Oilseeds hold breath ahead of G20

The ICE Futures canola platform finished the day mixed, as oilseed traders were cautious ahead of the G20 meeting between United States President Donald Trump and Chinese President Xi Jinping.

Chicago Board of Trade (CBOT) soybean, oil and meal contracts all were stronger at market close.

Oilseed contracts were jittery throughout the day as traders awaited the G20 meeting between Trump and Xi on Saturday. There are expectations activity will be very volatile when markets reopen Sunday night, with it jumping one way or the other. According to a trader, the short-term bias is pointed towards the upside.

However, canola’s long-term technical bias is still pointed to the downside.

The Canadian dollar was weaker today at canola market close, which was supportive for the canola market.

About 16,623 canola contracts traded, which compares with Thursday when 11,956 contracts changed hands. Spreading accounted for 12,112 of the contracts traded.

In U.S. markets the U.S. Department of Agriculture (USDA) announced a sale of 120,000 tonnes of soybeans to unknown destinations for delivery in the 2018-2019 crop year.

Soybean exports are leaving Brazil at a record pace. November exports are estimated at around 5 million tonnes, which is an all-time record.

CBOT corn prices finished the day in the green.

Total U.S. corn export sales are running 16 per cent above last year’s levels.

The U.S. Environmental Protection Agency has released its final Renewable Fuel Standard (RFS) proposal with the ethanol portion of the 19.29 billion gallons mandate at 15 billion gallons.

Taiwan has bought a load of corn. The origin is unknown but is expected to have come from either the U.S. or Brazil.

Wheat futures in the U.S. finished the day stronger.

 

The wheat area in the United Kingdom for 2019 is predicted to rise by four percent to a five-year high of 1.86 million hectares, according to an early bird survey released Friday.

There have been reports that Russian authorities may have issued new requirements that wheat trucks loading for export facilities saying that they must obtain a phytosanitary certificate.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up 61 cents at US$50.65 per barrel.

In the afternoon, the Canadian dollar was trading around US75.21 cents, up from 75.18 cents the previous trading day. The U.S. dollar was C$1.3298.

 

Winnipeg ICE Futures Canada dollars per tonne.

 

Name / Contract       Last     Change           Change

Canola Jan 19            479.40s          +0.90  +0.19%

Canola Mar 19           486.50s          +0.30  +0.06%

Canola May 19          494.20s          unch   unch

Canola Jul 19 500.20s          -0.30   -0.06%

Canola Nov 19           496.10s          -0.50   -0.10%

 

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       894-6s            +7-4    +0.85%

Soybeans Mar 19      907-4s            +7-0    +0.78%

Soybeans May 19      920-4s            +6-6    +0.74%

Soybeans Jul 19        932-4s            +6-2    +0.67%

Soybeans Aug 19      936-6s            +6-0    +0.64%

 

Soybean Meal Dec 18           308.3s            +1.4    +0.46%

Soybean Meal Jan 19            310.5s            +1.0    +0.32%

Soybean Meal Mar 19          313.2s            +1.0    +0.32%

 

Soybean Oil Dec 18   27.82s            +0.14  +0.51%

Soybean Oil Jan 19   28.06s            +0.15  +0.54%

Soybean Oil Mar 19  28.30s            +0.14  +0.50%

 

Corn Dec 18   366-4s            +6-2    +1.73%

Corn Mar 19  377-6s            +4-4    +1.21%

Corn May 19  385-0s            +4-4    +1.18%

Corn Jul 19    391-4s            +4-4    +1.16%

Corn Sep 19   394-0s            +4-0    +1.03%

 

Oats Dec 18   288-2s            +9-6    +3.50%

Oats Mar 19   292-2s            +1-4    +0.52%

Oats May 19  294-0s            +1-2    +0.43%

Oats Jul 19     287-0s            +1-2    +0.44%

Oats Sep 19   276-4s            +0-6    +0.27%

 

Wheat Dec 18            515-6s            +19-2 +3.88%

Wheat Mar 19           515-6s            +8-0    +1.58%

Wheat May 19           521-2s            +6-6    +1.31%

Wheat Jul 19 527-2s            +5-6    +1.10%

Wheat Sep 19            536-2s            +5-2    +0.99%

 

Minneapolis

Spring Wheat Dec 18           583-2s            +13-6 +2.41%

Spring Wheat Mar 19           575-6s            +7-6    +1.36%

Spring Wheat May 19          581-4s            +6-4    +1.13%

Spring Wheat Jul 19 589-0s            +6-0    +1.03%

Spring Wheat Sep 19           596-4s            +5-0    +0.85%

 

Kansas City

Hard Red Wheat Dec 18      486-4s            +20-4 +4.40%

Hard Red Wheat Mar 19      500-2s            +7-6    +1.57%

Hard Red Wheat May 19     511-2s            +6-2    +1.24%

Hard Red Wheat Jul 19        521-4s            +5-2    +1.02%

Hard Red Wheat Sep 19      534-0s            +5-2    +0.99%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle (Pit) Dec 18        116.925s        +0.325            +0.28%

Live Cattle (Pit) Feb 19        120.500s        +0.225            +0.19%

Live Cattle (Pit) Apr 19        122.000s        +0.125            +0.10%

 

Feeder Cattle (Pit) Jan 19    145.225s        -0.750 -0.51%

Feeder Cattle (Pit) Mar 19  142.850s        -0.825 -0.57%

Feeder Cattle (Pit) Apr 19   143.625s        -0.750 -0.52%

 

Lean Hogs (Pit) Dec 18        57.875s          -0.850 -1.45%

Lean Hogs (Pit) Feb 19        67.550s          +0.200            +0.30%

Lean Hogs (Pit) Apr 19        71.975s          -0.025 -0.03%

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