The ICE Futures canola platform was mixed at close Wednesday, taking support from United States futures.
Chicago Board of Trade soybean, oil and meal contracts were all higher, as trade war fears ebbed.
Statistics Canada released its updated production numbers this morning, using satellite data. The report pegged canola production at 21 million tonnes, which is sharply higher than the previous estimate of 19.2 million. Slow harvest progress in parts of Western Canada due to cold weather was supportive for the canola market.
About 15,324 canola contracts traded, which compares with Tuesday when 20,273 contracts changed hands. Spreading accounted for 8,760 of the contracts traded.
Read Also
U.S. grains: Corn futures lower as farmers sell, soy choppy
Chicago corn futures ticked lower on Tuesday on selling pressure as soybeans chopped up and down, though expectations of a bumper U.S. harvest limited the upside in prices, analysts said.
In the U.S. soybean futures on the Chicago Board of Trade finished the day higher. Soyoil and meal contracts were also stronger.
The market is recovering some of its losses from yesterday. Tariff fears had pressured the market down as the trade war between the U.S. and China heated up.
The private analytic firm Informa Economics estimated next year’s soybean acreage to be at 82.27 million acres, which is 7.7 per cent below this year.
The corn market finished the day higher. Ethanol numbers released this morning showed that last week production rose by 31,000 barrels per day to 1.051 million barrels per day. Ethanol stocks were at 22.7 million barrels, down from 22.9 million barrels the week before.
Two South Korean feed makers bought corn overnight, and it is likely that some of that corn is from the U.S. Rain is expected to continue across the Corn Belt during the next week. The long range forecast for the next two weeks is
calling for cool and wet weather across the Corn Belt.
Wheat futures in the U.S. finished the day higher. The Statistics Canada report this morning pegged spring wheat production at 22.91 million tonnes, up from the last estimate of 21.559 million tonnes. All wheat production was estimated to be at 31.019 million tonnes, up from the previous estimate of 28.988 million tonnes.
The wheat harvest has just begun in southern Brazil. The Russian wheat harvest in Siberia is running behind schedule due to bad weather, making for the slowest pace in the past five years. There is concern some crops will be left in the
fields if it snows this weekend.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up xx cents at US$71.44 per barrel.
In the afternoon, the Canadian dollar was trading around US77.40 cents, up from 0.36 cents the previous trading day. The U.S. dollar was C$1.2920. 1/.7795
Winnipeg ICE Futures Canada dollars per tonne.
Canola Nov 18 487.00s +0.60 +0.12%
Canola Jan 19 492.70s +0.10 +0.02%
Canola Mar 19 497.60s -0.30 -0.06%
Canola May 19 502.50s unch unch
Canola Jul 19 506.70s +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
Soybeans Nov 18 830-0s +16-0 +1.97%
Soybeans Jan 19 843-6s +15-6 +1.90%
Soybeans Mar 19 857-2s +15-6 +1.87%
Soybeans May 19 870-2s +15-4 +1.81%
Soybeans Jul 19 880-2s +15-0 +1.73%
Soybean Meal Oct 18 306.4s +5.9 +1.96%
Soybean Meal Dec 18 309.2s +5.9 +1.95%
Soybean Meal Jan 19 310.0s +5.5 +1.81%
Soybean Oil Oct 18 27.25s +0.13 +0.48%
Soybean Oil Dec 18 27.50s +0.13 +0.47%
Soybean Oil Jan 19 27.73s +0.12 +0.43%
Corn Dec 18 345-6s +2-4 +0.73%
Corn Mar 19 358-0s +2-4 +0.70%
Corn May 19 366-4s +2-4 +0.69%
Corn Jul 19 373-0s +2-2 +0.61%
Corn Sep 19 378-4s +2-4 +0.66%
Oats Dec 18 249-2s +3-4 +1.42%
Oats Mar 19 253-6s +3-4 +1.40%
Oats May 19 256-6s +3-4 +1.38%
Oats Jul 19 259-4s +3-4 +1.37%
Oats Sep 19 263-0s +3-4 +1.35%
Wheat Dec 18 522-4s +12-0 +2.35%
Wheat Mar 19 540-2s +11-2 +2.13%
Wheat May 19 551-6s +10-2 +1.89%
Wheat Jul 19 555-0s +8-4 +1.56%
Wheat Sep 19 564-6s +9-0 +1.62%
Minneapolis
Spring Wheat Dec 18 588-0s +7-6 +1.34%
Spring Wheat Mar 19 601-2s +6-4 +1.09%
Spring Wheat May 19 608-4s +5-2 +0.87%
Spring Wheat Jul 19 614-4s +5-2 +0.86%
Spring Wheat Sep 19 618-6s +4-4 +0.73%
Kansas City
Hard Red Wheat Dec 18 526-2s +10-2 +1.99%
Hard Red Wheat Mar 19 549-6s +12-0 +2.23%
Hard Red Wheat May 19 563-0s +11-6 +2.13%
Hard Red Wheat Jul 19 562-4s +10-4 +1.90%
Hard Red Wheat Sep 19 572-4s +10-4 +1.87%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle (Pit) Oct 18 113.100s -0.125 -0.11%
Live Cattle (Pit) Dec 18 117.975s unch unch
Live Cattle (Pit) Feb 19 121.850s unch unch
Feeder Cattle (Pit) Sep 18 155.525s -0.300 -0.19%
Feeder Cattle (Pit) Oct 18 157.875s -0.150 -0.09%
Feeder Cattle (Pit) Nov 18 157.725s -0.100 -0.06%
Lean Hogs (Pit) Oct 18 60.000s +0.825 +1.39%
Lean Hogs (Pit) Dec 18 57.900s -0.075 -0.13%
Lean Hogs (Pit) Feb 19 65.950s +0.150 +0.23%
