Winnipeg – ICE Futures canola contracts were weaker on Friday, as a downturn in the Chicago Board of Trade soy complex spilled over to weigh on prices.
The losses in soybeans were tied to bearish quarterly stocks data released by the United States Department of Agriculture.
Strength in the Canadian dollar added to the softer tone in canola, with the currency up by about two-thirds of a cent relative to its U.S. counterpart.
However, persistent concerns over cool and wet conditions delaying harvest operations across the Canadian Prairies remained supportive.
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Alberta Agriculture released its weekly crop report during the day showing that only 16 per cent of the canola crop was harvested in the province as of Sep. 25. That compares with 41 per cent at the same point a year ago.
About 31,015 canola contracts traded, which marked the biggest volume trading day since clearing operations moved to New York at the end of July and compares with Thursday when 16,489 contracts changed hands. Spreading accounted for 10,156 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were weaker on Friday, as the market reacted to bearish stocks data.
United States soybean stocks as of Sep. 1 came in at 438 million bushels, according to a U.S. Department of Agriculture report report out this morning. That was above average trade estimates and well above the 302 million tonnes on hand at the same point a year ago.
In addition to the big stocks, soybeans were also pressured by the ongoing trade dispute between the U.S. and China.
However, harvest delaying weather in parts of the Midwest provided some support.
CORN futures were also pressured lower by bearish stocks data. Quarterly U.S. corn stocks were pegged at 2.140 billion bushels by the USDA. That was above the top end of pre-report estimates, but still below the year ago level of 2.293 billion.
Rising South American production prospects also weighed on corn.
WHEAT futures settled slightly lower, with updated USDA production estimates accounting for some of the activity.
Total U.S. wheat production for 2018/19 was pegged at 1.884 billion bushels by the USDA. That was up by 7 million bushels from an earlier estimate.
Spring wheat production in the country, at 623 million bushels, was up by nine million bushels from the August estimate and well above the 385 million bushel crop grown last year.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was up $1.13 at US$73.25 per barrel.
In the afternoon, the Canadian dollar was trading around US77.25 cents, down from 76.66 cents the previous trading day. The U.S. dollar was C$1.2945.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Nov 18 497.30s -1.10 -0.22%
Canola Jan 19 503.20s -2.00 -0.40%
Canola Mar 19 508.90s -2.50 -0.49%
Canola May 19 513.00s -2.60 -0.50%
Canola Jul 19 515.50s -3.30 -0.64%
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 18 845-4s -9-4 -1.11%
Soybeans Jan 19 859-4s -9-4 -1.09%
Soybeans Mar 19 872-6s -9-2 -1.05%
Soybeans May 19 885-6s -9-4 -1.06%
Soybeans Jul 19 896-0s -9-2 -1.02%
Soybean Meal Oct 18 305.4s -2.8 -0.91%
Soybean Meal Dec 18 309.0s -2.8 -0.90%
Soybean Meal Jan 19 309.4s -3.2 -1.02%
Soybean Oil Oct 18 28.68s -0.18 -0.62%
Soybean Oil Dec 18 28.99s -0.16 -0.55%
Soybean Oil Jan 19 29.23s -0.17 -0.58%
Corn Dec 18 356-2s -8-4 -2.33%
Corn Mar 19 368-0s -8-4 -2.26%
Corn May 19 375-6s -8-2 -2.15%
Corn Jul 19 381-2s -8-0 -2.06%
Corn Sep 19 385-0s -7-6 -1.97%
Oats Dec 18 264-6s +4-4 +1.73%
Oats Mar 19 265-4s +3-4 +1.34%
Oats May 19 267-0s +1-6 +0.66%
Oats Jul 19 273-2s +3-4 +1.30%
Oats Sep 19 275-4s +2-2 +0.82%
Wheat Dec 18 509-0s -4-0 -0.78%
Wheat Mar 19 527-2s -3-4 -0.66%
Wheat May 19 538-2s -3-0 -0.55%
Wheat Jul 19 540-6s -1-4 -0.28%
Wheat Sep 19 551-6s -1-2 -0.23%
Minneapolis
Spring Wheat Dec 18 572-4s -7-4 -1.29%
Spring Wheat Mar 19 587-2s -6-6 -1.14%
Spring Wheat May 19 595-2s -5-6 -0.96%
Spring Wheat Jul 19 602-2s -4-6 -0.78%
Spring Wheat Sep 19 608-4s -3-4 -0.57%
Kansas City
Hard Red Wheat Dec 18 511-2s -6-0 -1.16%
Hard Red Wheat Mar 19 535-2s -5-2 -0.97%
Hard Red Wheat May 19 548-2s -5-0 -0.90%
Hard Red Wheat Jul 19 550-0s -3-2 -0.59%
Hard Red Wheat Sep 19 562-4s -2-6 -0.49%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 18 113.450s +0.225 +0.20%
Live Cattle Dec 18 118.850s +0.275 +0.23%
Live Cattle Feb 19 122.800s +0.250 +0.20%
Feeder Cattle Oct 18 158.175s +0.325 +0.21%
Feeder Cattle Nov 18 158.050s +0.425 +0.27%
Feeder Cattle Jan 19 154.650s +0.150 +0.10%
Lean Hogs Oct 18 62.175s +0.875 +1.43%
Lean Hogs Dec 18 57.925s +2.450 +4.42%
Lean Hogs Feb 19 65.850s +2.375 +3.74%
