Winnipeg (CNS Canada) – The ICE Futures Canada canola complex corrected higher on Tuesday, retaking some of the ground it lost after yesterday’s selloff.
The Canadian dollar is relatively weak, which encouraged buying from out-of-country customers.
Advances in U.S. soymeal and soybeans were supportive for canola.
Speculative buying was a feature of the activity.
However, weakness in soyoil undermined the market and crush margins declined.
The soybean crop in Brazil could be record large and recent rains in Argentina have raised hopes some of the later-seeded crops can still be salvaged.
Read Also
U.S. grains: Corn backs away from gains at close
Chicago | Reuters — U.S. corn futures climbed to a 6-1/2 week high on Friday on short covering ahead of…
Around 9,400 canola contracts were traded on Tuesday, which compares with Monday when around 12,717 contracts changed hands. Spreading accounted for 4,300 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market corrected higher on Tuesday in the wake of yesterday’s sharp losses.
Speculative buying helped keep values propped up.
Speculators are net long on soybeans with some looking to liquidate.
Corn futures ticked slightly lower in technical trading.
Strength in the U.S. dollar put pressure on prices.
Large world supplies weighed on values.
Chicago wheat futures posted mild gains on Tuesday as the market managed to reverse yesterday’s slide.
More dry weather is headed for the U.S. Southern Plains this week, which was supportive from a price point of view. Overall, the fundamentals are pointed lower.
Jordan is looking for 100,000 tonnes of wheat and another 100,000 for barley.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up $1.34 at US$63.40 per barrel.
In the afternoon, the Canadian dollar was trading around US76.47 cents, up from 76.34 cents the previous trading day. The U.S. dollar was C$1.3077.
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 18 519.80s +2.10 +0.41%
Canola Jul 18 525.30s +2.40 +0.46%
Canola Nov 18 515.80s +2.90 +0.57%
Canola Jan 19 519.40s +2.80 +0.54%
Canola Mar 19 521.30s +2.80 +0.54%
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 1028-2s +5-6 +0.56%
Soybeans Jul 18 1039-0s +5-4 +0.53%
Soybeans Aug 18 1040-2s +5-0 +0.48%
Soybeans Sep 18 1028-2s +2-4 +0.24%
Soybeans Nov 18 1025-0s +2-2 +0.22%
Soybean Meal May 18 361.7s +3.1 +0.86%
Soybean Meal Jul 18 364.2s +2.9 +0.80%
Soybean Meal Aug 18 362.3s +2.9 +0.81%
Soybean Oil May 18 31.74s -0.32 -1.00%
Soybean Oil Jul 18 31.97s -0.32 -0.99%
Soybean Oil Aug 18 32.09s -0.31 -0.96%
Corn May 18 374-4s -0-4 -0.13%
Corn Jul 18 382-4s -0-6 -0.20%
Corn Sep 18 389-6s -0-2 -0.06%
Corn Dec 18 397-2s -0-2 -0.06%
Corn Mar 19 404-2s -0-4 -0.12%
Oats May 18 235-4s +0-4 +0.21%
Oats Jul 18 241-6s unch unch
Oats Sep 18 247-2s -0-2 -0.10%
Oats Dec 18 252-4s +1-4 +0.60%
Oats Mar 19 257-6s +3-0 +1.18%
Wheat May 18 453-0s +2-2 +0.50%
Wheat Jul 18 468-6s +1-0 +0.21%
Wheat Sep 18 485-2s +0-6 +0.15%
Wheat Dec 18 506-4s +0-2 +0.05%
Wheat Mar 19 523-4s unch unch
Minneapolis
Spring Wheat May 18 593-2s -3-2 -0.54%
Spring Wheat Jul 18 602-4s -2-4 -0.41%
Spring Wheat Sep 18 611-2s -2-2 -0.37%
Spring Wheat Dec 18 624-4s -1-4 -0.24%
Spring Wheat Mar 19 633-4s -1-6 -0.28%
Kansas City
Hard Red Wheat May 18 470-0s -0-2 -0.05%
Hard Red Wheat Jul 18 487-6s -0-2 -0.05%
Hard Red Wheat Sep 18 505-6s -0-4 -0.10%
Hard Red Wheat Dec 18 528-0s -0-4 -0.09%
Hard Red Wheat Mar 19 540-6s -0-6 -0.14%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 18 119.575s -0.650 -0.54%
Live Cattle Jun 18 109.000s -1.150 -1.04%
Live Cattle Aug 18 106.700s -1.000 -0.93%
Feeder Cattle Mar 18 137.775s -0.675 -0.49%
Feeder Cattle Apr 18 137.450s -0.750 -0.54%
Feeder Cattle May 18 138.250s -0.775 -0.56%
Lean Hogs Apr 18 63.250s +0.100 +0.16%
Lean Hogs May 18 70.200s -0.425 -0.60%
Lean Hogs Jun 18 76.750s -0.075 -0.10%
