ICE Futures canola contracts were stronger on Tuesday, as speculative short-covering helped the market recover off of the yearly lows hit on Monday.
Weakness in the Canadian dollar, which was down by two-thirds of a cent relative to its United States counterpart, contributed to the firmer tone in canola.
Advances in the Chicago soy complex also provided some spillover support.
However, sharp losses in the equity markets kept some caution in the commodities, as investors were bailing out of riskier assets.
Farmer selling on the bounce also kept a lid on the upside.
Read Also
Feed Grains Weekly: Price likely to keep stepping back
As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
U.S. markets will be closed Thursday for Thanksgiving, while the canola market will trade its usual hours, and pre-holiday positioning was a feature.
About 20,121 canola contracts traded, which compares with Monday when 11,424 contracts changed hands. Spreading accounted for 14,866 of the contracts traded.
SOYBEAN futures were stronger on Tuesday, as speculators were back on the buy side after Monday’s losses.
The U.S. soybean harvest was 91 per cent complete as of this past Sunday, according to a report from the United States Department of Agriculture. That was slightly off market expectations and below the 96 per cent average for this time of year.
Fresh export news was also supportive for soybeans, with the USDA announcing a sale of 123,567 tonnes of beans to unknown destinations this morning.
U.S. markets will be closed Thursday for Thanksgiving, and pre-holiday positioning accounted for some of the activity.
Traders were also still keeping an eye on trade news, as the optimism over a possible deal with China comes and goes.
CORN futures traded to both sides of unchanged, settling with small losses in most months.
The U.S. corn harvest was 90 per cent done in the latest weekly report, which was three points behind the average for this time of year.
The USDA announced cancellations of about 200,000 tonnes of previously reported corn sales to unknown destinations.
WHEAT futures were mixed, with spreading between the three U.S. contracts a feature.
U.S. winter wheat seeding was still running behind normal in the latest weekly report, with 93 per cent of intended acres in the ground compared to the average of 97 per cent. Emergence has also been a bit slower than normal.
However, condition ratings did improve on the week though, rising two points in the good-to-excellent category to 56 per cent.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down $3.77 at US$53.43 per barrel.
In the afternoon, the Canadian dollar was trading around US75.42 cents, down from 75.86 cents the previous trading day. The U.S. dollar was C$1.3259.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 19 477.20s +4.00 +0.85%
Canola Mar 19 485.40s +4.30 +0.89%
Canola May 19 493.40s +4.70 +0.96%
Canola Jul 19 498.70s +4.60 +0.93%
Canola Nov 19 496.20s +1.80 +0.36%
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 Jan 19 881-0s +7-2 +0.83%
Soybeans Mar 19 894-4s +7-0 +0.79%
Soybeans May 19 907-6s +7-0 +0.78%
Soybeans Jul 19 920-0s +7-0 +0.77%
Soybeans Aug 19 924-4s +6-6 +0.74%
Soybean Meal Dec 18 307.1s +1.6 +0.52%
Soybean Meal Jan 19 309.2s +1.7 +0.55%
Soybean Meal Mar 19 311.7s +1.8 +0.58%
Soybean Oil Dec 18 27.34s +0.02 +0.07%
Soybean Oil Jan 19 27.52s +0.02 +0.07%
Soybean Oil Mar 19 27.78s unch unch
Corn Dec 18 361-2s -1-0 -0.28%
Corn Mar 19 372-2s -1-0 -0.27%
Corn May 19 380-0s -1-0 -0.26%
Corn Jul 19 386-6s -1-0 -0.26%
Corn Sep 19 390-0s -0-6 -0.19%
Oats Dec 18 303-6s -0-6 -0.25%
Oats Mar 19 303-4s +1-2 +0.41%
Oats May 19 300-2s +3-2 +1.09%
Oats Jul 19 286-6s +1-0 +0.35%
Oats Sep 19 278-2s +2-0 +0.72%
Wheat Dec 18 500-6s +2-2 +0.45%
Wheat Mar 19 508-4s +2-0 +0.39%
Wheat May 19 515-2s +1-6 +0.34%
Wheat Jul 19 523-6s +1-4 +0.29%
Wheat Sep 19 534-6s +1-0 +0.19%
Minneapolis
Spring Wheat Dec 18 569-6s -1-6 -0.31%
Spring Wheat Mar 19 570-2s +0-6 +0.13%
Spring Wheat May 19 577-0s +0-6 +0.13%
Spring Wheat Jul 19 585-4s -0-2 -0.04%
Spring Wheat Sep 19 594-2s -0-6 -0.13%
Kansas City
Hard Red Wheat Dec 18 473-0s -1-2 -0.26%
Hard Red Wheat Mar 19 497-2s -1-4 -0.30%
Hard Red Wheat May 19 509-0s -1-4 -0.29%
Hard Red Wheat Jul 19 520-6s -0-6 -0.14%
Hard Red Wheat Sep 19 534-6s -1-2 -0.23%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 18 115.700s -0.450 -0.39%
Live Cattle Feb 19 119.725s -0.275 -0.23%
Live Cattle Apr 19 121.575s -0.275 -0.23%
Feeder Cattle Jan 19 146.875s -0.400 -0.27%
Feeder Cattle Mar 19 144.150s -0.175 -0.12%
Feeder Cattle Apr 19 144.500s -0.150 -0.10%
Lean Hogs Dec 18 58.975s -2.050 -3.36%
Lean Hogs Feb 19 67.125s -1.900 -2.75%
Lean Hogs Apr 19 71.675s -1.325 -1.82%
