Winnipeg (CNS Canada) – ICE Futures canola contracts were weaker on Thursday, as bearish chart signals and ideas that the commodity remains expensive compared to other oilseeds weighed on prices.
Relatively favourable Prairie crop conditions added to the softer tone, despite lingering concerns over excessive dryness in some areas excessive moisture in others.
Updated supply/demand estimates from the United States Department of Agriculture led to a mixed reaction in the Chicago soybean complex, with soybeans up slightly on the day and soyoil lower.
Steady commercial demand provided underlying support, as end users took advantage of the recent declines to book some coverage.
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U.S. grains: Soybeans retreat after one-month high; corn, wheat sag
Chicago Board of Trade soybean futures turned lower on Tuesday on profit-taking after the benchmark contract touched a one-month high in early moves, while market players continued to monitor U.S.-China trade relations, analysts said.
About 15,872 canola contracts traded, which compares with Wednesday when 21,395 contracts changed hands. Spreading accounted for 3,826 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade ended with small gains on Thursday, despite the latest supply/demand estimates from the United States Department of Agriculture that were initially deemed somewhat bearish.
The agency raised its projections for U.S. and world soybeans stocks above trade expectations, with ideas that China would be buying less beans going forward.
Weekly U.S. soybean export inspections came in at the lower end of trade expectations, with about 300,000 tonnes of cancelled business included in the latest data.
However, soybeans found some support to the downside, with short-covering helping take prices off of the 10-year lows hit recently.
CORN was underpinned by tightening stocks projections from the USDA, with prices up by five to six cents per bushel.
The government agency lowered both its U.S. and world corn stocks projections, with expectations for larger exports behind the U.S. adjustment and a downward revision to Brazilian production cutting into world supplies.
Weekly U.S. corn export sales came in at the lower end of trade expectations, putting some pressure on values.
WHEAT futures were all higher as they corrected following Wednesday’s declines. Total U.S. wheat production was raised to 1.88 billion bushels by the USDA, with spring wheat accounting for most of the increase.
World wheat carryout was lowered by about six million tonnes, to 260.9 million, due largely to downward revisions to European and Russian production.
OUTSIDE MARKETS
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jul 18 492.80s -5.60 -1.12%
Canola Nov 18 492.80s -1.20 -0.24%
Canola Jan 19 498.80s -1.20 -0.24%
Canola Mar 19 503.60s -0.90 -0.18%
Canola May 19 507.80s -1.10 -0.22%
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 Jul 18 830-0s +0-2 +0.03%
Soybeans Aug 18 833-6s +0-6 +0.09%
Soybeans Sep 18 839-0s +1-0 +0.12%
Soybeans Nov 18 849-2s +1-0 +0.12%
Soybeans Jan 19 859-0s +0-6 +0.09%
Soybean Meal Jul 18 333.4s +0.4 +0.12%
Soybean Meal Aug 18 330.9s +0.4 +0.12%
Soybean Meal Sep 18 330.3s +0.2 +0.06%
Soybean Oil Jul 18 28.17s -0.16 -0.56%
Soybean Oil Aug 18 28.27s -0.16 -0.56%
Soybean Oil Sep 18 28.38s -0.14 -0.49%
Corn Jul 18 336-4s +5-2 +1.58%
Corn Sep 18 345-6s +5-6 +1.69%
Corn Dec 18 359-2s +6-0 +1.70%
Corn Mar 19 371-0s +6-0 +1.64%
Corn May 19 377-6s +5-6 +1.55%
Oats Jul 18 257-4s +1-4 +0.59%
Oats Sep 18 237-0s +1-0 +0.42%
Oats Dec 18 241-2s +1-4 +0.63%
Oats Mar 19 245-2s +1-2 +0.51%
Oats May 19 247-0s +2-6 +1.13%
Wheat Jul 18 482-4s +12-6 +2.71%
Wheat Sep 18 484-4s +12-6 +2.70%
Wheat Dec 18 501-2s +10-6 +2.19%
Wheat Mar 19 518-2s +9-0 +1.77%
Wheat May 19 530-0s +8-2 +1.58%
Minneapolis
Spring Wheat Jul 18 523-6s +4-0 +0.77%
Spring Wheat Sep 18 530-4s +5-0 +0.95%
Spring Wheat Dec 18 549-2s +5-0 +0.92%
Spring Wheat Mar 19 565-4s +5-0 +0.89%
Spring Wheat May 19 576-4s +5-2 +0.92%
Kansas City
Hard Red Wheat Jul 18 470-2s +7-2 +1.57%
Hard Red Wheat Sep 18 481-2s +7-2 +1.53%
Hard Red Wheat Dec 18 505-6s +7-0 +1.40%
Hard Red Wheat Mar 19 524-0s +6-6 +1.30%
Hard Red Wheat May 19 534-6s +6-6 +1.28%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Aug 18 105.025s +1.175 +1.13%
Live Cattle Oct 18 107.600s +1.350 +1.27%
Live Cattle Dec 18 111.575s +0.900 +0.81%
Feeder Cattle Aug 18 151.025s +1.625 +1.09%
Feeder Cattle Sep 18 150.975s +1.550 +1.04%
Feeder Cattle Oct 18 151.275s +1.325 +0.88%
Lean Hogs Jul 18 79.950s +0.175 +0.22%
Lean Hogs Aug 18 70.425s +1.625 +2.36%
Lean Hogs Oct 18 53.950s +1.925 +3.70%
