ICE Futures canola contracts were weaker on Friday, taking some direction from the Chicago Board of Trade soy complex as traders squared positions ahead of Christmas and the New Year.
Bearish technical signals, a lack of significant demand, and large supplies in the commercial pipeline all contributed to the losses in canola, according to participants.
However, weakness in the Canadian dollar provided some underlying support, as the currency fell by roughly half a cent relative to its US counterpart.
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The North American grain markets will trade reduced hours on Monday, Dec. 24, before closing for Christmas. The Chicago markets reopen on Wednesday, while ICE canola will remain closed through Boxing Day, Dec. 26, with trade resuming for the Dec. 27 session.
About 32,190 canola contracts traded on Friday, which compares with Thursday when 24,749 contracts changed hands. Spreading accounted for 28,658 of the contracts traded.
SOYBEAN futures were lower on Friday, as volatility in the outside equity markets weighed on values and traders looked for confirmation of more export demand.
While China was buying soybeans from the United States this week, the pace of Chinese purchases was still not enough to cut into the large U.S. ending stocks projections.
Favourable South American crop conditions also weighed on values, with expectations for record large production in Brazil this year as early harvest operations get underway.
The U.S. Department of Agriculture (USDA) announced a flash sale of 115,500 tonnes of soybeans to unknown destinations this morning.
CORN futures were higher, seeing a correction following recent declines as traders adjusted positions and booked profits.
The USDA announced flash sales of 222,504 tonnes to unknown destinations Friday morning.
WHEAT futures were weaker on Friday, as Russian wheat exports were still showing no signs of slowing down.
While there had been some thoughts that tightening supplies would lead to reductions in Russian wheat sales, the country’s agriculture ministry actually raised its wheat export forecast for the year by two million tonnes, to 37 million tonnes.
Argentina’s wheat harvest was running slightly behind average, at 68 per cent complete, according to a report.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 84 cents at US$45.38 per barrel.
In the afternoon, the Canadian dollar was trading around US73.53 cents, down from 49 cents the previous trading day. The U.S. dollar was C$1.3600.
Winnipeg ICE Futures Canada dollars per tonne.
Name / Contract Last Change % Change
Canola Jan 19 474.80s -2.60 -0.54%
Canola Mar 19 484.70s -1.10 -0.23%
Canola May 19 492.60s -1.00 -0.20%
Canola Jul 19 499.70s -0.60 -0.12%
Canola Nov 19 495.70s -2.30 -0.46%
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 Jan 19 884-6s -8-6 -0.98%
Soybeans Mar 19 897-6s -8-4 -0.94%
Soybeans May 19 910-4s -8-6 -0.95%
Soybeans Jul 19 923-0s -8-2 -0.89%
Soybeans Aug 19 928-0s -7-6 -0.83%
Soybean Meal Jan 19 305.6s -2.1 -0.68%
Soybean Meal Mar 19 310.1s -1.9 -0.61%
Soybean Meal May 19 313.2s -2.0 -0.63%
Soybean Oil Jan 19 27.89s -0.31 -1.10%
Soybean Oil Mar 19 28.17s -0.31 -1.09%
Soybean Oil May 19 28.41s -0.31 -1.08%
Corn Mar 19 378-4s +3-2 +0.87%
Corn May 19 386-2s +3-2 +0.85%
Corn Jul 19 393-4s +3-2 +0.83%
Corn Sep 19 395-2s +3-0 +0.76%
Corn Dec 19 399-2s +2-4 +0.63%
Oats Mar 19 277-2s -1-0 -0.36%
Oats May 19 280-2s -1-2 -0.44%
Oats Jul 19 281-2s unch unch
Oats Sep 19 270-0s -1-0 -0.37%
Oats Dec 19 262-4s -1-2 -0.47%
Wheat Mar 19 514-0s -9-4 -1.81%
Wheat May 19 521-2s -9-6 -1.84%
Wheat Jul 19 528-6s -9-4 -1.76%
Wheat Sep 19 537-2s -8-6 -1.60%
Wheat Dec 19 551-2s -8-2 -1.47%
Minneapolis
Spring Wheat Mar 19 561-2s -6-6 -1.19%
Spring Wheat May 19 567-4s -7-2 -1.26%
Spring Wheat Jul 19 574-0s -7-0 -1.20%
Spring Wheat Sep 19 581-4s -7-4 -1.27%
Spring Wheat Dec 19 595-0s -6-4 -1.08%
Kansas City
Hard Red Wheat Mar 19 502-6s -6-6 -1.32%
Hard Red Wheat May 19 514-0s -6-6 -1.30%
Hard Red Wheat Jul 19 525-4s -6-6 -1.27%
Hard Red Wheat Sep 19 537-0s -6-2 -1.15%
Hard Red Wheat Dec 19 554-6s -6-0 -1.07%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle (Pit) Dec 18 120.875s +0.650 +0.54%
Live Cattle (Pit) Feb 19 122.700s +0.350 +0.29%
Live Cattle (Pit) Apr 19 124.825s +0.250 +0.20%
Feeder Cattle (Pit) Jan 19 147.350s -0.075 -0.05%
Feeder Cattle (Pit) Mar 19 145.525s +0.075 +0.05%
Feeder Cattle (Pit) Apr 19 145.975s +0.075 +0.05%
Lean Hogs (Pit) Feb 19 61.125s -1.250 -2.00%
Lean Hogs (Pit) Apr 19 67.225s -0.550 -0.81%
Lean Hogs (Pit) May 19 73.950s +0.100 +0.14%
