Canola futures see corrective bounce

WINNIPEG, (MarketsFarm) – The ICE Futures canola market settled in the green for St. Patrick’s Day, seeing a corrective bounce after Monday’s fall to contract lows.

Gains in Chicago Board of Trade soyoil and weakness in the Canadian dollar contributed to the advances in canola.

The currency was down nearly a full cent relative to its United States counterpart, trading just above 70 U.S. cents.

However, underlying concerns over the COVID-19 pandemic remained a bearish influence in the background.

About 28,985 canola contracts traded on Tuesday, which compares with Monday when 25,437 contracts changed hands. Spreading accounted for 20,932 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were mixed on Tuesday, posting small gains in the most-active front months as the market saw a correction amid oversold price sentiment.

Soyoil was posting the biggest gains of the soy complex after falling to its lowest levels in nearly 14 years on Monday.

Solid monthly United States crush data was supportive, with the 166 million bushels crushed in February up 7.6 per cent from the previous month, according to the latest report from the National Oilseed Processors Association (NOPA).

The advancing South American harvest kept a lid on the upside.

CORN futures fell to their lowest levels in 10 months, as competition from South America forced U.S. prices lower in order to remain competitive.

Corn seeding in the southern U.S. is underway, with the Texas crop already 29 per cent seeded, according to the U.S. Department of Agriculture. That’s up 12 points from the same time last year.

While South American corn remains cheap compared to U.S. supplies, downward revisions to export estimates out of Brazil and Argentina were somewhat supportive.

WHEAT futures were mixed, with small losses in Minneapolis spring wheat and gains in the winter wheats.

U.S. winter wheat condition ratings were mixed in the weekly data, with Kansas seeing the good-to-excellent rating dip by one point, to 46 per cent. Meanwhile, Texas was up 10 points, to 36 per cent good-to-excellent and Oklahoma rose 9 points, to 67 per cent.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down $1.75 at US$26.95 per barrel.

In the afternoon, the Canadian dollar was trading around US70.55 cents, down from 71.61 cents the previous trading day. The U.S. dollar was C$1.4175.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola May 20 453.30s +5.30 +1.18%

Canola Jul 20 460.90s +5.70 +1.25%

Canola Nov 20 470.00s +8.00 +1.73%

Canola Jan 21 477.40s +8.40 +1.79%

Canola Mar 21 484.90s +9.00 +1.89%

 

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 20 824-2s +2-4 +0.30%

Soybean Jul 20 831-0s +0-4 +0.06%

Soybean Aug 20 834-6s -0-4 -0.06%

Soybean Sep 20 837-6s -1-0 -0.12%

Soybean Nov 20 842-6s -2-0 -0.24%

 

Soybean Meal May 20 298.3s +2.0 +0.67%

Soybean Meal Jul 20 296.5s -1.0 -0.34%

Soybean Meal Aug 20 296.7s -1.8 -0.60%

 

Soybean Oil May 20 25.24s +0.25 +1.00%

Soybean Oil Jul 20 25.59s +0.25 +0.99%

Soybean Oil Aug 20 25.76s +0.24 +0.94%

 

Corn May 20 344-0s -10-6 -3.03%

Corn Jul 20 350-0s -8-4 -2.37%

Corn Sep 20 354-6s -6-2 -1.73%

Corn Dec 20 362-4s -4-4 -1.23%

Corn Mar 21 374-0s -3-6 -0.99%

 

Oats May 20 253-4s -6-0 -2.31%

Oats Jul 20 255-4s -6-2 -2.39%

Oats Sep 20 249-6s -5-4 -2.15%

Oats Dec 20 251-2s -5-2 -2.05%

Oats Mar 21 255-2s -5-2 -2.02%

 

Wheat May 20 499-2s +1-2 +0.25%

Wheat Jul 20 500-0s +0-4 +0.10%

Wheat Sep 20 505-6s +0-2 +0.05%

Wheat Dec 20 516-0s -0-2 -0.05%

Wheat Mar 21 525-4s -0-4 -0.10%

 

Minneapolis

Spring Wheat May 20 509-2s -0-4 -0.10%

Spring Wheat Jul 20 518-6s -0-6 -0.14%

Spring Wheat Sep 20 528-4s -1-2 -0.24%

Spring Wheat Dec 20 542-4s -2-4 -0.46%

Spring Wheat Mar 21 556-6s -2-6 -0.49%

 

Kansas City

Hard Red Wheat May 20 432-2s +8-4 +2.01%

Hard Red Wheat Jul 20 438-0s +7-0 +1.62%

Hard Red Wheat Sep 20 446-6s +6-2 +1.42%

Hard Red Wheat Dec 20 459-6s +5-4 +1.21%

Hard Red Wheat Mar 21 472-6s +5-4 +1.18%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Apr 20 96.350s +4.500 +4.90%

Live Cattle Jun 20 89.750s +4.500 +5.28%

Live Cattle Aug 20 89.575s +4.500 +5.29%

 

Feeder Cattle Mar 20 113.550s +5.050 +4.65%

Feeder Cattle Apr 20 110.875s +2.775 +2.57%

Feeder Cattle May 20 111.850s +1.875 +1.70%

 

Lean Hogs Apr 20 58.475s +4.500 +8.34%

Lean Hogs May 20 62.675s +4.475 +7.69%

Lean Hogs Jun 20 70.425s +3.625 +5.43%

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