Canola up for the fourth straight day

Winnipeg, MarketsFarm) – ICE Futures canola contracts moved up for the fourth-straight session on Tuesday, breaking above major chart resistance as persistent Prairie weather concerns kept farmer selling on the sidelines and encouraged speculative short-covering.

A rally in Chicago Board of Trade soyoil was also supportive, although soybeans settled with small losses.

Large old crop supplies and a lack of aggressive end user demand also put some pressure on values.

About 38,689 canola contracts traded on Thursday, which compares with Wednesday when 32,730 contracts changed hands. Spreading accounted for 28,538 of the contracts traded.

SOYBEANS traded to both sides of unchanged at the Chicago Board of Trade on Thursday, but settled with small losses as traders continued to take profits on recent gains.

The United States Department of Agriculture reported weekly U.S. soybean export sales of just over 2 million tonnes, which beat pre-report trade expectations. China was a noted buyer, accounting for roughly three-quarters of the business.

The USDA also reported an additional private export sale of 252,000 tonnes to China this morning.

The Chinese demand comes ahead of upcoming trade talks between the two countries later this month.

While beans were down, soyoil rallied on tight stocks and expectations for adjustments to U.S. biofuel blending regulations.

CORN held near unchanged, with the bias slightly higher at the close.

Weekly U.S. corn export sales came in at 562,600 tonnes, which was at the lower end of trade estimates.

Meanwhile, Brazil exported 6.5 million tonnes of corn in September, according to data out of the country. That was roughly double what moved during the same month a year.

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WHEAT futures were narrowly mixed on Thursday, seeing some consolidation in thin and choppy activity.

Weekly US export sales of 328,500 tonnes were in line with trade expectations. An additional private sale of 130,000 tonnes of white wheat to China was also announced this morning.

While concerns over the quality of the North American spring wheat crop were somewhat supportive, the Minneapolis futures have outpaced the winter wheats to the upside lately and were pressured by a readjustment of the spreads.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down 19 cents at US$52.45 per barrel.

In the afternoon, the Canadian dollar was trading around US75.02 cents, down from 75.22 cents the previous trading day. The U.S. dollar was C$1.3330.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Nov 19 459.20s +3.50 +0.77%

Canola Jan 20 468.10s +3.60 +0.78%

Canola Mar 20 476.60s +3.50 +0.74%

Canola May 20 483.50s +3.20 +0.67%

Canola Jul 20 489.10s +3.20 +0.66%

 

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 19 911-6s -2-0 -0.22%

Soybean Jan 20 926-0s -1-6 -0.19%

Soybean Mar 20 936-4s -2-0 -0.21%

Soybean May 20 946-2s -2-0 -0.21%

Soybean Jul 20 954-6s -1-6 -0.18%

 

Soybean Meal Oct 19 298.0s -2.3 -0.77%

Soybean Meal Dec 19 302.9s -2.7 -0.88%

Soybean Meal Jan 20 304.8s -2.8 -0.91%

 

Soybean Oil Oct 19 29.80s +0.74 +2.55%

Soybean Oil Dec 19 29.89s +0.68 +2.33%

Soybean Oil Jan 20 30.11s +0.67 +2.28%

 

Corn Dec 19 388-6s +1-0 +0.26%

Corn Mar 20 400-6s +1-0 +0.25%

Corn May 20 406-0s +1-2 +0.31%

Corn Jul 20 408-4s +1-2 +0.31%

Corn Sep 20 402-0s +0-2 +0.06%

 

Oats Dec 19 287-0s +4-2 +1.50%

Oats Mar 20 289-0s +3-6 +1.31%

Oats May 20 289-6s +5-0 +1.76%

Oats Jul 20 290-2s +5-0 +1.75%

Oats Sep 20 292-6s +5-0 +1.74%

 

Wheat Dec 19 488-6s -0-2 -0.05%

Wheat Mar 20 496-2s unch unch

Wheat May 20 502-0s +0-2 +0.05%

Wheat Jul 20 506-2s +0-2 +0.05%

Wheat Sep 20 514-0s unch unch

 

Minneapolis

Spring Wheat Dec 19 529-4s unch unch

Spring Wheat Mar 20 543-2s -1-0 -0.18%

Spring Wheat May 20 552-4s -1-0 -0.18%

Spring Wheat Jul 20 560-4s -1-0 -0.18%

Spring Wheat Sep 20 568-4s -0-6 -0.13%

 

Kansas City

Hard Red Wheat Dec 19 405-6s unch unch

Hard Red Wheat Mar 20 420-2s +0-6 +0.18%

Hard Red Wheat May 20 430-0s +1-2 +0.29%

Hard Red Wheat Jul 20 439-4s +1-4 +0.34%

Hard Red Wheat Sep 20 450-6s +1-0 +0.22%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Oct 19 106.800s +0.750 +0.71%

Live Cattle Dec 19 110.825s +0.200 +0.18%

Live Cattle Feb 20 117.000s +0.200 +0.17%

 

Feeder Cattle Oct 19 142.350s +0.275 +0.19%

Feeder Cattle Nov 19 142.100s +0.425 +0.30%

Feeder Cattle Jan 20 138.250s +0.250 +0.18%

 

Lean Hogs Oct 19 62.425s +0.225 +0.36%

Lean Hogs Dec 19 68.100s -1.000 -1.45%

Lean Hogs Feb 20 75.300s -0.525 -0.69%

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