ICE Futures canola contracts were down sharply on Wednesday, finishing just above major chart support as good harvest weather and bearish technical signals weighed on values.
Sunny and dry weather across much of Western Canada should allow farmers to make good harvest progress, although the yields and quality of the later-harvested fields remains to be seen.
Strength in the Canadian dollar, weakness in Chicago Board of Trade soybeans, and a lack of significant end user demand beyond scale-down bargain hunting, added to the softer tone.
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Chicago soybean futures came under pressure on Thursday on a lack of Chinese demand for the U.S. oilseed while corn futures ticked higher on strong export sales data, analysts said.
Chart support held to the downside, but the most active January contract was only a dollar off of its lows of the past year at the close.
About 24,340 canola contracts traded, which compares with Tuesday when 23,089 contracts changed hands. Spreading accounted for 14,746 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were lower on Wednesday, as soft export demand and the advancing Midwestern harvest weighed on prices.
While the soybean harvest is running behind normal, current weather conditions should be allowing farmers to make good progress.
On the other side, optimism over an upcoming meeting between United States and Chinese leaders was somewhat supportive, although there were still no signs of any improvement on the trade front.
CORN futures held rangebound, although the bias was lower as seasonal harvest pressure weighed on the market.
However, forecasts calling for wetter weather in some areas over the next week could cause some delays.
Good demand from the ethanol sector also helped keep corn in a narrow range, with weekly production of the renewable fuel coming in at just over a million barrels per day.
WHEAT futures were all lower as speculative selling built on itself throughout the session.
Strength in the U.S. dollar index provided the catalyst for the losses in wheat, as the rising currency makes U.S. wheat exports more expensive for global buyers.
Demand for U.S. wheat remains soft, with cheaper Black Sea origin wheat continuing to offer stiff competition.
OUTSIDE MARKETS
Winnipeg ICE Futures Canada dollars per tonne.
Name / Contract Last Change % Change
Canola Nov 18 482.80s -5.20 -1.07%
Canola Jan 19 491.00s -5.30 -1.07%
Canola Mar 19 497.90s -5.80 -1.15%
Canola May 19 503.00s -5.70 -1.12%
Canola Jul 19 507.00s -5.30 -1.03%
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 Nov 18 850-2s -7-2 -0.85%
Soybeans Jan 19 863-4s -7-4 -0.86%
Soybeans Mar 19 876-6s -7-4 -0.85%
Soybeans May 19 890-6s -7-4 -0.83%
Soybeans Jul 19 902-2s -7-0 -0.77%
Soybean Meal Dec 18 306.1s -4.6 -1.48%
Soybean Meal Jan 19 308.3s -4.5 -1.44%
Soybean Meal Mar 19 309.8s -4.7 -1.49%
Soybean Oil Dec 18 28.61s -0.15 -0.52%
Soybean Oil Jan 19 28.83s -0.16 -0.55%
Soybean Oil Mar 19 29.07s -0.16 -0.55%
Corn Dec 18 368-2s -2-0 -0.54%
Corn Mar 19 380-4s -2-0 -0.52%
Corn May 19 388-2s -1-6 -0.45%
Corn Jul 19 394-0s -1-6 -0.44%
Corn Sep 19 395-6s -1-6 -0.44%
Oats Dec 18 291-6s -5-2 -1.77%
Oats Mar 19 284-2s -4-4 -1.56%
Oats May 19 287-4s -3-6 -1.29%
Oats Jul 19 289-6s -3-2 -1.11%
Oats Sep 19 287-0s -1-4 -0.52%
Wheat Dec 18 499-4s -9-4 -1.87%
Wheat Mar 19 519-6s -9-4 -1.79%
Wheat May 19 533-0s -9-2 -1.71%
Wheat Jul 19 539-2s -9-2 -1.69%
Wheat Sep 19 550-6s -8-4 -1.52%
Minneapolis
Spring Wheat Dec 18 578-4s -6-4 -1.11%
Spring Wheat Mar 19 586-2s -7-0 -1.18%
Spring Wheat May 19 593-6s -6-0 -1.00%
Spring Wheat Jul 19 601-0s -5-2 -0.87%
Spring Wheat Sep 19 607-0s -4-2 -0.70%
Kansas City
Hard Red Wheat Dec 18 497-0s -10-4 -2.07%
Hard Red Wheat Mar 19 523-0s -10-2 -1.92%
Hard Red Wheat May 19 536-6s -10-0 -1.83%
Hard Red Wheat Jul 19 544-6s -8-4 -1.54%
Hard Red Wheat Sep 19 559-6s -8-2 -1.45%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 18 113.275s +0.500 +0.44%
Live Cattle Dec 18 118.350s +1.200 +1.02%
Live Cattle Feb 19 122.775s +0.850 +0.70%
Feeder Cattle Oct 18 154.625s -0.450 -0.29%
Feeder Cattle Nov 18 155.925s +0.050 +0.03%
Feeder Cattle Jan 19 151.350s +0.500 +0.33%
Lean Hogs Dec 18 57.525s +3.000 +5.50%
Lean Hogs Feb 19 64.425s +3.000 +4.88%
Lean Hogs Apr 19 70.025s +2.400 +3.55%
