Winnipeg – ICE Futures canola contracts were weaker on Thursday, hitting fresh contract lows for the fourth straight day this week as bearish technical signals kept speculators on the sell side once again.
Large supplies of unpriced canola sitting in farmers’ bins across the Prairies likely added to the softer tone, as end users are well supplied and remain content to watch prices drift lower, according to a trader.
However, gains in Chicago Board of Trade soyoil and a steady tone in the Canadian dollar provided some support, helping crush margins improve. Ideas that the market is looking oversold also helped temper the declines.
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About 24,835 canola contracts traded on Thursday, which compares with Wednesday when 21,604 contracts changed hands. Spreading accounted for 15,078 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were weaker on Thursday, with month-end positioning a feature.
Weekly United States soybean export sales of about 2.2 million tonnes came in well above market expectations, with China the major buyer, providing some support for the futures.
However, the lack of progress on trade talks between the U.S. and China kept the overall bias to the downside, as market participants wait for some concrete news.
An early end to the denuclearization talks between the U.S. and North Korea also weighed on the commodity markets in general.
CORN futures were also pressured lower by the general uncertainty in the outside financial markets.
The U.S. Department of Agriculture reported weekly corn export sales of about 1.4 million tonnes. Additional flash sales of 168,000 tonnes to Mexico and 133,000 tonnes to South Korea were also reported.
While the weekly corn sales came in at the top end of trade estimates, they were still well off the year-ago level.
WHEAT futures were mixed, with gains in Minneapolis spring wheat and losses in the winter wheats as the spreads saw some adjustment on the last trading day of the month.
Weekly U.S. wheat export sales came in at just under 500,000 tonnes.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was up 33 cents at US$57.27 per barrel.
In the afternoon, the Canadian dollar was trading around US 75.89 cents, down from 76.07 cents the previous trading day. The U.S. dollar was C$1.3177.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Mar 19 463.40s -2.30 -0.49%
Canola May 19 469.20s -4.00 -0.85%
Canola Jul 19 477.30s -3.60 -0.75%
Canola Nov 19 484.50s -1.90 -0.39%
Canola Jan 20 490.50s -1.90 -0.39%
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 Mar 19 897-4s -6-0 -0.66%
Soybean May 19 910-2s -6-4 -0.71%
Soybean Jul 19 924-0s -6-4 -0.70%
Soybean Aug 19 930-0s -6-2 -0.67%
Soybean Sep 19 934-2s -6-0 -0.64%
Soybean Meal Mar 19 302.3s -2.7 -0.89%
Soybean Meal May 19 306.0s -3.2 -1.03%
Soybean Meal Jul 19 309.8s -3.3 -1.05%
Soybean Oil Mar 19 29.96s +0.16 +0.54%
Soybean Oil May 19 30.25s +0.13 +0.43%
Soybean Oil Jul 19 30.59s +0.14 +0.46%
Corn Mar 19 362-0s -1-6 -0.48%
Corn May 19 370-6s -3-0 -0.80%
Corn Jul 19 379-4s -2-6 -0.72%
Corn Sep 19 385-2s -2-6 -0.71%
Corn Dec 19 392-0s -2-4 -0.63%
Oats Mar 19 252-0s -4-2 -1.66%
Oats May 19 264-0s -2-0 -0.75%
Oats Jul 19 264-0s -2-0 -0.75%
Oats Sep 19 261-0s -1-2 -0.48%
Oats Dec 19 257-2s -0-4 -0.19%
Wheat Mar 19 452-4s -8-4 -1.84%
Wheat May 19 459-4s -7-2 -1.55%
Wheat Jul 19 466-4s -6-6 -1.43%
Wheat Sep 19 476-6s -6-2 -1.29%
Wheat Dec 19 492-6s -5-0 -1.00%
Minneapolis
Spring Wheat Mar 19 567-0s +4-0 +0.71%
Spring Wheat May 19 559-2s +5-2 +0.95%
Spring Wheat Jul 19 562-2s +3-2 +0.58%
Spring Wheat Sep 19 568-6s +2-2 +0.40%
Spring Wheat Dec 19 582-0s +2-2 +0.39%
Kansas City
Hard Red Wheat Mar 19 441-0s +2-2 +0.51%
Hard Red Wheat May 19 444-4s -1-0 -0.22%
Hard Red Wheat Jul 19 453-2s -2-0 -0.44%
Hard Red Wheat Sep 19 464-6s -2-6 -0.59%
Hard Red Wheat Dec 19 482-4s -3-0 -0.62%
Live Cattle Feb 19 129.950s +0.550 +0.43%
Live Cattle Apr 19 129.850s -0.075 -0.06%
Live Cattle Jun 19 120.150s unch unch
Feeder Cattle Mar 19 142.875s -1.000 -0.70%
Feeder Cattle Apr 19 146.150s -1.075 -0.73%
Feeder Cattle May 19 147.250s -1.025 -0.69%
Lean Hogs Apr 19 55.875s +0.275 +0.49%
Lean Hogs May 19 65.700s +0.100 +0.15%
Lean Hogs Jun 19 75.900s +0.075 +0.10%
