Canola weakens at day’s end

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.

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%

 

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