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Canola mixed; soybeans down

 

Winnipeg (CNS Canada) – ICE Futures Canada canola contracts bounced off their session lows in the final minutes of trade to settle narrowly mixed as the market consolidated ahead of the weekend.

After posting sharp gains on Thursday, canola was looking a bit overdone to the upside, and was lower in sympathy with Chicago Board of Trade soybeans for most of the session.

Concerns over a looming strike at Canadian Pacific Rail were also overhanging the market. While a disruption in rail movement would lead to tightness at the ports, the resulting backlog on the Prairies would be bearish overall for prices.

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The Canadian dollar was weaker, having lost about one cent relative to its United States counterpart over the past week. That provided some underlying support for the futures.

About 25,581 canola contracts traded on Friday, which compares with Thursday when 33,020 contracts changed hands. Spreading was a feature, accounting for 17,064 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were down on Friday, as forecasts calling for warmer temperatures across the Midwest cast a bearish tone over the ag markets. The better weather should help farmers finally make some progress with spring seeding.

Ongoing concerns over a trade dispute between the United States and China also weighed on values, with export demand possibly slowing down.

Farmers in Argentina are making good progress bringing in their soybean crop, according to reports out of the South American country. While the newly harvested supplies are slightly bearish, production will still be down considerably on the year due to drought.

CORN futures were also pressured lower by the improving Midwestern weather forecasts, with losses in wheat also weighing on values.

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The late start to spring seeding had led to ideas some intended corn acres would shift into soybeans.

WHEAT futures were weaker on the day, as some much needed rain is expected to over much of the dry southern U.S. Plains this weekend and there’s more moisture in the longer-range forecasts.

Large world supplies, bearish technical signals, and a lack of significant export demand for U.S. wheat added to the softer tone.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up nine cents at US$68.38 per barrel.

In the afternoon, the Canadian dollar was trading around US78.40 cents, down from 78.92 cents the previous trading day. The U.S. dollar was C$1.2755.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola May 18 534.80s +0.40 +0.07%

Canola Jul 18 533.80s -0.70 -0.13%

Canola Nov 18 519.90s +0.20 +0.04%

Canola Jan 19 523.90s -0.30 -0.06%

Canola Mar 19 525.60s -0.30 -0.06%

 

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 1028-6s -8-4 -0.82%

Soybeans Jul 18 1040-2s -8-6 -0.83%

Soybeans Aug 18 1042-0s -8-4 -0.81%

Soybeans Sep 18 1037-4s -7-0 -0.67%

Soybeans Nov 18 1035-0s -7-4 -0.72%

 

Soybean Meal May 18 374.1s +0.8 +0.21%

Soybean Meal Jul 18 378.6s +0.8 +0.21%

Soybean Meal Aug 18 378.5s +0.2 +0.05%

 

Soybean Oil May 18 31.30s -0.11 -0.35%

Soybean Oil Jul 18 31.56s -0.12 -0.38%

Soybean Oil Aug 18 31.68s -0.13 -0.41%

 

Corn May 18 376-4s -5-4 -1.44%

Corn Jul 18 385-4s -5-4 -1.41%

Corn Sep 18 393-0s -5-4 -1.38%

Corn Dec 18 402-4s -5-4 -1.35%

Corn Mar 19 410-2s -5-2 -1.26%

 

Oats May 18 232-4s -2-0 -0.85%

Oats Jul 18 236-0s -2-4 -1.05%

Oats Sep 18 242-6s -2-4 -1.02%

Oats Dec 18 253-4s -2-2 -0.88%

Oats Mar 19 259-6s -2-4 -0.95%

 

Wheat May 18 463-2s -13-4 -2.83%

Wheat Jul 18 477-2s -13-4 -2.75%

Wheat Sep 18 495-6s -12-6 -2.51%

Wheat Dec 18 520-0s -12-2 -2.30%

Wheat Mar 19 538-6s -12-0 -2.18%

 

Minneapolis

Spring Wheat May 18 600-0s -13-2 -2.16%

Spring Wheat Jul 18 605-6s -13-4 -2.18%

Spring Wheat Sep 18 611-4s -12-4 -2.00%

Spring Wheat Dec 18 622-4s -10-4 -1.66%

Spring Wheat Mar 19 631-6s -8-2 -1.29%

 

Kansas City

Hard Red Wheat May 18 482-6s -12-4 -2.52%

Hard Red Wheat Jul 18 502-0s -12-4 -2.43%

Hard Red Wheat Sep 18 520-4s -13-0 -2.44%

Hard Red Wheat Dec 18 546-6s -13-0 -2.32%

Hard Red Wheat Mar 19 564-4s -12-6 -2.21%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Apr 18 119.350s +1.550 +1.32%

Live Cattle Jun 18 103.725s +0.725 +0.70%

Live Cattle Aug 18 103.800s +0.675 +0.65%

 

Feeder Cattle Apr 18 137.300s +0.075 +0.05%

Feeder Cattle May 18 139.325s +0.900 +0.65%

Feeder Cattle Aug 18 144.500s +0.800 +0.56%

 

Lean Hogs May 18 69.950s -0.200 -0.29%

Lean Hogs Jun 18 77.550s -0.525 -0.67%

Lean Hogs Jul 18 80.025s -0.675 -0.84%

 

About the author

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

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