Winnipeg – ICE Futures canola contracts settled with small gains on Wednesday, after trading to both sides of unchanged in choppy activity.
Advances in Chicago Board of Trade soybeans and soyoil provided some spillover support for canola, while nearby technical signals were also said to be pointing higher.
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Concerns over Chinese demand and a firm tone in the Canadian dollar also tempered the upside in canola.
About 29,742 canola contracts traded on Wednesday, which compares with Tuesday when 26,127 contracts changed hands. Spreading accounted for 21,242 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were higher on Wednesday, with dry weather in some key soybean growing regions of Brazil behind some of the buying interest.
Private forecasters Informa Economics released United States acreage projections for 2019 today, predicting soybean area to drop by nearly 3 million acres on the year, to 86.2 million.
Uncertainty over Chinese demand kept some caution in the market. While reports that the U.S. had cancelled trade talks with China were being denied today, the lack of information on that front tempered the upside.
CORN held relatively steady on the day, lacking any clear direction as the market remains stuck in a sideways trading range.
Brazilian weather concerns were also supportive for corn the corn market.
Informa forecast U.S. corn area would increase to 91.5 million acres this spring, which would be up by about 2.4 million on the year.
All three U.S. WHEAT markets were higher on the day, amid ideas that U.S. wheat is seeing more demand on the international market. Egypt, the world’s largest wheat importer, bought some U.S. wheat in its latest tender.
However, the lack of firm export data, given the ongoing U.S. government shutdown, kept some caution in the market.
Reports out of both Russia and Ukraine are pointing to a possible slowdown in wheat exports from the Black Sea region, which would open the door for more U.S. business.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down 39 cents at US$52.62 per barrel.
In the afternoon, the Canadian dollar was trading around US74.92 cents, up from 74.96 cents the previous trading day. The U.S. dollar was C$1.3348.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Mar 19 485.90s +0.40 +0.08%
Canola May 19 494.40s +0.90 +0.18%
Canola Jul 19 502.50s +1.00 +0.20%
Canola Nov 19 500.80s +2.10 +0.42%
Canola Jan 20 505.50s +1.60 +0.32%
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 Mar 19 915-0s +5-6 +0.63%
Soybeans May 19 928-6s +6-0 +0.65%
Soybeans Jul 19 941-6s +6-0 +0.64%
Soybeans Aug 19 946-6s +5-6 +0.61%
Soybeans Sep 19 949-2s +5-6 +0.61%
Soybean Meal Mar 19 312.9s -0.1 -0.03%
Soybean Meal May 19 316.6s -0.1 -0.03%
Soybean Meal Jul 19 320.5s +0.1 +0.03%
Soybean Oil Mar 19 29.38s +0.32 +1.10%
Soybean Oil May 19 29.68s +0.34 +1.16%
Soybean Oil Jul 19 29.98s +0.34 +1.15%
Corn Mar 19 378-6s -0-2 -0.07%
Corn May 19 387-2s unch unch
Corn Jul 19 395-2s +0-2 +0.06%
Corn Sep 19 397-6s +0-6 +0.19%
Corn Dec 19 402-2s +1-4 +0.37%
Oats Mar 19 294-6s -2-2 -0.76%
Oats May 19 293-4s -1-0 -0.34%
Oats Jul 19 292-4s unch unch
Oats Sep 19 283-6s +0-2 +0.09%
Oats Dec 19 278-2s -1-2 -0.45%
Wheat Mar 19 526-0s +4-6 +0.91%
Wheat May 19 531-6s +4-6 +0.90%
Wheat Jul 19 537-4s +4-6 +0.89%
Wheat Sep 19 545-6s +4-4 +0.83%
Wheat Dec 19 558-4s +4-0 +0.72%
Minneapolis
Spring Wheat Mar 19 575-4s +3-4 +0.61%
Spring Wheat May 19 579-2s +2-6 +0.48%
Spring Wheat Jul 19 585-6s +2-6 +0.47%
Spring Wheat Sep 19 592-4s +2-4 +0.42%
Spring Wheat Dec 19 604-4s +1-6 +0.29%
Kansas City
Hard Red Wheat Mar 19 515-0s +5-2 +1.03%
Hard Red Wheat May 19 524-2s +5-4 +1.06%
Hard Red Wheat Jul 19 533-0s +4-6 +0.90%
Hard Red Wheat Sep 19 544-2s +4-2 +0.79%
Hard Red Wheat Dec 19 559-2s +4-0 +0.72%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Feb 19 125.550s +0.425 +0.34%
Live Cattle Apr 19 126.500s +0.425 +0.34%
Live Cattle Jun 19 116.850s +0.425 +0.37%
Feeder Cattle Jan 19 143.025s +1.975 +1.40%
Feeder Cattle Mar 19 143.650s +2.150 +1.52%
Feeder Cattle Apr 19 144.675s +1.725 +1.21%
Lean Hogs Feb 19 60.775s -0.700 -1.14%
Lean Hogs Apr 19 64.850s -1.250 -1.89%
Lean Hogs May 19 71.275s -0.750 -1.04%
