Winnipeg (CNS Canada) – The ICE Futures Canada canola market finished lower on Wednesday, tracking losses in U.S. soyoil and Malaysian palm oil.
Overhead resistance weighed on the market while traders continued to exit the May contract.
There are widespread expectations this Friday’s acreage estimates from Statistics Canada will forecast a record crop.
However, weakness in the Canadian dollar and gains in U.S. soybeans were supportive for canola.
There are ideas seeding could begin in significant parts of Western Canada next week, if the warm weather continues.
Read Also
U.S. pulse group commits to doubling production in five years
The pulse industry in the United States has plans to double production and consumption of pulse crops by 2030, USA Pulses announced at their annual conference held in Spokane, Washington, July 7-10.
Around 20,749 canola contracts were traded on Wednesday, which compares with Tuesday when around 18,907 contracts changed hands. Spreading accounted for 13,472 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market finished higher on Wednesday, as Argentina bought 130,000 tonnes of soybeans from the United States. The move underscores how serious the drought in Argentina has been this year.
Brazilian soybean prices are starting to move higher due to Chinese buying, which was good news for the U.S. exporters. While China is buying oilseeds from Canada and South America it hasn’t bought any U.S. soybeans for the past two weeks.
Ports in Brazil have been moving out product at a record pace.
Corn futures ended stronger as planting efforts in the U.S. Corn Belt remain bogged down.
Demand for livestock feed is extremely strong and ethanol is also being produced at a steady clip.
The July corn contract has moved above the 50-day moving average of C$3.90 per bushel.
Chicago wheat futures posted strong gains on Wednesday due to speculative buying.
There are reports of scattered frost damage to some hard red winter wheat crops, which was bullish.
The gains might have been higher but the most-active July contract ran into technical resistance at the US$5.00 per bushel level.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 35 cents at US$68.05 per barrel.
In the afternoon, the Canadian dollar was trading around US77.85 cents, up from 77.93 cents the previous trading day. The U.S. dollar was C$1.2845.
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 18 539.00s -0.50 -0.09%
Canola Jul 18 535.00s -1.00 -0.19%
Canola Nov 18 517.80s -3.50 -0.67%
Canola Jan 19 523.10s -0.60 -0.11%
Canola Mar 19 524.80s -0.70 -0.13%
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 May 18 1027-4s +5-2 +0.51%
Soybeans Jul 18 1039-2s +5-2 +0.51%
Soybeans Aug 18 1041-4s +5-4 +0.53%
Soybeans Sep 18 1037-0s +5-2 +0.51%
Soybeans Nov 18 1034-6s +6-0 +0.58%
Soybean Meal May 18 376.2s +4.1 +1.10%
Soybean Meal Jul 18 380.5s +4.2 +1.12%
Soybean Meal Aug 18 380.1s +3.3 +0.88%
Soybean Oil May 18 30.79s -0.22 -0.71%
Soybean Oil Jul 18 31.06s -0.21 -0.67%
Soybean Oil Aug 18 31.19s -0.20 -0.64%
Corn May 18 386-4s +5-2 +1.38%
Corn Jul 18 395-6s +5-6 +1.47%
Corn Sep 18 403-0s +5-6 +1.45%
Corn Dec 18 412-2s +5-6 +1.41%
Corn Mar 19 420-0s +5-6 +1.39%
Oats May 18 222-6s -1-4 -0.67%
Oats Jul 18 228-6s +3-4 +1.55%
Oats Sep 18 231-0s -1-2 -0.54%
Oats Dec 18 242-6s -0-6 -0.31%
Oats Mar 19 250-6s +1-0 +0.40%
Wheat May 18 486-2s +13-6 +2.91%
Wheat Jul 18 499-0s +14-6 +3.05%
Wheat Sep 18 515-2s +13-4 +2.69%
Wheat Dec 18 538-2s +12-6 +2.43%
Wheat Mar 19 556-2s +12-2 +2.25%
Minneapolis
Spring Wheat May 18 599-4s +6-6 +1.14%
Spring Wheat Jul 18 606-4s +7-6 +1.29%
Spring Wheat Sep 18 614-2s +8-0 +1.32%
Spring Wheat Dec 18 626-6s +8-2 +1.33%
Spring Wheat Mar 19 638-2s +7-4 +1.19%
Kansas City
Hard Red Wheat May 18 507-0s +14-4 +2.94%
Hard Red Wheat Jul 18 526-4s +14-4 +2.83%
Hard Red Wheat Sep 18 544-4s +15-0 +2.83%
Hard Red Wheat Dec 18 569-0s +14-6 +2.66%
Hard Red Wheat Mar 19 585-0s +14-2 +2.50%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 18 121.925s +0.825 +0.68%
Live Cattle Jun 18 105.575s +0.525 +0.50%
Live Cattle Aug 18 105.275s +0.350 +0.33%
Feeder Cattle Apr 18 139.850s +0.750 +0.54%
Feeder Cattle May 18 141.350s +1.200 +0.86%
Feeder Cattle Aug 18 147.425s +0.950 +0.65%
Lean Hogs May 18 68.550s +1.100 +1.63%
Lean Hogs Jun 18 75.350s +0.525 +0.70%
Lean Hogs Jul 18 78.425s +0.425 +0.54%
