WINNIPEG, (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished weaker on Wednesday, taking back gains made earlier in the week.
Weakness in the soy complex on the Chicago Board of Trade weighed on canola values. Soybean prices were lower after posting gains for four consecutive days.
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SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Wednesday, taking back gains made earlier in the week.
Vegetable oil markets were lower today due to weakened Malaysian palm oil futures. According to one company, price rationing is lowering demand for palm oil. Soybean prices were lower after posting gains for four straight days.
The new trade agreement between the United States and China may see U.S. exports to China double over the next two years. In the past, China has purchased around US$24 billion in agriculture goods per year. Some industry experts don’t believe doubling that amount to US$40 to US$50 per year is logistically possible.
China may resume purchasing U.S. ethanol under the new trade deal, in order to meet its spending commitments. That would give ethanol values a boost, as prices have been suffering due to tariffs and lowered demand.
Estimates for Argentina’s corn crop are shrinking, due to poorly-timed dry weather. Some estimates are as low as 48 million tonnes.
WHEAT futures were weaker on Wednesday, giving back some double-digit gains made earlier in the week.
One private company estimates that U.S. wheat planted in 2020 will total 44.3 million acres. That’s 1.3 million acres lower than in 2019, and almost 10 per cent lower than the five-year average.
World Grain reported that Ukrainian wheat planting is 10 per cent lower than the previous year due to drought conditions in the fall.
Export demand provided some support for wheat values. Japan issued an international wheat tender for 148,405 tonnes of wheat. Of that, 53,801 tonnes will be sourced from the U.S.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down one cents at US$60.93 per barrel.
In the afternoon, the Canadian dollar was trading around US76.23 cents, up from 75.99 cents the previous trading day. The U.S. dollar was C$1.3119.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 20 465.60s -0.80 -0.17%
Canola Mar 20 474.80s -0.30 -0.06%
Canola May 20 483.60s -0.60 -0.12%
Canola Jul 20 489.30s -1.00 -0.20%
Canola Nov 20 490.70s -1.60 -0.33%
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 Jan 20 928-4s -0-2 -0.03%
Soybean Mar 20 940-4s -0-2 -0.03%
Soybean May 20 954-0s -0-2 -0.03%
Soybean Jul 20 965-4s -0-4 -0.05%
Soybean Aug 20 969-2s unch unch
Soybean Meal Jan 20 302.9s +0.6 +0.20%
Soybean Meal Mar 20 307.4s +1.0 +0.33%
Soybean Meal May 20 310.5s +1.2 +0.39%
Soybean Oil Jan 20 33.43s -0.39 -1.15%
Soybean Oil Mar 20 33.72s -0.38 -1.11%
Soybean Oil May 20 33.99s -0.37 -1.08%
Corn Mar 20 387-0s -3-0 -0.77%
Corn May 20 393-4s -3-0 -0.76%
Corn Jul 20 399-4s -2-6 -0.68%
Corn Sep 20 398-0s -2-2 -0.56%
Corn Dec 20 400-0s -2-0 -0.50%
Oats Mar 20 299-4s -7-0 -2.28%
Oats May 20 295-6s -6-4 -2.15%
Oats Jul 20 287-6s -5-0 -1.71%
Oats Sep 20 278-6s -1-6 -0.62%
Oats Dec 20 273-2s -2-2 -0.82%
Wheat Mar 20 548-2s -8-0 -1.44%
Wheat May 20 551-6s -7-2 -1.30%
Wheat Jul 20 553-4s -5-4 -0.98%
Wheat Sep 20 558-6s -4-4 -0.80%
Wheat Dec 20 568-0s -3-4 -0.61%
Minneapolis
Spring Wheat Mar 20 538-4s -0-2 -0.05%
Spring Wheat May 20 546-4s -0-4 -0.09%
Spring Wheat Jul 20 554-2s -1-2 -0.23%
Spring Wheat Sep 20 563-0s -0-4 -0.09%
Spring Wheat Dec 20 576-0s -0-4 -0.09%
Kansas City
Hard Red Wheat Mar 20 462-2s -4-6 -1.02%
Hard Red Wheat May 20 470-4s -4-4 -0.95%
Hard Red Wheat Jul 20 477-4s -3-6 -0.78%
Hard Red Wheat Sep 20 485-0s -3-2 -0.67%
Hard Red Wheat Dec 20 495-6s -2-4 -0.50%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 19 122.250s +0.025 +0.02%
Live Cattle Feb 20 126.125s -0.175 -0.14%
Live Cattle Apr 20 127.250s -0.075 -0.06%
Feeder Cattle Jan 20 144.550s -0.600 -0.41%
Feeder Cattle Mar 20 144.900s -0.825 -0.57%
Feeder Cattle Apr 20 146.925s -0.725 -0.49%
Lean Hogs Feb 20 69.900s +0.050 +0.07%
Lean Hogs Apr 20 77.225s -0.175 -0.23%
Lean Hogs May 20 83.950s -0.175 -0.21%
