WINNIPEG, Manitoba, (Reuters) – ICE canola futures dropped on Wednesday for the third straight day, in sympathy with soybeans after U.S. and Chinese negotiators wrapped up trade talks without a deal.
Negotiators put off their next meeting until September, extending an uneasy truce between the world’s two largest economies.
Expectations for a decent Canadian canola crop overhang prices, but a slow pace of farmer selling has underpinned the market, a trader said. A large fund short position raises potential for future buying to cover that position and lift prices, the trader said.
Read Also
U.S. grains: Corn futures edge up, soybeans sag on improving US crop ratings
Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.
November canola lost $4.90 to $443.50 per tonne.
November-January canola spread traded 1,198 times.
Chicago August soybeans slipped on diminishing hopes for a U.S.-China trade deal.
Paris Matif November rapeseed futures finished unchanged and Malaysian October palm oil futures rose.
The Canadian dollar strengthened against its U.S. counterpart, ahead of a Federal Reserve interest rate decision, as domestic data showed that gross domestic product grew more than expected in May.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down 11 cents at US$58.04 per barrel.
In the afternoon, the Canadian dollar was trading down .10 cents at around US76.06 cents. The U.S. dollar was C$1.3148.
Winnipeg ICE Futures Canada dollars per tonne
Name / Contract Last Change % Change
Canola Nov 19 443.50s -4.90 -1.09%
Canola Jan 20 451.10s -5.40 -1.18%
Canola Mar 20 458.20s -5.60 -1.21%
Canola May 20 463.90s -5.30 -1.13%
Canola Jul 20 469.00s -4.90 -1.03%
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 19 864-0s -14-6 -1.68%
Soybean Sep 19 869-0s -15-2 -1.72%
Soybean Nov 19 881-4s -15-2 -1.70%
Soybean Jan 20 895-0s -15-0 -1.65%
Soybean Mar 20 908-4s -13-6 -1.49%
Soybean Meal Aug 19 298.2s -2.1 -0.70%
Soybean Meal Sep 19 300.5s -2.2 -0.73%
Soybean Meal Oct 19 302.1s -2.4 -0.79%
Soybean Oil Aug 19 27.75s -0.56 -1.98%
Soybean Oil Sep 19 27.88s -0.56 -1.97%
Soybean Oil Oct 19 28.00s -0.57 -2.00%
Corn Sep 19 400-2s -11-0 -2.67%
Corn Dec 19 410-0s -11-0 -2.61%
Corn Mar 20 420-4s -10-4 -2.44%
Corn May 20 426-0s -9-4 -2.18%
Corn Jul 20 430-2s -9-0 -2.05%
Oats Sep 19 256-0s -1-4 -0.58%
Oats Dec 19 263-6s unch unch
Oats Mar 20 268-6s unch unch
Oats May 20 268-2s unch unch
Oats Jul 20 268-0s unch unch
Wheat Sep 19 487-2s -10-0 -2.01%
Wheat Dec 19 493-2s -9-6 -1.94%
Wheat Mar 20 504-2s -8-2 -1.61%
Wheat May 20 510-6s -7-2 -1.40%
Wheat Jul 20 514-2s -6-0 -1.15%
Minneapolis
Spring Wheat Sep 19 519-4s -9-2 -1.75%
Spring Wheat Dec 19 533-2s -7-2 -1.34%
Spring Wheat Mar 20 547-6s -6-4 -1.17%
Spring Wheat May 20 556-4s -6-2 -1.11%
Spring Wheat Jul 20 565-4s -5-4 -0.96%
Kansas City
Hard Red Wheat Sep 19 422-6s -10-6 -2.48%
Hard Red Wheat Dec 19 440-4s -10-4 -2.33%
Hard Red Wheat Mar 20 457-2s -10-2 -2.19%
Hard Red Wheat May 20 469-0s -9-6 -2.04%
Hard Red Wheat Jul 20 474-6s -9-2 -1.91%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Aug 19 106.900s -1.200 -1.11%
Live Cattle Oct 19 107.650s -1.425 -1.31%
Live Cattle Dec 19 112.225s -1.225 -1.08%
Feeder Cattle Aug 19 141.525s -1.575 -1.10%
Feeder Cattle Sep 19 142.450s -1.600 -1.11%
Feeder Cattle Oct 19 142.550s -1.325 -0.92%
Lean Hogs Aug 19 79.325s -2.975 -3.61%
Lean Hogs Oct 19 71.000s -3.000 -4.05%
Lean Hogs Dec 19 70.275s -3.000 -4.09%
