Canola futures mixed, wheat too

Winnipeg – The ICE Futures canola market was mixed on Monday, with strength in the nearby July contract and losses in the more deferred positions as the old/new crop spread narrowed in.

Rain was spotty across Western Canada over the weekend. Manitoba and Alberta saw the most precipitation, while some of the drier areas of Saskatchewan missed out on the moisture.

Drought concerns in Saskatchewan helped give the nearby July contract a boost, as end users look to book some coverage, according to participants.

Gains in Chicago Board of Trade soybeans were also supportive.

However, large supplies and the ongoing diplomatic dispute between Canada and China weighed on values, contributing to the eventual declines in the new crop months.

About 39,939 canola contracts traded on Monday, which compares with Friday when 15,392 contracts changed hands. Spreading accounted for 33,044 of the contracts trade.

SOYBEAN futures at the Chicago Board of Trade held onto small gains on Monday, recovering from overnight losses.

Weekly United States soybean export inspections of about 715,000 tonnes were up from both the week ago and year ago levels, according to the latest U.S. Department of Agriculture data.
However, total soybean exports to date continue to run well off the previous year’s pace, as the ongoing trade dispute with China hampers movement.

Improved Midwestern seeding weather over the weekend and ideas that farmers made some good progress also tempered the upside.

CORN was steady to lower, as the market reacted to the relatively favourable weekend seeding weather across the Midwest.

Trade estimates place U.S. corn seeding at about 80 to 85 percent done, as a window of drier weather allowed farmers to make some progress.

However, seeding would usually be done by now, and acres will still be lost on the year due to flooding and excessive moisture.

Weekly U.S. corn export inspections came in at about 850,000 tonnes. That was up on the week, but off the previous year’s pace.

The U.S. and Mexico reached an agreement on immigration over the weekend, helping avert U.S. threats of tariffs on Mexican imports and Mexican retaliation.

WHEAT futures were narrowly mixed, with a softer tone in Minneapolis spring wheat and gains in the winter wheats. Positioning ahead of the weekly crop progress report, due out after the close, was a feature.

Traders were also squaring positions ahead of the monthly World Agriculture Supply and Demand Estimates (WASDE) set for release on Tuesday.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down 73 cents at US$53.26 per barrel.

In the afternoon, the Canadian dollar was trading around US75.37 cents, up from 74.28 cents the previous trading day. The U.S. dollar was C$1.3267.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jul 19 454.40s +1.40 +0.31%

Canola Nov 19 464.20s -0.50 -0.11%

Canola Jan 20 469.60s -0.80 -0.17%

Canola Mar 20 474.70s -0.90 -0.19%

Canola May 20 479.30s -1.20 -0.25%

 

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 Jul 19 858-4s +2-2 +0.26%

Soybean Aug 19 865-2s +2-2 +0.26%

Soybean Sep 19 872-2s +2-2 +0.26%

Soybean Nov 19 885-6s +2-6 +0.31%

Soybean Jan 20 899-0s +2-4 +0.28%

 

Soybean Meal Jul 19 313.4s +1.1 +0.35%

Soybean Meal Aug 19 314.7s +1.1 +0.35%

Soybean Meal Sep 19 316.5s +1.2 +0.38%

 

Soybean Oil Jul 19 27.38s unch unch

Soybean Oil Aug 19 27.51s -0.01 -0.04%

Soybean Oil Sep 19 27.63s unch unch

 

Corn Jul 19 415-6s unch unch

Corn Sep 19 424-0s -0-2 -0.06%

Corn Dec 19 434-4s +0-6 +0.17%

Corn Mar 20 443-4s +1-0 +0.23%

Corn May 20 447-6s +2-0 +0.45%

 

Oats Jul 19 295-0s -1-0 -0.34%

Oats Sep 19 288-2s +2-6 +0.96%

Oats Dec 19 283-6s +3-2 +1.16%

Oats Mar 20 286-2s +3-6 +1.33%

Oats May 20 285-2s +3-6 +1.33%

 

Wheat Jul 19 507-4s +3-0 +0.59%

Wheat Sep 19 511-6s +2-2 +0.44%

Wheat Dec 19 524-4s +2-2 +0.43%

Wheat Mar 20 536-4s +2-4 +0.47%

Wheat May 20 542-4s +1-6 +0.32%

 

Minneapolis

Spring Wheat Jul 19 568-4s -0-2 -0.04%

Spring Wheat Sep 19 577-4s +0-2 +0.04%

Spring Wheat Dec 19 587-4s +0-4 +0.09%

Spring Wheat Mar 20 598-4s +0-6 +0.13%

Spring Wheat May 20 605-0s +0-6 +0.12%

 

Kansas City

Hard Red Wheat Jul 19 453-0s +4-0 +0.89%

Hard Red Wheat Sep 19 466-0s +4-0 +0.87%

Hard Red Wheat Dec 19 489-2s +3-6 +0.77%

Hard Red Wheat Mar 20 511-4s +4-2 +0.84%

Hard Red Wheat May 20 526-2s +4-0 +0.77%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Jun 19 109.700s +2.775 +2.60%

Live Cattle Aug 19 106.300s +3.000 +2.90%

Live Cattle Oct 19 107.150s +2.650 +2.54%

 

Feeder Cattle Aug 19 139.825s +2.575 +1.88%

Feeder Cattle Sep 19 139.725s +2.375 +1.73%

Feeder Cattle Oct 19 139.750s +2.375 +1.73%

 

Lean Hogs Jun 19 79.275s +0.625 +0.79%

Lean Hogs Jul 19 86.200s +2.850 +3.42%

Lean Hogs Aug 19 84.850s +2.225 +2.69%

 

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