Winnipeg, (MarketsFarm) – The ICE Futures canola market was weaker on Monday, retreating from earlier gains in choppy activity.
Strength in the Canadian dollar and a steady tone in Chicago Board of Trade soyoil accounted for some of the selling pressure, as crush margins softened.
Chart-based speculative selling contributed to the declines, with the November contract testing the lower edge of its nearby trading range.
However, investors were still showing a reluctance to push values too far one way or the other until they get a better sense of new crop production.
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CBOT soybeans were stronger on the day, helping limit the losses in canola.
About 13,148 canola contracts traded on Monday, which compares with Friday when 9,927 contracts changed hands. Spreading accounted for 8,348 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were stronger on Monday, taking back some of Friday’s declines as concerns over the trade war between the United States and China showed signs of easing.
After new tariffs and comments from President Trump heighted trade tensions on Friday, both sides were back calling for calm to start the week.
Ideas that U.S. soybean yields may not live up to earlier expectations also provided some support, as a crop tour last week showed smaller pod counts in many areas.
Weekly U.S. soybean export inspections of just under a million tonnes were down slightly from the previous week, but up from what moved during the same week a year ago. China was a major buyer.
Forecasts calling for beneficial rain in some dry U.S. corn growing regions over the next week put some pressure on values.
Weekly US corn export inspections of 640,000 tonnes were up on the week, but only about half of what moved during the same week a year ago.
The announcement of a tentative trade deal between the U.S. and Japan was somewhat supportive.
WHEAT futures were lower on Monday, taking back some of their recent gains.
While wheat was due for a correction, the trade deal with Japan could open the door for more U.S. wheat sales to the country.
Weekly U.S. wheat export inspections came in at just under half a million tonnes.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was US$53.80 per barrel.
In the afternoon, the Canadian dollar was US75.31 cents. The U.S. dollar was C$1.3278.
| Name / Contract | Last | Change | % Change |
| Canola Nov 19 | 448.40s | -1.50 | -0.33% |
| Canola Jan 20 | 456.20s | -1.50 | -0.33% |
| Canola Mar 20 | 463.20s | -1.70 | -0.37% |
| Canola May 20 | 469.60s | -1.40 | -0.30% |
| Canola Jul 20 | 476.10s | -1.00 | -0.21% |
| Soybean Sep 19 | 853-6s | +10-4 | +1.25% |
| Soybean Nov 19 | 867-2s | +10-6 | +1.26% |
| Soybean Jan 20 | 880-4s | +9-2 | +1.06% |
| Soybean Mar 20 | 893-4s | +8-2 | +0.93% |
| Soybean May 20 | 904-2s | +7-0 | +0.78% |
| Soybean Meal Sep 19 | 293.0s | +3.1 | +1.07% |
| Soybean Meal Oct 19 | 295.0s | +3.2 | +1.10% |
| Soybean Meal Dec 19 | 298.6s | +3.2 | +1.08% |
| Soybean Oil Sep 19 | 28.33s | -0.01 | -0.04% |
| Soybean Oil Oct 19 | 28.45s | unch | unch |
| Soybean Oil Dec 19 | 28.69s | -0.01 | -0.03% |
| Corn Sep 19 | 358-4s | -1-2 | -0.35% |
| Corn Dec 19 | 368-2s | +0-4 | +0.14% |
| Corn Mar 20 | 380-4s | +0-4 | +0.13% |
| Corn May 20 | 389-0s | +0-4 | +0.13% |
| Corn Jul 20 | 395-6s | +0-4 | +0.13% |
| Oats Sep 19 | 263-0s | -1-6 | -0.66% |
| Oats Dec 19 | 270-0s | +3-0 | +1.12% |
| Oats Mar 20 | 274-0s | +2-6 | +1.01% |
| Oats May 20 | 273-6s | +2-6 | +1.01% |
| Oats Jul 20 | 273-6s | +0-6 | +0.27% |
| Wheat Sep 19 | 473-0s | -2-2 | -0.47% |
| Wheat Dec 19 | 475-2s | -2-4 | -0.52% |
| Wheat Mar 20 | 481-4s | -2-0 | -0.41% |
| Wheat May 20 | 485-0s | -1-6 | -0.36% |
| Wheat Jul 20 | 488-4s | -2-0 | -0.41% |
| Spring Wheat Sep 19 | 492-6s | -6-0 | -1.20% |
| Spring Wheat Dec 19 | 511-6s | -2-6 | -0.53% |
| Spring Wheat Mar 20 | 525-2s | -2-2 | -0.43% |
| Spring Wheat May 20 | 534-4s | -2-6 | -0.51% |
| Spring Wheat Jul 20 | 543-6s | -3-4 | -0.64% |
| Hard Red Wheat Sep 19 | 389-0s | -2-4 | -0.64% |
| Hard Red Wheat Dec 19 | 402-0s | -2-6 | -0.68% |
| Hard Red Wheat Mar 20 | 417-4s | -2-4 | -0.60% |
| Hard Red Wheat May 20 | 428-2s | -2-6 | -0.64% |
| Hard Red Wheat Jul 20 | 438-2s | -2-4 | -0.57% |
| Live Cattle (Pit) Aug 19 | 105.475s | +0.850 | +0.81% |
| Live Cattle (Pit) Oct 19 | 101.000s | +1.600 | +1.61% |
| Live Cattle (Pit) Dec 19 | 105.975s | +1.675 | +1.61% |
| Feeder Cattle (Pit) Aug 19 | 138.650s | +1.300 | +0.95% |
| Feeder Cattle (Pit) Sep 19 | 136.000s | +2.750 | +2.06% |
| Feeder Cattle (Pit) Oct 19 | 134.375s | +1.850 | +1.40% |
| Lean Hogs (Pit) Oct 19 | 63.800s | +4.500 | +7.59% |
| Lean Hogs (Pit) Dec 19 | 63.025s | +4.250 | +7.23% |
| Lean Hogs (Pit) Feb 20 | 70.200s | +3.850 | +5.80% |
