WINNIPEG – ICE Futures canola contracts were stronger on Thursday, getting support from a number of factors in trading that had a good deal of volume.
One of those factors was spillover from soybeans on the Chicago Board of Trade, which were up four U.S. cents on Thursday. Another was a bounce from the Statistics Canada acreage report that was released yesterday.
Also, the Canadian dollar provided support.
Saskatchewan Premier Scott Moe called for the federal government on Thursday to make it easier for canola growers to get cash advances. The ongoing Canada/China dispute has dramatically reduced exports, which has cost Canadian farmers a lot of money.
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U.S. grains: Corn futures edge up, soybeans sag on improving US crop ratings
Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.
There were 35,492 contracts traded on Thursday, which compares with Wednesday when 36,896 contracts changed hands.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Thursday, correcting from Wednesday’s losses.
High-level trade talks between the United States and China will resume on April 30, with further negotiations in Washington on May 8.
In export data from the U.S. Department of Agriculture (USDA), China imported about 1.36 million tonnes of soybeans in March. The amount was approximately double compared to imports from the U.S. in February.
In the USDA’s weekly sales report, more than 651,000 tonnes of soybeans were exported for the week ended April 18. About 65 per cent was old crop.
Still looming in the background has been a large supply of soybeans on the global market, compounded by a huge South American harvest and a decline in demand from China. African swine fever has cut China’s demand by 17 per cent so far this year.
CORN futures were up slightly on Thursday, with some spillover from soybeans.
The USDA reported weekly sales were almost 780,000 tonnes of old crop corn and 3,000 tonnes of new crop corn.
The markets continue to wait for the anticipated rally from planting. Farmers in the U.S. are widely expected to plant less corn this year, switching to soybeans.
WHEAT futures were mixed on Thursday, with gains in Minneapolis and Chicago and steady at Kansas City.
Although the U.S. has been experiencing difficulties in a highly competitive global wheat market, sales improved last week. The USDA reported that more than 651,000 tonnes of wheat were sold, of which about 65 per cent was old crop.
The International Grains Council has projected global wheat production for the 2019/20 crop year to rise to 762 million tonnes. A larger wheat crop in Russia is expected.
OUTSIDE MARKETS
Light crude oil nearby futures in New York at US$65.09 per barrel.
In the afternoon, the Canadian dollar was trading around US74.18 cents, The U.S. dollar was C$1.3481.
Winnipeg ICE Futures Canada dollars per tonne.
Name / Contract Last Change % Change
Canola May 19 442.40s +3.30 +0.75%
Canola Jul 19 451.30s +3.40 +0.76%
Canola Nov 19 463.70s +3.30 +0.72%
Canola Jan 20 470.50s +3.30 +0.71%
Canola Mar 20 476.70s +3.30 +0.70%
Soybean May 19 859-2s +4-0 +0.47%
Soybean Jul 19 872-6s +4-0 +0.46%
Soybean Aug 19 878-6s +4-0 +0.46%
Soybean Sep 19 884-0s +4-0 +0.45%
Soybean Nov 19 893-2s +3-6 +0.42%
Soybean Meal May 19 306.0s +5.6 +1.86%
Soybean Meal Jul 19 309.6s +5.6 +1.84%
Soybean Meal Aug 19 310.5s +5.7 +1.87%
Soybean Oil May 19 27.64s -0.28 -1.00%
Soybean Oil Jul 19 27.94s -0.28 -0.99%
Soybean Oil Aug 19 28.08s -0.28 -0.99%
Corn May 19 347-4s +0-6 +0.22%
Corn Jul 19 357-2s +1-2 +0.35%
Corn Sep 19 365-4s +1-2 +0.34%
Corn Dec 19 377-2s +1-2 +0.33%
Corn Mar 20 392-4s +1-4 +0.38%
Oats May 19 301-0s +3-4 +1.18%
Oats Jul 19 288-4s +4-4 +1.58%
Oats Sep 19 271-2s +3-4 +1.31%
Oats Dec 19 260-2s +2-2 +0.87%
Oats Mar 20 250-6s +2-2 +0.91%
Wheat May 19 434-6s +2-4 +0.58%
Wheat Jul 19 441-4s +3-0 +0.68%
Wheat Sep 19 449-2s +3-2 +0.73%
Wheat Dec 19 466-0s +3-2 +0.70%
Wheat Mar 20 482-0s +2-4 +0.52%
Minneapolis
Spring Wheat May 19 505-0s +1-6 +0.35%
Spring Wheat Jul 19 513-6s +2-0 +0.39%
Spring Wheat Sep 19 523-0s +2-0 +0.38%
Spring Wheat Dec 19 538-2s +1-6 +0.33%
Spring Wheat Mar 20 553-0s +1-4 +0.27%
Kansas City
Hard Red Wheat May 19 404-2s -0-2 -0.06%
Hard Red Wheat Jul 19 411-4s unch unch
Hard Red Wheat Sep 19 421-2s +0-2 +0.06%
Hard Red Wheat Dec 19 442-4s unch unch
Hard Red Wheat Mar 20 463-6s -0-2 -0.05%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 19 124.050s -2.725 -2.15%
Live Cattle Jun 19 115.375s -2.975 -2.51%
Live Cattle Aug 19 112.925s -2.900 -2.50%
Feeder Cattle May 19 143.550s -2.975 -2.03%
Feeder Cattle Aug 19 153.250s -3.475 -2.22%
Feeder Cattle Sep 19 154.325s -3.550 -2.25%
Lean Hogs May 19 87.850s -1.325 -1.49%
Lean Hogs Jun 19 89.775s -3.000 -3.23%
Lean Hogs Jul 19 94.650s -3.000 -3.07%
