Canola rises with weak CDN currency

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.

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%

 

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