Oilseeds edge higher ahead of USDA report

It was another day of modest moves in crop futures markets Tuesday with canola and soybeans up, corn almost unchanged and wheat mixed.

Most-traded January canola closed at $520.10 per tonne, up $1.20.

The loonie was weaker, helping to support canola futures.

ALBERTA HARVEST

The final crop report of the year from Alberta Agriculture showed that almost all crops in the province are in the bin.

As of Oct. 31 there was almost five percent of all crops still out in the Peace region. In the Peace, seven percent of canola was still out, as well as about 4.5 percent of the oats and three percent of barley and wheat.

US MARKETS

The trade was adjusting positions ahead of Thursday’s USDA supply and demand report.

Analysts mostly expect the USDA will lower its soybean yield estimate, raise the corn yield estimate and confirm that global grain and oilseed supply is ample.

Chicago and Kansas wheat closed down, but Minneapolis spring wheat edged up by 0.6 percent.

The USDA late on Monday reported 55 percent of the American winter crop was in good-to-excellent condition as of Sunday, up from 52 percent a week earlier and above the average analyst estimate for 53 percent.

The USDA said that 91 percent of the crop was seeded, up from 84 percent last week and in line with the five year average of 91 percent.

Corn futures were down a fraction of a cent even with a second large export sales announcement by the USDA in as many days. The agency on Tuesday said an unknown buyer booked 130,000 tonnes of the grain for shipment in the current marketing year.

Soybeans, meanwhile, drew support from news that China will commit to buy more U.S. soybeans during President Donald Trump’s visit to Beijing this week.

U.S. farmers have finished harvesting 90 percent of the soybean crop, almost matching the five-year average pace of 91 percent, the USDA said after the market closed on Monday.

It said 70 percent of the corn crop has been harvested, in line with market expectations although still well below the five-year average pace of 83 percent.

Soy oil rose 0.8 percent even as crude oil dipped for the first time since the Nov. 1 session.

RISING CRUDE OIL

Crude has recently posted strong gains as OPEC successfully limits members’ production and crude stocks in the U.S. fall.

Saudi Arabia wants oil prices to rise to enhance the value of its giant state-owned oil company Aramco. It plans to sell five percent of the company next year in what is expected to be the world’s biggest initial public offering ever, raising as much as $100 billion. The kingdom intends to use the money to diversify its economy and build infrastructure.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 15 cents at US$57.20 per barrel.

In the afternoon, the Canadian dollar was trading around US78.26 cents, down from 78.68 cents the previous trading day. The U.S. dollar was C$1.2777.

The TSX closed at 16,131.79 up 39.59 points or 0.25 percent.

The Dow Jones Industrial Average rose 8.81 points, or 0.04 percent, to 23,557.23, the S&P 500 lost 0.56 points, or 0.02 percent, to 2,590.57 and the Nasdaq Composite dropped 18.65 points, or 0.27 percent, to 6,767.78.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 17   517.60s   +1.20   +0.23%

Canola Jan 18   520.10s   +1.20   +0.23%

Canola Mar 18   527.10s   +1.80   +0.34%

Canola May 18  531.60s   +2.20   +0.42%

Canola Jul 18   535.00s   +3.00   +0.56%

 

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 Nov 17   986-0s   +2-0   +0.20%

Soybeans Jan 18   996-0s   +2-0   +0.20%

Soybeans Mar 18   1006-4s   +2-2   +0.22%

Soybeans May 18   1015-2s   +1-6   +0.17%

Soybeans Jul 18   1023-4s   +1-4   +0.15%

 

Soybean Meal Dec 17   315.5s   -0.6   -0.19%

Soybean Meal Jan 18   317.7s   -0.4   -0.13%

Soybean Meal Mar 18   321.1s   -0.1   -0.03%

 

Soybean Oil Dec 17   35.02s   +0.29   +0.84%

Soybean Oil Jan 18   35.18s   +0.29   +0.83%

Soybean Oil Mar 18   35.40s   +0.30   +0.85%

 

Corn Dec 17   347-6s   -0-2   -0.07%

Corn Mar 18   361-0s   -0-4   -0.14%

Corn May 18   369-6s   -0-4   -0.14%

Corn Jul 18   377-2s   -0-2   -0.07%

Corn Sep 18   384-2s   unch   unch

 

Oats Dec 17   270-4s   +1-4   +0.56%

Oats Mar 18   272-6s   +0-4   +0.18%

Oats May 18   276-4s   +0-6   +0.27%

Oats Jul 18   277-0s   +0-6   +0.27%

Oats Sep 18   277-0s   +0-6   +0.27%

 

Wheat Dec 17   427-2s   -3-4   -0.81%

Wheat Mar 18   444-6s   -3-4   -0.78%

Wheat May 18   457-2s   -3-4   -0.76%

Wheat Jul 18   471-0s   -3-2   -0.69%

Wheat Sep 18   486-2s   -3-2   -0.66%

 

Minneapolis

Spring Wheat Dec 17   634-6s   +3-6   +0.59%

Spring Wheat Mar 18   646-0s   +2-0   +0.31%

Spring Wheat May 18   653-0s   +2-0   +0.31%

Spring Wheat Jul 18   655-2s   +0-6   +0.11%

Spring Wheat Sep 18   641-0s   -3-0   -0.47%

 

Kansas City

Hard Red Wheat Dec 17   426-4s   -3-4   -0.81%

Hard Red Wheat Mar 18   443-6s   -3-2   -0.73%

Hard Red Wheat May 18   457-4s   -3-2   -0.71%

Hard Red Wheat Jul 18   474-0s   -3-4   -0.73%

Hard Red Wheat Sep 18   491-0s   -3-4   -0.71%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Dec 17   124.625s   -0.700   -0.56%

Live Cattle Feb 18   130.375s   -0.275   -0.21%

Live Cattle Apr 18   129.375s   -0.025  -0.02%

 

Feeder Cattle Nov 17   159.875s   -0.275   -0.17%

Feeder Cattle Jan 18   160.525s   -0.350   -0.22%

Feeder Cattle Mar 18   157.350s   -0.725   -0.46%

 

Lean Hogs Dec 17   63.925s   -0.700   -1.08%

Lean Hogs Feb 18   70.875s   -1.350   -1.87%

Lean Hogs Apr 18   74.675s   -0.925   -1.22%

 

 

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