ICE Canada canola futures dip on profit-taking, later contracts rise

WINNIPEG, Manitoba, April 25 (Reuters) – ICE Canada canola futures mostly fell on Tuesday as investors booked profits, but deferred contracts representing the next harvest edged higher on fears of planting delays.

The most-active contract gained about 10 percent in the three-week period ending on Monday, and investors were locking in profits by selling, a trader said.

Snowy weather on the Canadian Prairies has raised concerns about planting delays.

May canola lost $9 to $521.50 per tonne. July canola shaved off $2.70 to $521.20 per tonne.

May-July canola spread traded 6,322 times.

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Chicago Board of Trade July soybeans dipped on profit-taking and faster-than-expected seeding of the oilseed in the U.S., even though corn seeding is lagging behind.

May Paris Liffe rapeseed eased and Malaysian July palm oil fell.

U.S. corn futures rose for a second straight session on a slower-than-average start to planting in the United States and forecasts for Midwest rains that will stall further progress. If the seeding seeding window gets pushed back it might cause farmers to switch some acres to shorter season soybeans.

The U.S. Department of Agriculture estimated U.S. corn planting at 17 percent complete as of Sunday, well behind last season’s pace of 28 percent and slightly below the five-year average of 18 percent.

Forecasts for rainy weather and colder temperatures in the Midwest in the coming days are likely to keep corn planting behind the average pace which may ultimately shift more acres into soybeans, analysts said.

“Some rain is expected in U.S. planting regions and a lot of risk to plantings remains in the next couple of weeks. But the markets today do not seem to be focusing on the risk,” said Matt Ammermann, commodity risk manager at INTL FCStone in London.

U.S. wheat futures rose, led by the spring and hard red winter wheat contracts, as a weakening dollar raised hopes for better U.S. export demand. Slower-than-normal planting further supported spring wheat.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up 33 cents to US$49.56 per barrel.

In the afternoon, the Canadian dollar was trading around US73.71 cents, down from 74.04 cents the previous trading day. The U.S. dollar was C$1.3567.

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2017   521.50   -9.00   -1.70%
Canola Jul 2017   521.20   -2.70   -0.52%
Canola Nov 2017   495.30   +0.50   +0.10%
Canola Jan 2018   498.80   +0.40   +0.08%
Canola Mar 2018   502.70   +0.40   +0.08%

Milling Wheat May 2017   232.00   +4.00   +1.75%
Milling Wheat Jul 2017   234.00   +5.00   +2.18%
Milling Wheat Oct 2017   228.00   +5.00   +2.24%

Durum Wheat May 2017   271.00   unch   0.00%
Durum Wheat Jul 2017   272.00   unch   0.00%
Durum Wheat Oct 2017   264.00   unch   0.00%

Barley May 2017   137.00   unch   0.00%
Barley Jul 2017   138.00   unch   0.00%
Barley Oct 2017   140.00   unch   0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago
Soybeans May 2017   954.50   -6.75   -0.70%
Soybeans Jul 2017   965.00   -6.75   -0.69%
Soybeans Aug 2017   967.00   -6.25   -0.64%
Soybeans Sep 2017   964.00   -5.75   -0.59%
Soybeans Nov 2017   961.75   -5.75   -0.59%
Soybeans Jan 2018   968.25   -5.75   -0.59%

Soybean Meal May 2017   313.50   -2.90   -0.92%
Soybean Meal Jul 2017   317.70   -2.90   -0.90%
Soybean Meal Aug 2017   319.10   -2.50   -0.78%

Soybean Oil May 2017   31.58   -0.11   -0.35%
Soybean Oil Jul 2017   31.85   -0.08   -0.25%
Soybean Oil Aug 2017   31.95   -0.09   -0.28%

Corn May 2017   365.00   +5.75   +1.60%
Corn Jul 2017   371.75   +6.25   +1.71%
Corn Sep 2017   378.75   +6.25   +1.68%
Corn Dec 2017   389.00   +5.50   +1.43%
Corn Mar 2018   398.50   +5.25   +1.34%

Oats May 2017   222.50   +3.75   +1.71%
Oats Jul 2017   221.50   +3.75   +1.72%
Oats Sep 2017   218.25   +3.00   +1.39%
Oats Dec 2017   219.50   +2.75   +1.27%
Oats Mar 2018   227.00   +2.75   +1.23%

Wheat May 2017   408.75   +6.25   +1.55%
Wheat Jul 2017   427.00   +7.75   +1.85%
Wheat Sep 2017   441.00   +6.75   +1.55%
Wheat Dec 2017   464.50   +6.50   +1.42%
Wheat Mar 2018   483.25   +6.50   +1.36%

Minneapolis
Spring Wheat May 2017   533.75   +12.25   +2.35%
Spring Wheat Jul 2017   544.50   +13.00   +2.45%
Spring Wheat Sep 2017   551.75   +13.00   +2.41%
Spring Wheat Dec 2017   560.00   +12.75   +2.33%
Spring Wheat Mar 2018   568.00   +11.00   +1.97%

Kansas City
Hard Red Wheat May 2017   412.00   +10.25   +2.55%
Hard Red Wheat Jul 2017   424.75   +10.50   +2.53%
Hard Red Wheat Sep 2017   440.75   +10.00   +2.32%
Hard Red Wheat Dec 2017   466.00   +8.75   +1.91%
Hard Red Wheat Mar 2018   482.00   +7.50   +1.58%

Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Apr 2017   129.82   +0.82   +0.64%
Live Cattle (P) Jun 2017   115.82   +0.97   +0.84%
Live Cattle (P) Aug 2017   112.05   +1.08   +0.97%

Feeder Cattle (P) Apr 2017   138.73   +0.48   +0.35%
Feeder Cattle (P) May 2017   137.68   +0.23   +0.17%
Feeder Cattle (P) Aug 2017   141.35   +0.65   +0.46%

Lean Hogs (P) May 2017   65.22   +0.82   +1.27%
Lean Hogs (P) Jun 2017   71.83   +2.30   +3.31%
Lean Hogs (P) Jul 2017   72.85   +2.45   +3.48%