Market uncertainty a drag on canola prices.

WINNIPEG,  (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts ended narrowly mixed on Thursday, despite spending most of the trading session in the red. 

Uncertainty regarding when China will be in the market for agriculture commodities has sidelined some participants, which dragged on prices. 

The Canadian dollar was slightly weaker at around 75.44 U.S. cents, which provided paltry support to canola prices. 

On Wednesday, 23,930 contracts were traded, which compares with Thursday when 28,659 contracts changed hands. Spreading accounted for 18,268 contracts traded.

SOYBEAN futures at the Chicago Board of Trade (CBOT) finished weaker on Thursday, dragged down by reports of high South American crop yields.

One private company estimated U.S. soybean exports will total between 700,000 and 1.2 million tonnes for last week. The firm also estimates soy meal exports will be between 200,000 and 400,000 tonnes, and soy oil to be between 15,000 and 30,000 tonnes. The official export numbers from the United States Department of Agriculture will be released tomorrow due to the President’s Day Holiday.

The USDA, at its annual agriculture projection report, expects soybean acres for 2020 to total 85 million acres in the U.S. That’s a considerable increase from the 76.1 million acres planted in 2019. 

CORN futures were weaker on Thursday.

One private company estimates that last week’s corn exports will be between 900,000 and 1.1 million tonnes. 

Production numbers from the Energy Information Administration showed ethanol production averaged just over 1 million barrels per day last week, which is slightly higher than the previous week. Ethanol stocks increased by 423,000 barrels to total 24.7 million barrels. 

The USDA has projected that U.S. planted acreage for corn will total 94 million acres in 2020, which is up from last year’s 89.7 million. 

WHEAT futures were weaker today, correcting lower after double-digit gains were incurred earlier in the week.

Market participants expect wheat exports for last week to be between 400,000 and 640,000 tonnes.

The USDA expected 2020 wheat acreage in the U.S. to total 45 million acres, which was steady compared to last year.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up 49 cents at US$53.78 per barrel.

In the afternoon, the Canadian dollar was trading around US75.45 cents, down from 75.58 centsthe previous trading day. The U.S. dollar was C$1.3254.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Mar 20  459.30s  unch  unch

Canola May 20  468.00s  +0.10  +0.02%

Canola Jul 20  474.30s  -0.30  -0.06%

Canola Nov 20  482.70s  -0.70  -0.14%

Canola Jan 21  488.80s  -1.40  -0.29%

 

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 Mar 20  892-6s  -4-4  -0.50%

Soybean May 20  901-0s  -4-4  -0.50%

Soybean Jul 20  911-0s  -4-4  -0.49%

Soybean Aug 20  913-6s  -5-0  -0.54%

Soybean Sep 20  913-4s  -5-2  -0.57%

 

Soybean Meal Mar 20  292.9s  -0.1  -0.03%

Soybean Meal May 20  298.3s  -0.2  -0.07%

Soybean Meal Jul 20  303.1s  -0.4  -0.13%

 

Soybean Oil Mar 20  30.12s  -0.22  -0.73%

Soybean Oil May 20  30.47s  -0.23  -0.75%

Soybean Oil Jul 20  30.84s  -0.24  -0.77%

 

Corn Mar 20  378-4s  -2-0  -0.53%

Corn May 20  382-6s  -2-4  -0.65%

Corn Jul 20  385-4s  -2-6  -0.71%

Corn Sep 20  384-0s  -2-4  -0.65%

Corn Dec 20  388-4s  -2-2  -0.58%

 

Oats Mar 20  298-4s  -2-6  -0.91%

Oats May 20  299-4s  -0-6  -0.25%

Oats Jul 20  294-0s  +0-2  +0.09%

Oats Sep 20  276-4s  -1-4  -0.54%

Oats Dec 20  269-0s  +0-4  +0.19%

 

Wheat Mar 20  560-0s  -5-2  -0.93%

Wheat May 20  559-2s  -3-2  -0.58%

Wheat Jul 20  558-6s  -2-4  -0.45%

Wheat Sep 20  564-4s  -2-4  -0.44%

Wheat Dec 20  574-2s  -2-2  -0.39%

 

Minneapolis

Spring Wheat Mar 20  529-4s  -6-6  -1.26%

Spring Wheat May 20  540-0s  -6-4  -1.19%

Spring Wheat Jul 20  549-2s  -6-0  -1.08%

Spring Wheat Sep 20  558-4s  -6-0  -1.06%

Spring Wheat Dec 20  570-6s  -5-2  -0.91%

 

Kansas City

Hard Red Wheat Mar 20  473-6s  -6-0  -1.25%

Hard Red Wheat May 20  481-0s  -5-6  -1.18%

Hard Red Wheat Jul 20  488-2s  -5-4  -1.11%

Hard Red Wheat Sep 20  496-2s  -5-4  -1.10%

Hard Red Wheat Dec 20  507-6s  -5-4  -1.07%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Feb 20  120.100s  -1.200  -0.99%

Live Cattle Apr 20  119.150s  -1.650  -1.37%

Live Cattle Jun 20  110.925s  -1.375  -1.22%

 

Feeder Cattle Mar 20  140.800s  +0.025  +0.02%

Feeder Cattle Apr 20  142.525s  -0.500  -0.35%

Feeder Cattle May 20  143.575s  -0.800  -0.55%

 

Lean Hogs Apr 20  66.875s  -0.700  -1.04%

Lean Hogs May 20  74.475s  -0.825  -1.10%

Lean Hogs Jun 20  81.950s  -1.225  -1.47%

 

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