Winnipeg – The ICE Futures canola market moved lower in most months on Wednesday.
A stronger tone in the Canadian dollar and improving crop prospects in parts of Western Canada contributed to the declines.
However, gains in the Chicago Board of Trade soy complex helped temper the losses.
Chart support also held to the downside, with the November contract settling right above C$450 per tonne.
Most markets in the United States will be closed Thursday for Independence Day, while canola futures will trade their usual hours. Positioning ahead of the U.S. holiday was a feature.
About 11,437 canola contracts traded on Wednesday, which compares with Tuesday when 13,951 contracts changed hands. Spreading accounted for 4,114 of the contracts traded.
CORN futures at the Chicago Board of Trade were sharply higher on Wednesday, as the nearby chart signals shifted back to the upside and encouraged some speculative buying interest.
Ideas that corn acres in the United States won’t live up to the U.S. Department of Agriculture’s expectations remained supportive, with yields also likely hurt by the excessive moisture that delayed seeding this year.
Average weekly ethanol production in the U.S. hit 1.08 million barrels per day during the last week of June, an increase of 9,000 from the previous week, according to data released Wednesday morning. Stocks of the renewable fuel were also up on the week.
SOYBEANS were up in sympathy with corn as traders adjusted positions ahead of the Independence Day holiday.
Talk that China may be looking to buy more U.S. soybeans, in an effort to help trade talks move along, provided some support.
Ideas that U.S. yields will be down this year, due to late seeding and adverse crop conditions, also underpinned the futures.
WHEAT futures were higher, taking some direction from the rally in corn.
Speculative positioning was a feature, with relatively bearish fundamentals tempering the upside.
Improving weather conditions for the U.S. winter wheat harvest kept the gains in check, with better-than-expected yields and protein levels being reported so far.
Name / Contract Last Change % Change
Canola Jul 19 449.30s -2.70 -0.60%
Canola Nov 19 451.20s -4.70 -1.03%
Canola Jan 20 458.10s -5.00 -1.08%
Canola Mar 20 464.70s -5.10 -1.09%
Canola May 20 470.30s -4.80 -1.01%
Soybean Jul 19 876-2s -9-2 -1.04%
Soybean Aug 19 879-6s -10-0 -1.12%
Soybean Sep 19 886-0s -10-2 -1.14%
Soybean Nov 19 898-6s -9-6 -1.07%
Soybean Jan 20 910-4s -10-2 -1.11%
Soybean Meal Jul 19 303.5s -1.3 -0.43%
Soybean Meal Aug 19 305.7s -1.5 -0.49%
Soybean Meal Sep 19 307.7s -1.4 -0.45%
Soybean Oil Jul 19 27.66s -0.32 -1.14%
Soybean Oil Aug 19 27.81s -0.32 -1.14%
Soybean Oil Sep 19 27.93s -0.32 -1.13%
Corn Jul 19 413-4s +1-4 +0.36%
Corn Sep 19 419-0s +3-4 +0.84%
Corn Dec 19 426-0s +3-4 +0.83%
Corn Mar 20 434-6s +3-0 +0.69%
Corn May 20 438-6s +2-6 +0.63%
Oats Jul 19 285-0s +3-6 +1.33%
Oats Sep 19 285-6s -0-4 -0.17%
Oats Dec 19 288-4s +3-6 +1.32%
Oats Mar 20 292-0s +4-0 +1.39%
Oats May 20 290-4s +4-0 +1.40%
Wheat Jul 19 503-4s -10-4 -2.04%
Wheat Sep 19 503-2s -8-4 -1.66%
Wheat Dec 19 515-4s -8-6 -1.67%
Wheat Mar 20 528-6s -7-2 -1.35%
Wheat May 20 535-4s -6-2 -1.15%
Spring Wheat Jul 19 530-0s -13-2 -2.44%
Spring Wheat Sep 19 536-2s -8-2 -1.52%
Spring Wheat Dec 19 551-0s -7-0 -1.25%
Spring Wheat Mar 20 565-2s -6-0 -1.05%
Spring Wheat May 20 573-4s -5-2 -0.91%
Hard Red Wheat Jul 19 424-0s -10-6 -2.47%
Hard Red Wheat Sep 19 432-4s -11-4 -2.59%
Hard Red Wheat Dec 19 455-0s -12-0 -2.57%
Hard Red Wheat Mar 20 476-2s -12-0 -2.46%
Hard Red Wheat May 20 489-0s -11-4 -2.30%
Live Cattle (Pit) Aug 19 104.100s unch unch
Live Cattle (Pit) Oct 19 105.350s -0.175 -0.17%
Live Cattle (Pit) Dec 19 110.350s -0.325 -0.29%
Feeder Cattle (Pit) Aug 19 138.375s +1.350 +0.99%
Feeder Cattle (Pit) Sep 19 138.825s +1.200 +0.87%
Feeder Cattle (Pit) Oct 19 139.300s +1.400 +1.02%
Lean Hogs (Pit) Jul 19 73.725s +1.150 +1.58%
Lean Hogs (Pit) Aug 19 78.975s +0.275 +0.35%
Lean Hogs (Pit) Oct 19 73.050s -0.150 -0.20%
