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Canola higher, Soybeans drop

Winnipeg (CNS Canada) – ICE Futures Canada canola contracts were stronger on Thursday, seeing a modest recovery after Wednesday’s declines.

Gains in Chicago Board of Trade soyoil provided some spillover support for canola, although soybeans were lower. There were some ideas circulating the market that looming Chinese tariffs on U.S. soybeans were shifting some oilseed demand to Canada, according to a trader.

Dry conditions across much of Western Canada contributed to the firmer tone, despite scattered showers in many areas as more precipitation will be needed, according to participants.

About 13,356 canola contracts traded, which compares with Wednesday when 14,316 contracts changed hands. Spreading accounted for 6,670 of the contracts traded.

SOYBEANS at the Chicago Board of Trade were lower on Thursday, seeing some follow-through selling after Wednesday’s sharp drop.

Trade negotiations between China and the United States have yet to see any firm resolution, keeping some caution in the market.

The U.S. Department of Agriculture reported a private export sale of 132,000 tonnes of U.S. soybeans to unknown destinations, as the sale was the first extra business in some time.

However, weekly export sales of only half a million tonnes were at the lower end of expectations.

CORN futures were lower, taking some direction from soybeans.

The USDA reported weekly U.S. corn sales just over a million tonnes, which was at the top end of trade estimates.

However, good Midwestern seeding weather put some pressure on values, while reports of beneficial rain for Brazil’s second crop also weighed on prices.

WHEAT futures were all higher, with the biggest gains in Kansas City hard red winter wheat.

Dryness concerns in many major wheat growing regions of the world provided support, with Australia, North America and now even Russia facing some crop stress.

Spring wheat seeding was reportedly moving forward at a brisk pace, with upwards of 90 percent of the crop likely in the ground by this weekend.

Weekly U.S. wheat export sales came in below trade guesses at about 200,000 tonnes, with 143,000 tonnes of previous business also cancelled during the week.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York were unchanged at 18 cents US$71.49 per barrel.

In the afternoon, the Canadian dollar was trading around US78.07 cents, sown from 78.18 cents the previous trading day. The U.S. dollar was C$1.2809.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jul 18 532.60s +3.40 +0.64%

Canola Nov 18 516.90s +1.40 +0.27%

Canola Jan 19 521.60s +1.40 +0.27%

Canola Mar 19 524.10s +1.20 +0.23%

Canola May 19 525.30s +1.20 +0.23%

 

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 Jul 18 995-0s -4-6 -0.48%

Soybeans Aug 18 998-6s -4-4 -0.45%

Soybeans Sep 18 1001-0s -4-6 -0.47%

Soybeans Nov 18 1004-2s -4-6 -0.47%

Soybeans Jan 19 1008-4s -4-4 -0.44%

 

Soybean Meal Jul 18 375.1s -1.5 -0.40%

Soybean Meal Aug 18 373.5s -1.5 -0.40%

Soybean Meal Sep 18 371.6s -1.8 -0.48%

 

Soybean Oil Jul 18 30.94s +0.35 +1.14%

Soybean Oil Aug 18 31.06s +0.35 +1.14%

Soybean Oil Sep 18 31.20s +0.33 +1.07%

 

Corn Jul 18 395-2s -4-0 -1.00%

Corn Sep 18 403-4s -4-0 -0.98%

Corn Dec 18 413-0s -4-0 -0.96%

Corn Mar 19 421-6s -3-6 -0.88%

Corn May 19 426-6s -3-4 -0.81%

 

Oats Jul 18 241-0s -0-2 -0.10%

Oats Sep 18 246-0s -1-2 -0.51%

Oats Dec 18 255-4s -1-2 -0.49%

Oats Mar 19 261-0s -1-0 -0.38%

Oats May 19 264-2s -1-0 -0.38%

 

Wheat Jul 18 497-4s +3-2 +0.66%

Wheat Sep 18 513-4s +3-2 +0.64%

Wheat Dec 18 534-6s +3-0 +0.56%

Wheat Mar 19 552-6s +3-0 +0.55%

Wheat May 19 562-6s +3-4 +0.63%

 

Minneapolis

Spring Wheat Jul 18 614-6s +3-4 +0.57%

Spring Wheat Sep 18 620-4s +2-6 +0.45%

Spring Wheat Dec 18 629-4s +1-4 +0.24%

Spring Wheat Mar 19 639-6s +0-4 +0.08%

Spring Wheat May 19 646-6s +1-0 +0.15%

 

Kansas City

Hard Red Wheat Jul 18 519-0s +5-0 +0.97%

Hard Red Wheat Sep 18 537-6s +5-2 +0.99%

Hard Red Wheat Dec 18 563-4s +5-2 +0.94%

Hard Red Wheat Mar 19 581-0s +4-6 +0.82%

Hard Red Wheat May 19 590-6s +4-6 +0.81%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Jun 18 103.050s +1.225 +1.20%

Live Cattle Aug 18 99.100s +0.050 +0.05%

Live Cattle Oct 18 102.300s unch unch

 

Feeder Cattle May 18 133.100s +0.375 +0.28%

Feeder Cattle Aug 18 138.725s +2.000 +1.46%

Feeder Cattle Sep 18 139.075s +1.700 +1.24%

 

Lean Hogs Jun 18 76.475s +0.575 +0.76%

Lean Hogs Jul 18 78.200s -0.525 -0.67%

Lean Hogs Aug 18 77.625s -0.225 -0.29%

 

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

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