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