WINNIPEG (Reuters) — ICE Canada canola futures rose on Thursday and halted a five-day skid, following U.S. soybeans and soy oil higher.
Strong Chinese demand and the fact that favorable rains missed some U.S. Midwest growing regions, buoyed soybeans, spilling over support to fellow oilseed canola.
The light trading volume kept canola technical sellers on the sidelines, allowing the market to rise, a trader said.
November canola gained $7.30 to $500 per tonne.
November-January canola spread traded 815 times.
Chicago Board of Trade November soybeans rose on strong Chinese demand.
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CBOT wheat futures fell about one percent to life-of-contract lows on Thursday, weighed down by investment fund short selling and abundant global supplies, traders said.
Corn futures also eased but held just above Wednesday’s multi-month lows while soybean futures gained on strong Chinese demand and as rains this week missed some growing regions in the U.S. Midwest.
Declines in equity markets also pressured agriculture commodities amid uncertainty over the Trump administration’s economic agenda and after a van crash killed more than a dozen people in Spain.
“It’s just bearish all the way around. There’s a little bit of a risk-off (trade),” said Arlan Suderman, grains analyst at INTL FCStone.
CBOT September wheat futures notched a contract low of $4.12-1/4 per bushel, before settling 5-1/4 cents lower at $4.14. Wheat on a continuous chart was the lowest since April 27.
Weekly U.S. wheat export sales of 633,600 tonnes topped analyst estimates for 300,000 to 600,000 tonnes, U.S. Department of Agriculture data showed.
But no U.S. wheat was offered to Egypt in a tender on Wednesday. Forecasters were expecting a record Russian wheat crop, and the bumper volume was reflected in a long list of offers in the Egypt tender in which the world’s largest wheat importer booked 295,000 tonnes of Russian wheat and 60,000 tonnes of Ukrainian wheat.
“Fundamentals are bearish for wheat, supplies are really good overall and it is a buyer’s market,” said Phin Ziebell, agribusiness economist at National Australia Bank.
CBOT December corn finished 2-1/4 cents lower at $3.64-1/4 per bushel, above the roughly 10-month low of $3.63-1/4 from the previous session.
CBOT November soybeans gained 7-3/4 cents to $9.33 per bushel, rising for the second straight session after hitting more than a one-month low on Wednesday.
Some traders were selling corn and buying soybeans after recent announcements of soybean sales to China.
The U.S. Department of Agriculture said 165,000 tonnes of soybeans were sold to China within the past 24 hours, supplies that could be shipped out of the United States or another country.
A trade delegation of Chinese importers earlier this week signed deals to buy 3.8 million tonnes of U.S. soybeans.
Light crude oil nearby futures in New York were up 31 cents at US$47.09 per barrel.
The Canadian dollar was trading in the afternoon around US78.88 cents down $0.0034. The U.S. dollar was $1.267.
The S&P/TSX Composite Index fell 48.57.23 points or 0.32 percent to close at 15,033.64.
The apparent terrorist attack in Spain and concerns that the Trump administration is failing to push forward its economic agenda weighed down U.S. markets.
The Dow Jones Industrial Average fell 274.14 points, or 1.24 percent, to 21,750.73, the S&P 500 lost 38.1 points, or 1.54 percent, to 2,430.01 and the Nasdaq Composite dropped 123.20 points, or 1.94 percent, to 6,221.91.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 500.00s +7.30 +1.48%
Canola Jan 18 504.50s +7.20 +1.45%
Canola Mar 18 507.60s +7.00 +1.40%
Canola May 18 509.60s +7.50 +1.49%
Canola Jul 18 510.60s +6.90 +1.37%
Milling Wheat Oct 17 259.00s unch unch
Milling Wheat Dec 17 262.00s unch unch
Milling Wheat Mar 18 268.00s unch unch
Durum Wheat Oct 17 325.00s unch unch
Durum Wheat Dec 17 326.00s unch unch
Durum Wheat Mar 18 311.00s unch unch
Barley Oct 17 145.00s unch unch
Barley Dec 17 148.00s unch unch
Barley Mar 18 151.00s unch unch
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 Sep 17 930-2s +8-4 +0.92%
Soybeans Nov 17 933-0s +7-6 +0.84%
Soybeans Jan 18 941-2s +7-6 +0.83%
Soybeans Mar 18 949-4s +8-0 +0.85%
Soybeans May 18 956-6s +7-6 +0.82%
Soybean Meal Sep 17 296.1s +1.5 +0.51%
Soybean Meal Dec 17 300.0s +1.9 +0.64%
Soybean Oil Sep 17 33.21s +0.36 +1.10%
Soybean Oil Oct 17 33.34s +0.37 +1.12%
Soybean Oil Dec 17 33.55s +0.37 +1.12%
Corn Sep 17 350-4s -2-0 -0.57%
Corn Dec 17 364-2s -2-2 -0.61%
Corn Mar 18 376-2s -2-0 -0.53%
Corn May 18 382-2s -2-2 -0.59%
Corn Jul 18 388-2s -2-0 -0.51%
Oats Sep 17 258-2s -1-6 -0.67%
Oats Dec 17 258-0s +0-6 +0.29%
Oats Mar 18 259-0s -0-6 -0.29%
Oats Jul 18 263-0s -1-0 -0.38%
Wheat Sep 17 414-0s -5-2 -1.25%
Wheat Dec 17 440-6s -6-2 -1.40%
Wheat Mar 18 463-6s -5-6 -1.22%
Wheat May 18 479-2s -5-2 -1.08%
Wheat Jul 18 492-6s -3-6 -0.76%
Spring Wheat Sep 17 670-2s -3-2 -0.48%
Spring Wheat Dec 17 684-2s -0-4 -0.07%
Spring Wheat Mar 18 684-4s +0-2 +0.04%
Spring Wheat May 18 674-6s +1-2 +0.19%
Spring Wheat Jul 18 664-6s +2-0 +0.30%
Hard Red Wheat Sep 17 414-2s -5-2 -1.25%
Hard Red Wheat Dec 17 442-0s -5-0 -1.12%
Hard Red Wheat Mar 18 460-4s -4-6 -1.02%
Hard Red Wheat May 18 475-0s -5-0 -1.04%
Hard Red Wheat Jul 18 493-0s -4-6 -0.95%
Chicago livestock futures in US¢/pound
Live Cattle (Pit) Aug 17 107.125s -2.350 -2.15%
Live Cattle (Pit) Oct 17 106.225s -2.100 -1.94%
Live Cattle (Pit) Dec 17 108.275s -2.025 -1.84%
Feeder Cattle (Pit) Aug 17 140.475s -1.775 -1.25%
Feeder Cattle (Pit) Sep 17 140.725s -2.400 -1.68%
Feeder Cattle (Pit) Oct 17 140.475s -2.300 -1.61%
Lean Hogs (Pit) Oct 17 66.925s -1.850 -2.69%
Lean Hogs (Pit) Dec 17 61.800s -1.675 -2.64%
Lean Hogs (Pit) Feb 18 66.300s -1.400 -2.07%
