Winnipeg (CNS Canada) – ICE Futures Canada canola contracts were stronger on Friday, settling at their highest levels in two weeks as the market saw a continued bounce off of the nearby lows hit on Wednesday. Gains in Chicago Board of Trade soybeans and weakness in the Canadian dollar were supportive
A lack of significant farmer and steady end user demand contributed to the firmer tone, according to participants.
Crush margins improved slightly on the day, but are well off the levels seen at the same time a year ago. Fund traders are also still holding large net short positions in canola.
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U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
About 16,710 canola contracts traded on Friday, which compares with Thursday when 11,151 contracts changed hands. Spreading accounted for 9,498 of the contracts traded.
Good export demand helped take Chicago Board of Trade soybeans higher on Friday, with the United States Department of Agriculture reporting weekly sales of 1.5 million tonnes.
Persistent weather concerns in Argentina were also supportive, as conditions remain on the hot and dry side in the key soybean growing country. In addition to potential yield losses, the planted area may also be down as the lack of moisture has hampered seeding operations in some areas.
Corn futures settled with small gains in most months, after chopping around both sides of unchanged. The steady tone in corn came despite much better than expected weekly export sales.
The USDA reported sales of roughly 1.9 million tonnes, which were about a million tonnes above the top end of trade guesses.
All three U.S. wheat markets were down on the day, as weekly wheat export sales of about 190,000 tonnes were at the low end of market expectations.
Forecasts are calling for much needed rain and snow across some U.S. winter wheat growing regions. Snow in the forecasts for Ukraine and Russia should also help the dormant winter wheat crops there see more protection from cold temperatures.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 30 cents at US$57.46 per barrel.
In the afternoon, the Canadian dollar was trading around US77.71 cents, down from 77.73 cents the previous trading day. The U.S. dollar was C$1.2868. 1/.7795
Winnipeg ICE Futures Canada dollars per tonne.
Canola Mar 18 496.00s +3.40 +0.69%
Canola May 18 502.80s +2.80 +0.56%
Canola Jul 18 508.40s +2.40 +0.47%
Canola Nov 18 504.10s +1.80 +0.36%
Canola Jan 19 509.30s +2.40 +0.47%
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 Mar 18 977-2s +4-2 +0.44%
Soybeans May 18 988-4s +4-2 +0.43%
Soybeans Jul 18 998-2s +4-2 +0.43%
Soybeans Aug 18 1000-2s +3-4 +0.35%
Soybeans Sep 18 997-2s +2-6 +0.28%
Soybean Meal Mar 18 331.6s +3.2 +0.97%
Soybean Meal May 18 335.1s +3.1 +0.93%
Soybean Meal Jul 18 337.6s +2.9 +0.87%
Soybean Oil Mar 18 32.28s +0.05 +0.16%
Soybean Oil May 18 32.48s +0.05 +0.15%
Soybean Oil Jul 18 32.69s +0.06 +0.18%
Corn Mar 18 352-4s +1-0 +0.28%
Corn May 18 360-6s +1-2 +0.35%
Corn Jul 18 369-0s +1-2 +0.34%
Corn Sep 18 376-4s +1-2 +0.33%
Corn Dec 18 385-6s +0-6 +0.19%
Oats Mar 18 258-0s -1-6 -0.67%
Oats May 18 255-6s -3-2 -1.25%
Oats Jul 18 259-4s -4-0 -1.52%
Oats Sep 18 260-4s -4-0 -1.51%
Oats Dec 18 259-0s -5-2 -1.99%
Wheat Mar 18 422-6s -2-4 -0.59%
Wheat May 18 435-4s -2-6 -0.63%
Wheat Jul 18 448-6s -2-4 -0.55%
Wheat Sep 18 463-6s -2-2 -0.48%
Wheat Dec 18 482-6s -2-0 -0.41%
Minneapolis
Spring Wheat Mar 18 608-4s -2-0 -0.33%
Spring Wheat May 18 617-4s -2-2 -0.36%
Spring Wheat Jul 18 624-2s -2-4 -0.40%
Spring Wheat Sep 18 621-6s -3-2 -0.52%
Spring Wheat Dec 18 631-2s -3-4 -0.55%
Kansas City
Hard Red Wheat Mar 18 427-4s -2-0 -0.47%
Hard Red Wheat May 18 441-2s -1-6 -0.40%
Hard Red Wheat Jul 18 458-0s -1-2 -0.27%
Hard Red Wheat Sep 18 474-2s -1-2 -0.26%
Hard Red Wheat Dec 18 495-2s -1-2 -0.25%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Feb 18 121.900s -0.050 -0.04%
Live Cattle Apr 18 122.725s -0.750 -0.61%
Live Cattle Jun 18 114.725s -0.625 -0.54%
Feeder Cattle Jan 18 147.950s -1.225 -0.82%
Feeder Cattle Mar 18 145.600s -1.575 -1.07%
Feeder Cattle Apr 18 146.075s -1.300 -0.88%
Lean Hogs Feb 18 72.075s -0.975 -1.33%
Lean Hogs Apr 18 75.500s -0.400 -0.53%
Lean Hogs May 18 79.925s -0.200 -0.25%
