WINNIPEG (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were steady to lower on Tuesday, as bids wobbled up and down, according to a trader.
He commented there is nothing to break canola, and other oilseeds, from being range-bound.
While rain over the Labour Day long weekend slowed the harvest, frost has yet to strike on the Prairies. Nighttime lows this week will remain in the single digits, with Thursday being the coolest night. Daytime highs will be in the low to mid 20s Celsius. Also, there will be rain across parts of the Prairies, with the northern growing areas likely to receive more precipitation than the southern parts.
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U.S. grains: Corn futures edge up, soybeans sag on improving US crop ratings
Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.
There were 13,654 contracts traded on Tuesday, which compares with Friday when 10,978 contracts changed hands. Spreading accounted for 3,696 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Nov 447.50 dn 0.50
Jan 455.60 dn 0.50
Mar 462.60 dn 0.60
May 469.10 dn 0.40
SOYBEAN futures at the Chicago Board of Trade (CBOT) were steady on Tuesday, as the funds were unwilling to expand their short position.
The United States/China trade war saw more tariffs kick-in over recent days. China’s top trade negotiator, Vice-Premier Liu He, told a pair of U.S. Senators that his country doesn’t want a trade war, adding it’s bad for the global economy. No date has been announced for the resumption of negotiations.
The U.S. Department of Agriculture (USDA) reported soybean exports of 1.281 million tonnes, as of August 29, of which nearly 780,000 tonnes were destined for China.
Ahead of the USDA’s crop progress report trade expectations are for the soybean crop to be 56 per cent good to excellent condition. That would be down one point from the previous week and below the five-year average of 67 per cent. The report is scheduled to be released at 3 pm Central.
Soybean and Corn Advisor’s Dr. Michael Cordonnier kept his estimate of U.S. soybean yields at 46 bushels per acre.
Brazil’s soybean exports amounted to 5.328 million tonnes for August, down by more than 34 per cent from this time last year, according to the country’s trade ministry.
CORN futures were weaker on Tuesday, as demand has been weakening ahead of the U.S. harvest.
Hurricane Dorian is expected to hit Florida today and make its way up the U.S. East Coast. Presently at Category 3, Dorian could damage corn crops in its path.
Market predictions have called for corn conditions to be 58 per cent good to excellent, up a point from last week, but behind the average of 69 per cent.
The USDA’s weekly export inspections included 355,400 tonnes of corn shipped as of August 29. That’s down 25 per cent from this time last year.
Cordonnier left his U.S. corn yield estimate at 162 bushels per acre.
Brazil’s corn exports of 7.653 million tonnes in August, were more than double to exports in August 2018.
WHEAT futures were lower on Tuesday, as the U.S. dollar increased in value, making U.S. wheat less competitive.
Trade expectations for spring wheat to be 69 per cent good to excellent, the same as last week. That would be above the average of 62 per cent. The spring wheat harvest was predicted to be 59 per cent complete, up from 38 per cent last week. However, the harvest is almost 20 points back of the five-year average.
The USDA stated that about 526,000 tonnes of wheat was shipped during the week ended August 29, which was over 28 per cent that time last year.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down $1.16 at US$53.94 per barrel.
In the afternoon, the Canadian dollar was trading around US74.95 cents, down from 75.22 cents the previous trading day. The U.S. dollar was C$1.3343.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Nov 19 447.50s -0.50 -0.11%
Canola Jan 20 455.60s -0.50 -0.11%
Canola Mar 20 462.60s -0.60 -0.13%
Canola May 20 469.10s -0.40 -0.09%
Canola Jul 20 475.60s unch unch
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
Soybean Sep 19 856-4s -0-4 -0.06%
Soybean Nov 19 868-4s -0-4 -0.06%
Soybean Jan 20 882-2s +0-2 +0.03%
Soybean Mar 20 895-0s +0-6 +0.08%
Soybean May 20 905-6s +1-2 +0.14%
Soybean Meal Sep 19 288.0s -1.3 -0.45%
Soybean Meal Oct 19 290.4s -1.3 -0.45%
Soybean Meal Dec 19 294.1s -1.2 -0.41%
Soybean Oil Sep 19 28.87s +0.23 +0.80%
Soybean Oil Oct 19 28.94s +0.30 +1.05%
Soybean Oil Dec 19 29.09s +0.28 +0.97%
Corn Sep 19 349-6s -8-2 -2.30%
Corn Dec 19 361-0s -8-6 -2.37%
Corn Mar 20 374-2s -8-0 -2.09%
Corn May 20 382-4s -7-4 -1.92%
Corn Jul 20 389-4s -7-4 -1.89%
Oats Sep 19 258-4s -3-6 -1.43%
Oats Dec 19 265-2s -3-6 -1.39%
Oats Mar 20 269-4s -4-2 -1.55%
Oats May 20 269-0s -4-4 -1.65%
Oats Jul 20 270-6s -4-4 -1.63%
Wheat Sep 19 447-2s -4-0 -0.89%
Wheat Dec 19 453-4s -9-0 -1.95%
Wheat Mar 20 459-6s -10-2 -2.18%
Wheat May 20 465-0s -10-0 -2.11%
Wheat Jul 20 469-4s -10-0 -2.09%
Minneapolis
Spring Wheat Sep 19 466-4s -10-0 -2.10%
Spring Wheat Dec 19 487-0s -9-6 -1.96%
Spring Wheat Mar 20 500-6s -9-6 -1.91%
Spring Wheat May 20 511-4s -9-2 -1.78%
Spring Wheat Jul 20 521-6s -9-0 -1.70%
Kansas City
Hard Red Wheat Sep 19 362-0s -16-2 -4.30%
Hard Red Wheat Dec 19 382-2s -15-0 -3.78%
Hard Red Wheat Mar 20 398-4s -15-0 -3.63%
Hard Red Wheat May 20 409-4s -14-4 -3.42%
Hard Red Wheat Jul 20 419-4s -13-6 -3.17%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 19 99.275s +0.350 +0.35%
Live Cattle Dec 19 104.325s +0.650 +0.63%
Live Cattle Feb 20 109.200s +0.175 +0.16%
Feeder Cattle Sep 19 134.150s +1.750 +1.32%
Feeder Cattle Oct 19 132.100s +1.300 +0.99%
Feeder Cattle Nov 19 131.025s +0.700 +0.54%
Lean Hogs Oct 19 66.525s +3.000 +4.72%
Lean Hogs Dec 19 65.825s +2.450 +3.87%
Lean Hogs Feb 20 73.300s +1.875 +2.63%
