Canola, wheat futures weaker

Winnipeg, (MarketsFarm) – The ICE Futures canola market was weaker on Tuesday, as chart-based selling and spillover from the losses in Chicago Board of Trade soybeans weighed on values.

Soybeans were down on Monday, when the canola market was closed for Canada Day, and remained pointed lower today.

Speculators adding to their net short positions accounted for much of the selling pressure, as the futures tested major technical support levels.

Improving moisture conditions in parts of Western Canada added to the softer tone in canola.

However, many areas missed out on the precipitation, and more rain will be needed going forward.

About 13,951 canola contracts traded on Tuesday, which compares with Friday when 16,133 contracts changed hands. Spreading accounted for 3,352 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were weaker on Tuesday, seeing some follow-through selling after Monday’s downturn.

The United States soybean crop was 92 per cent seeded as of this past Sunday, which compares with the average of 99 per cent done for this time of year.

Condition ratings were left unchanged at 54 per cent good-to-excellent. That’s well below the 71 per cent at this time last year.

Friday’s smaller-than-expected acreage estimate from the U.S. Department of Agriculture remained somewhat supportive.

CORN futures posted small gains, seeing a modest correction after yesterday’s losses.

Condition ratings for the U.S. corn crop were left unchanged at 56 per cent good-to-excellent, with declines in some states offset by gains elsewhere. The stable reading provided some support as traders had expected to see an overall improvement on the week.

The USDA’s monthly grain crushing report showed that 459.6 million bushels of corn were used for ethanol production in May.
While that was down slightly from the same month a year go – it was up 4.4 per cent from April.

WHEAT futures were lower, as chart-based speculative selling weighed on values.

The U.S. winter wheat harvest continues to run behind normal – at 30 per cent complete, according to the latest weekly USDA report.

Winter wheat condition ratings improved two points, hitting 63 per cent good-to-excellent.

Spring wheat in the country is in relatively decent shape, with 75 percent in the good-to-excellent category.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up 47 cents at US$57.90 per barrel.

In the afternoon, the Canadian dollar was trading around US75.79 cents, up from 75.69 cents the previous trading day. The U.S. dollar was C$1.3194.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jul 19 452.10s -1.30 -0.29%

Canola Nov 19 465.10s -2.20 -0.47%

Canola Jan 20 472.10s -2.50 -0.53%

Canola Mar 20 478.50s -2.70 -0.56%

Canola May 20 483.20s -3.00 -0.62%

 

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 Jul 19 909-0s +6-2 +0.69%

Soybean Aug 19 914-6s +6-2 +0.69%

Soybean Sep 19 920-4s +5-6 +0.63%

Soybean Nov 19 932-6s +5-2 +0.57%

Soybean Jan 20 945-4s +5-2 +0.56%

 

Soybean Meal Jul 19 317.6s +2.0 +0.63%

Soybean Meal Aug 19 318.9s +1.9 +0.60%

Soybean Meal Sep 19 320.6s +1.8 +0.56%

 

Soybean Oil Jul 19 28.35s -0.09 -0.32%

Soybean Oil Aug 19 28.48s -0.09 -0.32%

Soybean Oil Sep 19 28.59s -0.10 -0.35%

 

Corn Jul 19 446-6s +4-4 +1.02%

Corn Sep 19 451-6s +4-2 +0.95%

Corn Dec 19 457-2s +3-6 +0.83%

Corn Mar 20 463-0s +3-6 +0.82%

Corn May 20 465-2s +3-6 +0.81%

 

Oats Jul 19 270-4s -8-4 -3.05%

Oats Sep 19 272-6s -2-4 -0.91%

Oats Dec 19 276-4s unch unch

Oats Mar 20 280-2s unch unch

Oats May 20 279-4s unch unch

 

Wheat Jul 19 538-0s +12-0 +2.28%

Wheat Sep 19 542-4s +11-6 +2.21%

Wheat Dec 19 552-4s +11-0 +2.03%

Wheat Mar 20 562-2s +10-4 +1.90%

Wheat May 20 564-2s +10-2 +1.85%

 

Minneapolis

Spring Wheat Jul 19 543-4s +7-4 +1.40%

Spring Wheat Sep 19 553-2s +9-2 +1.70%

Spring Wheat Dec 19 567-0s +10-2 +1.84%

Spring Wheat Mar 20 580-2s +9-4 +1.66%

Spring Wheat May 20 588-2s +9-4 +1.64%

 

Kansas City

Hard Red Wheat Jul 19 465-4s +13-0 +2.87%

Hard Red Wheat Sep 19 477-4s +13-0 +2.80%

Hard Red Wheat Dec 19 499-0s +12-4 +2.57%

Hard Red Wheat Mar 20 519-0s +11-6 +2.32%

Hard Red Wheat May 20 531-0s +11-4 +2.21%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Jun 19 106.925s +0.375 +0.35%

Live Cattle Aug 19 102.425s +0.200 +0.20%

Live Cattle Oct 19 104.025s -0.125 -0.12%

 

Feeder Cattle Aug 19 131.775s -1.900 -1.42%

Feeder Cattle Sep 19 132.350s -1.700 -1.27%

Feeder Cattle Oct 19 132.600s -1.900 -1.41%

 

Lean Hogs Jul 19 72.850s -3.400 -4.46%

Lean Hogs Aug 19 74.225s -3.675 -4.72%

Lean Hogs Oct 19 69.050s -3.675 -5.05%

 

 

 

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