The ICE Futures canola platform were weaker at market close, following the lead of soybean contracts.
The market was mostly sideways in trade today, holding range bound.
Chicago Board of Trade (CBOT) soybean and oil contracts were down, while meal contracts were mixed. Last week saw heavy farmer selling, Canadian Grain Commission data released on Friday showed 636,500 tonnes of canola deliveries to elevators. We could see more selling this week as farmers look for cash for month end.
There was heavy liquidation today as traders moved interest out of the soon to expire November contract and into the January contract.
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The Canadian dollar was weaker at commodity market close, which limited losses for canola.
About 20,923 canola contracts traded, which compares with Friday when 26,441 contracts changed hands. Spreading accounted for 16,042 of the contracts traded.
United States Department of Agriculture (USDA) soybean export inspections for last week were at 47.9 million bushels, which was higher than previously estimated.
China has approved a measure that will lower protein levels in animal feed. This will supposedly lower their soybean use by about 13 percent and help reduce the need to purchase U.S. soybeans.
AgRural has estimated Brazil’s soybean crop to be at 46 percent planted so far, which is a record for this time of year. The average is 28 percent.
CBOT corn prices finished the day weaker. According to the USDA, corn export inspections for last week were at 25.7 million bushels, which was less than estimated.
AgRural has estimated that Brazil’s first corn crop area is 2.6 percent higher than last year.
Wheat futures in the U.S. finished the day mixed. USDA wheat inspections for last week were at 14.4 million bushels, which was in-line with estimates.
Egypt made its first significant wheat purchase from the U.S. in more than a year on Friday, buying 60,000 tonnes of soft red winter wheat.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down 55 cents at US$67.04 per barrel.
In the afternoon, the Canadian dollar was trading around US76.23 cents, up from 76.29 cents the previous trading day. The U.S. dollar was C$1.3119.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Nov 18 481.90s -1.20 -0.25%
Canola Jan 19 490.20s -1.30 -0.26%
Canola Mar 19 497.70s -1.00 -0.20%
Canola May 19 503.90s -0.80 -0.16%
Canola Jul 19 508.30s -0.50 -0.10%
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 18 839-0s -6-0 -0.71%
Soybeans Jan 19 852-2s -5-4 -0.64%
Soybeans Mar 19 865-4s -5-4 -0.63%
Soybeans May 19 879-2s -5-4 -0.62%
Soybeans Jul 19 891-2s -5-2 -0.59%
Soybean Meal Dec 18 308.2s +0.9 +0.29%
Soybean Meal Jan 19 310.0s +0.5 +0.16%
Soybean Meal Mar 19 310.5s -0.3 -0.10%
Soybean Oil Dec 18 27.89s -0.27 -0.96%
Soybean Oil Jan 19 28.11s -0.27 -0.95%
Soybean Oil Mar 19 28.38s -0.27 -0.94%
Corn Dec 18 366-6s -1-0 -0.27%
Corn Mar 19 379-2s -0-6 -0.20%
Corn May 19 387-2s -0-6 -0.19%
Corn Jul 19 393-0s -0-6 -0.19%
Corn Sep 19 395-2s -0-6 -0.19%
Oats Dec 18 286-4s -5-4 -1.88%
Oats Mar 19 280-6s -3-4 -1.23%
Oats May 19 283-2s -3-2 -1.13%
Oats Jul 19 285-4s -3-0 -1.04%
Oats Sep 19 284-6s -1-4 -0.52%
Wheat Dec 18 507-2s +2-0 +0.40%
Wheat Mar 19 526-0s +1-6 +0.33%
Wheat May 19 538-2s +1-4 +0.28%
Wheat Jul 19 544-6s +1-2 +0.23%
Wheat Sep 19 556-2s +0-6 +0.14%
Minneapolis
Spring Wheat Dec 18 577-4s -0-2 -0.04%
Spring Wheat Mar 19 586-0s unch unch
Spring Wheat May 19 594-2s +0-2 +0.04%
Spring Wheat Jul 19 601-6s unch unch
Spring Wheat Sep 19 608-4s unch unch
Kansas City
Hard Red Wheat Dec 18 501-4s +1-2 +0.25%
Hard Red Wheat Mar 19 527-6s +1-0 +0.19%
Hard Red Wheat May 19 541-6s +1-4 +0.28%
Hard Red Wheat Jul 19 550-6s +1-6 +0.32%
Hard Red Wheat Sep 19 565-4s +1-0 +0.18%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 18 114.300s +0.425 +0.37%
Live Cattle Dec 18 117.250s -1.150 -0.97%
Live Cattle Feb 19 122.800s -0.650 -0.53%
Feeder Cattle Nov 18 153.900s -0.900 -0.58%
Feeder Cattle Jan 19 149.825s +0.125 +0.08%
Feeder Cattle Mar 19 147.975s +0.150 +0.10%
Lean Hogs Dec 18 58.850s +0.925 +1.60%
Lean Hogs Feb 19 66.900s +0.525 +0.79%
Lean Hogs Apr 19 71.825s +0.325 +0.45%
