Canola futures mixed; wheat makes gains

Winnipeg – ICE Futures canola contracts were mixed at Monday’s close, with the most active July contract seeing a late correction off of earlier losses.

Losses in Chicago Board of Trade soybeans and soyoil put spillover pressure on the canola market for most of the day, as heightened trade tensions between China and the United States sent soybeans to fresh ten-year lows. Canada’s own ongoing trade issues with China added to the softer tone in canola.

Relatively favourable seeding weather across Western Canada also weighed on prices.

However, support was uncovered to the downside and the July canola contract saw a late bounce. A weaker tone in the Canadian dollar was also supportive.

About 22,847 canola contracts traded on Monday, which compares with Friday when 10,599 contracts changed hands. Spreading accounted for 14,934 of the contracts trade.

SOYBEAN futures at the Chicago Board of Trade were lower on Monday, as the market reacted to heightened trade tensions between China and the United States.

After the U.S. increased tariffs on US$200 billion worth of Chinese imports last week, China has retaliated by announcing tariffs on US$60 billion worth of U.S. goods.

U.S. President Donald Trump took to Twitter today to make more threats against China, adding to concerns over the global economy and sending U.S. equity markets sharply lower.

Improving Midwestern weather forecasts and expectations that farmers will make some good seeding progress over the next week also weighed on values.

However, soybeans settled well off their lows, with chart-based positioning providing some support.

CORN futures were higher, as gains in wheat and solid export demand provided support.

The U.S. Department of Agriculture reported weekly corn export inspections of about one million tonnes.
The slow pace of spring seeding also provided some support.

However, the general turmoil in the global markets brought on by the U.S./China trade concerns tempered the upside.

WHEAT futures were higher, with the biggest gains in the winter wheats as they saw a correction after last week’s losses.

Weekly US wheat export inspections came in at 842,418 tonnes, which was roughly double the previous week.

The U.S. spring wheat crop is only about a third seeded, according to estimates. That is well off the normal for this time of year when 70 percent of the crop would be planted.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down 62 cents at US$61.04 per barrel.

In the afternoon, the Canadian dollar was trading around US74.31 cents, up from 74.53 cents the previous trading day. The U.S. dollar was C$1.3457.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola May 19 434.50s -0.80 -0.18%

Canola Jul 19 435.90s +0.10 +0.02%

Canola Nov 19 446.70s -2.20 -0.49%

Canola Jan 20 453.00s -2.30 -0.51%

Canola Mar 20 458.90s -2.40 -0.52%

 

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 May 19 791-0s -6-0 -0.75%

Soybean Jul 19 802-4s -6-6 -0.83%

Soybean Aug 19 809-0s -6-6 -0.83%

Soybean Sep 19 815-0s -6-4 -0.79%

Soybean Nov 19 827-4s -5-6 -0.69%

 

Soybean Meal May 19 284.0s -0.1 -0.04%

Soybean Meal Jul 19 287.3s unch unch

Soybean Meal Aug 19 288.9s -0.3 -0.10%

 

Soybean Oil May 19 26.35s -0.15 -0.57%

Soybean Oil Jul 19 26.61s -0.18 -0.67%

Soybean Oil Aug 19 26.75s -0.18 -0.67%

 

Corn May 19 347-4s +5-0 +1.46%

Corn Jul 19 356-4s +4-6 +1.35%

Corn Sep 19 365-6s +4-6 +1.32%

Corn Dec 19 376-4s +4-4 +1.21%

Corn Mar 20 390-0s +3-6 +0.97%

 

Oats May 19 299-6s -3-0 -0.99%

Oats Jul 19 283-2s -3-0 -1.05%

Oats Sep 19 270-6s -1-0 -0.37%

Oats Dec 19 264-0s +1-4 +0.57%

Oats Mar 20 262-4s +1-0 +0.38%

 

Wheat May 19 431-2s +12-2 +2.92%

Wheat Jul 19 437-0s +12-2 +2.88%

Wheat Sep 19 445-2s +11-4 +2.65%

Wheat Dec 19 459-6s +11-4 +2.57%

Wheat Mar 20 473-4s +10-4 +2.27%

 

Minneapolis

Spring Wheat May 19 507-6s -1-0 -0.20%

Spring Wheat Jul 19 518-0s +1-0 +0.19%

Spring Wheat Sep 19 526-6s +1-2 +0.24%

Spring Wheat Dec 19 541-0s +1-4 +0.28%

Spring Wheat Mar 20 555-2s +2-6 +0.50%

 

Kansas City

Hard Red Wheat May 19 397-0s +17-6 +4.68%

Hard Red Wheat Jul 19 397-0s +10-0 +2.58%

Hard Red Wheat Sep 19 408-0s +10-0 +2.51%

Hard Red Wheat Dec 19 428-4s +9-4 +2.27%

Hard Red Wheat Mar 20 448-0s +8-0 +1.82%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Jun 19 109.750s -2.700 -2.40%

Live Cattle Aug 19 106.925s -1.975 -1.81%

Live Cattle Oct 19 106.900s -2.125 -1.95%

 

Feeder Cattle May 19 135.050s -2.575 -1.87%

Feeder Cattle Aug 19 143.100s -3.725 -2.54%

Feeder Cattle Sep 19 144.300s -3.475 -2.35%

 

Lean Hogs May 19 83.550s -0.200 -0.24%

Lean Hogs Jun 19 86.675s -3.000 -3.35%

Lean Hogs Jul 19 87.750s -3.000 -3.31%

 

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