2s  -2-4  -0.43%

 

Kansas City

Hard Red Wheat Sep 19  446-2s  -2-6  -0.61%

Hard Red Wheat Dec 19  466-2s  -3-0  -0.64%

Hard Red Wheat Mar 20  486-0s  -2-6  -0.56%

Hard Red Wheat May 20  498-2s  -2-6  -0.55%

Hard Red Wheat Jul 20  503-0s  -2-0  -0.40%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Aug 19  108.225s  -0.275  -0.25%

Live Cattle Oct 19  109.250s  -0.525  -0.48%

Live Cattle Dec 19  113.725s  -0.375  -0.33%

 

Feeder Cattle Aug 19  141.050s  -0.600  -0.42%

Feeder Cattle Sep 19  141.875s  -0.725  -0.51%

Feeder Cattle Oct 19  142.225s  -0.750  -0.52%

 

Lean Hogs Aug 19  79.050s  -1.050  -1.31%

Lean Hogs Oct 19  75.300s  +1.400  +1.89%

Lean Hogs Dec 19  73.350s  +1.550  +2.16%

 

 

 

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