The ICE Futures canola platform finished the day mixed, with contracts bouncing around both sides of unchanged in the last 10 minutes of trade.
Chicago Board of Trade (CBOT) soybean contracts finished the day mostly higher, soyoil contracts were stronger and meal contracts lower. Soybeans found support from news that China and the United States were talking about trade.
For the canola market the January contract did rise above the C$480 per tonne mark earlier in the day, but finished the day back down at C$478 per tonne.
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U.S. grains: Soy drops on demand worries, corn firm as traders question lofty yield projections
U.S. soybean futures fell to a 1-1/2 week low on Tuesday as China continued to shun purchases from the United States and as forecasts for improved rains in the coming days reinforced expectations for a sizeable Midwest harvest.
There is currently some caution in the oilseeds markets as reports about good weather in South America and what is expected to be a record soybean crop are weighing on the markets. There is also still some uncertainty about the size and quality of the Canadian canola crop.
About 13,938 canola contracts traded, which compares with Wednesday when 14,566 contracts changed hands. Spreading accounted for 7,132 of the contracts traded.
The National Oilseed Processors Association soybean crush for October set another record at 172.2 million bushels. For year to date this is up 10.8 per cent, compared to the United States Department of Agriculture (USDA) forecast of only a 1.2 per cent increase.
CBOT corn prices closed with some contracts higher and some unchanged.
USDA data released Thursday pegged ethanol production at 1.067 million barrels per day last week in the U.S.
European Union corn production is expected to increase by 600,000 tonnes to 60 million tonnes this year. Ukraine is expected to harvest 34 million tonnes of corn itself with up to around 80 per cent of that to be exported.
Wheat futures in the U.S. finished the day mixed.
Forecasts in the U.S. Midwest are calling for more rain and snow over the next two weeks which could hold back planting and slow emergence for winter wheat. However, good moisture has helped the fields that are growing.
There are reports that the EU soft wheat crop is predicted to be 127 million tonnes, which is unchanged from previous estimates.
Japan bought about 120,000 tonnes of wheat in its routine tender.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was up 21 cents at US$56.46 per barrel.
In the afternoon, the Canadian dollar was trading around US75.75 cents, up from 75.56 cents the previous trading day. The U.S. dollar was C$1.3202.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 19 478.20s unch unch
Canola Mar 19 486.10s +0.50 +0.10%
Canola May 19 494.00s +0.70 +0.14%
Canola Jul 19 499.50s +0.80 +0.16%
Canola Nov 19 498.00s -1.40 -0.28%
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 Jan 19 888-6s +5-2 +0.59%
Soybeans Mar 19 902-2s +5-4 +0.61%
Soybeans May 19 915-4s +5-2 +0.58%
Soybeans Jul 19 928-0s +4-6 +0.51%
Soybeans Aug 19 932-4s +4-4 +0.48%
Soybean Meal Dec 18 305.4s -0.3 -0.10%
Soybean Meal Jan 19 307.6s unch unch
Soybean Meal Mar 19 310.1s -0.1 -0.03%
Soybean Oil Dec 18 27.69s +0.12 +0.44%
Soybean Oil Jan 19 27.89s +0.11 +0.40%
Soybean Oil Mar 19 28.18s +0.11 +0.39%
Corn Dec 18 367-4s +0-4 +0.14%
Corn Mar 19 378-2s +0-2 +0.07%
Corn May 19 385-6s unch unch
Corn Jul 19 392-4s +0-2 +0.06%
Corn Sep 19 393-6s unch unch
Oats Dec 18 292-2s +3-6 +1.30%
Oats Mar 19 291-6s +2-2 +0.78%
Oats May 19 292-4s +2-2 +0.78%
Oats Jul 19 290-0s +1-0 +0.35%
Oats Sep 19 282-4s +0-2 +0.09%
Wheat Dec 18 505-4s +2-4 +0.50%
Wheat Mar 19 514-6s +2-6 +0.54%
Wheat May 19 523-0s +2-0 +0.38%
Wheat Jul 19 531-6s +1-4 +0.28%
Wheat Sep 19 542-2s +0-2 +0.05%
Minneapolis
Spring Wheat Dec 18 574-6s -1-2 -0.22%
Spring Wheat Mar 19 575-0s -1-6 -0.30%
Spring Wheat May 19 582-4s -2-2 -0.38%
Spring Wheat Jul 19 590-4s -2-2 -0.38%
Spring Wheat Sep 19 599-2s -1-6 -0.29%
Kansas City
Hard Red Wheat Dec 18 480-0s -1-0 -0.21%
Hard Red Wheat Mar 19 503-2s -1-0 -0.20%
Hard Red Wheat May 19 515-4s -1-6 -0.34%
Hard Red Wheat Jul 19 527-2s -2-2 -0.42%
Hard Red Wheat Sep 19 541-2s -2-4 -0.46%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 18 115.150s +0.550 +0.48%
Live Cattle Feb 19 119.100s +0.500 +0.42%
Live Cattle Apr 19 120.950s +0.375 +0.31%
Feeder Cattle Nov 18 148.625s -0.350 -0.23%
Feeder Cattle Jan 19 147.850s +0.875 +0.60%
Feeder Cattle Mar 19 144.550s +0.750 +0.52%
Lean Hogs Dec 18 57.075s +0.075 +0.13%
Lean Hogs Feb 19 63.750s +1.400 +2.25%
Lean Hogs Apr 19 68.750s +1.000 +1.48%
