Canola futures hit new lows; wheat mixed

Winnipeg (MarketsFarm) – The ICE Futures canola market was weaker on Friday, hitting fresh contract lows as a move below nearby chart support triggered additional fund selling. Ongoing concerns over Chinese demand added to the softer tone.

The losses were likely exaggerated by thinner volumes, with many participants still on the sidelines after Thursday’s Fourth of July holiday in the United States. Chicago Board of Trade soybeans and soyoil were both lower on Friday.

Improving moisture conditions in parts of Western Canada also weighed on values. However, there are also still plenty of areas of concern across the Prairies to keep some weather premiums in the market and canola managed to settle well off its session lows for the day.

About 17,066 canola contracts traded on Friday, which compares with Thursday when 4,112 contracts changed hands. Spreading accounted for 3,482 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were weaker on Friday, taking back Wednesday’s gains as activity resumed after the Independence Day holiday.

Weekly United States soybean export sales came in at just over a million tonnes of old and new crop business combined, with China a major customer buying about 600,000 tonnes, according to U.S. Department of Agriculture data.

While the export news was supportive, beans turned lower on improving Midwestern weather forecasts and expectations for large U.S. soybean supplies.

The ongoing uncertainty over the trade dispute with China, despite the latest weekly purchases, also weighed on soybeans.

CORN settled with small gains in the most active months, seeing some consolidation after Wednesday’s rally.

Expectations that actual seeded acres likely ended up below the USDA’s projection contributed to the gains. Slow development and likely yield losses were also supportive.

Weekly U.S. corn export sales came in at just over 300,000 tonnes of old and new crop business combined.

WHEAT futures were mixed, with a steady tone in the winter wheats and losses in Minneapolis spring wheat.

Weekly U.S. wheat export sales were in line with trade expectations, at about 275,000 tonnes. While that was down on the week, total wheat export commitments during the first month of the marketing year are running well ahead of the 2018 pace so far.

The U.S. winter wheat harvest is still behind normal, but farmers are reportedly starting to make some progress with early yield and quality reports beating expectations for the most part.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was  US$57.73 per barrel.

In the afternoon, the Canadian dollar was trading around US76.45 cents, unchanged from the previous trading day. The U.S. dollar was C$1.3080.

Winnipeg ICE Futures Canada dollars per tonne

Name / Contract Last Change % Change

Canola Jul 19 438.80s -10.90 -2.42%

Canola Nov 19 442.80s -5.90 -1.31%

Canola Jan 20 449.60s -6.00 -1.32%

Canola Mar 20 456.00s -6.00 -1.30%

Canola May 20 461.70s -6.00 -1.28%

 

Soybean Jul 19 872-2s -13-0 -1.47%

Soybean Aug 19 876-0s -13-6 -1.55%

Soybean Sep 19 882-2s -14-0 -1.56%

Soybean Nov 19 894-4s -14-2 -1.57%

Soybean Jan 20 906-2s -14-2 -1.55%

 

Soybean Meal Jul 19 303.8s -2.2 -0.72%

Soybean Meal Aug 19 305.8s -2.3 -0.75%

Soybean Meal Sep 19 307.5s -2.6 -0.84%

 

Soybean Oil Jul 19 27.44s -0.58 -2.07%

Soybean Oil Aug 19 27.56s -0.61 -2.17%

Soybean Oil Sep 19 27.69s -0.61 -2.16%

 

Corn Jul 19 434-0s +1-0 +0.23%

Corn Sep 19 438-6s +2-0 +0.46%

Corn Dec 19 442-2s +1-0 +0.23%

Corn Mar 20 449-0s +0-6 +0.17%

Corn May 20 452-4s +0-6 +0.17%

 

Oats Jul 19 275-0s -9-4 -3.34%

Oats Sep 19 278-2s -6-6 -2.37%

Oats Dec 19 278-4s -9-4 -3.30%

Oats Mar 20 282-4s -9-2 -3.17%

Oats May 20 281-2s -9-2 -3.18%

 

Wheat Jul 19 519-2s +1-2 +0.24%

Wheat Sep 19 515-0s +1-0 +0.19%

Wheat Dec 19 525-4s +0-2 +0.05%

Wheat Mar 20 537-2s unch unch

Wheat May 20 541-6s -1-0 -0.18%

 

Spring Wheat Jul 19 534-2s -6-2 -1.16%

Spring Wheat Sep 19 533-2s -6-6 -1.25%

Spring Wheat Dec 19 548-2s -6-0 -1.08%

Spring Wheat Mar 20 562-6s -5-6 -1.01%

Spring Wheat May 20 570-6s -5-6 -1.00%

 

Hard Red Wheat Jul 19 439-0s +3-0 +0.69%

Hard Red Wheat Sep 19 445-2s +1-4 +0.34%

Hard Red Wheat Dec 19 466-4s +1-0 +0.21%

Hard Red Wheat Mar 20 486-4s unch unch

Hard Red Wheat May 20 499-2s -0-2 -0.05%

 

Live Cattle   Aug 19 107.000s +1.550 +1.47%

Live Cattle   Oct 19 108.075s +1.775 +1.67%

Live Cattle   Dec 19 112.325s +1.400 +1.26%

 

Feeder Cattle   Aug 19 138.825s +2.250 +1.65%

Feeder Cattle   Sep 19 138.700s +1.750 +1.28%

Feeder Cattle   Oct 19 138.900s +1.300 +0.94%

 

Lean Hogs   Jul 19 72.125s -1.425 -1.94%

Lean Hogs   Aug 19 77.050s -1.325 -1.69%

Lean Hogs   Oct 19 70.075s -2.725 -3.74%

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