Canola up for second day on soybean shortcovering

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Published: July 27, 2016

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This story has the correct ICE Futures prices.

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Canola rose for a second day on Wednesday with support from a soybean short covering rally.

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The soybean contract found strength from ideas that the lower prices of late might attract more exports and that it might yet get hot enough to stress the crop in August.

Gains were kept in check by good crop ratings in the United States and generally favour current weather.

Corn traded a few cents a bushel higher. There was no significant news to affect corn.

Wheat futures closed little changed. They were a bit stronger in the early morning but peddled back later as the Euronext wheat contract fell.

It had rallied on concerns about severe wet weather damage in France’s wheat crop but traders now believe the rally was overdone considering better crops elsewhere in Europe and a record crop in Russia.

The high price in France earlier this week already attracted a shipload import of Romanian wheat. It is rare for France to import wheat.

LA NINA UPDATE

The Pacific Ocean cooling that some forecasters expected would develop into a La Nina this summer has slowed its progress and weather models now indicate that if it does form it will not be until the fall. And it will likely be a weak form that has less effect on South American crops.

OUTSIDE MARKETS

The Federal Reserve kept U.S. interest rates unchanged today.

The Toronto Stock Exchange’s S&P/TSX composite index ended the rollercoaster session down 3.46 points, or 0.02 percent, at 14,546.54.

The Dow Jones industrial average finished down just 0.01 percent at 18,472.17 points and the S&P 500 ended down 0.12 percent at 2,166.58.

The Nasdaq Composite added 0.58 percent to 5,139.81.

Light crude oil nearby futures in New York were down $1, closing at US$41.92 per barrel.

The Canadian dollar at noon was US75.64 cents, down from 75.71 cents the previous trading day. The U.S. dollar at noon was C$1.3220.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2016   453.90   +6.80   +1.52%

Canola Jan 2017   461.20   +6.60   +1.45%

Canola Mar 2017   467.30   +6.30   +1.37%

Canola May 2017   471.50   +6.50   +1.40%

Canola Jul 2017   475.40   +6.60   +1.41%

 

Milling Wheat Oct 2016   207.00 -1.00   -0.48%

Milling Wheat Dec 2016   211.00   -1.00   -0.47%

 

Durum Wheat Oct 2016   260.00   unch   0.00%

Durum Wheat Dec 2016   263.00   unch   0.00%

 

Barley Oct 2016   150.00   unch   0.00%

Barley Dec 2016   150.00   unch   0.00%

 

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

 

Chicago

Soybeans Aug 2016   1010.50   +17.00   +1.71%

Soybeans Sep 2016   999.75   +14.75   +1.50%

Soybeans Nov 2016   986.00   +12.25   +1.26%

Soybeans Jan 2017   986.25   +11.75   +1.21%

Soybeans Mar 2017   975.00   +11.75   +1.22%

Soybeans May 2017   970.25   +11.25   +1.17%

 

Soybean Meal Aug 2016   344.80   +3.40   +1.00%

Soybean Meal Sep 2016   345.80   +4.60   +1.35%

Soybean Meal Oct 2016   344.40   +5.30   +1.56%

 

Soybean Oil Aug 2016   29.53   -0.03   -0.10%

Soybean Oil Sep 2016   29.66   -0.02   -0.07%

Soybean Oil Oct 2016   29.77   -0.03   -0.10%

 

Corn Sep 2016   335.75   +3.25   +0.98%

Corn Dec 2016   343.00   +3.50   +1.03%

Corn Mar 2017   351.75   +2.75   +0.79%

Corn May 2017   357.00   +2.50   +0.71%

Corn Jul 2017   362.00   +2.50   +0.70%

 

Oats Sep 2016   197.00   -3.25   -1.62%

Oats Dec 2016   196.75   -2.00   -1.01%

Oats Mar 2017   201.50   -2.25   -1.10%

Oats May 2017   204.50   -3.75   -1.80%

Oats Jul 2017   210.25   -3.75   -1.75%

 

Wheat Sep 2016   414.75   -0.25   -0.06%

Wheat Dec 2016   441.50   -0.50   -0.11%

Wheat Mar 2017   467.25   -2.00   -0.43%

Wheat May 2017   480.75   -1.50   -0.31%

Wheat Jul 2017   487.75   -1.50   -0.31%

 

Minneapolis

Spring Wheat Sep 2016   488.25   +1.75   +0.36%

Spring Wheat Dec 2016   503.75   +1.25   +0.25%

Spring Wheat Mar 2017   519.00   +0.50   +0.10%

Spring Wheat May 2017   528.75   unch   0.00%

Spring Wheat Jul 2017   538.75   +0.25   +0.05%

 

Kansas City

Hard Red Wheat Sep 2016   412.50   +0.50   +0.12%

Hard Red Wheat Dec 2016   438.50   unch   0.00%

Hard Red Wheat Mar 2017   455.50   unch   0.00%

Hard Red Wheat May 2017   466.25   -0.25   -0.05%

Hard Red Wheat Jul 2017   476.25   unch   0.00%

 

Chicago livestock futures in US¢/pound (rounded to two decimal points)

Live Cattle (P) Aug 2016   113.95   +0.08   +0.07%

Live Cattle (P) Oct 2016   113.05   +0.47   +0.42%

Live Cattle (P) Dec 2016   113.90   +0.55   +0.49%

 

Feeder Cattle (P) Aug 2016   142.28   -0.17   -0.12%

Feeder Cattle (P) Sep 2016   141.12   +0.09   +0.06%

Feeder Cattle (P) Oct 2016   140.25   +0.03   +0.02%

 

Lean Hogs (P) Aug 2016   71.68  -2.92   -3.91%

Lean Hogs (P) Oct 2016   61.05   -2.58   -4.05%

Lean Hogs (P) Dec 2016   56.45   -2.05   -3.50%

 

 

 

About the author

D'Arce McMillan

Markets editor, Saskatoon newsroom

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