Winnipeg (CNS Canada) – ICE Futures Canada canola contracts were stronger on Monday, as supportive chart signals kept speculators on the buy side to start the week.
Gains in Chicago Board of Trade soyoil futures and a softer tone in the Canadian dollar were also supportive, according to participants.
However, CBOT soybean futures were down on the day as traders position themselves ahead of Thursday’s United States Department of Agriculture acreage report and expectations for record large U.S. soybean seedings.
Large old crop canola supplies and expectations for increased seeded acres this spring also served to temper the upside.
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About 10,365 canola contracts traded on Monday, which compares with Friday when 16,559 contracts changed hands. Spreading accounted for 4,910 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade settled lower on Monday, retreating from earlier gains as traders squared positions ahead of the United States Department of Agriculture’s Prospective Plantings report out on Thursday.
Average trade guesses are predicting record large U.S. soybean seeding intentions of roughly 91 million acres, which would be up by nearly a million acres from last year.
However, the ongoing production concerns out of Argentina provided some support, as crop estimates continue to be revised lower.
The USDA announced export sales of 132,000 tonnes of soybeans to unknown destinations and an additional 120,000 tonnes of soybean meal to Spain.
CORN futures were lower, taking some direction from the declines in soybeans and wheat. Chart-based selling added to the softer tone, as an early attempt at moving higher uncovered some resistance.
Traders generally expect to see a reduction in U.S. corn acreage on the year, as some acres shift into soybeans instead.
The latest U.S. cattle-on-feed report, released after Friday’s close, showed the largest number in a decade, which provided some underlying support for feed grains.
WHEAT futures were lower, with the largest losses in Kansas City hard red winter wheat as forecasts call for rain in parts of the dry U.S. Plains.
The average guess for US spring wheat seedings comes in at about 11.5 million acres, which would be up by about half a million on the year.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 30 cents at US$57.46 per barrel.
In the afternoon, the Canadian dollar was trading around US77.71 cents, down from 77.73 cents the previous trading day. The U.S. dollar was C$1.2868. 1/.7795
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 18 522.70s +2.10 +0.40%
Canola Jul 18 527.80s +2.10 +0.40%
Canola Nov 18 515.60s +0.60 +0.12%
Canola Jan 19 519.30s +0.40 +0.08%
Canola Mar 19 521.20s +0.20 +0.04%
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 1025-4s -2-6 -0.27%
Soybeans Jul 18 1036-4s -2-6 -0.26%
Soybeans Aug 18 1039-0s -2-2 -0.22%
Soybeans Sep 18 1030-2s -1-2 -0.12%
Soybeans Nov 18 1025-4s -1-0 -0.10%
Soybean Meal May 18 375.0s -2.9 -0.77%
Soybean Meal Jul 18 377.8s -2.2 -0.58%
Soybean Meal Aug 18 374.7s -2.2 -0.58%
Soybean Oil May 18 31.46s +0.04 +0.13%
Soybean Oil Jul 18 31.72s +0.05 +0.16%
Soybean Oil Aug 18 31.84s +0.06 +0.19%
Corn May 18 374-0s -3-2 -0.86%
Corn Jul 18 382-4s -3-2 -0.84%
Corn Sep 18 389-0s -3-0 -0.77%
Corn Dec 18 396-6s -2-4 -0.63%
Corn Mar 19 404-0s -2-4 -0.62%
Oats May 18 226-4s +0-2 +0.11%
Oats Jul 18 235-2s unch unch
Oats Sep 18 242-6s unch unch
Oats Dec 18 252-0s +0-4 +0.20%
Oats Mar 19 258-0s +0-4 +0.19%
Wheat May 18 454-2s -6-0 -1.30%
Wheat Jul 18 471-4s -5-0 -1.05%
Wheat Sep 18 487-6s -4-6 -0.96%
Wheat Dec 18 509-0s -4-6 -0.92%
Wheat Mar 19 525-6s -5-0 -0.94%
Minneapolis
Spring Wheat May 18 597-2s -5-4 -0.91%
Spring Wheat Jul 18 605-0s -4-2 -0.70%
Spring Wheat Sep 18 611-4s -3-4 -0.57%
Spring Wheat Dec 18 622-4s -2-6 -0.44%
Spring Wheat Mar 19 630-2s -3-0 -0.47%
Kansas City
Hard Red Wheat May 18 468-2s -11-0 -2.30%
Hard Red Wheat Jul 18 487-6s -10-4 -2.11%
Hard Red Wheat Sep 18 506-0s -10-4 -2.03%
Hard Red Wheat Dec 18 529-2s -10-2 -1.90%
Hard Red Wheat Mar 19 543-6s -10-2 -1.85%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 18 115.175s -0.875 -0.75%
Live Cattle Jun 18 105.300s -0.900 -0.85%
Live Cattle Aug 18 103.675s -1.275 -1.21%
Feeder Cattle Mar 18 134.925s -0.775 -0.57%
Feeder Cattle Apr 18 134.500s -1.600 -1.18%
Feeder Cattle May 18 135.550s -1.750 -1.27%
Lean Hogs Apr 18 58.025s -0.400 -0.68%
Lean Hogs May 18 65.250s +0.025 +0.04%
Lean Hogs Jun 18 74.100s -0.050 -0.07%
