Lower dollar, higher soy boost canola

WINNIPEG, (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished higher on Tuesday with support from Chicago soyoil and a lower Canadian dollar.

The loonie was down mid-afternoon Tuesday at 75.37 U.S. cents, after closing Monday at 75.68.

Soyoil on the Chicago Board of Trade gained almost a third of a cent.

A Winnipeg-based trader noted canola remains range-bound despite recent gains.

Shortly after midnight on Tuesday, 3,200 members of the Teamsters Canada Rail Conference went on strike at Canadian National Railway. The conductors, train workers and yard workers have been without a contract since July. As talks between the union and CN are ongoing there has been speculation that if the strike last more than a few days the federal government could put forth back-to-work legislation.

There were 18,937 contracts traded on Tuesday, which compares with Monday when 14,904 contracts changed hands. Spreading accounted for 13,454 contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

Price Change
Canola Jan 465.20 up 1.70
Mar 474.10 up 1.90
May 481.90 up 1.50
Jul 488.90 up 1.40

SOYBEAN futures at the Chicago Board of Trade (CBOT) were slightly higher on Tuesday, as buying increased in the market.

The soybean harvest in the United States reached 91 pe cent, according to the weekly crop progress report issued by the U.S. Department of Agriculture (USDA) on Monday. It was a six-point gain from the previous and was four points back of the five-year average. Also, progress for the week ending Nov. 17 was on par with the same time last year.

AgRural reported soybean planting in Brazil reached 67 percent complete. That was three points below the average and 15 behind last year.

CORN futures were higher on Tuesday, taking its cue from soybeans.

The crop progress report said the U.S. corn harvest was at 76 percent complete, which was a gain of 10 points from the previous week. However, it was 16 behind the five-year average of 92 percent complete. This time last year the harvest was 89 percent finished.

North Dakota, which was at 15 percent done last week, made it to 23 percent. The state’s five-year average was 85 percent complete. Michigan, South Dakota and Wisconsin were also well behind, ranging from 39 to 53 percent finished.

A propane shortage has affected eight U.S. states. The governors of Iowa, Illinois, Indiana, Minnesota, Nebraska, North Dakota, South Dakota and Wisconsin declared states of emergency. Farmers needing propane for their grain dryers have been faced stiff competition from home heating demands.

The USDA announced a sale of 191,000 tonnes of corn to unknown destinations on Tuesday.

Corn planting in Argentina was 44 percent complete, according to the Buenos Aires Grain Exchange.

WHEAT futures were steady to higher on Tuesday, with gains for Chicago and Kansas City while Minneapolis was unchanged.

The planting of winter wheat hit 95 percent done, according to the USDA. That was an improvement of three points from the previous report and is on pace with the average. Approximately 83 per ent of the crop has emerged, for a gain of five from last week and was three under the pace. The condition rated as 52 per ent good to excellent, a decline of two points from last week.

Japan is on its way in ratifying its trade deal with the U.S. Japan’s lower house of parliament passed the deal and it now goes to the upper chamber, where it’s expected to be approved as well. Once ratified, the agreement will shave off US$7 billion in tariffs on U.S. agricultural goods, including wheat.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down $1.84 at US$55.21 per barrel.

In the afternoon, the Canadian dollar was trading around US75.55 cents, up from 75.68 cents the previous trading day. The U.S. dollar was C$1.3237.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jan 20 465.20s +1.70 +0.37%

Canola Mar 20 474.10s +1.90 +0.40%

Canola May 20 481.90s +1.50 +0.31%

Canola Jul 20 488.90s +1.40 +0.29%

Canola Nov 20 489.80s +1.70 +0.35%

 

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 20 911-4s +1-2 +0.14%

Soybean Mar 20 924-4s +1-4 +0.16%

Soybean May 20 936-6s +1-6 +0.19%

Soybean Jul 20 947-6s +2-0 +0.21%

Soybean Aug 20 951-0s +2-0 +0.21%

 

Soybean Meal Dec 19 302.0s +0.8 +0.27%

Soybean Meal Jan 20 304.2s +0.4 +0.13%

Soybean Meal Mar 20 307.0s unch unch

 

Soybean Oil Dec 19 30.96s +0.32 +1.04%

Soybean Oil Jan 20 31.16s +0.34 +1.10%

Soybean Oil Mar 20 31.42s +0.33 +1.06%

 

Corn Dec 19 370-0s +2-2 +0.61%

Corn Mar 20 380-6s +3-4 +0.93%

Corn May 20 386-6s +3-6 +0.98%

Corn Jul 20 392-4s +3-6 +0.96%

Corn Sep 20 391-4s +3-0 +0.77%

 

Oats Dec 19 306-4s +4-2 +1.41%

Oats Mar 20 307-6s +6-2 +2.07%

Oats May 20 304-6s +5-2 +1.75%

Oats Jul 20 295-6s +5-2 +1.81%

Oats Sep 20 282-0s +5-0 +1.81%

 

Wheat Dec 19 512-0s +4-6 +0.94%

Wheat Mar 20 515-2s +4-4 +0.88%

Wheat May 20 519-0s +4-4 +0.87%

Wheat Jul 20 521-2s +3-4 +0.68%

Wheat Sep 20 529-0s +3-4 +0.67%

 

Minneapolis

Spring Wheat Dec 19 503-2s unch unch

Spring Wheat Mar 20 518-2s unch unch

Spring Wheat May 20 528-2s -1-0 -0.19%

Spring Wheat Jul 20 538-6s -0-6 -0.14%

Spring Wheat Sep 20 549-4s -1-0 -0.18%

 

Kansas City

Hard Red Wheat Dec 19 425-6s +7-2 +1.73%

Hard Red Wheat Mar 20 431-6s +5-4 +1.29%

Hard Red Wheat May 20 438-2s +5-2 +1.21%

Hard Red Wheat Jul 20 445-4s +4-6 +1.08%

Hard Red Wheat Sep 20 455-0s +4-4 +1.00%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Dec 19 118.775s +0.075 +0.06%

Live Cattle Feb 20 125.050s -0.050 -0.04%

Live Cattle Apr 20 126.175s -0.225 -0.18%

 

Feeder Cattle Nov 19 146.600s +0.225 +0.15%

Feeder Cattle Jan 20 144.025s -0.450 -0.31%

Feeder Cattle Mar 20 144.475s -0.250 -0.17%

 

Lean Hogs Dec 19 62.150s -0.600 -0.96%

Lean Hogs Feb 20 69.625s -0.600 -0.85%

Lean Hogs Apr 20 75.750s -0.600 -0.79%

 

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