Canola steady; wheat down slightly

Winnipeg, (MarketsFarm) – ICE Futures canola contracts settled near unchanged on Thursday, lacking any clear direction throughout the session.

Gains in Chicago Board of Trade soyoil and a slowdown in farmer selling pressure provided some underlying support.

Idea that canola was looking cheap compared to other oilseeds also underpinned the market, according to participants.

While Canada’s adverse harvest weather remained somewhat supportive as well, the likelihood that some fields will be left to overwinter was thought to be priced into the market for the time being.

Ample supplies in the commercial pipeline also kept a lid on any attempts at moving higher.

About 13,039 canola contracts traded on Thursday, which compares with Wednesday when 11,409 contracts changed hands. Spreading accounted for 7,456 of the contracts traded.

SOYBEAN Futures at the Chicago Board of Trade settled with small gains on Thursday, with strength in soyoil but a softer tone in soymeal.

Relatively favourable South American weather conditions put some pressure on values, as farmers in Brazil and Argentina seed their next crop.

However, news that China had lifted a four year ban on poultry from the United States was somewhat supportive, as optimism grew over the possibility of a trade deal between the two countries.

The U.S. Department of Agriculture reported private export sales of 129,000 tonnes of soybeans to China this morning.

CORN was slightly higher, as demand from the ethanol sector provided some support.

Weekly U.S. production of the renewable fuel rose to 1.03 million barrels per day in the latest government data. Meanwhile, ethanol stocks in the country were tighter despite the increased production, as usage was up.

WHEAT futures were down slightly, seeing some follow through selling after Wednesday’s turn lower.

Egypt bought 465,000 tonnes of wheat from Ukraine and Russia in its latest tender, bypassing the U.S. once again.

In other wheat news, the Rosario Grain Exchange pegged wheat production in Argentina this year at 19 million tonnes, which was down five per cent from an earlier estimate.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down 35 cents at US$56.77 per barrel.

In the afternoon, the Canadian dollar was trading around US75.43 cents, down from 75.48 cents the previous trading day. The U.S. dollar was C$1.3252.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Nov 19 456.00s +0.20 +0.04%

Canola Jan 20 462.00s +0.20 +0.04%

Canola Mar 20 471.20s -0.10 -0.02%

Canola May 20 479.70s -0.40 -0.08%

Canola Jul 20 487.10s -0.70 -0.14%

 

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 Nov 19 900-2s -2-2 -0.25%

Soybean Jan 20 916-6s +1-4 +0.16%

Soybean Mar 20 929-4s +1-0 +0.11%

Soybean May 20 941-2s +0-4 +0.05%

Soybean Jul 20 951-2s -0-2 -0.03%

 

Soybean Meal Dec 19 303.1s -1.0 -0.33%

Soybean Meal Jan 20 305.3s -1.0 -0.33%

Soybean Meal Mar 20 308.4s -1.0 -0.32%

 

Soybean Oil Dec 19 30.78s +0.25 +0.82%

Soybean Oil Jan 20 30.97s +0.24 +0.78%

Soybean Oil Mar 20 31.24s +0.23 +0.74%

 

Corn Dec 19 375-6s +0-4 +0.13%

Corn Mar 20 384-6s +0-6 +0.20%

Corn May 20 390-6s +1-0 +0.26%

Corn Jul 20 396-4s +0-6 +0.19%

Corn Sep 20 394-0s +1-2 +0.32%

 

Oats Dec 19 308-6s +3-2 +1.06%

Oats Mar 20 304-4s +2-4 +0.83%

Oats May 20 304-0s +2-4 +0.83%

Oats Jul 20 300-4s +2-2 +0.75%

Oats Sep 20 289-6s +1-6 +0.61%

 

Wheat Dec 19 507-6s -1-2 -0.25%

Wheat Mar 20 511-0s -2-6 -0.54%

Wheat May 20 516-0s -2-6 -0.53%

Wheat Jul 20 519-4s -3-0 -0.57%

Wheat Sep 20 527-0s -2-4 -0.47%

 

Minneapolis

Spring Wheat Dec 19 512-6s -2-4 -0.49%

Spring Wheat Mar 20 527-6s -2-2 -0.42%

Spring Wheat May 20 537-6s -2-0 -0.37%

Spring Wheat Jul 20 547-4s -2-0 -0.36%

Spring Wheat Sep 20 557-0s -1-6 -0.31%

 

Kansas City

Hard Red Wheat Dec 19 422-2s -2-4 -0.59%

Hard Red Wheat Mar 20 430-6s -2-4 -0.58%

Hard Red Wheat May 20 438-0s -2-0 -0.45%

Hard Red Wheat Jul 20 445-0s -1-4 -0.34%

Hard Red Wheat Sep 20 453-6s -1-6 -0.38%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Dec 19 119.075s +0.975 +0.83%

Live Cattle Feb 20 124.925s +0.825 +0.66%

Live Cattle Apr 20 126.100s +0.425 +0.34%

 

Feeder Cattle Nov 19 146.625s +1.050 +0.72%

Feeder Cattle Jan 20 144.050s +1.225 +0.86%

Feeder Cattle Mar 20 144.075s +0.750 +0.52%

 

Lean Hogs Dec 19 62.750s -0.375 -0.59%

Lean Hogs Feb 20 73.375s -1.175 -1.58%

Lean Hogs Apr 20 80.300s -1.450 -1.77%

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