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%
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