Winnipeg, December 20 (CNS Canada) – Canola contracts on the ICE Futures Canada platform finished mostly higher on Wednesday, after a day of choppy trading.
Much of the activity was spread-based as traders were moving from the front-month January contract to March. Markets close early on Friday and there is just three days of trading next week so participants were already beginning to hit the exits from the trading floor.
European demand for bio-diesel is expected to be on the upswing according to a trader in Winnipeg, which lent support to values.
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There is speculation the market is technically oversold.
However, losses in U.S. soybeans and soyoil were bearish for canola.
The weather continues to improve in Argentina, which should help that country’s soybean crop.
Around 23,238 canola contracts were traded on Wednesday, which compares with Tuesday when around 24,445 contracts changed hands. Spreading accounted for 14,906 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Soybean futures on the Chicago Board of Trade fell one to two cents lower on new reports indicating just 10 per cent of Brazilian soybean fields needed rain. On top of that, parts of Argentina needing moisture were pegged at just 15 to 20 per cent.
U.S. export sales are on the sluggish side.
According to the USDA, China plans to lower the amount of foreign material it allows in imports of U.S. soybeans.
Corn futures rose one cent on Wednesday as traders covered short positions.
However, ethanol production in the U.S. was pegged at 1.08 million barrels a day, which was down 12,000 barrels from the previous week.
Wheat futures finished three to four cents stronger on Wednesday, as speculation grew that looming frigid temperatures in the U.S. Plains could damage the winter wheat crop.
Traders are making some old-crop new-crop spread adjustments before they take off for holidays.
The fundamental situation looks weak but the low prices are drawing in bargain-hunters.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 53 cents at US$58.09 per barrel.
In the afternoon, the Canadian dollar was trading around US77.95 cents, up from 77.71 cents the previous trading day. The U.S. dollar was C$1.2829.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 18 494.80s +1.00 +0.20%
Canola Mar 18 501.70s +0.60 +0.12%
Canola May 18 509.00s -0.20 -0.04%
Canola Jul 18 512.60s -0.40 -0.08%
Canola Nov 18 501.00s +0.20 +0.04%
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 18 954-0s -2-0 -0.21%
Soybeans Mar 18 964-4s -2-2 -0.23%
Soybeans May 18 976-0s -1-6 -0.18%
Soybeans Jul 18 986-4s -1-6 -0.18%
Soybeans Aug 18 988-2s -2-0 -0.20%
Soybean Meal Jan 18 315.7s +0.5 +0.16%
Soybean Meal Mar 18 319.7s +0.6 +0.19%
Soybean Meal May 18 322.9s +0.5 +0.16%
Soybean Oil Jan 18 32.96s -0.26 -0.78%
Soybean Oil Mar 18 33.13s -0.26 -0.78%
Soybean Oil May 18 33.29s -0.23 -0.69%
Corn Mar 18 349-2s +1-6 +0.50%
Corn May 18 357-4s +1-6 +0.49%
Corn Jul 18 366-0s +1-6 +0.48%
Corn Sep 18 373-4s +2-0 +0.54%
Corn Dec 18 382-4s +1-6 +0.46%
Oats Mar 18 245-0s -1-4 -0.61%
Oats May 18 251-4s -1-2 -0.49%
Oats Jul 18 259-6s -1-0 -0.38%
Oats Sep 18 261-6s -1-0 -0.38%
Oats Dec 18 263-6s +7-0 +2.73%
Wheat Mar 18 423-4s +4-0 +0.95%
Wheat May 18 436-2s +3-4 +0.81%
Wheat Jul 18 450-0s +3-4 +0.78%
Wheat Sep 18 462-6s +3-0 +0.65%
Wheat Dec 18 479-4s +2-0 +0.42%
Minneapolis
Spring Wheat Mar 18 617-6s -0-4 -0.08%
Spring Wheat May 18 626-0s -0-2 -0.04%
Spring Wheat Jul 18 631-0s unch unch
Spring Wheat Sep 18 627-2s unch unch
Spring Wheat Dec 18 636-0s -0-2 -0.04%
Kansas City
Hard Red Wheat Mar 18 422-4s +2-4 +0.60%
Hard Red Wheat May 18 435-4s +2-4 +0.58%
Hard Red Wheat Jul 18 452-2s +2-4 +0.56%
Hard Red Wheat Sep 18 467-2s +2-6 +0.59%
Hard Red Wheat Dec 18 488-4s +2-2 +0.46%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 17 119.400s -0.600 -0.50%
Live Cattle Feb 18 118.950s -1.500 -1.25%
Live Cattle Apr 18 119.950s -1.525 -1.26%
Feeder Cattle Jan 18 141.775s -3.425 -2.36%
Feeder Cattle Mar 18 139.750s -3.550 -2.48%
Feeder Cattle Apr 18 140.450s -3.225 -2.24%
Lean Hogs Feb 18 68.375s +1.475 +2.20%
Lean Hogs Apr 18 72.950s +1.275 +1.78%
Lean Hogs May 18 78.025s +1.125 +1.46%
