Canola, wheat futures end lower

Winnipeg, (MarketsFarm) – The ICE Futures canola market was weaker at Wednesday’s close, after trading to both sides of unchanged in thin and choppy activity.

Declines in Chicago Board of Trade soyoil and strength in the Canadian dollar put some pressure on values, as crush margins weakened.

The large old crop supplies, improving Western Canadian crop conditions and ongoing concerns over Chinese demand also weighed on values.

However, chart support held to the downside, with uncertainty over new crop production also helping limit losses.

About 10,525 canola contracts traded on Wednesday, which compares with Tuesday when 14,671 contracts changed hands. Spreading accounted for 4,854 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade moved lower on Wednesday, after trading to both sides of unchanged in choppy activity.

Forecasts calling for cooler Midwestern weather contributed to the selling pressure, although the nearby weather remains hot.

CORN also traded to both sides of unchanged on Wednesday, but managed to hold onto small gains at the close.

Ideas that more intended corn acres in the United States went into the Prevent Plant program than originally though provided some underlying support, according to participants. However, the improving nearby forecasts tempered the upside, with speculative profit-taking also weighing on prices.

Uncertainty over the size of the U.S. corn crop should keep the corn market on edge until the U.S. Department of Agriculture releases updated acreage estimates in August.

WHEAT futures ended lower, with speculative positioning a feature.

The U.S. missed out on the latest Egyptian tender, as the major wheat buyer sourced 60,000 tonnes from Russia instead.

The advancing U.S. winter wheat harvest also weighed on values, despite running a bit behind normal.

Improving crop conditions in Russia and the Black Sea region were another bearish influence on wheat.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down 84 cents at US$56.78 per barrel.

In the afternoon, the Canadian dollar was trading around US76.61 cents, down from 76.62 cents the previous trading day. The U.S. dollar was C$1.3053.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Nov 19  444.10s  -1.20  -0.27%

Canola Jan 20  451.60s  -1.10  -0.24%

Canola Mar 20  459.00s  -0.80  -0.17%

Canola May 20  464.80s  -0.80  -0.17%

Canola Jul 20  469.90s  -1.10  -0.23%

 

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

Soybean Aug 19  882-4s  -5-2  -0.59%

Soybean Sep 19  888-2s  -5-4  -0.62%

Soybean Nov 19  900-4s  -5-4  -0.61%

Soybean Jan 20  912-6s  -6-0  -0.65%

Soybean Mar 20  922-4s  -5-0  -0.54%

 

Soybean Meal Aug 19  307.5s  -0.9  -0.29%

Soybean Meal Sep 19  309.0s  -0.9  -0.29%

Soybean Meal Oct 19  310.7s  -1.1  -0.35%

 

Soybean Oil Aug 19  27.68s  -0.31  -1.11%

Soybean Oil Sep 19  27.79s  -0.32  -1.14%

Soybean Oil Oct 19  27.90s  -0.33  -1.17%

 

Corn Sep 19  436-0s  +0-6  +0.17%

Corn Dec 19  441-4s  +0-2  +0.06%

Corn Mar 20  448-6s  +0-2  +0.06%

Corn May 20  452-2s  +0-2  +0.06%

Corn Jul 20  454-6s  -0-2  -0.05%

 

Oats Sep 19  278-2s  +2-4  +0.91%

Oats Dec 19  281-2s  +2-2  +0.81%

Oats Mar 20  284-4s  +1-0  +0.35%

Oats May 20  283-4s  +1-0  +0.35%

Oats Jul 20  282-6s  +1-0  +0.35%

 

Wheat Sep 19  505-4s  -2-0  -0.39%

Wheat Dec 19  517-2s  -2-0  -0.39%

Wheat Mar 20  529-6s  -1-6  -0.33%

Wheat May 20  535-2s  -2-2  -0.42%

Wheat Jul 20  535-2s  -3-0  -0.56%

 

Minneapolis

Spring Wheat Sep 19  527-6s  -2-4  -0.47%

Spring Wheat Dec 19  540-6s  -2-6  -0.51%

Spring Wheat Mar 20  555-4s  -2-4  -0.45%

Spring Wheat May 20  564-0s  -2-6  -0.49%

Spring Wheat Jul 20  571-4s  -2-6  -0.48%

 

Kansas City

Hard Red Wheat Sep 19  441-6s  -4-4  -1.01%

Hard Red Wheat Dec 19  462-2s  -4-0  -0.86%

Hard Red Wheat Mar 20  481-6s  -4-2  -0.87%

Hard Red Wheat May 20  494-0s  -4-2  -0.85%

Hard Red Wheat Jul 20  498-6s  -4-2  -0.84%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle (Pit) Aug 19  108.125s  -0.100  -0.09%

Live Cattle (Pit) Oct 19  108.750s  -0.500  -0.46%

Live Cattle (Pit) Dec 19  113.350s  -0.375  -0.33%

 

Feeder Cattle (Pit) Aug 19  140.575s  -0.475 -0.34%

Feeder Cattle (Pit) Sep 19  140.775s  -1.100 -0.78%

Feeder Cattle (Pit) Oct 19  141.075s  -1.150 -0.81%

 

Lean Hogs (Pit) Aug 19  82.000s  +2.950  +3.73%

Lean Hogs (Pit) Oct 19  77.825s  +2.525  +3.35%

Lean Hogs (Pit) Dec 19  75.725s  +2.375  +3.24%

 

About the author

Markets at a glance

Copyright © 2019. All market data is provided by Barchart Market Data Solutions. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.

explore

Stories from our other publications