Winnipeg – ICE Futures canola contracts were weaker on Wednesday, as bearish chart signals and spillover from declines in the Chicago Board of Trade soy complex weighed on values.
While cool and wet conditions continue to cause harvest delays across the Prairies, farmer deliveries were showing signs of picking up which brought some hedge pressure into the market, according to traders.
The recent move below the C$500 per tonne mark in the nearby November contract was also bearish from a chart-standpoint, and kept buyers on the sidelines.
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The United States Department of Agriculture releases updated production data on Thursday, and positioning ahead of the report accounted for some of the activity.
About 22,078 canola contracts traded, which compares with Tuesday when 17,680 contracts changed hands. Spreading accounted for 13,742 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were down sharply on Wednesday, as speculators booked profits following recent gains.
The United States soybean crop was 32 percent harvested as of this past Sunday, according to the latest U.S. Department of Agriculture report. While the pace was four points off the average for this time of year, it was still a bit better than expected especially given the recent wet weather across the Midwest.
Good seeding conditions in Brazil and the ongoing trade dispute with China also weighed on soybeans.
The USDA releases updated supply/demand and production data on Thursday, and positioning ahead of the report kept some caution in the futures.
CORN futures posted small losses, with positioning ahead of Thursday’s USDA report a feature.
The U.S. corn crop was 34 percent harvested in the latest weekly report, which was ahead of the normal pace for this time of year of 26 percent done.
Condition ratings for what was still in the field declined slightly, losing one point in the top quality ratings to sit at 68 percent good to excellent.
WHEAT futures were mixed, with losses in the winter wheats and a firmer tone in Minneapolis spring wheat.
U.S. winter wheat was 57 percent seeded in the weekly report, which was slightly ahead of average. Emergence was pegged at 30 percent.
Positioning ahead of tomorrow’s report was a feature, with wheat traders following the world and U.S. stocks data with interest.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up xx cents at US$73.17 per barrel.
In the afternoon, the Canadian dollar was trading around US76.60 cents, down from 77.30 cents the previous trading day. The U.S. dollar was C$1.2886
Winnipeg ICE Futures Canada dollars per tonne.
Name / Contract Last Change % Change
Canola Nov 18 496.80s -2.80 -0.56%
Canola Jan 19 502.40s -2.60 -0.51%
Canola Mar 19 508.20s -2.60 -0.51%
Canola May 19 511.90s -2.10 -0.41%
Canola Jul 19 514.40s -1.50 -0.29%
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 Nov 18 852-2s -10-6 -1.25%
Soybeans Jan 19 866-0s -10-6 -1.23%
Soybeans Mar 19 878-6s -10-4 -1.18%
Soybeans May 19 892-0s -10-4 -1.16%
Soybeans Jul 19 903-4s -10-4 -1.15%
Soybean Meal Oct 18 312.0s -1.5 -0.48%
Soybean Meal Dec 18 315.7s -2.1 -0.66%
Soybean Meal Jan 19 316.2s -2.0 -0.63%
Soybean Oil Oct 18 28.65s -0.32 -1.10%
Soybean Oil Dec 18 28.93s -0.33 -1.13%
Soybean Oil Jan 19 29.17s -0.32 -1.09%
Corn Dec 18 362-6s -1-6 -0.48%
Corn Mar 19 374-6s -1-6 -0.46%
Corn May 19 382-0s -1-4 -0.39%
Corn Jul 19 387-6s -1-2 -0.32%
Corn Sep 19 391-0s -1-2 -0.32%
Oats Dec 18 284-2s -1-6 -0.61%
Oats Mar 19 275-4s -2-6 -0.99%
Oats May 19 271-6s -2-6 -1.00%
Oats Jul 19 272-0s -2-0 -0.73%
Oats Sep 19 274-0s -2-0 -0.72%
Wheat Dec 18 510-4s -4-4 -0.87%
Wheat Mar 19 531-2s -4-0 -0.75%
Wheat May 19 543-4s -2-6 -0.50%
Wheat Jul 19 548-6s -3-2 -0.59%
Wheat Sep 19 560-2s -4-2 -0.75%
Minneapolis
Spring Wheat Dec 18 591-6s -1-6 -0.29%
Spring Wheat Mar 19 602-2s -2-6 -0.45%
Spring Wheat May 19 609-2s -3-0 -0.49%
Spring Wheat Jul 19 615-4s -2-6 -0.44%
Spring Wheat Sep 19 620-0s -2-0 -0.32%
Kansas City
Hard Red Wheat Dec 18 516-2s -3-2 -0.63%
Hard Red Wheat Mar 19 540-2s -3-0 -0.55%
Hard Red Wheat May 19 552-4s -2-4 -0.45%
Hard Red Wheat Jul 19 558-4s -3-0 -0.53%
Hard Red Wheat Sep 19 573-4s -3-2 -0.56%
Live Cattle Oct 18 112.075s -1.275 -1.12%
Live Cattle Dec 18 116.475s -0.675 -0.58%
Live Cattle Feb 19 121.450s -0.650 -0.53%
Feeder Cattle Oct 18 155.900s -1.050 -0.67%
Feeder Cattle Nov 18 156.175s -1.325 -0.84%
Feeder Cattle Jan 19 152.125s -1.625 -1.06%
Lean Hogs Oct 18 68.475s -0.275 -0.40%
Lean Hogs Dec 18 55.950s -0.625 -1.10%
Lean Hogs Feb 19 64.525s -1.100 -1.68%
