Winnipeg – ICE Futures canola contracts settled narrowly mixed on Friday, with losses in the front months and gains in the new crop contracts as traders squared positions ahead of the weekend.
Declines Chicago Board of Trade soybeans and ongoing uncertainty over Canada’s trade dispute with China weighed on values throughout the day.
However, the trade concerns are priced into the market for the time being, and participants said the market was seeing some consolidation.
A steady tone in CBOT soyoil and weakness in the Canadian dollar was also supportive.
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U.S. livestock: Cattle futures end lower on profit-taking, technicals and flat cash prices
Chicago Mercantile Exchange cattle futures fell for a third consecutive day on Thursday in profit-taking and technical selling setback following recent highs and amid some weaker-than-expected cash market sales this week.
About 22,989 canola contracts traded on Friday, which compares with Thursday when 26,479 contracts changed hands. Spreading accounted for 12,366 of the contracts trade.
SOYBEAN futures at the Chicago Board of Trade were weaker on Friday, taking back Thursday’s gains.
While optimism over a possible trade deal between the United States and China underpinned soybeans yesterday, that optimism faded on Friday as details on an actual concrete deal continued to be pushed back.
Wet fields and forecasts calling for more moisture across the Midwest over the next two weeks also weighed on prices amid expectations that a late start to spring seeding will see some intended corn acres switch to soybeans instead.
CORN futures were lower on Friday, as threats from U.S. President Donald Trump about placing tariffs on Mexican imports pressured values. Mexico is a major corn buyer and corn would be a likely target for retaliation.
The U.S. Department of Agriculture releases its monthly world supply/demand report on Tuesday, April 9, and positioning ahead of the report accounted for some of the activity. Corn ending stocks are generally expected to be around 2 billion bushels.
WHEAT futures were lower, with chart-based speculative selling was a feature after the Chicago contract ran into technical resistance on Thursday.
Ample world supplies and poor export demand added to the softer tone
However, oversold price sentiment in Minneapolis spring wheat provided some support there.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was up 98 cents at US$63.08 per barrel.
In the afternoon, the Canadian dollar was trading around US74.70 cents, down from 74.87 cents the previous trading day. The U.S. dollar was C$1.3386.
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 19 457.40s -0.60 -0.13%
Canola Jul 19 465.60s -0.20 -0.04%
Canola Nov 19 478.80s +0.60 +0.13%
Canola Jan 20 485.20s +0.60 +0.12%
Canola Mar 20 490.00s +0.90 +0.18%
Soybean May 19 899-0s -7-4 -0.83%
Soybean Jul 19 912-0s -7-4 -0.82%
Soybean Aug 19 917-6s -7-6 -0.84%
Soybean Sep 19 923-0s -6-6 -0.73%
Soybean Nov 19 932-6s -6-6 -0.72%
Soybean Meal May 19 308.0s -3.9 -1.25%
Soybean Meal Jul 19 311.7s -3.7 -1.17%
Soybean Meal Aug 19 313.4s -3.6 -1.14%
Soybean Oil May 19 29.15s -0.05 -0.17%
Soybean Oil Jul 19 29.48s -0.04 -0.14%
Soybean Oil Aug 19 29.62s -0.05 -0.17%
Corn May 19 362-4s -2-6 -0.75%
Corn Jul 19 371-0s -3-2 -0.87%
Corn Sep 19 379-4s -3-0 -0.78%
Corn Dec 19 390-0s -2-2 -0.57%
Corn Mar 20 403-0s -3-0 -0.74%
Oats May 19 287-4s -1-0 -0.35%
Oats Jul 19 277-6s -1-0 -0.36%
Oats Sep 19 268-2s -0-6 -0.28%
Oats Dec 19 259-2s -0-2 -0.10%
Oats Mar 20 255-4s -0-4 -0.20%
Wheat May 19 467-6s -3-0 -0.64%
Wheat Jul 19 469-6s -4-0 -0.84%
Wheat Sep 19 477-2s -4-0 -0.83%
Wheat Dec 19 492-0s -3-4 -0.71%
Wheat Mar 20 505-6s -3-0 -0.59%
Spring Wheat May 19 522-4s -4-6 -0.90%
Spring Wheat Jul 19 531-6s -4-6 -0.89%
Spring Wheat Sep 19 542-2s -4-4 -0.82%
Spring Wheat Dec 19 557-2s -4-2 -0.76%
Spring Wheat Mar 20 572-0s -4-0 -0.69%
Hard Red Wheat May 19 431-2s -8-2 -1.88%
Hard Red Wheat Jul 19 438-0s -7-2 -1.63%
Hard Red Wheat Sep 19 449-0s -7-0 -1.54%
Hard Red Wheat Dec 19 470-0s -6-2 -1.31%
Hard Red Wheat Mar 20 488-4s -6-0 -1.21%
Live Cattle Apr 19 126.050s -1.500 -1.18%
Live Cattle Jun 19 120.350s -1.225 -1.01%
Live Cattle Aug 19 117.375s -0.850 -0.72%
Feeder Cattle Apr 19 146.150s -0.175 -0.12%
Feeder Cattle May 19 150.225s +0.150 +0.10%
Feeder Cattle Aug 19 156.725s -0.475 -0.30%
Lean Hogs Apr 19 79.025s -0.550 -0.69%
Lean Hogs May 19 91.000s +0.175 +0.19%
Lean Hogs Jun 19 98.975s +1.125 +1.15%
