Winnipeg (CNS Canada) – The ICE Futures Canada canola complex chopped around in a tight range for much of the day, before settling with small losses.
The market initially rose with speculative trading before profit-taking came in shortly before the close.
Gains in the U.S. soy complex were largely offset by strength in the Canadian dollar.
Crush margins are at their lowest levels in months and canola exports are still falling further behind last year’s pace.
Despite today’s setback, canola prices are still quite high, which makes it expensive relative to other oilseeds.
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U.S. grains: Soybean futures jump on hopes for US export demand
Chicago Board of Trade soybean futures jumped on hopes for U.S. export demand on Wednesday, while corn futures rose for a third day to extend a recovery from contract lows, analysts said.
Around 22,877 canola contracts were traded on Monday, which compares with Friday when around 32,210 contracts changed hands. Spreading accounted for 15,992 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market posted solid gains on Monday in follow-through buying after Friday’s strong close.
Strength in the Chinese soybean market also helped prop up values somewhat. The United States has shipped a lot of soybeans to Europe recently, which was supportive for prices.
Most analysts estimate Brazil’s soybean crop to be around 115.6 million tonnes.
Corn ended a few cents higher on Monday, taking spillover gains from wheat and soybeans.
Ideas that planting will happen later this spring also underpinned the market.
China is preparing for a major corn auction later this week, which was bearish for values.
Wheat futures in Chicago, Minneapolis and Kansas City finished sharply higher.
Cold, snowy weather across the U.S. Plains created uncertainty over how many acres would be seeded this spring.
Russian grain exports have dropped noticeably as of late. Weekly exports were just 818,000 tonnes last week, which was the first time since February they have been below a million.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up $1.36 at US$63.42 per barrel.
In the afternoon, the Canadian dollar was trading around US78.72 cents, down from 78.22 cents the previous trading day. The U.S. dollar was C$1.2703.
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 18 531.00s -0.80 -0.15%
Canola Jul 18 536.70s -0.60 -0.11%
Canola Nov 18 521.70s -0.60 -0.11%
Canola Jan 19 525.30s +0.10 +0.02%
Canola Mar 19 526.30s 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
Soybeans May 18 1047-0s +13-2 +1.28%
Soybeans Jul 18 1057-4s +12-6 +1.22%
Soybeans Aug 18 1058-4s +12-4 +1.20%
Soybeans Sep 18 1048-4s +10-2 +0.99%
Soybeans Nov 18 1043-2s +10-0 +0.97%
Soybean Meal May 18 389.6s +3.3 +0.85%
Soybean Meal Jul 18 393.7s +3.6 +0.92%
Soybean Meal Aug 18 391.2s +4.6 +1.19%
Soybean Oil May 18 31.52s -0.01 -0.03%
Soybean Oil Jul 18 31.79s -0.02 -0.06%
Soybean Oil Aug 18 31.93s unch unch
Corn May 18 390-6s +2-2 +0.58%
Corn Jul 18 399-0s +2-0 +0.50%
Corn Sep 18 406-0s +2-0 +0.50%
Corn Dec 18 414-6s +2-2 +0.55%
Corn Mar 19 422-0s +2-0 +0.48%
Oats May 18 237-2s +4-0 +1.71%
Oats Jul 18 243-4s +2-4 +1.04%
Oats Sep 18 247-2s +2-4 +1.02%
Oats Dec 18 255-6s +2-6 +1.09%
Oats Mar 19 262-4s +2-6 +1.06%
Wheat May 18 490-6s +18-4 +3.92%
Wheat Jul 18 506-0s +17-4 +3.58%
Wheat Sep 18 522-4s +17-0 +3.36%
Wheat Dec 18 544-6s +16-4 +3.12%
Wheat Mar 19 562-0s +15-6 +2.88%
Minneapolis
Spring Wheat May 18 626-4s +19-2 +3.17%
Spring Wheat Jul 18 636-4s +19-4 +3.16%
Spring Wheat Sep 18 641-2s +17-6 +2.85%
Spring Wheat Dec 18 650-4s +15-6 +2.48%
Spring Wheat Mar 19 658-2s +13-6 +2.13%
Kansas City
Hard Red Wheat May 18 522-6s +16-0 +3.16%
Hard Red Wheat Jul 18 541-6s +16-2 +3.09%
Hard Red Wheat Sep 18 560-2s +16-0 +2.94%
Hard Red Wheat Dec 18 582-6s +15-6 +2.78%
Hard Red Wheat Mar 19 596-0s +15-2 +2.63%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 18 112.025s -0.200 -0.18%
Live Cattle Jun 18 102.500s +0.175 +0.17%
Live Cattle Aug 18 102.750s -0.025 -0.02%
Feeder Cattle Apr 18 134.450s -0.875 -0.65%
Feeder Cattle May 18 135.525s -0.100 -0.07%
Feeder Cattle Aug 18 141.050s -0.400 -0.28%
Lean Hogs Apr 18 52.900s +0.775 +1.49%
Lean Hogs May 18 67.325s +2.850 +4.42%
Lean Hogs Jun 18 75.875s +2.600 +3.55%
