Oils, wheat weaker, awaiting trade news

Winnipeg – ICE Futures canola contracts were weaker on Thursday, after trading to both sides of unchanged in choppy activity.

Canola posted gains in early activity, but that early speculative buying interest ran into chart resistance when the March contract touched the 50-day moving average, according to a trader.

Continued strength in the Canadian dollar, after it rallied on Wednesday, and a downturn in the Chicago Board of Trade soy complex also weighed on values.

Steady farmer selling, despite the cold temperatures across the Prairies, added to the softer tone.

About 20,659 canola contracts traded on Thursday, which compares with Wednesday when 25,124 contracts changed hands. Spreading accounted for 12,240 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were weaker on Thursday, as traders await fresh trade news.

The United States Department of Agriculture released export sales data for the week ended Dec. 20, as the agency catches up following the month-long government shutdown. Soybean exports came in at 2.4 million tonnes that week, with China a major customer.

China and the U.S. are holding trade talks in Washington this week, and uncertainty over what will come of the negotiations kept some caution in the market.

While there had been some optimism over improving trade relations recently, U.S. President Donald Trump tweeted today that nothing would happen until he met personally with Chinese President Xi Jinping.

Weather concerns and declining production prospects in parts of Brazil were supportive. However, mounting harvest pressure out of the South American country kept the overall bias pointed lower.

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CORN was also lower on the day. Weekly U.S. corn exports as Dec. 20 were solid, at 1.7 million tonnes, but the datedness of the data limited its impact on the futures.

The European Commission released updated production estimates, leaving their corn production number for 2018 unchanged at 67.5 million tonnes. Export projections were up 1.5 million tonnes from an earlier forecast, at 20 million.

WHEAT futures were lower across the board, as U.S. wheat traders continue to await some fresh supportive export news.

However, bitterly cold temperatures in parts of the Midwest provided some support, amid concerns over winterkill in areas with not enough snow cover.

The European Commission left its wheat production estimate unchanged at 128.5 million tonnes, but lowered its export prediction by two million tonnes, to 18 million.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down 44 cents at US$53.79 per barrel.

In the afternoon, the Canadian dollar was trading around US76.08 cents, up from 75.80 cents the previous trading day. The U.S. dollar was C$1.3144.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Mar 19 481.70s -1.90 -0.39%

Canola May 19 489.60s -2.20 -0.45%

Canola Jul 19 496.90s -2.60 -0.52%

Canola Nov 19 494.10s -3.10 -0.62%

Canola Jan 20 499.20s -3.10 -0.62%

 

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 19 915-2s -5-6 -0.62%

Soybeans May 19 929-2s -5-6 -0.61%

Soybeans Jul 19 942-0s -5-4 -0.58%

Soybeans Aug 19 947-2s -5-0 -0.53%

Soybeans Sep 19 949-4s -4-6 -0.50%

 

Soybean Meal Mar 19 310.0s -1.1 -0.35%

Soybean Meal May 19 314.0s -1.1 -0.35%

Soybean Meal Jul 19 317.8s -1.1 -0.34%

 

Soybean Oil Mar 19 30.17s -0.25 -0.82%

Soybean Oil May 19 30.48s -0.26 -0.85%

Soybean Oil Jul 19 30.79s -0.26 -0.84%

 

Corn Mar 19 376-4s -4-6 -1.25%

Corn May 19 385-2s -4-4 -1.15%

Corn Jul 19 392-6s -4-6 -1.19%

Corn Sep 19 395-4s -4-0 -1.00%

Corn Dec 19 400-0s -3-6 -0.93%

 

Oats Mar 19 282-4s +0-2 +0.09%

Oats May 19 284-2s +0-2 +0.09%

Oats Jul 19 283-6s +0-4 +0.18%

Oats Sep 19 274-6s +1-0 +0.37%

Oats Dec 19 268-6s +3-0 +1.13%

 

Wheat Mar 19 516-4s -0-2 -0.05%

Wheat May 19 521-6s -0-6 -0.14%

Wheat Jul 19 527-0s -1-0 -0.19%

Wheat Sep 19 535-6s -1-0 -0.19%

Wheat Dec 19 549-2s -1-0 -0.18%

 

Minneapolis

Spring Wheat Mar 19 570-0s -1-4 -0.26%

Spring Wheat May 19 574-0s -1-2 -0.22%

Spring Wheat Jul 19 580-6s -0-6 -0.13%

Spring Wheat Sep 19 587-6s -0-4 -0.08%

Spring Wheat Dec 19 600-2s +0-2 +0.04%

 

Kansas City

Hard Red Wheat Mar 19 499-0s -3-2 -0.65%

Hard Red Wheat May 19 508-6s -3-2 -0.63%

Hard Red Wheat Jul 19 519-0s -3-0 -0.57%

Hard Red Wheat Sep 19 529-4s -3-2 -0.61%

Hard Red Wheat Dec 19 545-4s -3-6 -0.68%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Feb 19 124.800s -1.350 -1.07%

Live Cattle Apr 19 126.300s -1.750 -1.37%

Live Cattle Jun 19 115.950s -1.750 -1.49%

 

Feeder Cattle Jan 19 142.100s -0.275 -0.19%

Feeder Cattle Mar 19 142.550s -1.750 -1.21%

Feeder Cattle Apr 19 144.275s -1.550 -1.06%

 

Lean Hogs Feb 19 56.250s -1.200 -2.09%

Lean Hogs Apr 19 60.225s -2.000 -3.21%

Lean Hogs May 19 67.425s -0.950 -1.39%

 

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