Chicago Board of Trade (CBOT) soybeans contracts finished the day mixed, with values jumping around in the final few minutes of trade. Soyoil contracts were weaker, while meal contracts were higher.
It is expected the canola market will continue to bounce around in trade day-to-day as nicer weather allows farmers to make some harvest progress and to continue to sell canola. There are concerns though about the amount of damage the wet, cold, snowy weather has caused to the canola crop.
The Canadian dollar was weaker today at market close, which was supportive for canola.
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About 29,116 canola contracts traded, which compares with Tuesday when 29,335 contracts changed hands. Spreading accounted for 21,382 of the contracts traded.
There has been no confirmation that United States President Donald Trump will meet with Chinese President Xi Jinping next month at the G20 summit in Argentina.
There are still concerns about the U.S. soybean harvest, with reports that some crops are covered in snow. Farmers are suspecting quality will be affected. However, in other parts of the U.S. weather is improving and farmers are expected to back out into the fields soon.
Soyoil production in Ukraine was down in August, according to UkrAgroConsult. Crushers processed 8.9 kilo metric tons, which was 32 per cent less than the previous month and 10 per cent down from 2017. August’s volume was the lowest in four years due to a significant drop in soybean stocks.
CBOT corn prices finished the day weaker. U.S. ethanol production was down last week, coming it at 1.011 million bushels per day. However, stocks increased slightly from the previous week to 24.1 million bushels.
It expected that the U.S. Department of Agriculture (USDA)’s next yield estimate in November will be lower than October’s estimate of 180.7 bushels per acre, following excessive rains in parts of the U.S. Corn Belt which have led to more yield variability.
The corn harvest in Ukraine is more than 40 per cent complete, which is 28 percent ahead of last year, according to UkrAgroConsult. The average yield is 39 per cent higher than last year’s currently.
Wheat futures in the U.S. finished the day in the red.
Many are thinking that rain in the U.S. around Texas could pose challenges for seeding the rest of the winter wheat crop. However, moisture conditions are supposed to remain favourable for fields that weren’t flooded.
Traders are keeping an eye on exports currently, paying attention to when Russian exports will begin to wane. There also haven’t been any tenders from Egypt since Oct. 4 and many suspect they could post one this week.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were at US$70.05 per barrel.
In the afternoon, the Canadian dollar was trading around US76.76 cents. The U.S. dollar was C$1.3027
Name / Contract Last Change % Change
Winnipeg ICE Futures Canada dollars per tonne.
Canola Nov 18 494.70s +2.20 +0.45%
Canola Jan 19 502.30s +2.40 +0.48%
Canola Mar 19 509.30s +2.30 +0.45%
Canola May 19 514.10s +2.80 +0.55%
Canola Jul 19 517.30s +3.10 +0.60%
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 18 885-6s +1-0 +0.11%
Soybeans Jan 19 899-6s +0-4 +0.06%
Soybeans Mar 19 912-2s +0-6 +0.08%
Soybeans May 19 925-0s +0-6 +0.08%
Soybeans Jul 19 935-2s +0-4 +0.05%
Soybean Meal Dec 18 323.7s +1.4 +0.43%
Soybean Meal Jan 19 325.5s +1.3 +0.40%
Soybean Meal Mar 19 324.3s +1.2 +0.37%
Soybean Oil Dec 18 29.56s -0.10 -0.34%
Soybean Oil Jan 19 29.80s -0.08 -0.27%
Soybean Oil Mar 19 30.05s -0.08 -0.27%
Corn Dec 18 374-2s -1-0 -0.27%
Corn Mar 19 386-4s -0-6 -0.19%
Corn May 19 393-4s -0-6 -0.19%
Corn Jul 19 398-4s -0-6 -0.19%
Corn Sep 19 399-4s -1-0 -0.25%
Oats Dec 18 295-2s -7-0 -2.32%
Oats Mar 19 283-4s -6-0 -2.07%
Oats May 19 282-0s -1-6 -0.62%
Oats Jul 19 283-0s -1-0 -0.35%
Oats Sep 19 282-2s -0-6 -0.27%
Wheat Dec 18 517-4s -6-0 -1.15%
Wheat Mar 19 538-0s -5-4 -1.01%
Wheat May 19 549-0s -5-4 -0.99%
Wheat Jul 19 554-4s -4-6 -0.85%
Wheat Sep 19 565-0s -5-2 -0.92%
Minneapolis
Spring Wheat Dec 18 588-2s -8-0 -1.34%
Spring Wheat Mar 19 597-2s -7-4 -1.24%
Spring Wheat May 19 604-0s -7-2 -1.19%
Spring Wheat Jul 19 611-0s -4-6 -0.77%
Spring Wheat Sep 19 614-6s -5-0 -0.81%
Kansas City
Hard Red Wheat Dec 18 521-0s -7-0 -1.33%
Hard Red Wheat Mar 19 545-2s -7-0 -1.27%
Hard Red Wheat May 19 558-0s -6-0 -1.06%
Hard Red Wheat Jul 19 563-0s -5-4 -0.97%
Hard Red Wheat Sep 19 577-2s -6-0 -1.03%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 18 112.925s +0.275 +0.24%
Live Cattle Dec 18 117.375s -0.400 -0.34%
Live Cattle Feb 19 121.475s -0.350 -0.29%
Feeder Cattle Oct 18 154.075s +0.050 +0.03%
Feeder Cattle Nov 18 153.350s -0.875 -0.57%
Feeder Cattle Jan 19 149.075s -0.875 -0.58%
Lean Hogs Dec 18 54.700s -2.175 -3.82%
Lean Hogs Feb 19 62.575s -1.675 -2.61%
Lean Hogs Apr 19 68.500s -0.975 -1.40%
