Canola futures trade in narrow range; wheat down

Winnipeg, (MarketsFarm) – ICE Futures canola contracts were slightly lower at Wednesday’s close, after trading within a narrow range throughout the session.

Losses in Chicago Board of Trade soyoil accounted for much of the spillover selling pressure in canola, according to traders. Ample supplies in the commercial pipeline and a lack of significant end user demand also weighed on values.

Ideas that any weather related concerns across the Prairies are priced into the futures for the time being contributed to the bearish undertone, despite the sizeable amount of unharvested acres that will likely be left over the winter.

On the other side, a slow-down in farmer selling and ideas that canola is looking cheap compared to other oilseeds provided support.

About 11,409 canola contracts traded on Wednesday, which compares with Tuesday when 14,768 contracts changed hands. Spreading accounted for 8,148 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were narrowly mixed on Wednesday, with the bias lower at the close.

The U.S. soybean harvest was 85 percent complete as of this past Sunday, according to the latest United States Department of Agriculture report. While that was slightly behind normal, it was in line with market expectations.

The USDA reported private export sales of 106,000 tonnes of soybeans to unknown destinations this morning.

Brazil’s CONAB revised their soybean production estimate for the country to 120.9 million tonnes, which was higher than an earlier forecast, but still about two million tonnes below the USDA’s current projection.

Investors were also keeping an eye on impeachment proceedings against U.S. President Donald Trump, underway in Washington.

CORN was lower, taking back Tuesday’s gains.

Brazil’s corn crop was pegged at 98.4 million tonnes by CONAB. That was only a slight revision from the previous estimate, but still about three million tonnes below the USDA’s forecast.

The U.S. corn harvest was pegged at 66 per cent done, which came in the lower end of trade guesses and compares with the normal for this time of year of 85 per cent done.

WHEAT futures were down, as all three contracts corrected after Tuesday’s rally.

The U.S. winter wheat crop was 88 percent seeded as of this past Sunday, which was four points off the five-year average for this time of year.

The crop already out there was rated 54 percent good-to-excellent, down only slightly from last year’s 57 per cent reading.

Forecasts calling for freezing temperatures across much of the winter wheat belt were somewhat supportive, as the cold weather is coming earlier than normal and could cause some damage at this stage of development.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up 32 cents at US$57.12 per barrel.

In the afternoon, the Canadian dollar was trading around US75.48 cents, down from 75.60 cents the previous trading day. The U.S. dollar was C$1.3249.

 

Winnipeg ICE Futures Canada dollars per tonne.

 

Canola Nov 19 455.80s -0.30 -0.07%

Canola Jan 20 461.80s -0.30 -0.06%

Canola Mar 20 471.30s -0.30 -0.06%

Canola May 20 480.10s -0.30 -0.06%

Canola Jul 20 487.80s -0.10 -0.02%

 

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 19 902-4s -3-2 -0.36%

Soybean Jan 20 915-2s -1-6 -0.19%

Soybean Mar 20 928-4s -1-6 -0.19%

Soybean May 20 940-6s -2-0 -0.21%

Soybean Jul 20 951-4s -2-2 -0.24%

 

Soybean Meal Dec 19 304.1s +1.8 +0.60%

Soybean Meal Jan 20 306.3s +1.9 +0.62%

Soybean Meal Mar 20 309.4s +1.8 +0.59%

 

Soybean Oil Dec 19 30.53s -0.50 -1.61%

Soybean Oil Jan 20 30.73s -0.50 -1.60%

Soybean Oil Mar 20 31.01s -0.50 -1.59%

 

Corn Dec 19 375-2s -2-4 -0.66%

Corn Mar 20 384-0s -2-4 -0.65%

Corn May 20 389-6s -3-0 -0.76%

Corn Jul 20 395-6s -3-0 -0.75%

Corn Sep 20 392-6s -2-4 -0.63%

 

Oats Dec 19 305-4s -2-2 -0.73%

Oats Mar 20 302-0s -2-2 -0.74%

Oats May 20 301-4s -1-6 -0.58%

Oats Jul 20 298-2s -2-2 -0.75%

Oats Sep 20 288-0s -2-2 -0.78%

 

Wheat Dec 19 509-0s -8-0 -1.55%

Wheat Mar 20 513-6s -8-0 -1.53%

Wheat May 20 518-6s -7-6 -1.47%

Wheat Jul 20 522-4s -7-6 -1.46%

Wheat Sep 20 529-4s -7-6 -1.44%

 

Minneapolis

Spring Wheat Dec 19 515-2s -6-4 -1.25%

Spring Wheat Mar 20 530-0s -7-0 -1.30%

Spring Wheat May 20 539-6s -6-6 -1.24%

Spring Wheat Jul 20 549-4s -6-4 -1.17%

Spring Wheat Sep 20 558-6s -5-4 -0.97%

 

Kansas City

Hard Red Wheat Dec 19 424-6s -14-0 -3.19%

Hard Red Wheat Mar 20 433-2s -12-2 -2.75%

Hard Red Wheat May 20 440-0s -11-6 -2.60%

Hard Red Wheat Jul 20 446-4s -11-4 -2.51%

Hard Red Wheat Sep 20 455-4s -10-6 -2.31%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Dec 19 118.100s -1.650 -1.38%

Live Cattle Feb 20 124.100s -1.475 -1.17%

Live Cattle Apr 20 125.675s -1.375 -1.08%

 

Feeder Cattle Nov 19 145.575s -2.225 -1.51%

Feeder Cattle Jan 20 142.825s -4.300 -2.92%

Feeder Cattle Mar 20 143.325s -3.500 -2.38%

 

Lean Hogs Dec 19 63.125s -1.600 -2.47%

Lean Hogs Feb 20 74.550s -1.000 -1.32%

Lean Hogs Apr 20 81.750s -0.275 -0.34%

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