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Canola, soybeans end lower

 

Winnipeg (CNS Canada) – ICE Futures Canada canola contracts were weaker on Wednesday, taking some direction from Chicago Board of Trade soybeans and soyoil.

Strength in the Canadian dollar added to the weaker tone in canola, as the currency rallied back above 78 U.S. cents.

Bearish chart signals contributed to the declines as the July contract tested the 50-day moving average.

Forecasts are calling for at least a chance of rain across much of the Prairies over the next few days. However, more moisture will be needed, as conditions are getting very dry in many areas.

About 14,316 canola contracts traded, which compares with Tuesday when 11,769 contracts changed hands. Spreading accounted for 7,224 of the contracts traded.

SOYBEAN futures were sharply lower on Wednesday, as uncertainty over trade relations between the United States and China weighed on values. Representatives of the two countries are meeting in Washington this week, but are rumoured to still be far apart on reaching a deal.

Good seeding weather across the Midwest and ideas that seeded soybean area may still end up above earlier estimates also weighed on values.

However, ongoing production issues in Argentina provided some underlying support. The harvest is still going on in the South American country, and production estimates continue to see downward revisions.

CORN futures ended lower, taking some direction from the losses in soybeans.

Good demand from the ethanol sector provided some support, with the latest report on the renewable fuel showing weekly production at its highest levels in three months.

Forecasts calling for rains that could delay seeding were also a bit supportive, although the moisture will benefit those crops already in the ground.

WHEAT futures ended with small gains after trading to both sides of unchanged.

Dryness concerns in the major spring wheat growing regions of the northern U.S. and Canada helped underpin the Minneapolis futures, while ongoing weather issues in the southern Plains underpinned Kansas City hard red winter wheat.

Australia is also on the dry side, helping make U.S. wheat start to look cheap compared to other international suppliers.

However, those global supplies are still relatively large which limited the upside potential.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up 18 cents at US$71.49 per barrel.

In the afternoon, the Canadian dollar was trading around US78.18 cents, up from 77.67 cents the previous trading day. The U.S. dollar was C$1.2791.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jul 18 529.20s -4.30 -0.81%

Canola Nov 18 515.50s -5.50 -1.06%

Canola Jan 19 520.20s -5.40 -1.03%

Canola Mar 19 522.90s -5.30 -1.00%

Canola May 19 524.10s -4.90 -0.93%

 

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 18 999-6s -19-0 -1.87%

Soybeans Aug 18 1003-2s -18-6 -1.83%

Soybeans Sep 18 1005-6s -17-0 -1.66%

Soybeans Nov 18 1009-0s -15-6 -1.54%

Soybeans Jan 19 1013-0s -15-4 -1.51%

 

Soybean Meal Jul 18 376.6s -5.7 -1.49%

Soybean Meal Aug 18 375.0s -5.1 -1.34%

Soybean Meal Sep 18 373.4s -5.0 -1.32%

 

Soybean Oil Jul 18 30.59s -0.53 -1.70%

Soybean Oil Aug 18 30.71s -0.52 -1.67%

Soybean Oil Sep 18 30.87s -0.49 -1.56%

 

Corn Jul 18 399-2s -3-0 -0.75%

Corn Sep 18 407-4s -3-0 -0.73%

Corn Dec 18 417-0s -2-2 -0.54%

Corn Mar 19 425-4s -1-6 -0.41%

Corn May 19 430-2s -1-4 -0.35%

 

Oats Jul 18 241-2s +1-0 +0.42%

Oats Sep 18 247-2s +0-6 +0.30%

Oats Dec 18 256-6s unch unch

Oats Mar 19 262-0s +1-0 +0.38%

Oats May 19 265-2s +1-0 +0.38%

 

Wheat Jul 18 494-2s +0-6 +0.15%

Wheat Sep 18 510-2s +0-4 +0.10%

Wheat Dec 18 531-6s +0-2 +0.05%

Wheat Mar 19 549-6s +0-4 +0.09%

Wheat May 19 559-2s +0-2 +0.04%

 

Minneapolis

Spring Wheat Jul 18 611-2s +5-0 +0.82%

Spring Wheat Sep 18 617-6s +4-4 +0.73%

Spring Wheat Dec 18 628-0s +3-0 +0.48%

Spring Wheat Mar 19 639-2s +2-6 +0.43%

Spring Wheat May 19 645-6s +2-0 +0.31%

 

Kansas City

Hard Red Wheat Jul 18 514-0s +4-2 +0.83%

Hard Red Wheat Sep 18 532-4s +4-0 +0.76%

Hard Red Wheat Dec 18 558-2s +3-4 +0.63%

Hard Red Wheat Mar 19 576-2s +3-6 +0.66%

Hard Red Wheat May 19 586-0s +3-4 +0.60%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Jun 18 101.825s -1.150 -1.12%

Live Cattle Aug 18 99.050s -1.350 -1.34%

Live Cattle Oct 18 102.300s -1.450 -1.40%

 

Feeder Cattle May 18 132.725s -0.825 -0.62%

Feeder Cattle Aug 18 136.725s -1.725 -1.25%

Feeder Cattle Sep 18 137.375s -1.575 -1.13%

 

Lean Hogs Jun 18 75.900s +1.175 +1.57%

Lean Hogs Jul 18 78.725s +1.025 +1.32%

Lean Hogs Aug 18 77.850s +0.400 +0.52%

 

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