Canola futures steady; wheat mixed

WINNIPEG, (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were steady to higher on Friday, as stronger Chicago soyoil prices and a slightly weaker Canadian dollar provided support.

After losses on Thursday, Chicago soyoil bounced back a bit in regaining about a fifth of a cent.

Saskatchewan released its final crop report for 2019 on Thursday, and stated that the overall harvest was at 93 per cent complete, while canola reached 91 per cent finished. The qualities of all crops throughout the province were below average, especially those harvested later in the season.

There’s a difference of opinion between the Teamsters Canada Rail Federation and Canadian National Railway about the progress of negotiations between them. The Teamsters said little substantive progress has been made since its 3,200 members hit the picket lines on Nov. 19. To the contrary, CN claimed good progress had been made. Talks are continuing, with the federal government reiterating it’s staying out of the labour dispute.

There were 12,359 contracts traded on Friday, which compares with Thursday when 16,281 contracts changed hands. Spreading accounted for 9,784 contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

Price Change
Canola Jan 464.30 up 1.10
Mar 473.40 up 1.20
May 481.10 up 1.00
Jul 487.40 up 0.90

SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Friday, due to a lack of fresh news to drive the markets.

Chinese President Xi Jinping stated he wants to sign a trade deal with the United States, but only if it’s fair to his country. Xi made comments during a visit from foreign delegation that included former U.S. of State Henry Kissinger.

There have been discussions between Democrats and Republicans regarding the U.S.-Mexico-Canada Agreement (USMCA). House Speaker Nancy Pelosi met with Trade Representative Robert Lighthizer and Pelosi said some progress was made in clearing up opposing views. It’s unlikely that the agreement will be ratified by Congress before the end of 2019.

In South American, the Buenos Aires Grain Exchange (BAGE) reported that Argentina’s soybean crop is about 31 per cent complete. ARC Mercosul reported soybean planting in Brazil reached more than 77 per cent finished.

The Australian Oilseed Federation lowered its estimate for this year’s canola crop. Australia is now expected to produce almost 1.9 million tonnes rather than the 2.4 million forecast in July. The country’s 2018/19 canola crop was a little more than 2.3 million tonnes.

CORN futures were steady on Friday, with little direction to go on.

Reports stated that quality has become an issue with the U.S corn harvest this year. Harvest delays due to unfavourable weather have taken a toll on the crop.

The BAGE said corn planting in Argentina was almost at 46 per cent complete.

WHEAT futures were mixed on Friday, as Minneapolis wheat has continued to slip while Chicago and Kansas City make gains.

December wheat options at CBOT expire Nov. 22.

FranceAgriMer reported wheat planting in France made to 74 per cent complete. That’s well back of 97 per cent this time last year.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down 87 cents at US$57.77 per barrel.

In the afternoon, the Canadian dollar was trading around US75.26 cents, down from 75.27 cents the previous trading day. The U.S. dollar was C$1.3287.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jan 20 464.30s +1.10 +0.24%

Canola Mar 20 473.40s +1.20 +0.25%

Canola May 20 481.10s +1.00 +0.21%

Canola Jul 20 487.40s +0.90 +0.18%

Canola Nov 20 487.40s +1.60 +0.33%

 

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 Jan 20 897-0s -4-0 -0.44%

Soybean Mar 20 911-2s -4-0 -0.44%

Soybean May 20 925-0s -3-4 -0.38%

Soybean Jul 20 937-0s -3-2 -0.35%

Soybean Aug 20 940-6s -3-2 -0.34%

 

Soybean Meal Dec 19 299.0s -2.0 -0.66%

Soybean Meal Jan 20 301.2s -2.0 -0.66%

Soybean Meal Mar 20 303.8s -2.0 -0.65%

 

Soybean Oil Dec 19 30.88s +0.19 +0.62%

Soybean Oil Jan 20 31.06s +0.18 +0.58%

Soybean Oil Mar 20 31.35s +0.19 +0.61%

 

Corn Dec 19 368-6s +0-2 +0.07%

Corn Mar 20 378-4s -0-4 -0.13%

Corn May 20 383-6s -0-4 -0.13%

Corn Jul 20 388-6s -1-2 -0.32%

Corn Sep 20 388-4s -1-2 -0.32%

 

Oats Dec 19 311-4s -2-0 -0.64%

Oats Mar 20 317-4s +1-0 +0.32%

Oats May 20 314-0s +2-6 +0.88%

Oats Jul 20 303-2s +3-2 +1.08%

Oats Sep 20 288-6s +4-2 +1.49%

 

Wheat Dec 19 515-2s +6-2 +1.23%

Wheat Mar 20 518-6s +6-6 +1.32%

Wheat May 20 522-6s +7-0 +1.36%

Wheat Jul 20 524-0s +6-2 +1.21%

Wheat Sep 20 531-0s +6-0 +1.14%

 

Minneapolis

Spring Wheat Dec 19 492-6s -2-4 -0.50%

Spring Wheat Mar 20 506-6s -2-4 -0.49%

Spring Wheat May 20 516-4s -3-0 -0.58%

Spring Wheat Jul 20 526-6s -3-4 -0.66%

Spring Wheat Sep 20 537-2s -4-0 -0.74%

 

Kansas City

Hard Red Wheat Dec 19 424-0s +3-0 +0.71%

Hard Red Wheat Mar 20 433-2s +4-6 +1.11%

Hard Red Wheat May 20 440-4s +5-0 +1.15%

Hard Red Wheat Jul 20 448-0s +5-2 +1.19%

Hard Red Wheat Sep 20 457-2s +5-2 +1.16%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Dec 19 118.675s -0.650 -0.54%

Live Cattle Feb 20 123.850s -1.200 -0.96%

Live Cattle Apr 20 124.175s -1.600 -1.27%

 

Feeder Cattle Jan 20 139.275s -3.325 -2.33%

Feeder Cattle Mar 20 139.600s -3.200 -2.24%

Feeder Cattle Apr 20 141.100s -3.000 -2.08%

 

Lean Hogs Dec 19 61.225s +0.575 +0.95%

Lean Hogs Feb 20 67.650s +0.200 +0.30%

Lean Hogs Apr 20 73.700s -0.400 -0.54%

 

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