Harvest delays boost canola futures

Winnipeg, (MarketsFarm) –ICE Futures canola contracts were stronger on Friday, seeing a continuation of the past week’s rally as Prairie weather concerns remained supportive. Spillover from advances in Chicago Board of Trade soybeans added to the firmer tone.

Harvest operations remain well behind normal across Western Canada, with the latest crop report out of Alberta showing the canola harvest at only 15.6 per cent complete as of this past Tuesday.

Bullish chart signals contributed to the gains after Thursday’s move above previous resistance.

However, large old crop supplies and ongoing concerns over trade relations with China tempered the upside.

About 33,707 canola contracts traded on Friday, which compares with Thursday when 38,689 contracts changed hands. Spreading accounted for 25,566 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were stronger on Friday, with reports of scattered frost across parts of the Midwest providing support ahead of the weekend.

Census data out this morning confirmed record United States soybean export sales for the month of August of 4.9 million tonnes in 2019. The solid sales brought total exports for the recently completed 2018/19 marketing year slightly above the U.S. Department of Agriculture’s most recent projection.

China was a noted buyer, with optimism building over looming trade talks between the country and the U.S.

Meanwhile, chart-based selling weighed on CORN, as traders adjusted positions after a week of choppy activity.

U.S. corn exports in August of 2.8 million tonnes were down slightly from the previous month and roughly half of what moved during the same month a year ago.

Corn did find some strength from a new biofuels plan out of Washington, which includes increases to the annual blending requirements in the country.

WHEAT futures were mixed on Friday, with gains in Chicago and Minneapolis, but small losses in the Kansas City market as the spreads between the three contracts saw some adjustment.

U.S. wheat exports in August hit their highest monthly total in three years, at 2.57 million tonnes.

The gains in spring wheat were tied to the persistent weather delays in Canada and the northern U.S., as concerns grow over the quality of the North American spring wheat crop.

 

Name / Contract Last Change % Change
Canola Nov 19 460.70s +1.50 +0.33%
Canola Jan 20 469.70s +1.60 +0.34%
Canola Mar 20 478.50s +1.90 +0.40%
Canola May 20 485.50s +2.00 +0.41%
Canola Jul 20 491.20s +2.10 +0.43%
Soybean Nov 19 916-2s +4-4 +0.49%
Soybean Jan 20 930-2s +4-2 +0.46%
Soybean Mar 20 940-6s +4-2 +0.45%
Soybean May 20 950-0s +3-6 +0.40%
Soybean Jul 20 958-2s +3-4 +0.37%
Soybean Meal Oct 19 298.8s +0.8 +0.27%
Soybean Meal Dec 19 303.7s +0.8 +0.26%
Soybean Meal Jan 20 305.7s +0.9 +0.30%
Soybean Oil Oct 19 29.79s -0.01 -0.03%
Soybean Oil Dec 19 29.86s -0.03 -0.10%
Soybean Oil Jan 20 30.09s -0.02 -0.07%
Corn Dec 19 384-6s -4-0 -1.03%
Corn Mar 20 397-0s -3-6 -0.94%
Corn May 20 402-4s -3-4 -0.86%
Corn Jul 20 405-6s -2-6 -0.67%
Corn Sep 20 400-4s -1-4 -0.37%
Oats Dec 19 286-0s -1-0 -0.35%
Oats Mar 20 287-4s -1-4 -0.52%
Oats May 20 287-6s -2-0 -0.69%
Oats Jul 20 288-0s -2-2 -0.78%
Oats Sep 20 289-0s -3-6 -1.28%
Wheat Dec 19 490-4s +1-6 +0.36%
Wheat Mar 20 497-4s +1-2 +0.25%
Wheat May 20 502-6s +0-6 +0.15%
Wheat Jul 20 507-0s +0-6 +0.15%
Wheat Sep 20 515-0s +1-0 +0.19%
Spring Wheat Dec 19 536-0s +6-4 +1.23%
Spring Wheat Mar 20 549-6s +6-4 +1.20%
Spring Wheat May 20 559-0s +6-4 +1.18%
Spring Wheat Jul 20 567-4s +7-0 +1.25%
Spring Wheat Sep 20 575-6s +7-2 +1.28%
Hard Red Wheat Dec 19 404-0s -1-6 -0.43%
Hard Red Wheat Mar 20 418-4s -1-6 -0.42%
Hard Red Wheat May 20 428-2s -1-6 -0.41%
Hard Red Wheat Jul 20 437-6s -1-6 -0.40%
Hard Red Wheat Sep 20 449-0s -1-6 -0.39%
Live Cattle (Pit) Oct 19 107.350s +0.550 +0.51%
Live Cattle (Pit) Dec 19 110.775s -0.050 -0.05%
Live Cattle (Pit) Feb 20 116.625s -0.375 -0.32%
Feeder Cattle (Pit) Oct 19 141.975s -0.375 -0.26%
Feeder Cattle (Pit) Nov 19 141.375s -0.725 -0.51%
Feeder Cattle (Pit) Jan 20 137.700s -0.550 -0.40%
Lean Hogs (Pit) Oct 19 62.400s -0.025 -0.04%
Lean Hogs (Pit) Dec 19 67.250s -0.850 -1.25%
Lean Hogs (Pit) Feb 20 74.475s -0.825 -1.10%

 

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