Markets: Canola ends lower after choppy day

Winnipeg (CNS Canada) – ICE Futures Canada canola contracts settled with small losses on Friday, retreating from earlier gains as support from the softer Canadian dollar was countered by spillover selling pressure from losses in the Chicago Board of Trade soy complex.

The weakness in the currency and declines in soyoil had a net neutral influence on canola crush margins, keeping the Canadian oilseed within a narrow range.

Positioning ahead of Monday’s Statistics Canada stocks report was a feature. In addition to showing grain and oilseed stocks in the country as of December 31, market participants will also be watching to see if the government agency tweaks any other older numbers.

About 14,948 canola contracts traded on Friday, which compares with
Thursday when 22,345 contracts changed hands. Spreading accounted for 12,176 of the contracts traded.

SOYBEANS
Soybean futures at the Chicago Board of Trade moved lower on Friday, as forecasts calling for more rain across Argentina over the next two weeks weighed on prices. The moisture should help boost the yield prospects in the major soybean growing country as crops there go through their filling stage.

Chart-based speculative selling contributed to the declines, as values backed away from the nearby highs hit earlier in the week.

Poor export interest also kept soybeans under pressure, although solid domestic crusher demand helped limit the losses.

CORN
Corn futures were within half a cent of unchanged. Thursday’s better-than-expected weekly export sales remained supportive, while corn remains cheap on the international market.

However, corn ran into resistance and held range-bound, as losses in soybeans and wheat tempered the upside.

WHEAT
All three U.S. wheat markets were lower, with follow-through selling and positioning ahead of the weekend behind much of the weakness.

Ample world supplies continue to overhang the wheat market as well, although persistent dryness concerns in the southern U.S. Plains provided some underlying support.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 35 cents at US$65.45 per barrel.

In the afternoon, the Canadian dollar was trading around US80.47 cents, down from 81.50 cents the previous trading day. The U.S. dollar was C$1.2427.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Mar 18 493.40s -0.90 -0.18%

Canola May 18 499.20s -0.80 -0.16%

Canola Jul 18 503.90s -0.30 -0.06%

Canola Nov 18 501.40s unch unch

Canola Jan 19 505.50s -0.10 -0.02%

 

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

Soybeans Mar 18 978-6s -6-2 -0.63%

Soybeans May 18 990-2s -6-2 -0.63%

Soybeans Jul 18 999-6s -6-2 -0.62%

Soybeans Aug 18 1002-2s -5-6 -0.57%

Soybeans Sep 18 997-6s -5-6 -0.57%

 

Soybean Meal Mar 18 331.4s -2.6 -0.78%

Soybean Meal May 18 335.4s -2.3 -0.68%

Soybean Meal Jul 18 338.1s -2.2 -0.65%

 

Soybean Oil Mar 18 32.51s -0.39 -1.19%

Soybean Oil May 18 32.71s -0.39 -1.18%

Soybean Oil Jul 18 32.92s -0.39 -1.17%

 

Corn Mar 18 361-4s -0-2 -0.07%

Corn May 18 369-4s -0-4 -0.14%

Corn Jul 18 377-2s -0-4 -0.13%

Corn Sep 18 384-4s -0-4 -0.13%

Corn Dec 18 392-4s -0-6 -0.19%

 

Oats Mar 18 267-4s +0-2 +0.09%

Oats May 18 267-2s unch unch

Oats Jul 18 270-2s +1-0 +0.37%

Oats Sep 18 271-0s +0-2 +0.09%

Oats Dec 18 268-4s +0-2 +0.09%

 

Wheat Mar 18 446-6s -4-2 -0.94%

Wheat May 18 459-6s -4-4 -0.97%

Wheat Jul 18 473-4s -4-4 -0.94%

Wheat Sep 18 487-4s -4-0 -0.81%

Wheat Dec 18 506-2s -3-6 -0.74%

 

Minneapolis

Spring Wheat Mar 18 603-6s -8-0 -1.31%

Spring Wheat May 18 614-6s -7-6 -1.24%

Spring Wheat Jul 18 623-4s -7-0 -1.11%

Spring Wheat Sep 18 625-0s -3-4 -0.56%

Spring Wheat Dec 18 634-2s -3-2 -0.51%

 

Kansas City

Hard Red Wheat Mar 18 463-2s -3-6 -0.80%

Hard Red Wheat May 18 478-2s -3-4 -0.73%

Hard Red Wheat Jul 18 494-2s -3-4 -0.70%

Hard Red Wheat Sep 18 509-4s -3-2 -0.63%

Hard Red Wheat Dec 18 528-4s -3-4 -0.66%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Feb 18 126.850s +0.425 +0.34%

Live Cattle Apr 18 126.125s +0.200 +0.16%

Live Cattle Jun 18 118.000s +0.250 +0.21%

 

Feeder Cattle Mar 18 150.925s +1.375 +0.92%

Feeder Cattle Apr 18 151.775s +1.650 +1.10%

Feeder Cattle May 18 151.775s +1.550 +1.03%

 

Lean Hogs Feb 18 75.200s +0.375 +0.50%

Lean Hogs Apr 18 73.550s +0.725 +1.00%

Lean Hogs May 18 79.325s +0.900 +1.15%

 

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