Canola futures mixed; wheat up

Winnipeg – The ICE Futures canola market was mixed on Thursday, with losses in the nearby July contract but gains in the more deferred positions as persistent Prairie dryness concerns and excessive moisture in the United States provided support.

The latest weekly crop report from Saskatchewan, released Thursday morning, showed topsoil moisture in the province at 79 percent short to very short, with patchy germination and slow growth due to the dryness.

Meanwhile, too much rain across the U.S. Midwest continues to hamper seeding operations.

However, large old crop supplies and the ongoing trade dispute with China tempered the upside.

Intermonth spreading was a feature of the activity, as traders were busy rolling positions out of the nearby July contract and the old/new crop spread reached its widest level of the past year.

About 41,433 canola contracts traded on Thursday, which compares with Wednesday when 36,188 contracts changed hands. Spreading accounted for 33,312 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were stronger on Thursday, seeing some follow-through buying after Wednesday’s gains.

Forecasts calling for more rain across the United States Midwest, which will cause further seeding delays, accounted for much of the strength. While traders had thought at one time that lost corn acres would go into soybeans instead, the window of opportunity for seeding beans is also closing.

Weekly U.S. soybean export sales came in at about 525,000 tonnes of old and new crop business combined, which was in line with trade estimates.

CORN was also up on the back of the Midwestern weather concerns, hitting fresh contract highs as speculators added to their growing net long positions.

Weekly U.S. corn export sales came in at 168,500 tonnes old crop and 94,100 tonnes new crop, which was in line with expectations. The U.S. Department of Agriculture also announced an additional flash sale of 175,000 tonnes of corn to Mexico this morning.
However, large South American supplies tempered the upside for corn.

WHEAT was higher on the day, taking some direction from corn and soybeans.

Wheat traders were following the weather, with excessive moisture likely leading to harvest delays in the southern Plains
Declining production estimates out of Europe were also somewhat supportive.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up $1.14 at US$52.28 per barrel.

In the afternoon, the Canadian dollar was trading around US75.05 cents, down from 75.17 cents the previous trading day. The U.S. dollar was C$1.3324.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jul 19 456.50s -1.00 -0.22%

Canola Nov 19 471.80s +2.90 +0.62%

Canola Jan 20 477.20s +3.30 +0.70%

Canola Mar 20 482.60s +3.50 +0.73%

Canola May 20 487.40s +3.60 +0.74%

 

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 19 888-0s +10-0 +1.14%

Soybean Aug 19 894-4s +9-6 +1.10%

Soybean Sep 19 901-6s +10-0 +1.12%

Soybean Nov 19 915-2s +9-6 +1.08%

Soybean Jan 20 926-6s +9-0 +0.98%

 

Soybean Meal Jul 19 321.7s +2.2 +0.69%

Soybean Meal Aug 19 322.9s +2.1 +0.65%

Soybean Meal Sep 19 324.6s +2.2 +0.68%

 

Soybean Oil Jul 19 28.02s +0.46 +1.67%

Soybean Oil Aug 19 28.16s +0.47 +1.70%

Soybean Oil Sep 19 28.27s +0.45 +1.62%

 

Corn Jul 19 442-0s +12-0 +2.79%

Corn Sep 19 447-6s +9-4 +2.17%

Corn Dec 19 455-6s +7-2 +1.62%

Corn Mar 20 461-0s +4-6 +1.04%

Corn May 20 462-6s +4-2 +0.93%

 

Oats Jul 19 304-4s +4-0 +1.33%

Oats Sep 19 295-2s +0-6 +0.25%

Oats Dec 19 291-6s +2-6 +0.95%

Oats Mar 20 293-4s +2-2 +0.77%

Oats May 20 291-0s +2-2 +0.78%

 

Wheat Jul 19 535-4s +9-2 +1.76%

Wheat Sep 19 539-0s +8-0 +1.51%

Wheat Dec 19 549-6s +7-4 +1.38%

Wheat Mar 20 559-6s +7-2 +1.31%

Wheat May 20 563-2s +6-4 +1.17%

 

Minneapolis

Spring Wheat Jul 19 566-2s +1-4 +0.27%

Spring Wheat Sep 19 573-6s +0-6 +0.13%

Spring Wheat Dec 19 584-6s +0-6 +0.13%

Spring Wheat Mar 20 596-2s +0-4 +0.08%

Spring Wheat May 20 603-6s +0-2 +0.04%

 

Kansas City

Hard Red Wheat Jul 19 468-2s +5-4 +1.19%

Hard Red Wheat Sep 19 481-2s +5-6 +1.21%

Hard Red Wheat Dec 19 502-6s +4-4 +0.90%

Hard Red Wheat Mar 20 523-2s +3-2 +0.63%

Hard Red Wheat May 20 536-6s +3-0 +0.56%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Jun 19 109.050s -0.600 -0.55%

Live Cattle Aug 19 104.725s -0.475 -0.45%

Live Cattle Oct 19 106.150s -0.225 -0.21%

 

Feeder Cattle Aug 19 136.225s -1.575 -1.14%

Feeder Cattle Sep 19 136.500s -1.500 -1.09%

Feeder Cattle Oct 19 136.475s -1.675 -1.21%

 

Lean Hogs Jun 19 79.225s +0.200 +0.25%

Lean Hogs Jul 19 83.375s -1.000 -1.19%

Lean Hogs Aug 19 82.825s +0.300 +0.36%

 

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