Your reading list

Canola futures stronger

ICE Futures canola contracts were stronger on Tuesday, taking some direction from the gains in Chicago Board of Trade soybeans and soyoil.

Speculative short covering and weakness in the Canadian dollar contributed to the firmer tone in canola, according to a broker.

However, losses in the outside equity markets and reduced optimism over the tentative trade truce between the United States and China put some pressure on values, with activity described as choppy and volatile.

The advances also encouraged some farmer selling, as producers look to empty bins and generate cash flow ahead of the New Year.

Statistics Canada releases its latest production estimates on Thursday, and pre-report positioning was a feature.

About 37,334 canola contracts traded, which compares with Monday when 24,661 contracts changed hands. Spreading accounted for 22,810 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were up on Tuesday, seeing some follow-through buying interest after Monday’s gains.

Good demand from the domestic crush sector was supportive, with the October crush hitting a record of 182.95 million bushels.

Ideas that the latest truce between the United States and China would result in more export business remained supportive for beans as well.

However, the promises have yet to result in anything tangible which kept some caution in the market.

Rising South American production prospects also kept a lid on soybeans.

CORN futures were stronger on the day, as early profit-taking proved short-lived and the market managed to follow soybeans higher.

Usage from the U.S. ethanol sector was up in October compared to the previous month, but below the year-ago level, according to a report.

Ongoing concerns over the African swine fever in China and the possibility of reduced feed demand in the country put some pressure on values.

WHEAT futures were narrowly mixed, seeing some consolidation after recent gains.

Speculative profit-taking was a feature, with no real fresh news to provide direction.

While U.S. wheat is thought to be looking more competitively priced on the world market, the country continues to miss out on export business.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up 30 cents at US$53.25 per barrel.

In the afternoon, the Canadian dollar was trading around US75.65 cents, down from 75.81 cents the previous trading day. The U.S. dollar was C$1.3219.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jan 19 482.40s +0.70 +0.15%

Canola Mar 19 490.00s +1.30 +0.27%

Canola May 19 497.70s +1.70 +0.34%

Canola Jul 19 504.10s +2.10 +0.42%

Canola Nov 19 497.20s +0.40 +0.08%

 

Soybeans Jan 19 911-6s +6-0 +0.66%

Soybeans Mar 19 923-6s +6-0 +0.65%

Soybeans May 19 937-0s +6-2 +0.67%

Soybeans Jul 19 948-6s +6-0 +0.64%

Soybeans Aug 19 952-6s +5-6 +0.61%

 

Soybean Meal Dec 18 312.7s +0.6 +0.19%

Soybean Meal Jan 19 314.7s +0.3 +0.10%

Soybean Meal Mar 19 317.5s +0.4 +0.13%

 

Soybean Oil Dec 18 28.64s +0.33 +1.17%

Soybean Oil Jan 19 28.90s +0.33 +1.16%

Soybean Oil Mar 19 29.11s +0.33 +1.15%

 

Corn Dec 18 374-2s +3-0 +0.81%

Corn Mar 19 384-6s +2-6 +0.72%

Corn May 19 391-4s +2-2 +0.58%

Corn Jul 19 398-2s +2-0 +0.50%

Corn Sep 19 399-0s +1-2 +0.31%

 

Oats Dec 18 283-4s -3-2 -1.13%

Oats Mar 19 290-2s -4-2 -1.44%

Oats May 19 291-4s -4-2 -1.44%

Oats Jul 19 285-0s -4-2 -1.47%

Oats Sep 19 274-4s -3-6 -1.35%

 

Wheat Dec 18 519-2s +3-4 +0.68%

Wheat Mar 19 522-4s +1-2 +0.24%

Wheat May 19 527-6s +0-2 +0.05%

Wheat Jul 19 532-6s -1-0 -0.19%

Wheat Sep 19 541-0s -2-0 -0.37%

 

Spring Wheat Dec 18 587-6s -2-4 -0.42%

Spring Wheat Mar 19 579-6s -2-6 -0.47%

Spring Wheat May 19 584-0s -3-2 -0.55%

Spring Wheat Jul 19 589-6s -4-0 -0.67%

Spring Wheat Sep 19 596-4s -4-4 -0.75%

 

Hard Red Wheat Dec 18 483-6s -0-2 -0.05%

Hard Red Wheat Mar 19 505-2s -1-2 -0.25%

Hard Red Wheat May 19 517-0s -2-4 -0.48%

Hard Red Wheat Jul 19 527-0s -3-0 -0.57%

Hard Red Wheat Sep 19 539-2s -3-6 -0.69%

 

Live Cattle Dec 18 117.775s +0.900 +0.77%

Live Cattle Feb 19 121.650s +1.475 +1.23%

Live Cattle Apr 19 122.900s +1.275 +1.05%

 

Feeder Cattle Jan 19 144.400s -0.100 -0.07%

Feeder Cattle Mar 19 141.850s +0.400 +0.28%

Feeder Cattle Apr 19 142.900s +0.550 +0.39%

 

Lean Hogs Dec 18 56.875s -1.150 -1.98%

Lean Hogs Feb 19 66.050s -0.850 -1.27%

Lean Hogs Apr 19 70.750s -0.475 -0.67%

 

About the author

By Phil Franz-Warkentin Commodity News Service Canada's recent articles

Comments

Markets at a glance

Copyright © 2018. All market data is provided by Barchart Market Data Solutions. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.

explore

Stories from our other publications