Canola rebounds after hitting 3-month low

OTTAWA, (Reuters) – ICE canola futures rose on Monday after tumbling to a nearly three-month low on Friday amid ongoing fears about the potential impact an outbreak of coronavirus in China could have on the global economy.

Oilseed markets appear to have stabilized and could rise provided coronavirus fears do not suddenly heat up again. The stock market will be the barometer for grain traders, they said, adding oilseeds, including canola, are oversold.

March canola gained $2 to $452.50 per tonne. The contract fell as low as $448.50.

March-May canola spread traded 3,760 times.

U.S. soybean and soyoil futures also closed higher on Monday.

Euronext May rapeseed futures fell and Malaysian April palm oil futures rose.

Statistics Canada is scheduled to report on Wednesday on Canadian crop stocks as of Dec. 31, 2019.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down $1.45 at US$50.11 per barrel.

In the afternoon, the Canadian dollar was trading around US75.33 cents, down from 75.57 cents the previous trading day. The U.S. dollar was C$1.3275.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Mar 20 452.50s +2.00 +0.44%

Canola May 20 461.60s +1.80 +0.39%

Canola Jul 20 468.40s +1.70 +0.36%

Canola Nov 20 477.50s +2.40 +0.51%

Canola Jan 21 483.90s +2.50 +0.52%

 

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

Soybean Mar 20 877-0s +4-4 +0.52%

Soybean May 20 890-6s +4-0 +0.45%

Soybean Jul 20 904-4s +4-0 +0.44%

Soybean Aug 20 909-4s +4-0 +0.44%

Soybean Sep 20 910-4s +4-0 +0.44%

 

Soybean Meal Mar 20 289.8s -1.2 -0.41%

Soybean Meal May 20 295.2s -1.1 -0.37%

Soybean Meal Jul 20 300.5s -0.9 -0.30%

 

Soybean Oil Mar 20 30.29s +0.35 +1.17%

Soybean Oil May 20 30.65s +0.35 +1.16%

Soybean Oil Jul 20 31.04s +0.35 +1.14%

 

Corn Mar 20 378-6s -2-4 -0.66%

Corn May 20 384-4s -2-0 -0.52%

Corn Jul 20 389-4s -1-4 -0.38%

Corn Sep 20 386-6s -1-0 -0.26%

Corn Dec 20 389-4s -1-2 -0.32%

 

Oats Mar 20 300-2s -3-4 -1.15%

Oats May 20 295-2s -3-0 -1.01%

Oats Jul 20 286-2s -2-2 -0.78%

Oats Sep 20 270-2s -1-4 -0.55%

Oats Dec 20 270-4s unch unch

 

Wheat Mar 20 555-4s +1-6 +0.32%

Wheat May 20 553-6s +1-2 +0.23%

Wheat Jul 20 553-4s +1-0 +0.18%

Wheat Sep 20 559-4s +0-4 +0.09%

Wheat Dec 20 568-0s unch unch

 

Minneapolis

Spring Wheat Mar 20 533-0s -0-6 -0.14%

Spring Wheat May 20 543-0s -0-2 -0.05%

Spring Wheat Jul 20 552-4s +0-2 +0.05%

Spring Wheat Sep 20 561-0s unch unch

Spring Wheat Dec 20 572-4s +0-2 +0.04%

 

Kansas City

Hard Red Wheat Mar 20 466-6s +1-2 +0.27%

Hard Red Wheat May 20 473-4s +1-0 +0.21%

Hard Red Wheat Jul 20 480-4s +0-4 +0.10%

Hard Red Wheat Sep 20 489-2s +0-4 +0.10%

Hard Red Wheat Dec 20 500-6s +0-4 +0.10%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Feb 20 121.675s +0.300 +0.25%

Live Cattle Apr 20 120.725s +1.050 +0.88%

Live Cattle Jun 20 112.000s +0.425 +0.38%

 

Feeder Cattle Mar 20 136.650s +0.575 +0.42%

Feeder Cattle Apr 20 138.350s +0.825 +0.60%

Feeder Cattle May 20 140.800s +1.100 +0.79%

 

Lean Hogs Feb 20 56.300s -0.825 -1.44%

Lean Hogs Apr 20 62.725s +1.125 +1.83%

Lean Hogs May 20 71.250s +1.225 +1.75%

 

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