Canola hits new contract lows

Winnipeg – ICE Futures canola contracts fell to fresh contract lows on Thursday, retreating from earlier gains as the ongoing trade tensions with China had speculators on the sell side ahead of the long weekend.

Markets will be closed on April 19 for Good Friday.

While the path of least resistance was pointed lower for canola, gains in Chicago Board of Trade soyoil and a weaker tone in the Canadian dollar provided some support.

Expectations for reduced Canadian canola acres this spring also underpinned the futures, although traders are unsure just how many acres may be lost due to rotational issues and a lack of viable alternatives.

Statistics Canada releases its first acreage estimates of the year on Wednesday, April 24.

About 32,171 canola contracts traded on Thursday, which compares with Wednesday when 37,591 contracts changed hands. Spreading accounted for 23,422 of the contracts trade.

SOYBEAN futures settled with small gains on Thursday, as expectations for trade talks between the United States and China next week kept some optimism in the market ahead of the Easter long weekend.

The U.S. Department of Agriculture reported weekly U.S. soybean export sales of about 400,000 tonnes, which was at the lower end of trade estimates. However, both soyoil and soymeal sales were solid.

Rising production estimates out of South America kept some caution in the bean market.

CORN futures were steady, lacking any clear direction as traders adjusted positions ahead of the long weekend.

Weekly U.S. corn export sales came in at just under a million tonnes, topping pre-report expectations.

The slow start to spring seeding across the Midwest provided some support for corn, but the moisture causing the delays should help yields in the long run.

WHEAT futures were mostly lower. Weekly U.S. wheat export sales included 317,700 tonnes of old crop business and 227,800 tonnes for delivery in 2019/20. The sales were in line with market expectations.

 

OUTSIDE MARKETS

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

In the afternoon, the Canadian dollar was trading around USxx.xx cents, down from xx.xx cents the previous trading day. The U.S. dollar was C$1.xxxx. 1/.7795

 

Winnipeg ICE Futures Canada dollars per tonne.

Name / Contract High Low Last Change Settlement

Canola May 2019   458.80 455.10 456.50 0.30 456.50

Canola Jul 2019 466.90 463.80 464.80 0.50 464.80

Canola Nov 2019 477.50 474.30 475.10 -0.10 475.10

Canola Jan 2020 483.70 481.10 481.70 0.30 481.70

Canola Mar 2020 488.50 486.10 486.30 unch 486.30

 

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 May 2019 898.50 893.75 895.25 unch 895.25

Soybean Jul 2019 912.00 907.25 908.75 unch 908.50

Soybean Aug 2019 917.25 913.00 914.25 -0.25 913.75

Soybean Sep 2019 922.00 917.75 918.75 -0.25 918.50

Soybean Nov 2019 931.00 926.50 927.75 -0.50 927.75

Soybean Jan 2020 940.75 936.75 937.50 -0.75 937.50

 

Soybean Meal May 2019 308.70 306.80 307.90 0.70 308.00

Soybean Meal Jul 2019 312.20 310.50 311.60 0.60 311.60

Soybean Meal Aug 2019 313.60 312.10 312.90 0.30 312.90

 

Soybean Oil May 2019 29.13 28.90 28.95 -0.03 28.95

Soybean Oil Jul 2019 29.45 29.23 29.28 -0.03 29.28

Soybean Oil Aug 2019 29.60 29.39 29.44 -0.03 29.43

 

Corn May 2019 361.50 358.50 361.00 1.00 361.25

Corn Jul 2019 370.25 367.00 369.50 0.75 370.00

Corn Sep 2019 378.25 375.25 377.50 0.75 378.00

Corn Dec 2019 389.75 386.75 389.00 0.50 389.75

Corn Mar 2020 403.75 400.75 403.00 0.75 403.50

 

Oats May 2019 289.50 280.50 287.25 7.25 286.75

Oats Jul 2019 277.75 271.50 275.25 2.00 274.75

Oats Sep 2019 267.00 264.25 267.00 1.25 265.75

Oats Dec 2019 261.00 255.75 258.00 -0.75 258.50

Oats Mar 2020 253.00 253.00 253.00 -0.75 253.75

 

Wheat May 2019 465.25 457.50 464.50 4.00 464.00

Wheat Jul 2019 468.75 462.00 468.50 3.00 468.00

Wheat Sep 2019 475.50 469.75 475.25 2.25 475.00

Wheat Dec 2019 491.75 486.00 491.50 1.75 491.00

Wheat Mar 2020 506.25 501.00 506.25 1.75 506.25

 

Minneapolis

Spring Wheat May 2019 533.50 527.25 531.75 -1.50 531.75

Spring Wheat Jul 2019 539.50 532.50 537.00 -2.00 537.00

Spring Wheat Sep 2019 548.50 541.00 545.50 -2.00 545.50

Spring Wheat Dec 2019 563.00 556.00 560.75 -1.75 560.75

Spring Wheat Mar 2020 578.50 570.00 575.75 -1.50 575.75

 

Kansas City

Hard Red Wheat May 2019 435.25 428.75 434.25 3.75 434.25

Hard Red Wheat Jul 2019 441.75 435.25 441.25 3.75 441.00

Hard Red Wheat Sep 2019 452.25 446.50 452.00 3.50 452.00

Hard Red Wheat Dec 2019 474.75 469.50 474.75 2.75 474.25

Hard Red Wheat Mar 2020 493.75 488.75 493.50 2.00 493.75

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle   Apr 2019 126.55 126.55 126.55 0.55 126.55

Live Cattle   Jun 2019 121.45 121.45 121.45 1.03 121.45

Live Cattle   Aug 2019 118.20 118.20 118.20 0.83 118.20

 

Feeder Cattle   Apr 2019 145.43 145.43 145.43 unch 145.43

Feeder Cattle   May 2019 150.50 150.50 150.50 0.65 150.50

Feeder Cattle   Aug 2019 158.70 158.70 158.70 1.05 158.70

 

Lean Hogs   Apr 2019 79.30 79.30 79.30 0.08 79.30

Lean Hogs   May 2019 89.60 89.60 89.60 1.20 89.60

Lean Hogs   Jun 2019 98.50 98.50 98.50 0.80 98.50

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