Winnipeg (CNS Canada) – ICE Futures Canada canola contracts were weaker on Monday, taking some direction from declines in the Chicago Board of Trade soy complex.
Continued strength in the Canadian dollar contributed to the weaker tone, as the rising currency cuts into crush margins.
However, lingering winter conditions across much of Western Canada provided underlying support, with snow hitting parts of Alberta on Monday.
The poor weather has producers holding out for better prices, while spring road bans were also hampering country movement, said a broker.
About 16,225 canola contracts traded on Monday, which compares with Friday when 22,567 contracts changed hands. Spreading was a feature, accounting for 10,448 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were lower on Monday, as speculative profit-taking and expectations for large soybean acres in the United States this year weighed on values.
U.S. soybean processers crushed 171.86 million bushels of soybeans in March, which was up by about 12 per cent from February and a record for the month, according to a report from the National Oilseed Processors Association. The drought in Argentina was said to be shifting more crushing activity to the U.S. The active crush is mainly tied to soymeal demand, and the sizeable increase in soyoil stocks on the month put some pressure on that side of the market.
Weekly U.S. soybean export inspections were up on the week, but were still behind last year’s pace.
CORN futures posted small losses, seeing some spillover selling pressure from declines in soybeans and wheat.
However, concerns over seeding delays and a possibility of some intended Midwestern corn acres going into soybeans instead provided underlying support.
WHEAT futures were lower, as the rain and snow system delaying corn seeding in the northern Midwest brought some much needed precipitation to the southern Plains. More rain is in the forecasts for later this week, and the improving moisture conditions weighed on wheat values.
Large world supplies and lacklustre export demand for U.S. wheat also weighed on values. However, concerns over seeding delays for North American spring wheat were slightly supportive.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down $1.17 at US$66.22 per barrel.
In the afternoon, the Canadian dollar was trading around US79.57 cents, up from 79.38 cents the previous trading day. The U.S. dollar was C$1.2568.
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 18 520.80s -2.90 -0.55%
Canola Jul 18 523.30s -2.70 -0.51%
Canola Nov 18 511.30s -2.90 -0.56%
Canola Jan 19 515.60s -2.70 -0.52%
Canola Mar 19 517.40s -2.10 -0.40%
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 May 18 1042-0s -12-2 -1.16%
Soybeans Jul 18 1053-2s -11-6 -1.10%
Soybeans Aug 18 1053-4s -11-0 -1.03%
Soybeans Sep 18 1045-6s -9-6 -0.92%
Soybeans Nov 18 1040-2s -9-2 -0.88%
Soybean Meal May 18 377.8s -5.0 -1.31%
Soybean Meal Jul 18 382.0s -4.8 -1.24%
Soybean Meal Aug 18 381.4s -4.1 -1.06%
Soybean Oil May 18 31.18s -0.30 -0.95%
Soybean Oil Jul 18 31.45s -0.30 -0.94%
Soybean Oil Aug 18 31.58s -0.31 -0.97%
Corn May 18 382-4s -3-6 -0.97%
Corn Jul 18 391-0s -3-4 -0.89%
Corn Sep 18 398-2s -3-2 -0.81%
Corn Dec 18 407-2s -3-4 -0.85%
Corn Mar 19 415-0s -3-2 -0.78%
Oats May 18 230-4s -3-6 -1.60%
Oats Jul 18 236-6s -4-6 -1.97%
Oats Sep 18 244-4s -4-0 -1.61%
Oats Dec 18 256-2s -1-4 -0.58%
Oats Mar 19 263-0s -1-4 -0.57%
Wheat May 18 462-2s -10-2 -2.17%
Wheat Jul 18 479-0s -10-2 -2.10%
Wheat Sep 18 497-4s -10-2 -2.02%
Wheat Dec 18 520-6s -10-4 -1.98%
Wheat Mar 19 538-4s -10-4 -1.91%
Minneapolis
Spring Wheat May 18 606-6s -10-2 -1.66%
Spring Wheat Jul 18 616-2s -10-4 -1.68%
Spring Wheat Sep 18 620-4s -9-6 -1.55%
Spring Wheat Dec 18 630-2s -9-6 -1.52%
Spring Wheat Mar 19 639-0s -9-4 -1.46%
Kansas City
Hard Red Wheat May 18 478-0s -17-6 -3.58%
Hard Red Wheat Jul 18 497-0s -18-0 -3.50%
Hard Red Wheat Sep 18 517-4s -17-0 -3.18%
Hard Red Wheat Dec 18 544-2s -15-2 -2.73%
Hard Red Wheat Mar 19 561-6s -13-6 -2.39%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 18 117.150s +0.600 +0.51%
Live Cattle Jun 18 104.175s +0.525 +0.51%
Live Cattle Aug 18 104.200s -0.075 -0.07%
Feeder Cattle Apr 18 139.225s -0.150 -0.11%
Feeder Cattle May 18 140.375s unch unch
Feeder Cattle Aug 18 144.775s -0.325 -0.22%
Lean Hogs May 18 68.175s -1.525 -2.19%
Lean Hogs Jun 18 76.800s -0.850 -1.09%
Lean Hogs Jul 18 78.675s -0.900 -1.13%
