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Canola, soybeans up slightly

Winnipeg (CNS Canada) – The ICE Futures Canada canola market posted gains on Tuesday, taking strength from a weaker Canadian dollar.

Soybeans on the Chicago Board of Trade were higher, which helped prop up the market.

Canola lagged the U.S. market by a few dollars amid low volume trade.

However, losses in soyoil dragged on prices.

Warm weather has helped farmers in Western Canada make a good jump on seeding.

Some traders were liquidating long positions, according to a trader in Winnipeg.

Around 9,593 canola contracts were traded on Tuesday, which compares with Monday when around 8,353 contracts changed hands. Spreading accounted for 3,454 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

The soybean market corrected higher on Tuesday following Monday’s sell-off.

U.S. exporters were feeling a bit of pressure after the value of the Argentine peso fell, making soybeans from that country more attractive.

The July contract rose above the technically-important US$10.20 per bushel level.

Corn futures finished higher after weather forecasts called for rain to hit a wide swath of the U.S. Corn Belt later this week, which helped support prices.

Around 39 percent of the crop in the U.S. is planted now, which is down five percent from the average.

Weekly corn export inspections were the second highest of the current marketing year, according to a report.

Chicago wheat futures finished higher in technical trading.

Temperatures in the U.S. Plains could hit 30 degrees Celsius or higher this week and little rain is in sight so the crop will likely remain in poor shape for the time being.

However, strength in the U.S. dollar weighed on the wheat market.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down $1.67 at US$69.06 per barrel.

In the afternoon, the Canadian dollar was trading around US77.20 cents, down from 77.74 cents the previous trading day. The U.S. dollar was C$1.2953.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola May 18 528.00s +3.60 +0.69%

Canola Jul 18 528.50s +3.60 +0.69%

Canola Nov 18 518.80s +2.20 +0.43%

Canola Jan 19 523.80s +2.30 +0.44%

Canola Mar 19 526.90s +2.90 +0.55%

 

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 May 18 1011-2s +9-0 +0.90%

Soybeans Jul 18 1020-2s +8-6 +0.87%

Soybeans Aug 18 1023-2s +8-4 +0.84%

Soybeans Sep 18 1023-6s +7-4 +0.74%

Soybeans Nov 18 1025-2s +7-2 +0.71%

 

Soybean Meal May 18 388.7s +3.9 +1.01%

Soybean Meal Jul 18 385.9s +3.4 +0.89%

Soybean Meal Aug 18 383.2s +2.7 +0.71%

 

Soybean Oil May 18 30.49s -0.18 -0.59%

Soybean Oil Jul 18 30.69s -0.18 -0.58%

Soybean Oil Aug 18 30.80s -0.18 -0.58%

 

Corn May 18 395-4s +2-2 +0.57%

Corn Jul 18 403-2s +2-4 +0.62%

Corn Sep 18 411-2s +2-6 +0.67%

Corn Dec 18 419-4s +3-0 +0.72%

Corn Mar 19 428-2s +3-2 +0.76%

 

Oats May 18 229-0s +3-6 +1.66%

Oats Jul 18 240-0s +3-6 +1.59%

Oats Sep 18 244-0s +3-0 +1.24%

Oats Dec 18 253-4s +2-4 +1.00%

Oats Mar 19 258-0s +1-2 +0.49%

 

Wheat May 18 517-6s +3-6 +0.73%

Wheat Jul 18 514-4s +3-0 +0.59%

Wheat Sep 18 531-4s +2-6 +0.52%

Wheat Dec 18 553-0s +2-2 +0.41%

Wheat Mar 19 571-4s +2-2 +0.40%

 

Minneapolis

Spring Wheat May 18 619-2s +1-0 +0.16%

Spring Wheat Jul 18 614-0s +3-0 +0.49%

Spring Wheat Sep 18 621-0s +2-6 +0.44%

Spring Wheat Dec 18 633-2s +3-0 +0.48%

Spring Wheat Mar 19 644-4s +2-2 +0.35%

 

Kansas City

Hard Red Wheat May 18 518-4s -1-2 -0.24%

Hard Red Wheat Jul 18 538-2s -1-2 -0.23%

Hard Red Wheat Sep 18 556-4s -1-6 -0.31%

Hard Red Wheat Dec 18 582-0s -1-4 -0.26%

Hard Red Wheat Mar 19 600-0s -0-6 -0.12%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Jun 18 106.300s +1.125 +1.07%

Live Cattle Aug 18 104.475s +0.375 +0.36%

Live Cattle Oct 18 107.350s +0.250 +0.23%

 

Feeder Cattle May 18 137.725s +0.100 +0.07%

Feeder Cattle Aug 18 143.725s +0.025 +0.02%

Feeder Cattle Sep 18 144.025s -0.475 -0.33%

 

Lean Hogs May 18 66.200s +0.125 +0.19%

Lean Hogs Jun 18 76.300s +2.125 +2.86%

Lean Hogs Jul 18 77.725s +1.825 +2.40%

 

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