Winnipeg – ICE Futures canola contracts were stronger on Tuesday, seeing a correction after Monday’s declines.
Weakness in the Canadian dollar contributed to the gains, as the currency dipped below 75 U.S. cents.
A firm tone in Chicago Board of Trade soyoil was also supportive, although losses in soybeans did put some pressure on values. However, canola was already lower yesterday when markets in the United States were closed for Martin Luther King Jr. Day.
Uncertainty over the latest diplomatic tensions between China and Canada kept some additional caution in the canola market.
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About 26,127 canola contracts traded on Tuesday, which compares with Monday when 6,901 contracts changed hands. Spreading accounted for 14,794 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were weaker on Tuesday, pressured by concerns over Chinese demand as trade resumed after the Martin Luther King Jr. holiday.
While China has reportedly bought some more soybean cargoes from the United States recently, more purchases will be needed to cut into the large U.S. stockpile. In addition, actual confirmation on the business remains lacking due to the government shutdown.
Mounting global economic uncertainty and the sharp drop in many equity markets on Tuesday also spilled over to weigh on soybeans, according to participants.
Recent rainfall in dry areas of Brazil was another bearish influence, although dryness persists in some key soybean growing regions and excessive moisture could be causing problems with crops in Argentina.
CORN settled with small losses, with the broad-based selling in the wider financial markets and spillover from soybeans behind some of the activity.
However, solid weekly export inspections provided underlying support.
WHEAT futures ended mixed, with gains in the Chicago and Kansas City winter wheat contracts and losses in Minneapolis spring wheat.
Ideas that Russian wheat exports are finally showing signs of slowing down provided support, especially as U.S. wheat starts to pencil in more favourably for global buyers.
Weekly U.S. wheat inspections were solid at about half a million
tonnes.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 99 cents at US$52.77 per barrel. 5376
In the afternoon, the Canadian dollar was trading around US74.87 cents. The U.S. dollar was C$1.3356
Winnipeg ICE Futures Canada dollars per tonne.
Name / Contract Last Change % Change
Canola Mar 19 485.50s +2.90 +0.60%
Canola May 19 493.50s +2.90 +0.59%
Canola Jul 19 501.50s +3.20 +0.64%
Canola Nov 19 498.70s +1.80 +0.36%
Canola Jan 20 503.90s +2.70 +0.54%
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 Mar 19 909-2s -7-4 -0.82%
Soybeans May 19 922-6s -7-2 -0.78%
Soybeans Jul 19 935-6s -6-6 -0.72%
Soybeans Aug 19 941-0s -6-4 -0.69%
Soybeans Sep 19 943-4s -5-4 -0.58%
Soybean Meal Mar 19 313.0s -2.1 -0.67%
Soybean Meal May 19 316.7s -1.9 -0.60%
Soybean Meal Jul 19 320.4s -1.9 -0.59%
Soybean Oil Mar 19 29.06s +0.05 +0.17%
Soybean Oil May 19 29.34s +0.05 +0.17%
Soybean Oil Jul 19 29.64s +0.05 +0.17%
Corn Mar 19 379-0s -2-6 -0.72%
Corn May 19 387-2s -2-6 -0.71%
Corn Jul 19 395-0s -2-2 -0.57%
Corn Sep 19 397-0s -2-6 -0.69%
Corn Dec 19 400-6s -3-0 -0.74%
Oats Mar 19 297-0s -1-6 -0.59%
Oats May 19 294-4s -0-4 -0.17%
Oats Jul 19 292-4s -1-0 -0.34%
Oats Sep 19 283-4s -0-6 -0.26%
Oats Dec 19 279-4s -1-4 -0.53%
Wheat Mar 19 521-2s +3-4 +0.68%
Wheat May 19 527-0s +3-4 +0.67%
Wheat Jul 19 532-6s +4-0 +0.76%
Wheat Sep 19 541-2s +4-4 +0.84%
Wheat Dec 19 554-4s +4-4 +0.82%
Minneapolis
Spring Wheat Mar 19 572-0s -2-2 -0.39%
Spring Wheat May 19 576-4s -2-4 -0.43%
Spring Wheat Jul 19 583-0s -2-4 -0.43%
Spring Wheat Sep 19 590-0s -2-2 -0.38%
Spring Wheat Dec 19 602-6s -1-6 -0.29%
Kansas City
Hard Red Wheat Mar 19 509-6s +3-6 +0.74%
Hard Red Wheat May 19 518-6s +3-4 +0.68%
Hard Red Wheat Jul 19 528-2s +3-6 +0.71%
Hard Red Wheat Sep 19 540-0s +3-2 +0.61%
Hard Red Wheat Dec 19 555-2s +2-4 +0.45%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Feb 19 125.125s -1.400 -1.11%
Live Cattle Apr 19 126.075s -1.300 -1.02%
Live Cattle Jun 19 116.425s -1.025 -0.87%
Feeder Cattle Jan 19 141.050s -0.400 -0.28%
Feeder Cattle Mar 19 141.500s -1.325 -0.93%
Feeder Cattle Apr 19 142.950s -1.450 -1.00%
Lean Hogs Feb 19 61.475s +0.250 +0.41%
Lean Hogs Apr 19 66.100s -0.175 -0.26%
Lean Hogs May 19 72.025s unch unch
