WINNIPEG, (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were stronger on Friday, thanks to a lower Canadian dollar and spillover support from soybeans on the Chicago Board of Trade.
The Canadian dollar was around 76 U.S. cents earlier in the week, but settled down to around 75.4 cents on Friday afternoon, supporting canola values.
Canola values found spillover strength from soybeans on the Chicago Board of Trade, which have been trending higher for most of the week.
Rumours of an impending trade deal between the U.S. and China are also propping up soybean prices. Yesterday, a purchase of over 600,000 tonnes of soybeans was made by a Chinese importer, which is the largest sale in over a year.
SOYBEAN futures at the Chicago Board of Trade (CBOT) held on to gains on Friday, following a supportive World Agriculture Supply Demand Estimate (WASDE) report from the United States Department of Agriculture (USDA).
The report estimated soybean output to be around 3.63 billion bushels, which is lower than the August estimate of 3.68 billion bushels.
Rumours of an impending trade deal between the U.S. and China also propped up soybean prices.
Yesterday, a purchase of over 600,000 tonnes of soybeans was made by a Chinese importer, which is the largest sale in over a year. Additionally, 204,000 tonnes of soybeans were purchased by China on Friday morning.
China announced it will exempt American soybean and pork from its latest round of tariffs, which will likely ease some tension between the two countries ahead of trade negotiations next month.
Warm temperatures forecast for the Corn Belt may assist late-developing crops in the region.
Expected yields for the corn crop are around 168.2 bushels per acre, which is lower than the August estimate of 169.5 bushels per acre.
WHEAT futures were slightly lower on Friday, as U.S. yield estimates stayed the same from previous reports.
However, the WASDE did lower production estimates for Australian, Ukrainian and Russian wheat crops. Both Russia and Ukraine estimates were down by half a million metric tonnes each, to 28.7 million tonnes and 72.5 million tonnes respectively. Due to drought conditions, Australian wheat yields were cut by two million tonnes to 19 million tonnes.
|Name / Contract||Last||Change||% Change|
|Canola Nov 19||449.80s||+2.70||+0.60%|
|Canola Jan 20||458.00s||+2.90||+0.64%|
|Canola Mar 20||465.80s||+3.30||+0.71%|
|Canola May 20||471.60s||+3.10||+0.66%|
|Canola Jul 20||477.00s||+2.90||+0.61%|
|Soybean Sep 19||884-6s||+1-6||+0.20%|
|Soybean Nov 19||898-6s||+3-2||+0.36%|
|Soybean Jan 20||912-2s||+3-2||+0.36%|
|Soybean Mar 20||924-0s||+2-6||+0.30%|
|Soybean May 20||934-6s||+2-4||+0.27%|
|Soybean Meal Sep 19||298.2s||+2.1||+0.71%|
|Soybean Meal Oct 19||297.9s||+0.3||+0.10%|
|Soybean Meal Dec 19||301.5s||+0.2||+0.07%|
|Soybean Oil Sep 19||28.94s||-0.08||-0.28%|
|Soybean Oil Oct 19||29.29s||+0.28||+0.97%|
|Soybean Oil Dec 19||29.43s||+0.27||+0.93%|
|Corn Sep 19||355-4s||+1-0||+0.28%|
|Corn Dec 19||368-6s||+1-4||+0.41%|
|Corn Mar 20||381-4s||+1-6||+0.46%|
|Corn May 20||390-4s||+1-4||+0.39%|
|Corn Jul 20||397-0s||+1-0||+0.25%|
|Oats Sep 19||290-2s||unch||unch|
|Oats Dec 19||280-4s||-2-4||-0.88%|
|Oats Mar 20||280-2s||-2-6||-0.97%|
|Oats May 20||278-2s||-2-6||-0.98%|
|Oats Jul 20||278-0s||-2-4||-0.89%|
|Wheat Sep 19||485-6s||unch||unch|
|Wheat Dec 19||483-4s||-0-2||-0.05%|
|Wheat Mar 20||489-4s||+0-2||+0.05%|
|Wheat May 20||494-0s||+0-6||+0.15%|
|Wheat Jul 20||497-4s||+1-2||+0.25%|
|Spring Wheat Sep 19||493-0s||-2-2||-0.45%|
|Spring Wheat Dec 19||505-4s||-1-6||-0.34%|
|Spring Wheat Mar 20||520-4s||-1-4||-0.29%|
|Spring Wheat May 20||532-0s||-1-4||-0.28%|
|Spring Wheat Jul 20||543-0s||-1-4||-0.28%|
|Hard Red Wheat Sep 19||383-4s||+3-4||+0.92%|
|Hard Red Wheat Dec 19||399-6s||-3-6||-0.93%|
|Hard Red Wheat Mar 20||414-0s||-3-4||-0.84%|
|Hard Red Wheat May 20||424-4s||-3-4||-0.82%|
|Hard Red Wheat Jul 20||434-6s||-3-2||-0.74%|
|Live Cattle (Pit) Oct 19||98.075s||-0.650||-0.66%|
|Live Cattle (Pit) Dec 19||104.375s||-0.575||-0.55%|
|Live Cattle (Pit) Feb 20||111.100s||-0.100||-0.09%|
|Feeder Cattle (Pit) Sep 19||136.500s||-0.350||-0.26%|
|Feeder Cattle (Pit) Oct 19||134.575s||+0.075||+0.06%|
|Feeder Cattle (Pit) Nov 19||134.025s||+0.125||+0.09%|
|Lean Hogs (Pit) Oct 19||66.475s||+3.300||+5.22%|
|Lean Hogs (Pit) Dec 19||68.700s||+4.500||+7.01%|
|Lean Hogs (Pit) Feb 20||75.100s||+4.500||+6.37%|