WINNIPEG (Reuters) — ICE Canada canola futures slipped on Wednesday for a fifth straight session, pressured by a stronger Canadian dollar.
Dry conditions in Western Canada modestly underpinned canola, but buyers have been content to wait and see how the crop turns out, a trader said.
November canola lost $1.60 to $492.70 per tonne, touching the lowest price for a most-active contract since July 26.
November-January canola spread traded 801 times.
Chicago Board of Trade November soybeans closed firm on export demand.
NYSE MATIF November rapeseed edged higher and Malaysian October palm oil dipped.
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As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
CBOT wheat futures sank to contract lows on Wednesday as ample global supplies provided overseas buyers with cheaper alternatives to U.S. offerings in export deals, traders said.
Corn futures also were lower, pressured by the drop in wheat as well as good weather for crop development across the U.S. Midwest. Soybeans closed firm, with signs of good export demand keying a turnaround after prices dipped into negative territory.
Both corn and soybeans hit their lowest levels since late June during the session.
“Rains moving across the western corn belt this morning should bring heavy rains west of the Mississippi, with the eastern Midwest also picking up a half inch to an inch according to maps for the next week,” Farm Futures analyst Bryce Knorr said in a note to clients.
CBOT December corn futures ended down two cents at $3.66-1/2 a bushel. CBOT November soybeans were one cent higher at $9.25-1/4 a bushel.
CBOT September soft red winter wheat settled 10-1/4 cents lower at $4.19-1/4 a bushel.
Egypt, the world’s largest wheat buyer, on Wednesday said it signed deals to buy 295,000 tonnes of Russian wheat and 60,000 tonnes of Ukraine wheat. No U.S. wheat was offered in the tender.
“Wheat prices in Chicago slumped from the start of the week due to the rise of supplies in the world, mainly caused by bumper harvests in the Black Sea (region),” consultancy Agritel said in a note.
While large volumes purchased in the tenders could be supportive of prices, a wide gap between Black Sea origins such as Russian wheat and U.S. and West European origins may maintain price pressure.
But strong export demand was limiting the declines in soybeans.
A delegation of importers from China signed agreements to buy 3.8 million tonnes of U.S. soybeans valued at about $1.56 billion at a ceremony in Omaha, Nebraska, on Tuesday, the U.S. Soybean Export Council said on Wednesday.
Light crude oil nearby futures in New York were down 77 cents US$46.78 per barrel.
In the afternoon, the Canadian dollar was trading around US79.23 cents, up from 78.39 cents the previous trading day. The U.S. dollar was C$1.2621.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 492.70s -1.60 -0.32%
Canola Jan 18 497.30s -1.90 -0.38%
Canola Mar 18 500.60s -1.90 -0.38%
Canola May 18 502.10s -2.70 -0.53%
Canola Jul 18 503.70s -2.70 -0.53%
Milling Wheat Oct 17 259.00s +5.00 +1.97%
Milling Wheat Dec 17 262.00s +5.00 +1.95%
Milling Wheat Mar 18 268.00s +4.00 +1.52%
Durum Wheat Oct 17 325.00s -10.00 -2.99%
Durum Wheat Dec 17 326.00s -10.00 -2.98%
Durum Wheat Mar 18 311.00s unch unch
Barley Oct 17 145.00s unch unch
Barley Dec 17 148.00s +7.00 +4.96%
Barley Mar 18 151.00s +10.00 +7.09%
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 17 921-6s unch unch
Soybeans Nov 17 925-2s +1-0 +0.11%
Soybeans Jan 18 933-4s +1-0 +0.11%
Soybeans Mar 18 941-4s +0-6 +0.08%
Soybeans May 18 949-0s +1-0 +0.11%
Soybean Meal Sep 17 294.6s -1.2 -0.41%
Soybean Meal Oct 17 296.1s -1.2 -0.40%
Soybean Meal Dec 17 298.1s -1.3 -0.43%
Soybean Oil Sep 17 32.85s +0.14 +0.43%
Soybean Oil Oct 17 32.97s +0.14 +0.43%
Corn Sep 17 352-4s -2-6 -0.77%
Corn Dec 17 366-4s -2-0 -0.54%
Corn Mar 18 378-2s -2-0 -0.53%
Corn May 18 384-4s -2-2 -0.58%
Corn Jul 18 390-2s -2-0 -0.51%
Oats Sep 17 260-0s +1-6 +0.68%
Oats Dec 17 257-2s +0-4 +0.19%
Oats Mar 18 259-6s -0-2 -0.10%
Oats May 18 262-4s -0-6 -0.28%
Oats Jul 18 264-0s -0-6 -0.28%
Wheat Sep 17 419-2s -10-2 -2.39%
Wheat Dec 17 447-0s -9-0 -1.97%
Wheat Mar 18 469-4s -7-6 -1.62%
Wheat May 18 484-4s -6-4 -1.32%
Wheat Jul 18 496-4s -5-2 -1.05%
Minneapolis
Spring Wheat Sep 17 673-4s +15-2 +2.32%
Spring Wheat Dec 17 684-6s +14-2 +2.13%
Spring Wheat Mar 18 684-2s +12-4 +1.86%
Spring Wheat May 18 673-4s +10-2 +1.55%
Spring Wheat Jul 18 662-6s +7-2 +1.11%
Kansas City
Hard Red Wheat Sep 17 419-4s -7-0 -1.64%
Hard Red Wheat Dec 17 447-0s -7-0 -1.54%
Hard Red Wheat Mar 18 465-2s -6-6 -1.43%
Hard Red Wheat May 18 480-0s -6-6 -1.39%
Hard Red Wheat Jul 18 497-6s -6-6 -1.34%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Aug 17 109.475s -0.575 -0.52%
Live Cattle Oct 17 108.325s -0.725 -0.66%
Live Cattle Dec 17 110.300s -1.175 -1.05%
Feeder Cattle Aug 17 142.250s -3.100 -2.13%
Feeder Cattle Sep 17 143.125s -3.625 -2.47%
Feeder Cattle Oct 17 142.775s -3.525 -2.41%
Lean Hogs Oct 17 68.775s -1.750 -2.48%
Lean Hogs Dec 17 63.475s -1.225 -1.89%
Lean Hogs Feb 18 67.700s -0.825 -1.20%
