Oils down, along with wheat

Winnipeg – ICE Futures canola contracts were weaker on Thursday, as losses in Chicago Board of Trade soybeans spilled over to weigh on values.

Poor export demand and bearish technical signals contributed to the declines in canola, with the nearby March contract settling below the psychological C$480 per tonne level.

A weaker tone in the Canadian dollar provided some support.

A lack of significant farmer selling also underpinned the futures.

About 31,369 canola contracts traded on Thursday, which compares with Wednesday when 32,283 contracts changed hands. Spreading accounted for 25,244 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were lower on Thursday, with disappointing export sales data behind some of the weakness.

The United States Department of Agriculture reported net cancellations of 612,000 tonnes of old crop business during the week ended Jan.3, as the agency still works to catch up following the government shutdown. New crop business during that week came in at 1.1 million tonnes.

News that China was in the market buying soybean cargoes from Brazil was also bearish, as newly harvested supplies become more and more available in the South American country.

Trade talks are underway between the U.S. and China in Beijing this week brought some optimism to the soy market, but the two countries have yet to reach a deal. There was talk that the U.S. may extend the March 1 deadline on increasing tariffs on Chinese imports by 60 days.

CORN futures were lower on the day, taking some direction from soybeans and wheat.

The Rosario Grain Exchange in Argentina raised its estimate for that country’s corn crop to 46.5 million tonnes. That was up by 2.5 million from an earlier estimate and 500,000 tonnes above the USDA’s current projection.

WHEAT futures were lower, with the largest losses in Chicago soft white wheat as the spreads between the three U.S. contracts saw some adjustment.

U.S. wheat exports for the week ended January 3 came in below expectations at 131,150 tonnes, accounting for some of the selling pressure.

However, reports that South Korean flour mills had bought a number of cargoes of U.S. wheat were supportive.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up 51 cents at US$54.41 per barrel.

In the afternoon, the Canadian dollar was trading around US75.20 cents, down from 75.53 cents the previous trading day. The U.S. dollar was C$1.3298.

Winnipeg ICE Futures Canada dollars per tonne.

Canola Mar 19 478.70s -2.10 -0.44%

Canola May 19 487.20s -2.20 -0.45%

Canola Jul 19 494.80s -2.40 -0.48%

Canola Nov 19 496.60s -1.50 -0.30%

Canola Jan 20 501.40s -1.70 -0.34%

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 19 903-4s -13-0 -1.42%

Soybean May 19 917-6s -13-0 -1.40%

Soybean Jul 19 931-2s -12-4 -1.32%

Soybean Aug 19 936-6s -12-4 -1.32%

Soybean Sep 19 940-0s -11-4 -1.21%

Soybean Meal Mar 19 305.5s -4.6 -1.48%

Soybean Meal May 19 309.6s -4.6 -1.46%

Soybean Meal Jul 19 313.7s -4.4 -1.38%

Soybean Oil Mar 19 29.89s -0.10 -0.33%

Soybean Oil May 19 30.23s -0.11 -0.36%

Soybean Oil Jul 19 30.57s -0.11 -0.36%

Corn Mar 19 374-6s -4-0 -1.06%

Corn May 19 383-0s -3-6 -0.97%

Corn Jul 19 390-6s -3-6 -0.95%

Corn Sep 19 394-0s -3-2 -0.82%

Corn Dec 19 399-2s -3-2 -0.81%

Oats Mar 19 282-0s +0-2 +0.09%

Oats May 19 286-4s +1-2 +0.44%

Oats Jul 19 285-6s +2-2 +0.79%

Oats Sep 19 276-4s +2-0 +0.73%

Oats Dec 19 269-6s +1-0 +0.37%

Wheat Mar 19 507-0s -15-2 -2.92%

Wheat May 19 510-4s -15-4 -2.95%

Wheat Jul 19 513-2s -13-2 -2.52%

Wheat Sep 19 522-0s -12-4 -2.34%

Wheat Dec 19 535-6s -11-6 -2.15%

Minneapolis

Spring Wheat Mar 19 574-6s -5-0 -0.86%

Spring Wheat May 19 567-6s -5-4 -0.96%

Spring Wheat Jul 19 572-2s -5-6 -0.99%

Spring Wheat Sep 19 577-0s -7-0 -1.20%

Spring Wheat Dec 19 589-2s -6-6 -1.13%

Kansas City

Hard Red Wheat Mar 19 481-4s -12-4 -2.53%

Hard Red Wheat May 19 488-2s -12-2 -2.45%

Hard Red Wheat Jul 19 495-6s -11-2 -2.22%

Hard Red Wheat Sep 19 507-0s -10-6 -2.08%

Hard Red Wheat Dec 19 524-2s -10-6 -2.01%

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Feb 19 126.125s +0.175 +0.14%

Live Cattle Apr 19 127.375s +0.400 +0.32%

Live Cattle Jun 19 118.275s +0.475 +0.40%

Feeder Cattle Mar 19 144.075s +0.550 +0.38%

Feeder Cattle Apr 19 146.500s +0.425 +0.29%

Feeder Cattle May 19 147.675s +0.425 +0.29%

Lean Hogs Feb 19 55.100s -0.050 -0.09%

Lean Hogs Apr 19 58.700s -1.075 -1.80%

Lean Hogs May 19 67.700s -0.975 -1.42%

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