ICE canola futures rise as heat stresses European rapeseed crop

(Reuters) – ICE canola futures ended higher on Wednesday on concerns that a severe heat wave would reduce European rapeseed production this season, potentially stoking demand for Canadian exports, traders said.

Temperatures across northern Europe hit record highs on Wednesday in the second heat wave this month. The crop-stressing conditions are expected to last until Friday.

Most-active November canola ended $2.70 higher at $450.20 per tonne. The contract touched a three-week high during the session.

Hedge selling clipped gains late in the session as farmers seized the chance to liquidate some of their stored canola at higher prices and ahead of the upcoming harvest.

Canola also drew some spillover support from soybean futures, which climbed on adverse U.S. crop development weather and hopes for revived trade talks between the United States and China.

Spread trades totaling about 3,200 lots on the day were not a significant market driver on Wednesday. * Chicago Board of Trade August soybeans settled 5-1/4 U.S. cents higher at US$8.91 a bushel.

Paris Matif November rapeseed futures rose 1 percent and Malaysian October palm oil futures gained 1.2 percent.

The Canadian dollar weakened on Wednesday, holding near a one-month low against the U.S. dollar as investors awaited U.S. economic data that could help guide the Federal Reserve’s interest rate decision next week.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down $1.27 at US$55.90 per barrel.

In the afternoon, the Canadian dollar was trading up .03 cents at around US76.12 cents. The U.S. dollar was C$1.3137.

 

Winnipeg ICE Futures Canada dollars per tonne

Name / Contract Last Change % Change

Canola Nov 19 450.20s +2.70 +0.60%

Canola Jan 20 457.50s +2.90 +0.64%

Canola Mar 20 464.60s +3.10 +0.67%

Canola May 20 470.10s +2.90 +0.62%

Canola Jul 20 474.70s +2.90 +0.61%

 

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 19 891-0s +5-2 +0.59%

Soybean Sep 19 896-2s +4-6 +0.53%

Soybean Nov 19 908-2s +4-4 +0.50%

Soybean Jan 20 921-2s +4-6 +0.52%

Soybean Mar 20 931-0s +4-6 +0.51%

 

Soybean Meal Aug 19 306.3s -0.1 -0.03%

Soybean Meal Sep 19 308.0s +0.2 +0.06%

Soybean Meal Oct 19 309.7s +0.3 +0.10%

 

Soybean Oil Aug 19 28.30s +0.29 +1.04%

Soybean Oil Sep 19 28.43s +0.30 +1.07%

Soybean Oil Oct 19 28.55s +0.32 +1.13%

 

Corn Sep 19 424-0s -1-4 -0.35%

Corn Dec 19 430-6s -0-6 -0.17%

Corn Mar 20 439-6s -0-6 -0.17%

Corn May 20 443-4s -0-6 -0.17%

Corn Jul 20 446-4s -0-6 -0.17%

 

Oats Sep 19 264-6s -1-2 -0.47%

Oats Dec 19 265-6s -0-4 -0.19%

Oats Mar 20 269-6s -0-6 -0.28%

Oats May 20 268-6s -0-6 -0.28%

Oats Jul 20 268-0s -0-6 -0.28%

 

Wheat Sep 19 497-6s +10-4 +2.15%

Wheat Dec 19 506-6s +8-4 +1.71%

Wheat Mar 20 518-4s +7-6 +1.52%

Wheat May 20 524-6s +7-4 +1.45%

Wheat Jul 20 526-4s +6-6 +1.30%

 

Minneapolis

Spring Wheat Sep 19 522-2s +1-6 +0.34%

Spring Wheat Dec 19 536-0s +1-0 +0.19%

Spring Wheat Mar 20 550-2s +0-2 +0.05%

Spring Wheat May 20 559-2s -0-4 -0.09%

Spring Wheat Jul 20 567-6s -0-6 -0.13%

 

Kansas City

Hard Red Wheat Sep 19 439-4s +8-0 +1.85%

Hard Red Wheat Dec 19 455-6s +6-4 +1.45%

Hard Red Wheat Mar 20 473-0s +5-6 +1.23%

Hard Red Wheat May 20 484-2s +5-2 +1.10%

Hard Red Wheat Jul 20 490-2s +5-4 +1.13%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle   Aug 19 108.900s -0.150 -0.14%

Live Cattle   Oct 19 109.900s +0.025 +0.02%

Live Cattle   Dec 19 114.300s +0.050 +0.04%

 

Feeder Cattle   Aug 19 142.825s +0.625 +0.44%

Feeder Cattle   Sep 19 142.875s +0.425 +0.30%

Feeder Cattle   Oct 19 143.025s +0.350 +0.25%

 

Lean Hogs   Aug 19 86.550s +0.375 +0.44%

Lean Hogs   Oct 19 80.850s -0.950 -1.16%

Lean Hogs   Dec 19 79.250s -0.425 -0.53%

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