Winnipeg – The ICE Futures canola market was weaker on Monday, as improving weather conditions and losses in Chicago Board of Trade soybeans weighed on prices.
Bearish chart signals contributed to the declines, as fund traders added to their large net short positions.
Recent rainfall across dry areas of the Canadian Prairies also weighed on values, according to traders, although localized thunderstorm damage was likely.
Improving weather forecasts for some growing areas in the United States contributed to a selloff in CBOT soybeans and corn, which spilled into the canola market.
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About 8,248 canola contracts traded on Monday, which compares with Friday when 11,328 contracts changed hands. Spreading accounted for 3,726 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were weaker on Monday, as chart-based profit-taking weighed on prices.
Updated weather forecasts calling for rain in some United States soybean growing areas contributed to the declines, as the moisture eased concerns over recent hot and dry forecasts.
The monthly U.S. soybean crush came in below expectations, which also weighed on values.
However, weekly U.S. soybean export inspections of about 850,000 tonnes were well above the same week a year ago, with about half of the business destined for China.
CORN was also lower, as the market ran into chart-resistance and backed away off of its nearby highs.
The shifting weather forecasts for the Corn Belt were behind some of the selling pressure.
Weekly U.S. corn export inspections of 675,000 tonnes were about half of what moved during the same week a year ago.
Opinions are divided on the condition of the U.S. corn crop, with some analysts expecting a slight downgrade from last week’s 56 per cent good to excellent reading, and others an improvement.
WHEAT futures were lower, as the advancing U.S. harvest weighed on prices. The country’s winter wheat harvest is thought to be nearing about two-thirds complete.
Condition ratings for spring wheat likely held steady on the week, according to trade estimates.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down 63 cents at US$59.58 per barrel.
In the afternoon, the Canadian dollar was trading around US76.69 cents, down from 76.70 cents the previous trading day. The U.S. dollar was C$1.3039.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Nov 19 446.90s -3.80 -0.84%
Canola Jan 20 453.90s -3.80 -0.83%
Canola Mar 20 460.70s -3.80 -0.82%
Canola May 20 466.50s -3.80 -0.81%
Canola Jul 20 471.40s -3.90 -0.82%
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 Aug 19 901-6s -11-4 -1.26%
Soybean Sep 19 907-6s -11-2 -1.22%
Soybean Nov 19 920-0s -11-4 -1.23%
Soybean Jan 20 932-2s -10-6 -1.14%
Soybean Mar 20 941-0s -11-0 -1.16%
Soybean Meal Aug 19 311.6s -3.2 -1.02%
Soybean Meal Sep 19 313.3s -3.2 -1.01%
Soybean Meal Oct 19 315.0s -3.2 -1.01%
Soybean Oil Aug 19 28.28s -0.03 -0.11%
Soybean Oil Sep 19 28.41s -0.02 -0.07%
Soybean Oil Oct 19 28.54s -0.01 -0.04%
Corn Sep 19 441-0s -13-2 -2.92%
Corn Dec 19 447-0s -12-2 -2.67%
Corn Mar 20 453-6s -11-2 -2.42%
Corn May 20 456-4s -10-2 -2.20%
Corn Jul 20 458-6s -9-0 -1.92%
Oats Sep 19 281-2s -0-2 -0.09%
Oats Dec 19 284-0s +0-2 +0.09%
Oats Mar 20 287-2s +0-2 +0.09%
Oats May 20 285-6s +0-2 +0.09%
Oats Jul 20 284-0s +0-2 +0.09%
Wheat Sep 19 507-6s -15-2 -2.92%
Wheat Dec 19 520-0s -15-0 -2.80%
Wheat Mar 20 533-0s -14-4 -2.65%
Wheat May 20 539-0s -14-2 -2.58%
Wheat Jul 20 539-6s -13-2 -2.40%
Minneapolis
Spring Wheat Sep 19 532-4s -10-2 -1.89%
Spring Wheat Dec 19 546-0s -10-2 -1.84%
Spring Wheat Mar 20 560-6s -10-2 -1.80%
Spring Wheat May 20 569-2s -10-0 -1.73%
Spring Wheat Jul 20 576-6s -10-2 -1.75%
Kansas City
Hard Red Wheat Sep 19 449-0s -18-2 -3.91%
Hard Red Wheat Dec 19 469-2s -17-4 -3.60%
Hard Red Wheat Mar 20 488-6s -16-2 -3.22%
Hard Red Wheat May 20 501-0s -16-0 -3.09%
Hard Red Wheat Jul 20 505-0s -14-6 -2.84%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Aug 19 108.500s +0.025 +0.02%
Live Cattle Oct 19 109.775s -0.200 -0.18%
Live Cattle Dec 19 114.100s -0.125 -0.11%
Feeder Cattle Aug 19 141.650s +0.050 +0.04%
Feeder Cattle Sep 19 142.600s +0.050 +0.04%
Feeder Cattle Oct 19 142.975s +0.125 +0.09%
Lean Hogs Jul 19 70.775s -0.275 -0.39%
Lean Hogs Aug 19 80.100s -0.550 -0.68%
Lean Hogs Oct 19 73.900s +0.675 +0.92%
