Canola futures drop; wheat rallies

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%

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