Winnipeg, (MarketsFarm) – The ICE Futures canola market was weaker on Monday, as rains across the Prairies over the weekend had speculators taking some of the weather premium out of the market.
Large old crop supplies and the ongoing trade dispute with China also continued to weigh on values, according to participants.
Positioning ahead of Statistics Canada’s acreage estimate on Wednesday was a feature. General expectations are for a decline in the canola number from earlier estimates, but the extent of the revision remains to be seen.
Chicago Board of Trade soybeans were stronger on Monday, providing some spillover support for canola.
In addition, while any moisture was welcomed where it hit, many areas of Western Canada remain too dry and in need of more precipitation.
About 17,686 canola contracts traded on Monday, which compares with Friday when 18,637 contracts changed hands. Spreading accounted for 10,442 of the contracts traded.
SOYBEAN future at the Chicago Board of Trade were stronger on Monday, as persistent seeding delays across the United States Midwest provided support.
The wet weather has also hampered development for what is in the ground, which added to the firmer tone.
The U.S. Department of Agriculture is set to release updated acreage estimates on Friday, June 28, although traders remain uncertain if this report will show the full picture as many farmers continue to adjust their plans.
Optimism over U.S. and China trade relations provided some additional support, as the leaders of the two countries are set to meet this week.
CORN also found support from the wet Midwestern weather to end higher.
Corn seeding is likely near completion across the U.S., as it’s getting late to seed the crop and farmers with unseeded corn land have lowered their intentions.
A rally in wheat also provided spillover support for corn.
WHEAT was up across the board, with the largest gains in the Chicago and Kansas City winter wheats.
In addition to U.S. harvest delays due to wet conditions, much of Monday’s strength in wheat stemmed from the hot and dry weather cutting into the production prospects in Europe.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was up47 cents at US$57.90 per barrel.
In the afternoon, the Canadian dollar was trading around US75.79 cents, up from 75.69 cents the previous trading day. The U.S. dollar was C$1.3194.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jul 19 452.10s -1.30 -0.29%
Canola Nov 19 465.10s -2.20 -0.47%
Canola Jan 20 472.10s -2.50 -0.53%
Canola Mar 20 478.50s -2.70 -0.56%
Canola May 20 483.20s -3.00 -0.62%
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 Jul 19 909-0s +6-2 +0.69%
Soybean Aug 19 914-6s +6-2 +0.69%
Soybean Sep 19 920-4s +5-6 +0.63%
Soybean Nov 19 932-6s +5-2 +0.57%
Soybean Jan 20 945-4s +5-2 +0.56%
Soybean Meal Jul 19 317.6s +2.0 +0.63%
Soybean Meal Aug 19 318.9s +1.9 +0.60%
Soybean Meal Sep 19 320.6s +1.8 +0.56%
Soybean Oil Jul 19 28.35s -0.09 -0.32%
Soybean Oil Aug 19 28.48s -0.09 -0.32%
Soybean Oil Sep 19 28.59s -0.10 -0.35%
Corn Jul 19 446-6s +4-4 +1.02%
Corn Sep 19 451-6s +4-2 +0.95%
Corn Dec 19 457-2s +3-6 +0.83%
Corn Mar 20 463-0s +3-6 +0.82%
Corn May 20 465-2s +3-6 +0.81%
Oats Jul 19 270-4s -8-4 -3.05%
Oats Sep 19 272-6s -2-4 -0.91%
Oats Dec 19 276-4s unch unch
Oats Mar 20 280-2s unch unch
Oats May 20 279-4s unch unch
Wheat Jul 19 538-0s +12-0 +2.28%
Wheat Sep 19 542-4s +11-6 +2.21%
Wheat Dec 19 552-4s +11-0 +2.03%
Wheat Mar 20 562-2s +10-4 +1.90%
Wheat May 20 564-2s +10-2 +1.85%
Minneapolis
Spring Wheat Jul 19 543-4s +7-4 +1.40%
Spring Wheat Sep 19 553-2s +9-2 +1.70%
Spring Wheat Dec 19 567-0s +10-2 +1.84%
Spring Wheat Mar 20 580-2s +9-4 +1.66%
Spring Wheat May 20 588-2s +9-4 +1.64%
Kansas City
Hard Red Wheat Jul 19 465-4s +13-0 +2.87%
Hard Red Wheat Sep 19 477-4s +13-0 +2.80%
Hard Red Wheat Dec 19 499-0s +12-4 +2.57%
Hard Red Wheat Mar 20 519-0s +11-6 +2.32%
Hard Red Wheat May 20 531-0s +11-4 +2.21%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Jun 19 106.925s +0.375 +0.35%
Live Cattle Aug 19 102.425s +0.200 +0.20%
Live Cattle Oct 19 104.025s -0.125 -0.12%
Feeder Cattle Aug 19 131.775s -1.900 -1.42%
Feeder Cattle Sep 19 132.350s -1.700 -1.27%
Feeder Cattle Oct 19 132.600s -1.900 -1.41%
Lean Hogs Jul 19 72.850s -3.400 -4.46%
Lean Hogs Aug 19 74.225s -3.675 -4.72%
Lean Hogs Oct 19 69.050s -3.675 -5.05%
