WINNIPEG, MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower on Thursday, as market activity remained largely range-bound.
Without any news to support a rally, one trader said speculative buying is sidelined. That, combined with slow-but-steady harvest progression, is weighing on values.
About 17 per cent of Saskatchewan’s canola has been harvested, along with 58 per cent of Manitoba’s crop.
Forecasts across the Prairies are turning colder this weekend, with more rain and some snow predicted in certain regions. That could inject a weather premium back into markets.
Read Also
Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
On Thursday, 15,616 contracts were traded, which compares with Wednesday when 15,011 contracts changed hands. Spreading accounted for 9,810 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were mostly lower on Thursday, due to heightened geopolitical tensions.
The United States Department of Agriculture (USDA) reported a private export sale of approximately 275,000 tonnes of soybeans for delivery to China. Last week, a total of 1.038 million tonnes of soybeans were sold. That’s down by nearly 40 per cent from the week prior, but up by 20 per cent from a year ago.
Soymeal sales were around 164,000 tonnes last week, and 34,500 tonnes for soyoil.
Due to African Swine Fever rapidly spreading through parts of Asia, China has purchased more U.S. pork. As the disease is fatal to hogs, there is currently a supply shortage in the region. That will be harmful to future soybean demand.
CORN futures were slightly lower today, based continually low demand. The USDA reported about 494,00 tonnes of corn were sold last week, which was below trade expectations. It’s also a 66 per cent drop from the week prior, and a 71 per cent drop from last year.
ADVERTISEMENT
One private company estimated world corn carryout to be around 286 million tonnes.
WHEAT futures were mixed on Thursday. Forecasted rain in key growing regions has significantly delayed the spring wheat harvest, which buoyed prices, while bids in Chicago and Kansas lagged.
U.S. wheat export sales were around 283,000 tonnes last week, which is slightly lower than the previous week. Japan bought 103,500 tonnes of wheat this week. The newly signed trade agreement between the U.S. and Japan is expected to improve Japan’s access to U.S. wheat.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down eight cents at US$56.41 per barrel.
In the afternoon, the Canadian dollar was trading around US75.41 cents, up from 75.36 cents the previous trading day. The U.S. dollar was C$1.3260.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Nov 19 447.60s -1.30 -0.29%
Canola Jan 20 456.60s -1.10 -0.24%
Canola Mar 20 465.00s -0.90 -0.19%
Canola May 20 472.30s -0.70 -0.15%
Canola Jul 20 478.30s -0.70 -0.15%
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 Nov 19 888-4s -0-6 -0.08%
Soybean Jan 20 902-6s -0-4 -0.06%
Soybean Mar 20 915-0s unch unch
Soybean May 20 925-4s +0-6 +0.08%
Soybean Jul 20 934-2s +0-6 +0.08%
Soybean Meal Oct 19 290.8s -2.4 -0.82%
Soybean Meal Dec 19 295.6s -2.0 -0.67%
Soybean Meal Jan 20 297.6s -1.9 -0.63%
Soybean Oil Oct 19 29.01s -0.03 -0.10%
Soybean Oil Dec 19 29.17s -0.03 -0.10%
Soybean Oil Jan 20 29.42s -0.02 -0.07%
Corn Dec 19 372-4s -1-6 -0.47%
Corn Mar 20 384-6s -0-6 -0.19%
Corn May 20 392-2s -0-6 -0.19%
Corn Jul 20 397-4s -1-0 -0.25%
Corn Sep 20 399-4s unch unch
Oats Dec 19 270-2s -2-0 -0.73%
Oats Mar 20 274-0s -2-0 -0.72%
Oats May 20 275-2s -0-4 -0.18%
Oats Jul 20 274-6s -2-4 -0.90%
Oats Sep 20 276-6s -1-6 -0.63%
Wheat Dec 19 484-2s +7-0 +1.47%
Wheat Mar 20 490-2s +6-4 +1.34%
Wheat May 20 494-2s +5-4 +1.13%
Wheat Jul 20 498-4s +5-4 +1.12%
Wheat Sep 20 506-4s +5-0 +1.00%
Minneapolis
Spring Wheat Dec 19 548-6s -5-4 -0.99%
Spring Wheat Mar 20 562-0s -3-6 -0.66%
Spring Wheat May 20 572-0s -2-2 -0.39%
Spring Wheat Jul 20 581-6s +0-2 +0.04%
Spring Wheat Sep 20 589-4s +0-6 +0.13%
Kansas City
Hard Red Wheat Dec 19 408-2s +4-2 +1.05%
Hard Red Wheat Mar 20 421-4s +4-2 +1.02%
Hard Red Wheat May 20 431-2s +4-0 +0.94%
Hard Red Wheat Jul 20 440-4s +3-2 +0.74%
Hard Red Wheat Sep 20 452-0s +3-0 +0.67%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 19 102.950s -0.050 -0.05%
Live Cattle Dec 19 108.750s +0.250 +0.23%
Live Cattle Feb 20 115.000s +0.275 +0.24%
Feeder Cattle Sep 19 141.500s -0.075 -0.05%
Feeder Cattle Oct 19 143.100s +0.650 +0.46%
Feeder Cattle Nov 19 141.450s +0.325 +0.23%
Lean Hogs Oct 19 64.225s -0.350 -0.54%
Lean Hogs Dec 19 70.375s -1.025 -1.44%
Lean Hogs Feb 20 76.800s -1.225 -1.57%
