WINNIPEG – The ICE Futures canola platform
finished the day stronger, taking back all of us yesterday’s losses.
Chicago Board of Trade soybeans and oil contracts were stronger. Meal contracts jumped around in value during the day, but finished the trading session higher.
Slow harvest progress is supported the canola market. More snow fell in parts of Alberta overnight. Parts of Saskatchewan also received snow today, while there is snow and rain in the forecast for Manitoba in the upcoming days.
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Chicago corn futures ticked lower on Tuesday on selling pressure as soybeans chopped up and down, though expectations of a bumper U.S. harvest limited the upside in prices, analysts said.
The weekly crop report from Manitoba yesterday pegged the canola harvest at 87 per cent complete, which is ahead of Saskatchewan and Alberta.
The Canadian dollar was weaker today compared to its Untied States counterpart. It surged in value yesterday following news
of a new trilateral trade deal between Canada, the U.S. and Mexico being reached.
About 24,479 canola contracts traded, which compares with Monday when 21,642 contracts changed hands. Spreading accounted
for 14,174 of the contracts traded.
In the U.S.
Soybean futures on the Chicago Board of Trade finished the day higher. Soyoil contracts were also higher, while meal contracts
at 23 per cent complete, with four per cent of the crop above average in quality. This is below trade expectations as rains slowed harvest progress in the Delta region.
The USDA grain crushing report, also released yesterday, said that processors crushed 169.6 million bushels of soybeans in August, which was in line with trade expectations.
The corn market were stronger at market close.
Yesterday’s USDA crop progress report pegged the corn harvest at 26 per cent complete. This was up 10 per cent from the previous week and nine per cent ahead of the five-year average.
The USDA grain crushing report yesterday said ethanol plants used 479 million bushels of corn in August. This was less than expected, but the year-to-date total is still close to the USDA’s forecast for the 2017 crop.
The USDA crop progress report yesterday showed improving conditions for winter wheat seeding, with 43 per cent of the winter wheat crop planted. This is three per cent ahead of the
five-year average. Emergence is at 14 per cent, which is average for this time of year.
Yesterday’s provincial crop report for Manitoba pegged the spring wheat harvest at 95 per cent complete, which is unchanged from the previous week. The report also noted that winter cereal
seeding continues in the province with some of the earlier seeded crops already having emerged.
The wheat harvest in Russia is about 87 per cent complete, according to UkraGroConsult. In Ukraine the winter wheat crop is
57 per cent planted, also according to UkrAgroConsult.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down seven cents at US$75.23 per barrel.
In the afternoon, the Canadian dollar was trading around US78.02 cents, down from 78.11 cents the previous trading day. The U.S. dollar was C$1.2817.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Nov 18 497.70s +3.10 +0.63%
Canola Jan 19 503.40s +3.00 +0.60%
Canola Mar 19 508.00s +2.20 +0.43%
Canola May 19 511.00s +1.00 +0.20%
Canola Jul 19 513.30s +1.20 +0.23%
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 Nov 18 866-0s +8-2 +0.96%
Soybeans Jan 19 880-0s +8-2 +0.95%
Soybeans Mar 19 892-2s +8-0 +0.90%
Soybeans May 19 905-2s +8-0 +0.89%
Soybeans Jul 19 916-2s +9-0 +0.99%
Soybean Meal Oct 18 311.2s +0.7 +0.23%
Soybean Meal Dec 18 315.1s +1.3 +0.41%
Soybean Meal Jan 19 315.5s +1.6 +0.51%
Soybean Oil Oct 18 29.36s +0.35 +1.21%
Soybean Oil Dec 18 29.66s +0.35 +1.19%
Soybean Oil Jan 19 29.90s +0.36 +1.22%
Corn Dec 18 367-4s +1-6 +0.48%
Corn Mar 19 379-4s +1-6 +0.46%
Corn May 19 387-2s +2-0 +0.52%
Corn Jul 19 392-4s +2-2 +0.58%
Corn Sep 19 395-6s +2-0 +0.51%
Oats Dec 18 273-0s +3-2 +1.20%
Oats Mar 19 270-2s +3-0 +1.12%
Oats May 19 271-0s +2-4 +0.93%
Oats Jul 19 272-6s +2-4 +0.93%
Oats Sep 19 275-4s +2-2 +0.82%
Wheat Dec 18 519-2s +9-6 +1.91%
Wheat Mar 19 538-0s +9-2 +1.75%
Wheat May 19 549-0s +8-0 +1.48%
Wheat Jul 19 554-4s +10-0 +1.84%
Wheat Sep 19 567-0s +10-6 +1.93%
Minneapolis
Spring Wheat Dec 18 591-4s +14-2 +2.47%
Spring Wheat Mar 19 604-2s +13-0 +2.20%
Spring Wheat May 19 611-4s +12-2 +2.04%
Spring Wheat Jul 19 617-6s +11-6 +1.94%
Spring Wheat Sep 19 622-6s +11-2 +1.84%
Kansas City
Hard Red Wheat Dec 18 522-4s +11-0 +2.15%
Hard Red Wheat Mar 19 546-4s +10-6 +2.01%
Hard Red Wheat May 19 559-6s +10-6 +1.96%
Hard Red Wheat Jul 19 563-6s +11-6 +2.13%
Hard Red Wheat Sep 19 577-4s +12-4 +2.21%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 18 113.975s +0.300 +0.26%
Live Cattle Dec 18 119.475s +0.525 +0.44%
Live Cattle Feb 19 123.725s +0.475 +0.39%
Feeder Cattle Oct 18 159.075s +0.425 +0.27%
Feeder Cattle Nov 18 159.575s +0.550 +0.35%
Feeder Cattle Jan 19 156.450s +0.425 +0.27%
Lean Hogs Oct 18 66.425s +1.675 +2.59%
Lean Hogs Dec 18 59.150s -0.700 -1.17%
Lean Hogs Feb 19 67.800s -0.025 -0.04%
