WINNIPEG (MarketsFarm) – ICE Futures canola contracts were weaker at the end of trading on Tuesday, with pressure from a rising Canadian dollar and a decline in soyoil prices.
The Canadian dollar pushed above 75 U.S. cents on Tuesday, ahead of the federal Liberal government’s budget, which is being presented this afternoon.
May soyoil on the Chicago Board of Trade slipped 0.20 of cent to 29.24 United States cents per pound.
Commercial bargain hunting has been continuing, and the technical bias remains to the upside, providing some support. However, the bias is beginning to struggle.
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U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
Road bans came into effect yesterday in Alberta and Saskatchewan, and they will begin tomorrow in Manitoba. This will make it a little more difficult for farmers to move their grain into the commercial pipeline.
SOYBEAN futures at the Chicago Board of Trade were weaker on Tuesday.
Wet conditions in the United States have caused flooding in Nebraska, Iowa, Kansas and Missouri. Farmers in those states could reconsider their planting intentions, switching from corn to soybeans.
While speaking at a farm conference in Florida this week, U.S. Secretary of Agriculture, Sonny Perdue, said trade talks with China are “dynamic.” Perdue stated China could triple its 2017 purchases of U.S. farm goods over the next five years.
A private forecaster released its projections for the South American soybean production. Brazil’s soybean crop remained at 113.5 million tonnes. Argentina’s soybean crop was also unchanged at 54 million tonnes.
CORN futures were steady on Tuesday. The private forecaster said Brazil’s corn production is unchanged at 93.5 million tonnes, and Argentina’s corn production increased by one million tonnes to 45 million tonnes.
WHEAT futures were mixed on Tuesday. Bids at Minneapolis were up, while those at Chicago and Kansas City were down.
There are some changes to the U.S. winter wheat conditions. In Oklahoma, 60 per cent of its winter wheat was good to excellent, which is unchanged from the previous report. Kansas winter wheat was at 51 per cent good to excellent, an increase of two points. Texas winter wheat was at 33 per cent good to excellent, up one point.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down 6 cents at US$59.03 per barrel.
In the afternoon, the Canadian dollar was trading around US75.23 cents, up from 74.93 cents the previous trading day. The U.S. dollar was C$1.3292.
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 19 464.50s -1.80 -0.39%
Canola Jul 19 472.40s -2.10 -0.44%
Canola Nov 19 484.80s -1.20 -0.25%
Canola Jan 20 490.40s -1.20 -0.24%
Canola Mar 20 494.10s -1.50 -0.30%
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 May 19 904-0s -1-6 -0.19%
Soybean Jul 19 917-4s -1-6 -0.19%
Soybean Aug 19 923-6s -1-6 -0.19%
Soybean Sep 19 928-6s -1-2 -0.13%
Soybean Nov 19 938-2s -0-6 -0.08%
Soybean Meal May 19 310.8s +1.0 +0.32%
Soybean Meal Jul 19 314.3s +0.8 +0.26%
Soybean Meal Aug 19 315.9s +0.9 +0.29%
Soybean Oil May 19 29.24s -0.20 -0.68%
Soybean Oil Jul 19 29.56s -0.20 -0.67%
Soybean Oil Aug 19 29.69s -0.21 -0.70%
Corn May 19 371-2s -0-2 -0.07%
Corn Jul 19 380-6s unch unch
Corn Sep 19 387-4s unch unch
Corn Dec 19 395-2s +0-4 +0.13%
Corn Mar 20 406-0s +0-2 +0.06%
Oats May 19 273-0s -5-0 -1.80%
Oats Jul 19 272-0s -3-2 -1.18%
Oats Sep 19 266-2s -3-0 -1.11%
Oats Dec 19 261-0s -3-0 -1.14%
Oats Mar 20 257-6s -3-0 -1.15%
Wheat May 19 456-4s -0-2 -0.05%
Wheat Jul 19 462-6s -0-6 -0.16%
Wheat Sep 19 471-2s -0-6 -0.16%
Wheat Dec 19 486-2s -0-4 -0.10%
Wheat Mar 20 499-2s -0-4 -0.10%
Minneapolis
Spring Wheat May 19 565-2s +4-4 +0.80%
Spring Wheat Jul 19 563-2s +1-2 +0.22%
Spring Wheat Sep 19 568-2s +0-6 +0.13%
Spring Wheat Dec 19 580-4s +0-4 +0.09%
Spring Wheat Mar 20 592-6s +0-4 +0.08%
Kansas City
Hard Red Wheat May 19 435-6s -0-6 -0.17%
Hard Red Wheat Jul 19 445-0s -1-0 -0.22%
Hard Red Wheat Sep 19 457-0s -1-4 -0.33%
Hard Red Wheat Dec 19 477-2s -1-6 -0.37%
Hard Red Wheat Mar 20 495-0s -1-2 -0.25%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 19 129.125s +0.800 +0.62%
Live Cattle Jun 19 122.725s +0.150 +0.12%
Live Cattle Aug 19 118.725s +0.625 +0.53%
Feeder Cattle Mar 19 142.250s +0.600 +0.42%
Feeder Cattle Apr 19 147.800s +1.500 +1.03%
Feeder Cattle May 19 150.525s +2.200 +1.48%
Lean Hogs Apr 19 70.825s -0.200 -0.28%
Lean Hogs May 19 79.150s -0.525 -0.66%
Lean Hogs Jun 19 87.250s -0.550 -0.63%
