Dryness in west, higher soyoil prices boost canola

Winnipeg – Canola contracts on the ICE Futures Canada finished higher on Wednesday, taking strength from advances in soyoil and dryness problems in Western Canada.

Gains in U.S. soybeans and recent weakness in the Canadian dollar also pointed the way higher.

Some funds were out looking for bargains, according to an analyst in Winnipeg.

Spread trade was moderate and the C$500 per tonne mark appears to be major resistance.

The technical bias is pointed lower.

About 12,065 canola contracts traded, which compares with Tuesday when 12,487 contracts changed hands. Spreading accounted for 4,654 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

Soybean futures on the Chicago Board of Trade posted mild gains on Wednesday.

U.S. beans continue to be an attractive buy for many countries right now. There are ideas that if Brazilian beans get any more expensive China may simply buy beans from the U.S. and pay the tariff.

Pakistan purchased nearly 200,000 tonnes of soybeans from the U.S.

There are reports that heavy rains in Minnesota and Iowa have damaged crops along the border.

Corn futures ended close to unchanged as the market seems to have carved out a bottom for itself.

Farmers in Brazil are getting desperate to move corn right now. Many of them are running short of cash but freight bills are extremely expensive.

There are reports that some corn crops are having trouble filling in dry parts of the Midwest.

Chicago wheat futures ran into technical resistance and were little changed.

The spring wheat harvest in the Dakotas is expected to begin within the next two weeks.

A dry patch of weather is expected to set in on the Southern U.S. Plains, which could stress the wheat crop.

Wheat futures on the Minneapolis and Kansas City exchanges settled with small losses on Wednesday.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up xx cents at US$xx.xx per barrel.

In the afternoon, the Canadian dollar was trading around USxx.xx cents, down from xx.xx cents the previous trading day. The U.S. dollar was C$1.xxxx. 1/.7795

Winnipeg ICE Futures Canada dollars per tonne.

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

Canola Nov 18 491.90s +3.60 +0.74%

Canola Jan 19 497.80s +3.10 +0.63%

Canola Mar 19 503.00s +2.70 +0.54%

Canola May 19 508.00s +2.90 +0.57%

Canola Jul 19 510.50s +2.90 +0.57%

 

Soybeans Aug 18 842-2s +2-6 +0.33%

Soybeans Sep 18 848-0s +3-0 +0.36%

Soybeans Nov 18 857-6s +2-4 +0.29%

Soybeans Jan 19 868-0s +2-4 +0.29%

Soybeans Mar 19 877-2s +2-4 +0.29%

 

Soybean Meal Aug 18 328.2s -0.9 -0.27%

Soybean Meal Sep 18 327.0s -1.1 -0.34%

Soybean Meal Oct 18 326.3s -1.4 -0.43%

 

Soybean Oil Aug 18 28.07s +0.34 +1.23%

Soybean Oil Sep 18 28.17s +0.34 +1.22%

Soybean Oil Oct 18 28.26s +0.34 +1.22%

 

Corn Sep 18 347-2s +1-0 +0.29%

Corn Dec 18 361-0s +1-2 +0.35%

Corn Mar 19 372-6s +1-0 +0.27%

Corn May 19 379-2s +1-0 +0.26%

Corn Jul 19 385-2s +0-6 +0.20%

 

Oats Sep 18 234-0s +2-4 +1.08%

Oats Dec 18 240-2s +3-6 +1.59%

Oats Mar 19 245-2s +4-6 +1.98%

Oats May 19 247-0s +4-6 +1.96%

Oats Jul 19 252-0s +4-6 +1.92%

 

Wheat Sep 18 494-4s -3-2 -0.65%

Wheat Dec 18 510-6s -1-4 -0.29%

Wheat Mar 19 526-2s +0-2 +0.05%

Wheat May 19 536-2s +0-6 +0.14%

Wheat Jul 19 541-2s +1-4 +0.28%

 

Minneapolis

Spring Wheat Sep 18 528-0s -5-2 -0.98%

Spring Wheat Dec 18 546-2s -4-6 -0.86%

Spring Wheat Mar 19 563-2s -4-6 -0.84%

Spring Wheat May 19 573-6s -4-2 -0.74%

Spring Wheat Jul 19 583-4s -4-2 -0.72%

Kansas City

Hard Red Wheat Sep 18 487-6s -3-0 -0.61%

Hard Red Wheat Dec 18 513-0s -2-0 -0.39%

Hard Red Wheat Mar 19 532-0s -1-2 -0.23%

Hard Red Wheat May 19 541-6s -1-0 -0.18%

Hard Red Wheat Jul 19 546-6s -0-4 -0.09%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle   Aug 18 108.950s +2.525 +2.37%

Live Cattle   Oct 18 110.650s +2.150 +1.98%

Live Cattle   Dec 18 114.200s +1.575 +1.40%

 

Feeder Cattle   Aug 18 154.450s +3.175 +2.10%

Feeder Cattle   Sep 18 154.650s +2.950 +1.94%

Feeder Cattle   Oct 18 154.725s +2.725 +1.79%

 

Lean Hogs   Aug 18 67.200s -0.700 -1.03%

Lean Hogs   Oct 18 51.925s -0.275 -0.53%

Lean Hogs   Dec 18 47.025s -0.450 -0.95%

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