Winnipeg (CNS Canada) – The ICE Futures Canada canola complex finished with modest losses on the week’s opening session.
The market underwent a slight correction downward in the wake of last week’s move higher.
Recent strength in the Canadian dollar was bearish for values.
“The spreads are pushing long canola, short soy,” said a trader in Winnipeg. “At some point they’ll reverse that but it’s hard to tell when.”
However, advances in the U.S. soy complex underpinned the market.
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Some commercials were out looking for bargains.
He adds there are ideas Statistics Canada may have over-estimated the size of the canola crop in its most recent report.
Around 14,611 canola contracts were traded on Monday, which compares with Friday when around 16,710 contracts changed hands. Spreading accounted for 9,696 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Soybean futures on the Chicago Board of Trade ended Monday five to seven cents higher as traders covered shorts.
Weather forecasts indicate Argentina will not see much rain in the week ahead, which was supportive.
Speculators have increased their short position by roughly 14,000 contracts to around 135,000.
The corn market was mostly unchanged in technical trade.
U.S. export inspections were pegged at around 669,000 tonnes, which was below analysts’ estimates of 800,000 to 1,000,000 tonnes.
Hot weather in Argentina is reportedly affecting the grain-filling stage.
Chicago wheat posted gains of three to four cents to start the week.
Short-covering helped support the wheat market along with some technical action.
There continue to be concerns about excess dryness in parts of the U.S. Plains, however some snow did fall over the weekend in parts of Nebraska, Kansas and Colorado, which was bearish.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 12 cents at US$63.49 per barrel.
In the afternoon, the Canadian dollar was trading around US80.28 cents, down from 79.99 cents the previous trading day. The U.S. dollar was C$1.2456.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Mar 18 494.10s -1.90 -0.38%
Canola May 18 501.00s -1.80 -0.36%
Canola Jul 18 506.50s -1.90 -0.37%
Canola Nov 18 502.90s -1.20 -0.24%
Canola Jan 19 508.00s -1.30 -0.26%
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 18 984-2s +7-0 +0.72%
Soybeans May 18 995-6s +7-2 +0.73%
Soybeans Jul 18 1005-6s +7-4 +0.75%
Soybeans Aug 18 1007-4s +7-2 +0.72%
Soybeans Sep 18 1003-0s +5-6 +0.58%
Soybean Meal Mar 18 338.6s +7.0 +2.11%
Soybean Meal May 18 341.7s +6.6 +1.97%
Soybean Meal Jul 18 343.5s +5.9 +1.75%
Soybean Oil Mar 18 32.16s -0.12 -0.37%
Soybean Oil May 18 32.36s -0.12 -0.37%
Soybean Oil Jul 18 32.56s -0.13 -0.40%
Corn Mar 18 352-0s -0-4 -0.14%
Corn May 18 360-4s -0-2 -0.07%
Corn Jul 18 369-0s unch unch
Corn Sep 18 376-6s +0-2 +0.07%
Corn Dec 18 385-6s unch unch
Oats Mar 18 265-0s +7-0 +2.71%
Oats May 18 261-6s +6-0 +2.35%
Oats Jul 18 265-4s +6-0 +2.31%
Oats Sep 18 265-6s +5-2 +2.02%
Oats Dec 18 265-2s +6-2 +2.41%
Wheat Mar 18 425-6s +3-0 +0.71%
Wheat May 18 438-4s +3-0 +0.69%
Wheat Jul 18 452-0s +3-2 +0.72%
Wheat Sep 18 467-2s +3-4 +0.75%
Wheat Dec 18 486-6s +4-0 +0.83%
Minneapolis
Spring Wheat Mar 18 607-0s -1-4 -0.25%
Spring Wheat May 18 616-4s -1-0 -0.16%
Spring Wheat Jul 18 623-4s -0-6 -0.12%
Spring Wheat Sep 18 621-6s unch unch
Spring Wheat Dec 18 631-4s +0-2 +0.04%
Kansas City
Hard Red Wheat Mar 18 428-4s +1-0 +0.23%
Hard Red Wheat May 18 442-4s +1-2 +0.28%
Hard Red Wheat Jul 18 459-4s +1-4 +0.33%
Hard Red Wheat Sep 18 476-0s +1-6 +0.37%
Hard Red Wheat Dec 18 496-6s +1-4 +0.30%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Feb 18 123.550s +1.650 +1.35%
Live Cattle Apr 18 123.975s +1.250 +1.02%
Live Cattle Jun 18 115.550s +0.825 +0.72%
Feeder Cattle Jan 18 147.900s -0.050 -0.03%
Feeder Cattle Mar 18 145.825s +0.225 +0.15%
Feeder Cattle Apr 18 146.475s +0.400 +0.27%
Lean Hogs Feb 18 71.800s -0.275 -0.38%
Lean Hogs Apr 18 75.125s -0.375 -0.50%
Lean Hogs May 18 79.650s -0.275 -0.34%
