Canola futures recover from Monday’s losses

WINNIPEG, (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished higher on Tuesday, recovering significant losses incurred on Monday.

After oil prices plummeted by 30 percent on Monday, world leaders are planning to announce new economic growth policies. United States President Donald Trump has mentioned “major steps” to safeguard the economy, but no concrete details have been announced. This morning, Japan announced a stimulus package totaling US$4 billion.

The Canadian dollar dipped below 73 U.S. cents on Tuesday for the first time in several years, which is partially responsible for rebounding canola values.

On Monday, 25,698 contracts were traded, which compares with Monday when 21,131 contracts changed hands. Spreading accounted for 19,064 contracts traded.

SOYBEAN futures at the Chicago Board of Trade (CBOT) finished higher on Tuesday, regaining some of the considerable ground that was lost on Monday.

The February World Agriculture Supply Demand Estimates (WASDE) was released from the United States Department of Agriculture (USDA), and kept U.S. soybean production unchanged from last month’s report.

However, world soybean ending stocks increased by 3 million tonnes, due to rising South American output.

This morning, the USDA announced a sale of 123,000 tonnes of soybeans, purchased by unknown destinations.

CORN futures were stronger on Tuesday. The WASDE also kept U.S. corn production unchanged, along with Brazilian and Argentinian corn production.

U.S. corn ending stocks were unchanged at 1.892 billion bushels.

WHEAT futures were mostly higher on Tuesday, with Minneapolis spring wheat posting modest losses.

World wheat ending stocks were estimated at 287.14 million tonnes, which was slightly below pre-report estimates.

The WASDE also estimated U.S. wheat carryout at 940 million bushels, which was unchanged from February’s report.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up $3.23 at US$34.36 per barrel.

In the afternoon, the Canadian dollar was trading around US72.83 cents, down from 73.54 cents the previous trading day. The U.S. dollar was C$1.3731.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Mar 20 461.20s +7.40 +1.63%

Canola May 20 460.90s +5.60 +1.23%

Canola Jul 20 469.50s +5.80 +1.25%

Canola Nov 20 479.80s +6.50 +1.37%

Canola Jan 21 486.60s +6.80 +1.42%

 

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 Mar 20 873-0s +9-4 +1.10%

Soybean May 20 876-2s +6-2 +0.72%

Soybean Jul 20 884-2s +5-2 +0.60%

Soybean Aug 20 886-4s +5-0 +0.57%

Soybean Sep 20 887-0s +4-6 +0.54%

 

Soybean Meal Mar 20 295.9s -0.7 -0.24%

Soybean Meal May 20 301.9s +1.5 +0.50%

Soybean Meal Jul 20 306.0s +1.3 +0.43%

 

Soybean Oil Mar 20 27.44s +0.13 +0.48%

Soybean Oil May 20 27.67s +0.13 +0.47%

Soybean Oil Jul 20 28.02s +0.12 +0.43%

 

Corn Mar 20 380-0s +5-6 +1.54%

Corn May 20 377-4s +4-6 +1.27%

Corn Jul 20 379-4s +4-4 +1.20%

Corn Sep 20 377-0s +4-4 +1.21%

Corn Dec 20 380-4s +4-2 +1.13%

 

Oats Mar 20 268-4s +7-4 +2.87%

Oats May 20 275-0s +7-4 +2.80%

Oats Jul 20 275-6s +5-0 +1.85%

Oats Sep 20 266-6s +3-4 +1.33%

Oats Dec 20 265-6s +2-6 +1.05%

 

Wheat Mar 20 526-6s +4-4 +0.86%

Wheat May 20 522-2s +3-4 +0.67%

Wheat Jul 20 521-4s +2-6 +0.53%

Wheat Sep 20 527-4s +1-6 +0.33%

Wheat Dec 20 538-2s +1-2 +0.23%

 

Minneapolis

Spring Wheat Mar 20 505-2s -2-2 -0.44%

Spring Wheat May 20 518-6s -2-0 -0.38%

Spring Wheat Jul 20 529-2s -1-4 -0.28%

Spring Wheat Sep 20 538-4s -1-6 -0.32%

Spring Wheat Dec 20 552-6s -1-4 -0.27%

 

Kansas City

Hard Red Wheat Mar 20 443-2s +6-6 +1.55%

Hard Red Wheat May 20 444-6s +3-6 +0.85%

Hard Red Wheat Jul 20 452-0s +3-2 +0.72%

Hard Red Wheat Sep 20 461-6s +2-6 +0.60%

Hard Red Wheat Dec 20 475-0s +2-4 +0.53%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Apr 20 105.450s +2.600 +2.53%

Live Cattle Jun 20 99.525s +2.425 +2.50%

Live Cattle Aug 20 99.675s +1.600 +1.63%

 

Feeder Cattle Mar 20 127.750s +1.550 +1.23%

Feeder Cattle Apr 20 127.950s +2.400 +1.91%

Feeder Cattle May 20 129.750s +3.100 +2.45%

 

Lean Hogs Apr 20 65.000s +2.000 +3.17%

Lean Hogs May 20 71.000s +2.300 +3.35%

Lean Hogs Jun 20 79.300s +1.950 +2.52%

 

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