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.
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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.
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%
