Winnipeg (CNS Canada) – The ICE Futures Canada canola complex posted modest gains on Monday, taking support from weakness in the Canadian currency and gains in vegetable oil.
Dry conditions persist in Argentina. Rain is forecast to fall in a few days’ time but there are growing worries it may not amount to all that much.
Farmer selling is on the sluggish side right now.
Crushers continue to buy canola and crush margins showed slight improvement.
However, losses in soybeans were bearish.
Read Also
China soybean imports hit record June high on strong Brazil shipments
China’s soybean imports hit the highest level ever for the month of June, a Reuters calculation of customs data showed on Monday, driven by a surge in shipments from top supplier Brazil.
Statistics Canada pegged Canadian canola stocks, as of Dec. 31, 2017, at 14.15 million tonnes, which was nearly 800,000 tonnes higher than a year ago.
Around 31,596 canola contracts were traded on Monday, which compares with Friday when around 14,948 contracts changed hands. Spreading accounted for 18,430 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Soybean futures on the Chicago Board of Trade ended lower in technical selling on Monday.
Rain is forecast to fall in Argentina this week, which should help alleviate some of the excess dryness plaguing soybean fields.
Soybean export inspections came in at 1.3 million tonnes, which was above trade expectations. That number also topped last week’s total of 1.1 million tonnes.
The corn market finished lower in technical selling. The market was also pressured by word that China will launch an investigation into U.S. sorghum exports.
There is a lot of U.S. corn for sale right now, which weighed down futures.
Informa economics pegged the 2017/18 Argentina corn crop at 37 million tonnes, which was down five million tonnes from the previous estimate.
Chicago wheat finished weaker on forecasts calling for rain to fall on the U.S. Southern Plains.
Traders also expect to see wheat production numbers lowered in Thursday’s USDA report.
Saudi Arabia purchased roughly 740,000 tonnes of hard wheat in a tender.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down $1.30 at US$64.15 per barrel.
In the afternoon, the Canadian dollar was trading around US79.86 cents, down from 80.47 cents the previous trading day. The U.S. dollar was C$1.2522.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Mar 18 494.90s +1.50 +0.30%
Canola May 18 500.50s +1.30 +0.26%
Canola Jul 18 505.80s +1.90 +0.38%
Canola Nov 18 503.20s +1.80 +0.36%
Canola Jan 19 507.50s +2.00 +0.40%
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 Mar 18 970-2 -8-4 -0.87%
Soybeans May 18 981-6 -8-4 -0.86%
Soybeans Jul 18 991-4 -8-2 -0.83%
Soybeans Aug 18 993-4 -8-6 -0.87%
Soybeans Sep 18 990-2 -7-4 -0.75%
Soybean Meal Mar 18 327.1 -4.3 -1.30%
Soybean Meal May 18 330.8 -4.6 -1.37%
Soybean Meal Jul 18 333.2 -4.9 -1.45%
Soybean Oil Mar 18 32.54 +0.03 +0.09%
Soybean Oil May 18 32.71 unch unch
Soybean Oil Jul 18 32.96 +0.04 +0.12%
Corn Mar 18 358-6 -2-6 -0.76%
Corn May 18 366-0 -3-4 -0.95%
Corn Jul 18 373-6 -3-4 -0.93%
Corn Sep 18 381-2 -3-2 -0.85%
Corn Dec 18 389-2 -3-2 -0.83%
Oats Mar 18 266-4 -1-0 -0.37%
Oats May 18 267-2 unch unch
Oats Jul 18 272-0 +1-6 +0.65%
Oats Sep 18 270-6 -0-2 -0.09%
Oats Dec 18 270-0 +1-4 +0.56%
Wheat Mar 18 442-0 -4-6 -1.06%
Wheat May 18 454-4 -5-2 -1.14%
Wheat Jul 18 468-4 -5-0 -1.06%
Wheat Sep 18 482-6 -4-6 -0.97%
Wheat Dec 18 502-2 -4-0 -0.79%
Minneapolis
Spring Wheat Mar 18 601-6s -2-0 -0.33%
Spring Wheat May 18 613-2s -1-4 -0.24%
Spring Wheat Jul 18 622-2s -1-2 -0.20%
Spring Wheat Sep 18 625-2s +0-2 +0.04%
Spring Wheat Dec 18 634-6s +0-4 +0.08%
Kansas City
Hard Red Wheat Mar 18 463-4 +0-2 +0.05%
Hard Red Wheat May 18 477-6 -0-4 -0.10%
Hard Red Wheat Jul 18 492-0 -2-2 -0.46%
Hard Red Wheat Sep 18 507-0 -2-4 -0.49%
Hard Red Wheat Dec 18 525-2 -3-2 -0.61%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Feb 18 126.850s +0.425 +0.34%
Live Cattle Apr 18 126.125s +0.200 +0.16%
Live Cattle Jun 18 118.000s +0.250 +0.21%
Feeder Cattle Mar 18 150.925s +1.375 +0.92%
Feeder Cattle Apr 18 151.775s +1.650 +1.10%
Feeder Cattle May 18 151.775s +1.550 +1.03%
Lean Hogs Feb 18 75.200s +0.375 +0.50%
Lean Hogs Apr 18 73.550s +0.725 +1.00%
Lean Hogs May 18 79.325s +0.900 +1.15%
