Canola lifted by CDN currency

 

Winnipeg (CNS Canada) – The ICE Futures Canada canola ended higher on Monday, taking support from a falling Canadian currency. The Canadian dollar was barely hanging above the 77 US cent mark, which makes canola more enticing to foreign buyers.

Gains in U.S. soybeans were supportive for the market.

Snowfall across the Prairies over the weekend may be delaying farmer sales.

Despite Canola’s recent rise it is still relatively affordable compared to other oilseeds.

However, losses in U.S. soyoil weighed on the market.

Expectations of a large Canadian canola crop this year tempered the upside.

A recent rally in soymeal appears to have fizzled out while recent talk about tariffs in the U.S. has thrown some hesitation into the market.

Around 19,169 canola contracts were traded on Monday, which compares with Friday when around 18,726 contracts changed hands. Spreading accounted for 9,624 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

The soybean market finished higher on Monday in speculative trade.

The market received a boost after Informa economics lowered its estimate for the Argentine soybean crop to 44 million tonnes. That compares to the previous estimate of 51 million.

The Brazilian harvest is over a third complete.

Large funds continue to build up long positions in both soybeans and soymeal.

Corn futures ticked slightly higher with reasonable demand.

Informa Economics lowered its estimate for the corn crop in Argentina to 33.5 million tonnes. That is 3.5 million tonnes lower than the previous estimate.

Despite its recent rise, corn is still the cheapest U.S. grain right now. That means sales are fairly steady.

Chicago wheat futures posted solid gains on the day due to dryness concerns in the U.S. Plains.

The northern U.S. received snow last night, which should help alleviate some of the dryness problems in that region.

Large equity funds may be hesitant to enter the market right now with all the talk of a trade war.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up $1.32 at US$62.57 per barrel.

In the afternoon, the Canadian dollar was trading around US76.99 cents, down from 77.60 cents the previous trading day. The U.S. dollar was C$1.2987.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Mar 18 528.50s +5.00 +0.96%

Canola May 18 530.50s +3.40 +0.65%

Canola Jul 18 534.60s +2.80 +0.53%

Canola Nov 18 519.40s +2.00 +0.39%

Canola Jan 19 523.60s +1.90 +0.36%

 

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 1066-6s +6-0 +0.57%

Soybeans May 18 1077-4s +6-4 +0.61%

Soybeans Jul 18 1085-6s +6-4 +0.60%

Soybeans Aug 18 1083-0s +6-4 +0.60%

Soybeans Sep 18 1059-4s +5-6 +0.55%

 

Soybean Meal Mar 18 389.3s -0.9 -0.23%

Soybean Meal May 18 393.2s +0.3 +0.08%

Soybean Meal Jul 18 391.4s +1.0 +0.26%

 

Soybean Oil Mar 18 32.01s -0.05 -0.16%

Soybean Oil May 18 32.21s -0.09 -0.28%

Soybean Oil Jul 18 32.40s -0.09 -0.28%

 

Corn Mar 18 378-2s +1-0 +0.27%

Corn May 18 387-2s +2-0 +0.52%

Corn Jul 18 394-4s +2-0 +0.51%

Corn Sep 18 400-0s +2-2 +0.57%

Corn Dec 18 406-0s +1-6 +0.43%

 

Oats Mar 18 264-6s -0-2 -0.09%

Oats May 18 269-0s +0-4 +0.19%

Oats Jul 18 269-4s -0-4 -0.19%

Oats Sep 18 265-6s unch unch

Oats Dec 18 266-4s +3-2 +1.23%

 

Wheat Mar 18 502-2s +10-2 +2.08%

Wheat May 18 509-2s +9-2 +1.85%

Wheat Jul 18 523-2s +8-6 +1.70%

Wheat Sep 18 537-4s +8-6 +1.65%

Wheat Dec 18 555-6s +8-6 +1.60%

 

Minneapolis

Spring Wheat Mar 18 623-0s +16-4 +2.72%

Spring Wheat May 18 624-2s +4-0 +0.64%

Spring Wheat Jul 18 632-0s +4-2 +0.68%

Spring Wheat Sep 18 638-0s +3-6 +0.59%

Spring Wheat Dec 18 645-6s +4-0 +0.62%

 

Kansas City

Hard Red Wheat Mar 18 533-4s +11-4 +2.20%

Hard Red Wheat May 18 545-4s +11-6 +2.20%

Hard Red Wheat Jul 18 561-2s +11-0 +2.00%

Hard Red Wheat Sep 18 576-4s +10-4 +1.86%

Hard Red Wheat Dec 18 594-0s +9-4 +1.63%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Apr 18 123.225s +1.050 +0.86%

Live Cattle Jun 18 115.350s +0.950 +0.83%

Live Cattle Aug 18 113.125s +1.025 +0.91%

 

Feeder Cattle Mar 18 145.150s +1.475 +1.03%

Feeder Cattle Apr 18 146.875s +1.600 +1.10%

Feeder Cattle May 18 147.675s +1.150 +0.78%

 

Lean Hogs Apr 18 68.800s +1.225 +1.81%

Lean Hogs May 18 75.750s +1.100 +1.47%

Lean Hogs Jun 18 80.975s +1.225 +1.54%

 

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