Canola futures hold steady

WINNIPEG, (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were mixed on Wednesday, as market activity remained largely range-bound.

Forecasts across the Prairies are turning unseasonably cold and rainy later this week, with instances of snow in some regions. That’s likely to inject a weather premium back into markets, as harvest continues to be delayed.

On Wednesday, 15,011 contracts were traded, which compares with Tuesday when 29,875 contracts changed hands. Spreading accounted for 11,242 contracts traded.

SOYBEAN futures at the Chicago Board of Trade (CBOT) were mostly lower on Wednesday, due mostly to a stronger greenback and a lack of a trade deal between the United States and China.

Yesterday, the United States Department of Agriculture (USDA) reported a private export sale of 581,000 tonnes of soybeans for delivery to China, one of many sales seen as a gesture of goodwill ahead of an official trade deal.

Soybean crop conditions are rated as 54 percent good to excellent, which is the same rating as last week.

CORN futures were slightly lower today, based on low ethanol output. The U.S. Energy Information Administration said ethanol production dropped last week to the lowest output levels since April 2016. Production averaged 943,000 barrels per day, which is a decline of 60,000 barrels on the week.

There is currently no timeline in place for the promised release of a biofuels reform package.

WHEAT futures were mixed on Tuesday. Forecasted rain in key growing regions has significantly delayed the spring wheat harvest, which buoyed prices, while bids in Chicago and Kansas lagged.

Experts expect U.S. wheat production numbers to be slightly lower than originally anticipated, at around 1.968 billion bushels. That’s about 12 million bushels lower than previous estimates.

Japan and the U.S. have reached a preliminary trade deal. Approximately $7 billion worth of U.S. agriculture products will be open for trade between the two countries. Tariffs on beef and pork will be reduced. Further details of the agreement are to be announced in days to come.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down 80 cents at US$56.49 per barrel.

In the afternoon, the Canadian dollar was trading around US75.36 cents, down from 75.48 cents the previous trading day. The U.S. dollar was C$1.3270.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Nov 19 448.90s -0.40 -0.09%

Canola Jan 20 457.70s unch unch

Canola Mar 20 465.90s -0.20 -0.04%

Canola May 20 473.00s -0.30 -0.06%

Canola Jul 20 479.00s -0.30 -0.06%

 

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 Nov 19 889-2s -5-0 -0.56%

Soybean Jan 20 903-2s -4-4 -0.50%

Soybean Mar 20 915-0s -4-0 -0.44%

Soybean May 20 924-6s -3-6 -0.40%

Soybean Jul 20 933-4s -3-0 -0.32%

 

Soybean Meal Oct 19 293.2s -2.2 -0.74%

Soybean Meal Dec 19 297.6s -1.9 -0.63%

Soybean Meal Jan 20 299.5s -1.8 -0.60%

 

Soybean Oil Oct 19 29.04s -0.16 -0.55%

Soybean Oil Dec 19 29.20s -0.13 -0.44%

Soybean Oil Jan 20 29.44s -0.14 -0.47%

 

Corn Dec 19 374-2s -0-4 -0.13%

Corn Mar 20 385-4s unch unch

Corn May 20 393-0s +0-2 +0.06%

Corn Jul 20 398-4s +0-4 +0.13%

Corn Sep 20 399-4s +0-6 +0.19%

 

Oats Dec 19 272-2s -1-2 -0.46%

Oats Mar 20 276-0s -0-2 -0.09%

Oats May 20 275-6s unch unch

Oats Jul 20 277-2s +1-0 +0.36%

Oats Sep 20 278-4s +0-4 +0.18%

 

Wheat Dec 19 477-2s -4-4 -0.93%

Wheat Mar 20 483-6s -4-6 -0.97%

Wheat May 20 488-6s -5-2 -1.06%

Wheat Jul 20 493-0s -5-2 -1.05%

Wheat Sep 20 501-4s -5-0 -0.99%

 

Minneapolis

Spring Wheat Dec 19 554-2s +9-6 +1.79%

Spring Wheat Mar 20 565-6s +9-6 +1.75%

Spring Wheat May 20 574-2s +8-4 +1.50%

Spring Wheat Jul 20 581-4s +7-2 +1.26%

Spring Wheat Sep 20 588-6s +6-0 +1.03%

 

Kansas City

Hard Red Wheat Dec 19 404-0s -1-0 -0.25%

Hard Red Wheat Mar 20 417-2s -1-2 -0.30%

Hard Red Wheat May 20 427-2s -1-2 -0.29%

Hard Red Wheat Jul 20 437-2s -0-6 -0.17%

Hard Red Wheat Sep 20 449-0s -0-6 -0.17%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Oct 19 103.000s +0.875 +0.86%

Live Cattle Dec 19 108.500s +1.075 +1.00%

Live Cattle Feb 20 114.725s +0.775 +0.68%

 

Feeder Cattle Sep 19 141.575s +0.325 +0.23%

Feeder Cattle Oct 19 142.450s +0.800 +0.56%

Feeder Cattle Nov 19 141.125s +0.925 +0.66%

 

Lean Hogs Oct 19 64.575s +2.575 +4.15%

Lean Hogs Dec 19 71.400s +2.300 +3.33%

Lean Hogs Feb 20 78.025s +2.100 +2.77%

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