The ICE Futures canola platform were stronger at market close, rebounding after Monday’s losses.
Chicago Board of Trade soybean, oil and meal contracts all finished the day in green too, regaining after yesterday’s sharp declines.
While canola regained some of its losses, the technical bias is still pointed lower overall.
Oilseed traders are still awaiting Friday’s G20 meeting between United States President Donald Trump and Chinese President Xi Jinping. The outlook for the meeting isn’t looking good though as Trump said yesterday that he’s probably going to place more tariffs on China.
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U.S. grains: Soybeans, corn rebound on technical trading, bargain buying
Chicago soybean and corn futures surged on Thursday on short covering and bargain buying after prices sank low enough to attract buying interest, though supply pressure from favorable U.S. crop conditions continue to loom over the market, analysts said.
The Canadian dollar was weaker at the canola market close, which was supportive for canola contracts.
About 20,796 canola contracts traded, which compares with Monday when about 12,000 contracts changed hands. Spreading accounted for 13,912 of the contracts traded.
In the U.S. Monday marked the last U.S. Department of Agriculture (USDA) weekly crop progress report of the year. The U.S. soybean harvest was pegged at 94 per cent complete, which is slightly behind of the five-average of 96 per cent.
USDA weekly export inspections for soybeans totaled 40.6 million bushels last week.
CBOT corn prices finished the day mixed, with most contracts unchanged.
Yesterday’s crop report from the USDA pegged the corn harvest at 94 per cent done, which is behind the five-year average of 98 per cent. Progress is still the slowest in North Dakota and is behind average in 11 of the 18 states surveyed.
USDA weekly export inspections for corn were at 43.9 million bushels.
Wheat futures in the U.S. finished the day weaker.
The U.S. winter wheat crop is 95 per cent seeded, which is behind the five-year average of 99 per cent. Emergence is at 86 per cent compared to the average of 92 per cent. Winter wheat ratings declined by one point this week to 55 per cent good to excellent.
It is likely that some intended winter wheat will ended up unseeded due to snow in the U.S. Midwest.
USDA weekly export inspections for wheat fell to 9.2 million bushels, which was well off the pace of the past few weeks.
Jordan has a tender out for 120,000 tonnes of wheat. Turkey and Tunisia have both bought wheat in recent tenders.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down seven cents at US$51.56 per barrel.
In the afternoon, the Canadian dollar was trading around US75.25 cents, down from 75.59 cents the previous trading day. The U.S. dollar was C$1.3289.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 19 473.80s +2.00 +0.42%
Canola Mar 19 482.00s +1.60 +0.33%
Canola May 19 490.80s +1.90 +0.39%
Canola Jul 19 497.70s +2.10 +0.42%
Canola Nov 19 494.80s +1.30 +0.26%
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 Jan 19 875-4s +13-2 +1.54%
Soybeans Mar 19 889-2s +13-0 +1.48%
Soybeans May 19 902-6s +13-0 +1.46%
Soybeans Jul 19 915-4s +12-6 +1.41%
Soybeans Aug 19 920-2s +12-6 +1.40%
Soybean Meal Dec 18 304.9s +1.9 +0.63%
Soybean Meal Jan 19 307.1s +2.0 +0.66%
Soybean Meal Mar 19 310.0s +2.2 +0.71%
Soybean Oil Dec 18 27.16s +0.20 +0.74%
Soybean Oil Jan 19 27.39s +0.20 +0.74%
Soybean Oil Mar 19 27.65s +0.21 +0.77%
Corn Dec 18 356-4s +0-4 +0.14%
Corn Mar 19 368-4s +0-4 +0.14%
Corn May 19 375-6s unch unch
Corn Jul 19 382-4s -0-2 -0.07%
Corn Sep 19 386-0s -0-2 -0.06%
Oats Dec 18 269-4s -8-2 -2.97%
Oats Mar 19 282-2s -2-0 -0.70%
Oats May 19 282-2s -1-6 -0.62%
Oats Jul 19 277-2s -1-0 -0.36%
Oats Sep 19 271-6s +1-4 +0.56%
Wheat Dec 18 498-0s -9-4 -1.87%
Wheat Mar 19 506-4s -7-4 -1.46%
Wheat May 19 512-4s -6-2 -1.20%
Wheat Jul 19 519-4s -5-4 -1.05%
Wheat Sep 19 529-2s -5-4 -1.03%
Minneapolis
Spring Wheat Dec 18 575-4s -1-4 -0.26%
Spring Wheat Mar 19 570-0s -2-0 -0.35%
Spring Wheat May 19 575-2s -2-0 -0.35%
Spring Wheat Jul 19 583-4s -0-6 -0.13%
Spring Wheat Sep 19 592-0s -0-6 -0.13%
Kansas City
Hard Red Wheat Dec 18 458-4s -6-0 -1.29%
Hard Red Wheat Mar 19 483-4s -6-2 -1.28%
Hard Red Wheat May 19 496-6s -6-0 -1.19%
Hard Red Wheat Jul 19 509-4s -6-2 -1.21%
Hard Red Wheat Sep 19 523-4s -6-0 -1.13%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 18 116.700s -0.225 -0.19%
Live Cattle Feb 19 120.600s -0.050 -0.04%
Live Cattle Apr 19 122.575s -0.300 -0.24%
Feeder Cattle Jan 19 148.425s -0.725 -0.49%
Feeder Cattle Mar 19 146.000s -0.150 -0.10%
Feeder Cattle Apr 19 146.400s -0.075 -0.05%
Lean Hogs Dec 18 57.875s +0.475 +0.83%
Lean Hogs Feb 19 65.050s -0.500 -0.76%
Lean Hogs Apr 19 70.575s -0.725 -1.02%
