Winnipeg – ICE Futures canola contracts ended higher on Thursday, after trading to both sides of unchanged in choppy activity throughout the session.
Gains in Chicago Board of Trade soybeans and soyoil provided some underlying support, amid increasing optimism over the possibility of a trade deal between the United States and China. However, uncertainty over Canada’s own trade dealings with China kept some caution in the canola market.
Spring road bans and a lack of significant farmer selling provided some additional support for canola.
About 26,479 canola contracts traded on Thursday, which compares with Wednesday when 25,085 contracts changed hands. Spreading was a feature, accounting for 22,312 of the contracts traded as speculators rolled positions out of the nearby May futures.
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SOYBEAN futures at the Chicago Board of Trade were stronger on Thursday.
Negotiations between China and the United States are taking place in Washington, D.C. this week, and U.S. President Donald Trump is set to meet with China’s vice premier later Thursday.
The U.S. Department of Agriculture reported weekly soybean export sales of nearly two million tonnes, with China the major buyer. The weekly sales came in above expectations.
However, large old crop supplies, South American harvest pressure, and expectations that Midwestern flooding will see some intended corn acres go to soybeans instead tempered the upside.
CORN futures were stronger, as trade optimism and Midwestern flooding provided some support. Corn traders were also still trying to get a sense on how much stored grain was lost by the recent flooding.
Weekly U.S. corn export sales came in below expectations at 537,300 tonnes, putting some pressure on values.
WHEAT futures were mixed, with losses in the Minneapolis and Chicago contracts, and gains in Kansas City hard red winter wheat. Spread adjustments between the three contracts were a feature of the activity.
Weekly U.S. wheat export sales of 704,700 tonnes for old crop and 312,800 tonnes for new crop beat expectations and provided some support.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down 36 cents at US$62.10 per barrel.
In the afternoon, the Canadian dollar was trading around US74.87 cents, down from 75.05 cents the previous trading day. The U.S. dollar was C$1.3357.
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 19 458.00s +2.60 +0.57%
Canola Jul 19 465.80s +2.50 +0.54%
Canola Nov 19 478.20s +3.20 +0.67%
Canola Jan 20 484.60s +3.00 +0.62%
Canola Mar 20 489.10s +2.50 +0.51%
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 May 19 906-4s +7-6 +0.86%
Soybean Jul 19 919-4s +7-2 +0.79%
Soybean Aug 19 925-4s +7-4 +0.82%
Soybean Sep 19 929-6s +7-2 +0.79%
Soybean Nov 19 939-4s +7-4 +0.80%
Soybean Meal May 19 311.9s +0.9 +0.29%
Soybean Meal Jul 19 315.4s +0.7 +0.22%
Soybean Meal Aug 19 317.0s +0.8 +0.25%
Soybean Oil May 19 29.20s +0.40 +1.39%
Soybean Oil Jul 19 29.52s +0.39 +1.34%
Soybean Oil Aug 19 29.67s +0.39 +1.33%
Corn May 19 365-2s +2-4 +0.69%
Corn Jul 19 374-2s +2-2 +0.60%
Corn Sep 19 382-4s +2-0 +0.53%
Corn Dec 19 392-2s +1-4 +0.38%
Corn Mar 20 406-0s +1-0 +0.25%
Oats May 19 288-4s +3-2 +1.14%
Oats Jul 19 278-6s +1-4 +0.54%
Oats Sep 19 269-0s +0-4 +0.19%
Oats Dec 19 259-4s -0-2 -0.10%
Oats Mar 20 256-0s -1-2 -0.49%
Wheat May 19 470-6s -0-2 -0.05%
Wheat Jul 19 473-6s -0-6 -0.16%
Wheat Sep 19 481-2s -0-4 -0.10%
Wheat Dec 19 495-4s +0-2 +0.05%
Wheat Mar 20 508-6s +0-2 +0.05%
Minneapolis
Spring Wheat May 19 527-2s -7-4 -1.40%
Spring Wheat Jul 19 536-4s -5-6 -1.06%
Spring Wheat Sep 19 546-6s -5-0 -0.91%
Spring Wheat Dec 19 561-4s -4-6 -0.84%
Spring Wheat Mar 20 576-0s -3-6 -0.65%
Kansas City
Hard Red Wheat May 19 439-4s +2-6 +0.63%
Hard Red Wheat Jul 19 445-2s +1-6 +0.39%
Hard Red Wheat Sep 19 456-0s +1-2 +0.27%
Hard Red Wheat Dec 19 476-2s +1-4 +0.32%
Hard Red Wheat Mar 20 494-4s +1-4 +0.30%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 19 127.550s +1.775 +1.41%
Live Cattle Jun 19 121.575s +2.575 +2.16%
Live Cattle Aug 19 118.225s +2.450 +2.12%
Feeder Cattle Apr 19 146.325s +1.575 +1.09%
Feeder Cattle May 19 150.075s +2.800 +1.90%
Feeder Cattle Aug 19 157.200s +2.850 +1.85%
Lean Hogs Apr 19 79.575s +0.500 +0.63%
Lean Hogs May 19 90.825s +2.425 +2.74%
Lean Hogs Jun 19 97.850s +3.000 +3.16%
