WINNIPEG, (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts ended steady to lower on Wednesday, retreating from gains earlier in the trading session.
Rebounding prices for Malaysian palm oil and soyoil on the Chicago Board of Trade provided some support to canola values.
Relative weakness to the Canadian dollar also gave canola boost, but it wasn’t enough to push values into the green. At midday, the dollar was around 75.73 U.S. cents.
Trading volumes were comparably lighter during the session compared to earlier in the week, suggesting that selling was “a bit overdone to the downside,” according to one Winnipeg-based trader.
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On Wednesday, 28,770 contracts were traded, which compares with Tuesday when 39,790 contracts changed hands. Spreading accounted for 20,548 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were slightly lower on Tuesday, continuing the week’s pricing trends.
China has not made any new soybean purchases recently, despite signing the Phase One Trade Deal two weeks ago. On the day of the signing, China purchased 126,000 tonnes of soybeans, but has not made any purchases since then. However, the country is currently celebrating its Lunar New Year, and also dealing with an outbreak of a new coronavirus. So far, the virus has infected over 6,000 people.
This afternoon, United States President Donald Trump signed the United States-Mexico-Canada trade agreement, or USMCA. The trade deal will replace NAFTA after all three countries ratify the deal. The legislation was introduced to Canadian Parliament today.
CORN futures were weaker today, giving back some gains from earlier in the week.
Argentina’s first corn crop is about 11 percent harvested, which is approximately twice as fast as the typical harvest rate. However, the rate of planting the second corn crop is well behind average.
Argentina is expected to produce between 46 and 50 million tonnes of corn, which is slightly lower than the previous year.
According to data from the Energy Information Administration, last week, ethanol production was down by 20,000 barrels, to total just over 1 million barrels per day.
WHEAT futures were lower on Wednesday.
A general strike in France has thrown a wrench in the country’s export supply chain. In particular, striking dock workers have resulted in some countries seeking alternative sellers.
Ukrainian wheat exports total 15.6 million tonnes so far this marketing year, which is a record high.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down 15 cents at US$53.33 per barrel.
In the afternoon, the Canadian dollar was trading around US75.78 cents, down from 75.88 cents the previous trading day. The U.S. dollar was C$1.3196.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Mar 20 461.70s -0.10 -0.02%
Canola May 20 470.90s -0.10 -0.02%
Canola Jul 20 477.60s -0.30 -0.06%
Canola Nov 20 486.30s -0.30 -0.06%
Canola Jan 21 492.00s -0.50 -0.10%
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 Mar 20 893-0s -2-0 -0.22%
Soybean May 20 907-0s -2-0 -0.22%
Soybean Jul 20 920-6s -1-4 -0.16%
Soybean Aug 20 925-2s -1-6 -0.19%
Soybean Sep 20 925-0s -1-4 -0.16%
Soybean Meal Mar 20 296.1s -1.5 -0.50%
Soybean Meal May 20 300.5s -1.4 -0.46%
Soybean Meal Jul 20 304.8s -1.4 -0.46%
Soybean Oil Mar 20 31.52s +0.06 +0.19%
Soybean Oil May 20 31.88s +0.05 +0.16%
Soybean Oil Jul 20 32.25s +0.04 +0.12%
Corn Mar 20 384-2s -2-2 -0.58%
Corn May 20 389-4s -2-4 -0.64%
Corn Jul 20 394-4s -2-6 -0.69%
Corn Sep 20 392-0s -2-4 -0.63%
Corn Dec 20 395-2s -2-2 -0.57%
Oats Mar 20 307-6s +0-6 +0.24%
Oats May 20 301-6s unch unch
Oats Jul 20 292-2s -0-2 -0.09%
Oats Sep 20 274-6s -0-4 -0.18%
Oats Dec 20 270-4s -0-2 -0.09%
Wheat Mar 20 562-2s -7-4 -1.32%
Wheat May 20 561-2s -7-2 -1.28%
Wheat Jul 20 560-4s -6-6 -1.19%
Wheat Sep 20 566-2s -6-6 -1.18%
Wheat Dec 20 575-0s -6-2 -1.08%
Minneapolis
Spring Wheat Mar 20 535-6s -6-4 -1.20%
Spring Wheat May 20 545-2s -6-2 -1.13%
Spring Wheat Jul 20 553-6s -6-0 -1.07%
Spring Wheat Sep 20 563-0s -5-6 -1.01%
Spring Wheat Dec 20 575-2s -4-4 -0.78%
Kansas City
Hard Red Wheat Mar 20 472-0s -10-0 -2.07%
Hard Red Wheat May 20 479-4s -9-6 -1.99%
Hard Red Wheat Jul 20 487-0s -9-6 -1.96%
Hard Red Wheat Sep 20 495-4s -9-2 -1.83%
Hard Red Wheat Dec 20 506-4s -8-6 -1.70%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Feb 20 121.750s -0.400 -0.33%
Live Cattle Apr 20 120.225s -0.475 -0.39%
Live Cattle Jun 20 112.000s -0.475 -0.42%
Feeder Cattle Jan 20 142.100s +0.050 +0.04%
Feeder Cattle Mar 20 134.975s -0.425 -0.31%
Feeder Cattle Apr 20 137.075s -0.700 -0.51%
Lean Hogs Feb 20 64.300s -1.925 -2.91%
Lean Hogs Apr 20 68.825s -2.475 -3.47%
Lean Hogs May 20 75.325s -2.325 -2.99%
