Canola futures weaker after rains

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%

 

 

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