Canola, soy on the rise

Winnipeg(CNS Canada) – Canola contracts on the ICE Futures Canada platform finished higher Wednesday, propped up by sharp gains in Chicago Board of Trade soyoil.

Weakness in the Canadian dollar and slow farmer selling was supportive for the market.

There are rumours China began buying more canola over the past few days as a result of its trade trouble with the United States.

However, all the volatility with U.S. trade policy, capped the upside.

Technical trading was a feature of the day.

“The liquidation continues in the July contract and the open interest is coming down,” said a trader in Winnipeg.

About 24,122 canola contracts traded, which compares with Tuesday when 31,027 contracts changed hands. Spreading accounted for
12,050 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

Soybean futures were little changed when the bell rang to end the Wednesday trading session. The market seems to have stabilized following yesterday’s selloff.

China is apparently preparing to buy soybeans from Paraguay and Uruguay in addition to Brazil as it struggles to find oilseeds outside of the United States.

More rain is expected to fall in the Midwest, which was bearish.

Corn futures chopped around in technical trade Wednesday.

According to the Energy Information Administration, ethanol stocks in the U.S. fell by 527,000 barrels during the week ended June 15, to 21.647 million barrels. That was down 3.1 per cent compared to the same week last year.

Excess dryness has cut into Ukraine’s corn exports. The country shipped out 17.4 million tonnes of corn in the 2017/18 marketing year, down 13 per cent from the previous year.

Chicago wheat futures finished stronger with technical trading.

Rain in Kansas has slowed down the winter wheat harvest there.

The condition of the U.S. spring wheat crop is improving, which was bearish.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up $1.15 at US$66.22 per barrel.

In the afternoon, the Canadian dollar was trading around US75.12 cents, down from 75.26 cents the previous trading day. The U.S. dollar was C$1.3312.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jul 18  519.40s  +1.10  +0.21%

Canola Nov 18  508.30s  +1.90  +0.38%

Canola Jan 19  515.20s  +2.20  +0.43%

Canola Mar 19  519.20s  +2.20  +0.43%

Canola May 19  521.70s  +2.00  +0.38%

 

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 Jul 18  889-4s  +0-4  +0.06%

Soybeans Aug 18  894-4s  +0-2  +0.03%

Soybeans Sep 18  900-2s  unch  unch

Soybeans Nov 18  910-4s  -0-4  -0.05%

Soybeans Jan 19  920-0s  -0-2  -0.03%

 

Soybean Meal Jul 18  333.2s  -1.3  -0.39%

Soybean Meal Aug 18  334.8s  -1.5  -0.45%

Soybean Meal Sep 18  336.0s  -2.1  -0.62%

 

Soybean Oil Jul 18  29.37s  +0.52  +1.80%

Soybean Oil Aug 18  29.48s  +0.51  +1.76%

Soybean Oil Sep 18  29.62s  +0.50  +1.72%

 

Corn Jul 18  354-2s  +0-4  +0.14%

Corn Sep 18  363-6s  +0-4  +0.14%

Corn Dec 18  375-6s  +0-2  +0.07%

Corn Mar 19  385-2s  +0-2  +0.06%

Corn May 19  392-0s  +0-4  +0.13%

 

Oats Jul 18  238-6s  +3-6  +1.60%

Oats Sep 18  239-0s  +3-0  +1.27%

Oats Dec 18  239-6s  +1-2  +0.52%

Oats Mar 19  244-2s  -1-0  -0.41%

Oats May 19  247-0s  -0-6  -0.30%

 

Wheat Jul 18  488-2s  +10-4  +2.20%

Wheat Sep 18  499-2s  +9-6  +1.99%

Wheat Dec 18  517-0s  +7-6  +1.52%

Wheat Mar 19  534-0s  +6-2  +1.18%

Wheat May 19  545-4s  +5-4  +1.02%

 

Minneapolis

Spring Wheat Jul 18  552-6s  +3-2  +0.59%

Spring Wheat Sep 18  563-2s  +2-6  +0.49%

Spring Wheat Dec 18  577-6s  +2-4  +0.43%

Spring Wheat Mar 19  592-4s  +2-0  +0.34%

Spring Wheat May 19  601-0s  +1-0  +0.17%

 

Kansas City

Hard Red Wheat Jul 18  488-6s  +5-6  +1.19%

Hard Red Wheat Sep 18  505-6s  +6-6  +1.35%

Hard Red Wheat Dec 18  528-4s  +5-6  +1.10%

Hard Red Wheat Mar 19  545-4s  +4-4  +0.83%

Hard Red Wheat May 19  556-6s  +4-2  +0.77%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Jun 18  109.025s  +0.500  +0.46%

Live Cattle Aug 18  106.650s  +0.225  +0.21%

Live Cattle Oct 18  109.275s  +0.775  +0.71%

 

Feeder Cattle Aug 18  149.425s  -0.200  -0.13%

Feeder Cattle Sep 18  149.950s  +0.050  +0.03%

Feeder Cattle Oct 18  149.625s  +0.225  +0.15%

 

Lean Hogs Jul 18  80.025s  -1.850  -2.26%

Lean Hogs Aug 18  75.150s  -2.575  -3.31%

Lean Hogs Oct 18  61.275s  -1.900  -3.01%

 

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