ICE canola futures touch 3-week high, boosted by U.S. rally

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Published: December 16, 2019

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WINNIPEG, Manitoba, (Reuters) – ICE canola futures rose on Monday to a three-week high, lifted by a rally in U.S. crop prices on hopes of improving U.S. exports.

Under the trade agreement announced last week, Washington will reduce some tariffs on Chinese imports in exchange for Chinese purchases of agricultural, manufactured and energy products increasing by about $20 billion over the next two years.

January canola gained $1 to $462 per tonne, rising for the third straight session. It touched the contract’s highest price since Nov. 25 – $464.10.

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Most-active March canola added $1 to $470.90 per tonne.

Canola lagged gains by soy products, with Canadian farmers selling some crop at recent highs and on concerns about Canadian export demand, a trader said.

January-March canola spread traded 8,301 times.

Chicago soybean futures hit their highest level since Nov. 18 on expectations for bigger Chinese purchases.

Euronext February rapeseed futures and Malaysian March palm oil futures rose.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up 14 cents at US$60.21 per barrel.

In the afternoon, the Canadian dollar was trading around US76.09 cents, up from 75.86 cents the previous trading day. The U.S. dollar was C$1.3142.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jan 20 462.00s +1.00 +0.22%

Canola Mar 20 470.90s +1.00 +0.21%

Canola May 20 479.80s +1.30 +0.27%

Canola Jul 20 486.10s +1.60 +0.33%

Canola Nov 20 488.50s +1.30 +0.27%

 

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 Jan 20 922-0s +14-4 +1.60%

Soybean Mar 20 936-0s +14-4 +1.57%

Soybean May 20 950-0s +14-6 +1.58%

Soybean Jul 20 962-0s +14-4 +1.53%

Soybean Aug 20 965-4s +13-6 +1.44%

 

Soybean Meal Jan 20 301.3s +4.4 +1.48%

Soybean Meal Mar 20 305.8s +4.5 +1.49%

Soybean Meal May 20 308.9s +4.2 +1.38%

 

Soybean Oil Jan 20 33.14s +0.54 +1.66%

Soybean Oil Mar 20 33.43s +0.56 +1.70%

Soybean Oil May 20 33.70s +0.57 +1.72%

 

Corn Mar 20 388-0s +7-0 +1.84%

Corn May 20 394-6s +6-6 +1.74%

Corn Jul 20 400-2s +6-4 +1.65%

Corn Sep 20 398-4s +5-4 +1.40%

Corn Dec 20 400-2s +5-0 +1.27%

 

Oats Mar 20 307-4s +10-2 +3.45%

Oats May 20 303-0s +9-2 +3.15%

Oats Jul 20 293-4s +7-6 +2.71%

Oats Sep 20 281-2s +5-6 +2.09%

Oats Dec 20 269-4s +1-2 +0.47%

 

Wheat Mar 20 549-6s +17-2 +3.24%

Wheat May 20 551-2s +16-4 +3.09%

Wheat Jul 20 551-2s +13-4 +2.51%

Wheat Sep 20 555-4s +12-0 +2.21%

Wheat Dec 20 564-2s +10-4 +1.90%

 

Minneapolis

Spring Wheat Mar 20 537-0s +11-2 +2.14%

Spring Wheat May 20 545-0s +11-0 +2.06%

Spring Wheat Jul 20 553-0s +10-2 +1.89%

Spring Wheat Sep 20 561-2s +9-6 +1.77%

Spring Wheat Dec 20 573-6s +8-2 +1.46%

 

Kansas City

Hard Red Wheat Mar 20 462-0s +19-2 +4.35%

Hard Red Wheat May 20 469-6s +19-2 +4.27%

Hard Red Wheat Jul 20 476-2s +19-0 +4.16%

Hard Red Wheat Sep 20 483-6s +18-2 +3.92%

Hard Red Wheat Dec 20 494-4s +16-6 +3.51%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Dec 19 122.300s -0.075 -0.06%

Live Cattle Feb 20 127.250s -0.300 -0.24%

Live Cattle Apr 20 127.925s -0.275 -0.21%

 

Feeder Cattle Jan 20 145.250s -0.425 -0.29%

Feeder Cattle Mar 20 145.600s -0.650 -0.44%

Feeder Cattle Apr 20 147.450s -0.600 -0.41%

 

Lean Hogs Feb 20 70.500s +1.000 +1.44%

Lean Hogs Apr 20 77.450s +1.225 +1.61%

Lean Hogs May 20 83.900s +1.200 +1.45%

 

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