Canola mixed, soy lower

Winnipeg (CNS Canada) – ICE Futures Canada canola contracts settled mixed on Monday, with losses in the front months and gains in the more deferred positions.

Supportive chart signals and a lack of significant farmer selling helped underpin canola throughout the session. Good weather across the Prairies was said to be limiting hedge pressure, as farmers are focused on seeding and other spring field work.

However, a downturn in Chicago Board of Trade soybeans and soyoil put some pressure on canola values. Ideas that actual Canadian canola acres will still end up hitting a new record this year, despite last week’s smaller Statistics Canada projection, also weighed on values. Large old crop supplies are still overhanging the market as well.

About 9,599 canola contracts traded on Monday, which compares with Friday when 18,485 contracts changed hands. Spreading accounted for 2,610 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade settled lower on Monday, with chart-based selling a feature as speculators booked profits on their large net long positions.

A trade delegation from the United States is heading to China this week, but ongoing concerns over future sales to the country kept some caution in the market.

Production issues in Argentina remained somewhat supportive, as the U.S. Department of Agriculture reported sales of 120,000 tonnes of U.S. soybeans to the South American country this morning.

CORN futures moved higher on Monday, as corn planting is still running behind normal across the Midwest.

While good weather allowed farmers to make some progress over the weekend, rain is back in the forecasts for later this week.

Dryness issues elsewhere in the world, including Europe and Brazil, also kept corn underpinned.

WHEAT futures were all higher, with the largest gains in Chicago soft wheat as a lack of deliveries against the May contract on the first notice day gave that market a boost.

Crop scouts are touring Kansas wheat crops this week, and traders will be following reports from the tour closely to get a better sense of yields in the major winter wheat growing state.

To the north, better weather should see spring wheat seeding moving forward, although the progress is still likely well behind normal for this time of year.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were at US$68.57 per barrel.

In the afternoon, the Canadian dollar was trading around US77.93 cents. The U.S. dollar was C$1.2832.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola May 18 531.30s -2.00 -0.38%

Canola Jul 18 532.30s -0.10 -0.02%

Canola Nov 18 518.50s +0.60 +0.12%

Canola Jan 19 522.50s +0.80 +0.15%

Canola Mar 19 524.80s +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 May 18 1037-6s -7-2 -0.69%

Soybeans Jul 18 1048-4s -7-6 -0.73%

Soybeans Aug 18 1050-6s -7-2 -0.69%

Soybeans Sep 18 1047-2s -3-0 -0.29%

Soybeans Nov 18 1044-6s -2-2 -0.21%

 

Soybean Meal May 18 392.1s -1.1 -0.28%

Soybean Meal Jul 18 393.8s -1.5 -0.38%

Soybean Meal Aug 18 392.4s -0.4 -0.10%

 

Soybean Oil May 18 30.35s -0.08 -0.26%

Soybean Oil Jul 18 30.62s -0.11 -0.36%

Soybean Oil Aug 18 30.76s -0.10 -0.32%

 

Corn May 18 392-4s +3-0 +0.77%

Corn Jul 18 400-6s +2-2 +0.56%

Corn Sep 18 407-4s +2-0 +0.49%

Corn Dec 18 416-0s +1-4 +0.36%

Corn Mar 19 423-4s +1-4 +0.36%

 

Oats May 18 225-4s +4-0 +1.81%

Oats Jul 18 235-6s +3-6 +1.62%

Oats Sep 18 239-0s +3-2 +1.38%

Oats Dec 18 250-6s +4-4 +1.83%

Oats Mar 19 256-6s +4-4 +1.78%

 

Wheat May 18 512-4s +17-0 +3.43%

Wheat Jul 18 510-4s +12-0 +2.41%

Wheat Sep 18 526-2s +10-6 +2.09%

Wheat Dec 18 547-2s +9-4 +1.77%

Wheat Mar 19 563-2s +8-2 +1.49%

 

Minneapolis

Spring Wheat May 18 617-6s +11-4 +1.90%

Spring Wheat Jul 18 615-4s +7-4 +1.23%

Spring Wheat Sep 18 621-0s +6-6 +1.10%

Spring Wheat Dec 18 632-4s +6-4 +1.04%

Spring Wheat Mar 19 644-6s +7-0 +1.10%

 

Kansas City

Hard Red Wheat May 18 518-4s +6-2 +1.22%

Hard Red Wheat Jul 18 537-4s +7-0 +1.32%

Hard Red Wheat Sep 18 555-2s +6-6 +1.23%

Hard Red Wheat Dec 18 578-6s +6-6 +1.18%

Hard Red Wheat Mar 19 593-2s +6-0 +1.02%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Apr 18 123.750s -0.700 -0.56%

Live Cattle Jun 18 106.100s -0.900 -0.84%

Live Cattle Aug 18 104.525s -1.450 -1.37%

 

Feeder Cattle May 18 140.175s -1.850 -1.30%

Feeder Cattle Aug 18 146.200s -2.050 -1.38%

Feeder Cattle Sep 18 146.375s -1.975 -1.33%

 

Lean Hogs May 18 66.300s +0.200 +0.30%

Lean Hogs Jun 18 72.700s +0.075 +0.10%

Lean Hogs Jul 18 75.875s -0.350 -0.46%

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By Phil Franz-Warkentin Commodity News Service Canada's recent articles

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