Canola gains with soybeans

Winnipeg – ICE Futures canola contracts settled with small gains on Friday, as a late bounce in Chicago Board of Trade soybeans provided some support.

Soybeans had been down by as much as 15 cents per bushel for much of the session, but recovered in the final minutes of trade to settle with only small losses. Soyoil was firmer at the close.

Ongoing concerns over heat and dryness in many canola growing areas of Western Canada also remained supportive, as traders try to get a better handle on the size of this year’s crop.

However, strength in the Canadian dollar and ideas that canola is looking expensive compared to other oilseeds weighed on prices.

About 9,862 canola contracts traded, which compares with Thursday when 12,336 contracts changed hands. Spreading accounted for 2,702 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade settled with small losses on Friday, but were well off their lows for the day.
After climbing sharply higher on Thursday, profit-taking ahead of the weekend came forward to weigh on prices for most of the day.
Forecasts calling for beneficial rain across much of the Midwest were also bearish, as the moisture should be welcomed at this stage of crop development.
While a planned visit by Chinese officials to the United States later this month has renewed optimism that a deal could be reached to end the ongoing trade war, there’s been no actual movement on that front yet.

CORN futures were lower, with spillover from the declines in soybeans earlier in the day accounting for some of the selling pressure. The improving moisture prospects across the Midwest were also bearish.
However, a rally in wheat provided some support.

All three U.S. WHEAT markets posted solid gains, as reports out this morning that Russia was considering placing a cap on exports provided the initial catalyst for the move higher. The Russian government later released a statement denying the reports, but the wheat futures remained supported.
Gains in European wheat futures and weakness in the U.S. dollar index were also supportive for the wheat market today.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up $4.87 at US$65.92 per barrel.

In the afternoon, the Canadian dollar was trading around US76.54 cents, up from 76.12 cents the previous trading day. The U.S. dollar was C$1.3065

 

Name / Contract Last Change % Change

Winnipeg ICE Futures Canada dollars per tonne.

Canola Nov 18 510.90s +0.50 +0.10%

Canola Jan 19 516.90s +0.40 +0.08%

Canola Mar 19 521.40s +0.40 +0.08%

Canola May 19 525.00s +0.10 +0.02%

Canola Jul 19 526.00s +0.10 +0.02%

 

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

Soybeans Sep 18 881-4s -4-0 -0.45%

Soybeans Nov 18 892-6s -4-2 -0.47%

Soybeans Jan 19 905-0s -4-2 -0.47%

Soybeans Mar 19 915-4s -4-2 -0.46%

Soybeans May 19 926-0s -4-4 -0.48%

 

Soybean Meal Sep 18 330.1s -4.5 -1.34%

Soybean Meal Oct 18 330.7s -4.8 -1.43%

Soybean Meal Dec 18 332.4s -4.6 -1.36%

 

Soybean Oil Sep 18 28.23s +0.08 +0.28%

Soybean Oil Oct 18 28.36s +0.08 +0.28%

Soybean Oil Dec 18 28.56s +0.08 +0.28%

 

Corn Sep 18 364-2s -1-0 -0.27%

Corn Dec 18 378-6s -1-0 -0.26%

Corn Mar 19 390-6s -0-6 -0.19%

Corn May 19 397-6s -0-6 -0.19%

Corn Jul 19 403-4s -0-6 -0.19%

 

Oats Sep 18 258-6s +5-0 +1.97%

Oats Dec 18 267-0s +3-4 +1.33%

Oats Mar 19 272-2s +3-4 +1.30%

Oats May 19 274-4s +3-4 +1.29%

Oats Jul 19 276-4s +3-4 +1.28%

 

Wheat Sep 18 560-4s +18-2 +3.37%

Wheat Dec 18 579-6s +17-6 +3.16%

Wheat Mar 19 601-4s +16-6 +2.86%

Wheat May 19 611-0s +15-0 +2.52%

Wheat Jul 19 596-6s +8-2 +1.40%

 

Minneapolis

Spring Wheat Sep 18 608-4s +12-2 +2.05%

Spring Wheat Dec 18 625-2s +12-0 +1.96%

Spring Wheat Mar 19 640-2s +11-6 +1.87%

Spring Wheat May 19 648-2s +11-6 +1.85%

Spring Wheat Jul 19 650-4s +9-6 +1.52%

 

Kansas City

Hard Red Wheat Sep 18 565-0s +17-4 +3.20%

Hard Red Wheat Dec 18 592-0s +17-0 +2.96%

Hard Red Wheat Mar 19 615-6s +16-6 +2.80%

Hard Red Wheat May 19 627-0s +15-4 +2.53%

Hard Red Wheat Jul 19 617-0s +8-6 +1.44%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle   Aug 18 109.425s +1.100 +1.02%

Live Cattle (Pit) Oct 18 110.875s +1.600 +1.46%

Live Cattle (Pit) Dec 18 114.625s +1.425 +1.26%

 

Feeder Cattle (Pit) Aug 18 150.950s +0.675 +0.45%

Feeder Cattle (Pit) Sep 18 151.825s +1.700 +1.13%

Feeder Cattle (Pit) Oct 18 151.850s +1.625 +1.08%

 

Lean Hogs (Pit) Oct 18 58.600s +3.125 +5.63%

Lean Hogs (Pit) Dec 18 55.275s +2.825 +5.39%

Lean Hogs (Pit) Feb 19 61.650s +2.300 +3.88%

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By Phil Franz-Warkentin Commodity News Service Canada's recent articles

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