Canola futures stronger for 3rd straight day

WINNIPEG, (MarketsFarm) – The ICE Futures canola market was stronger for the third-straight session on Thursday, as world equity and energy markets saw a modest correction amid the ongoing COVID-19 pandemic.

Gains in the Chicago Board of Trade soy complex also provided spillover support, although activity was choppy in the grains and oilseeds.

Recent weakness in the Canadian dollar contributed to the strength in canola, despite the relatively steady tone in the currency on Thursday.

About 27,880 canola contracts traded on Thursday, which compares with Wednesday when 20,203 contracts changed hands. Spreading accounted for 16,840 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were stronger on Thursday, with soymeal leading the soy complex to the upside.

Stimulus measures being announced by many countries around the world to deal with the fallout of the COVID-19 pandemic helped underpin the equity and energy markets, which spilled into the grains and oilseeds.

Technical buying on expectations for increased export demand contributed to the bounce in soybeans, with the recent selloff deemed overdone despite ongoing uncertainty over the coronavirus.

Weekly United States soybean export sales of about 630,000 tonnes were up from the previous week.

CORN futures were stronger, seeing a correction off of the multi-year lows hit yesterday. Short-covering was a feature.
Solid weekly export sales of about 900,000 tonnes were also supportive.

Gains in crude oil added to the firmer tone in corn, although concerns over declining ethanol demand did limit the upside potential.

The U.S. Department of Agriculture is set to release its prospective plantings report at the end of the month, and expectations for increased U.S. corn and soybean acres put some pressure on values as well.

WHEAT futures were higher, as the global pandemic has raised the demand for flour, pasta, and other staples.

Weekly U.S. wheat export sales of about half a million tonnes (old and new crop combined) were in line with trade expectations.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up $4.85 at US$25.08 per barrel.

In the afternoon, the Canadian dollar was trading around US68.99, unchanged from the previous trading day. The U.S. dollar was unchanged at C$1.44.95.

Winnipeg ICE Futures Canada dollars per tonne

Name / Contract High Low Last Change Settlement
Canola May 2020 464.90 456.90 462.30 4.90 462.30
Canola Jul 2020 472.50 464.90 470.00 4.70 470.00
Canola Nov 2020 480.90 475.10 478.60 3.70 478.60
Canola Jan 2021 487.90 482.40 485.80 3.70 485.80
Canola Mar 2021 494.10 489.60 490.90 1.30 490.90
Soybean May 2020 855.75 825.00 843.25 17.75 846.00
Soybean Jul 2020 859.00 831.00 848.00 15.25 850.75
Soybean Aug 2020 859.25 834.50 849.25 13.25 852.50
Soybean Sep 2020 858.00 837.75 847.25 9.25 851.00
Soybean Nov 2020 859.75 840.00 848.50 6.50 852.00
Soybean Jan 2021 859.75 842.00 848.00 3.75 851.75
Soybean Meal May 2020 320.50 304.00 314.80 10.80 317.80
Soybean Meal Jul 2020 313.50 300.50 306.00 5.40 309.00
Soybean Meal Aug 2020 309.30 298.80 300.90 2.00 303.50
Soybean Oil May 2020 25.73 24.85 25.48 0.44 25.44
Soybean Oil Jul 2020 26.05 25.19 25.81 0.44 25.78
Soybean Oil Aug 2020 26.22 25.37 25.97 0.43 25.93
Corn May 2020 354.75 336.50 345.50 10.25 344.75
Corn Jul 2020 360.00 342.50 351.00 9.25 350.50
Corn Sep 2020 363.50 349.00 355.75 7.50 355.00
Corn Dec 2020 370.75 357.50 363.25 5.50 363.00
Corn Mar 2021 380.75 369.00 373.50 4.50 373.00
Oats May 2020 272.50 256.00 261.25 6.00 263.25
Oats Jul 2020 271.00 261.50 261.50 4.00 264.50
Oats Sep 2020 258.00 257.50 257.50 6.00 258.00
Oats Dec 2020 258.00 258.00 258.00 3.50 258.00
Oats Mar 2021 262.00 262.00 262.00 3.50 258.50
Wheat May 2020 540.50 508.50 535.00 26.75 538.25
Wheat Jul 2020 539.00 508.00 532.50 24.00 536.50
Wheat Sep 2020 542.00 514.75 535.50 21.25 539.75
Wheat Dec 2020 550.25 524.75 544.25 19.25 548.50
Wheat Mar 2021 556.75 531.50 551.50 17.00 555.25
Spring Wheat May 2020 529.75 509.00 519.25 10.00 519.25
Spring Wheat Jul 2020 537.50 518.00 528.00 10.00 528.00
Spring Wheat Sep 2020 545.50 528.00 534.25 7.00 534.25
Spring Wheat Dec 2020 557.00 541.25 546.50 5.50 546.50
Spring Wheat Mar 2021 570.25 556.00 562.75 7.00 562.75
Hard Red Wheat May 2020 476.25 447.50 465.50 19.00 470.00
Hard Red Wheat Jul 2020 479.50 452.75 469.50 17.25 474.25
Hard Red Wheat Sep 2020 486.75 461.50 477.50 16.75 482.25
Hard Red Wheat Dec 2020 497.75 474.00 489.00 16.00 493.00
Hard Red Wheat Mar 2021 507.50 485.25 499.00 14.25 502.25
Live Cattle (Pit) Apr 2020 95.10 95.10 95.10 3.00 95.10
Live Cattle (Pit) Jun 2020 88.93 88.93 88.93 3.00 88.93
Live Cattle (Pit) Aug 2020 89.65 89.65 89.65 3.00 89.65
Feeder Cattle (Pit) Mar 2020 117.08 117.08 117.08 4.50 117.08
Feeder Cattle (Pit) Apr 2020 114.13 114.13 114.13 4.50 114.13
Feeder Cattle (Pit) May 2020 113.03 113.03 113.03 4.50 113.03
Lean Hogs (Pit) Apr 2020 61.15 61.15 61.15 3.00 61.15
Lean Hogs (Pit) May 2020 60.00 60.00 60.00 1.30 60.00
Lean Hogs (Pit) Jun 2020 69.15 69.15 69.15 1.85 69.15

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