Canola loses some of yesterday’s gains

 The ICE Futures canola platform were weaker at market close, seeing a correction following yesterday’s large gains for the oilseeds markets.

Chicago Board of Trade (CBOT) soybean contracts were up while oil and meal contracts were down. Yesterday saw oilseed markets jump in value after United States President Donald Trump tweeted that he talked with China about trade. Markets saw a correction today and soybeans are currently overpriced compared to their crush value according to a trader.

Farmer deliveries for canola were big once again last week. According to the Canadian Grain Commission data there was almost 500,000 tonnes of canola delivered for the week ended Oct. 28, this was way above average for this time of year.
The Canadian dollar was weaker at canola market close, which limited losses for canola contracts.
About 22,470 canola contracts traded, which compares with Thursday when 27,864 contracts changed hands. Spreading accounted for 14,490 of the contracts traded.
The U.S. Department of Agriculture (USDA) released its long-term agricultural projections today. U.S. soybean acres are expected to fall next year to 82.5 million acres from 89.1 million acres this year. Current acreage won’t be reached again during the next 10 years.

The USDA reported yesterday that processors crushed 169.3 million bushels of soybeans in September. This was two million less than expected based on data previously released by the National Oilseed Processors Association. The total was down slightly from August but still a record for the month.
CBOT corn prices closed in the green Friday.

The Buenos Aires Grain Exchange has estimated that Argentina’s corn planting 36 per cent done, having only advanced two per cent last week.
Wheat futures in the U.S. finished the day mostly higher.

The USDA is predicting wheat acreage to grow in the next 10 years. Acreage will increase to 51.0 million acres next year, from 47.8 million acres this year.
New net bookings last week for the U.S. totaled 21.4 million bushels, which was the most for September. Japan bought 4.4 million bushels, the most of all buyers. Total sales and shipments have reached 62 per cent of USDA’s forecast for the 2018 crop so far, which is ahead of average.
There is news that Russia could suspend exports at two key regions due to quality concerns.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down 55 cents at US$63.14 per barrel.

In the afternoon, the Canadian dollar was trading around US76.31 cents, down from 76.41 cents the previous trading day. The U.S. dollar was C$1.3105.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Nov 18  478.20s  -4.30  -0.89%

Canola Jan 19  485.30s  -4.30  -0.88%

Canola Mar 19  493.10s  -3.80  -0.76%

Canola May 19  500.50s  -3.80  -0.75%

Canola Jul 19  504.50s  -3.20  -0.63%

 

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  875-2s  +6-2  +0.72%

Soybeans Jan 19  887-6s  +5-6  +0.65%

Soybeans Mar 19  900-0s  +5-6  +0.64%

Soybeans May 19  913-4s  +5-6  +0.63%

Soybeans Jul 19  925-4s  +5-4  +0.60%

 

Soybean Meal Dec 18  311.0s  -2.4  -0.77%

Soybean Meal Jan 19  312.7s  -2.3  -0.73%

Soybean Meal Mar 19  314.6s  -2.7  -0.85%

 

Soybean Oil Dec 18  28.20s  -0.12  -0.42%

Soybean Oil Jan 19  28.42s  -0.13  -0.46%

Soybean Oil Mar 19  28.71s  -0.13  -0.45%

 

Corn Dec 18  371-2s  +4-4  +1.23%

Corn Mar 19  383-2s  +4-4  +1.19%

Corn May 19  391-2s  +4-4  +1.16%

Corn Jul 19  397-0s  +4-2  +1.08%

Corn Sep 19  397-6s  +3-6  +0.95%

 

Oats Dec 18  284-2s  +3-0  +1.07%

Oats Mar 19  277-4s  -0-2  -0.09%

Oats May 19  280-0s  +1-4  +0.54%

Oats Jul 19  280-4s  +1-0  +0.36%

Oats Sep 19  277-2s  +0-4  +0.18%

 

Wheat Dec 18  508-6s  +0-6  +0.15%

Wheat Mar 19  524-0s  +1-2  +0.24%

Wheat May 19  535-6s  +1-4  +0.28%

Wheat Jul 19  542-6s  +2-2  +0.42%

Wheat Sep 19  554-0s  +0-6  +0.14%

 

Minneapolis

Spring Wheat Dec 18  580-4s  +3-6  +0.65%

Spring Wheat Mar 19  588-2s  +2-4  +0.43%

Spring Wheat May 19  596-0s  +2-2  +0.38%

Spring Wheat Jul 19  603-4s  +2-4  +0.42%

Spring Wheat Sep 19  610-4s  +2-4  +0.41%

 

Kansas City

Hard Red Wheat Dec 18  504-2s  +3-0  +0.60%

Hard Red Wheat Mar 19  528-0s  +2-4  +0.48%

Hard Red Wheat May 19  541-2s  +1-6  +0.32%

Hard Red Wheat Jul 19  548-4s  +1-4  +0.27%

Hard Red Wheat Sep 19  563-6s  +1-0  +0.18%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Dec 18  117.075s  -0.050  -0.04%

Live Cattle Feb 19  122.200s  -0.150  -0.12%

Live Cattle Apr 19  123.725s  -0.100  -0.08%

 

Feeder Cattle Nov 18  152.500s  -0.800  -0.52%

Feeder Cattle Jan 19  149.750s  -0.850  -0.56%

Feeder Cattle Mar 19  148.250s  -0.575  -0.39%

 

Lean Hogs Dec 18  58.125s  -0.075  -0.13%

Lean Hogs Feb 19  64.650s  -0.400  -0.61%

Lean Hogs Apr 19  70.600s  -0.225  -0.32%

 

About the author

Ashley Robinson - MarketsFarm's recent articles

Markets at a glance

explore

Stories from our other publications