Canola futures steady amid light trading

WINNIPEG, (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were steady to lower on Tuesday, amid light trading activity and low spreading volumes.

The Canadian dollar dipped just below 76 U.S. cents on Tuesday afternoon, providing some support to canola values.

However, canola values remained largely range-bound, about C$10 above contract lows.

The United States Department of Agriculture (USDA) World Agriculture Supply Demand Estimates (WASDE) will be released on Nov. 8, which will provide markets with some direction.

On Tuesday, 15,330 contracts were traded, which compares with Monday when 21,279 contracts changed hands. Spreading accounted for 8,146 contracts traded.

SOYBEAN futures at the Chicago Board of Trade (CBOT) were weaker on Tuesday, giving back some gains made on Monday.

The soybean harvest has advanced steadily over the last week, due to cooperatively dry weather conditions in key growing regions. The harvest is about 75 per cent complete, which is 13 percentage points higher than the week prior, according to the United States Department of Agriculture (USDA). However, that’s still below the four-year average of 85 percent done.

The weekly export inspection report from the USDA showed 1.48 million tonnes of soybeans were shipped last week. That’s approximately 235,000 tonnes higher than was delivered by the same week last year.

Since the crop year started on Sept. 1, 9.5 million tonnes of soybeans have been exported from the U.S.

CORN futures were lower today due to quiet export demands. Last week about 275,000 tonnes of corn were shipped, which is 78 percentage points lower than what was shipped during this week last year.

The USDA crop progress report showed harvest was 22 points behind last year’s pace, at 52 percent complete. The final condition rating for the corn crop was 58 percent good to excellent.

WHEAT futures were higher on Tuesday, recovering slightly after previous losses.

Wheat exports are almost 2 million tonnes higher than they were at this time last year.

Winter wheat planting is 89 per cent complete, which is one percentage point ahead of the average rate.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up 68 cents at US$57.23 per barrel.

In the afternoon, the Canadian dollar was trading around US76.03 cents, down from 76.06 cents the previous trading day. The U.S. dollar was C$1.3153.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Nov 19 452.50s -0.10 -0.02%

Canola Jan 20 462.10s -0.10 -0.02%

Canola Mar 20 471.40s -0.30 -0.06%

Canola May 20 480.20s -0.40 -0.08%

Canola Jul 20 487.50s -0.60 -0.12%

 

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 Nov 19 921-6s -4-0 -0.43%

Soybean Jan 20 934-2s -3-6 -0.40%

Soybean Mar 20 947-2s -4-0 -0.42%

Soybean May 20 959-0s -4-2 -0.44%

Soybean Jul 20 969-2s -4-2 -0.44%

 

Soybean Meal Dec 19 302.7s +0.3 +0.10%

Soybean Meal Jan 20 305.1s +0.4 +0.13%

Soybean Meal Mar 20 308.6s +0.2 +0.06%

 

Soybean Oil Dec 19 31.57s -0.30 -0.94%

Soybean Oil Jan 20 31.79s -0.30 -0.93%

Soybean Oil Mar 20 32.05s -0.30 -0.93%

 

Corn Dec 19 381-6s -1-4 -0.39%

Corn Mar 20 391-6s -1-6 -0.44%

Corn May 20 398-4s -2-0 -0.50%

Corn Jul 20 404-6s -1-6 -0.43%

Corn Sep 20 398-6s -1-2 -0.31%

 

Oats Dec 19 300-6s +3-0 +1.01%

Oats Mar 20 296-2s +1-4 +0.51%

Oats May 20 295-6s +1-2 +0.42%

Oats Jul 20 293-6s +0-6 +0.26%

Oats Sep 20 285-0s +0-4 +0.18%

 

Wheat Dec 19 515-2s +5-4 +1.08%

Wheat Mar 20 520-2s +4-0 +0.77%

Wheat May 20 524-4s +3-2 +0.62%

Wheat Jul 20 529-0s +3-2 +0.62%

Wheat Sep 20 535-6s +3-0 +0.56%

 

Minneapolis

Spring Wheat Dec 19 526-0s +1-6 +0.33%

Spring Wheat Mar 20 542-2s +1-0 +0.18%

Spring Wheat May 20 552-6s +0-6 +0.14%

Spring Wheat Jul 20 561-6s +1-2 +0.22%

Spring Wheat Sep 20 569-6s +1-0 +0.18%

 

Kansas City

Hard Red Wheat Dec 19 428-4s +5-4 +1.30%

Hard Red Wheat Mar 20 439-4s +4-0 +0.92%

Hard Red Wheat May 20 447-4s +3-2 +0.73%

Hard Red Wheat Jul 20 455-0s +2-0 +0.44%

Hard Red Wheat Sep 20 463-6s +1-2 +0.27%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Dec 19 119.450s -0.625 -0.52%

Live Cattle Feb 20 124.675s +0.075 +0.06%

Live Cattle Apr 20 125.825s +0.250 +0.20%

 

Feeder Cattle Nov 19 147.850s -1.225 -0.82%

Feeder Cattle Jan 20 145.775s -0.225 -0.15%

Feeder Cattle Mar 20 145.200s -0.100 -0.07%

 

Lean Hogs Dec 19 67.275s +2.750 +4.26%

Lean Hogs Feb 20 73.750s +1.850 +2.57%

Lean Hogs Apr 20 79.975s +1.350 +1.72%

 

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