Rainy weather strengthens canola futures

WINNIPEG, (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were slightly stronger on Tuesday, as delayed harvest activity provided support to the market.

Cold, rainy weather, with the potential for snow in some areas of the Prairies, has significantly delayed harvest progress. Approximately one third of the canola crop is currently harvested.

Soybeans on the Chicago Board of Trade received a boost due to positive trade sentiments between the United States and China. Approximately 600,000 tonnes of soybeans were reportedly purchased by China on Monday. Trade negotiations will continue in weeks to come.

On Tuesday, 29,875 contracts were traded, which compares with Monday when 18,876 contracts changed hands. Spreading accounted for 11,254 contracts traded.

SOYBEAN futures at the Chicago Board of Trade (CBOT) held on to gains on Monday, due mostly to a positive trade outlook between the United States and China. Trade talks will re-start in the coming weeks. A sale of approximately 600,000 tonnes of soybeans was reported on Monday.

South Korea has reported more cases of African Swine fever, located close to the North Korean border. The disease, which poses no threat to humans, is highly contagious amongst hog populations. The disease has no cure or vaccine and poses a significant threat to global soybean demand.

Soybean crop conditions are rated as 54 per cent good to excellent, which is the same rating as last week.

CORN futures were slightly stronger today. Export demand remains lower than average, but a private export sale of 200,000 tonnes of corn was reported for delivery to Mexico.

Corn crop conditions are 57 per cent good to excellent, which is an increase of two percentage points from last week. Approximately 29 per cent of the corn crop is in the mature stage, which is significantly lower than the 57 per cent typically observed at this time of year.

The corn harvest is about seven per cent complete, which is behind the four-year average of 11 per cent. However, weather in the Corn Belt is ideal for late-developing corn and soybean crops.

WHEAT futures were mixed on Tuesday. Bids were down in Chicago and Kansas City, but up in Minneapolis, as forecasted rain in key growing regions has significantly delayed the spring wheat harvest.

The winter wheat harvest also continues to lag behind schedule due to challenging wet weather conditions. The crop is 87 per cent harvested, which is below the four-year average of 97 percent.


Light crude oil nearby futures in New York was down $1.35 at US$57.29 per barrel.

In the afternoon, the Canadian dollar was trading around US75.48 cents, down from 75.36 cents the previous trading day. The U.S. dollar was C$1.3249.


Winnipeg ICE Futures Canada dollars per tonne.

Canola Nov 19 449.30s +1.00 +0.22%

Canola Jan 20 457.70s +1.20 +0.26%

Canola Mar 20 466.10s +1.30 +0.28%

Canola May 20 473.30s +1.00 +0.21%

Canola Jul 20 479.30s +0.80 +0.17%


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.



Soybean Nov 19 894-2s +1-6 +0.20%

Soybean Jan 20 907-6s +1-6 +0.19%

Soybean Mar 20 919-0s +2-0 +0.22%

Soybean May 20 928-4s +2-0 +0.22%

Soybean Jul 20 936-4s +1-4 +0.16%


Soybean Meal Oct 19 295.4s +0.9 +0.31%

Soybean Meal Dec 19 299.5s +0.9 +0.30%

Soybean Meal Jan 20 301.3s +1.0 +0.33%


Soybean Oil Oct 19 29.20s +0.01 +0.03%

Soybean Oil Dec 19 29.33s +0.02 +0.07%

Soybean Oil Jan 20 29.58s +0.02 +0.07%


Corn Dec 19 374-6s +1-4 +0.40%

Corn Mar 20 385-4s +1-2 +0.33%

Corn May 20 392-6s +0-6 +0.19%

Corn Jul 20 398-0s +0-2 +0.06%

Corn Sep 20 398-6s unch unch


Oats Dec 19 273-4s -6-2 -2.23%

Oats Mar 20 276-2s -5-6 -2.04%

Oats May 20 275-6s -5-6 -2.04%

Oats Jul 20 276-2s -6-0 -2.13%

Oats Sep 20 278-0s -5-0 -1.77%


Wheat Dec 19 481-6s -1-2 -0.26%

Wheat Mar 20 488-4s -1-4 -0.31%

Wheat May 20 494-0s -0-6 -0.15%

Wheat Jul 20 498-2s unch unch

Wheat Sep 20 506-4s +0-4 +0.10%



Spring Wheat Dec 19 544-4s +7-2 +1.35%

Spring Wheat Mar 20 556-0s +7-6 +1.41%

Spring Wheat May 20 565-6s +7-6 +1.39%

Spring Wheat Jul 20 574-2s +7-2 +1.28%

Spring Wheat Sep 20 582-6s +6-4 +1.13%


Kansas City

Hard Red Wheat Dec 19 405-0s -1-4 -0.37%

Hard Red Wheat Mar 20 418-4s -1-2 -0.30%

Hard Red Wheat May 20 428-4s -0-4 -0.12%

Hard Red Wheat Jul 20 438-0s unch unch

Hard Red Wheat Sep 20 449-6s +0-6 +0.17%


Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Oct 19 102.125s +0.275 +0.27%

Live Cattle Dec 19 107.425s -0.350 -0.32%

Live Cattle Feb 20 113.950s -0.150 -0.13%


Feeder Cattle Sep 19 141.250s -0.350 -0.25%

Feeder Cattle Oct 19 141.650s +0.400 +0.28%

Feeder Cattle Nov 19 140.200s +0.475 +0.34%


Lean Hogs Oct 19 62.000s +1.050 +1.72%

Lean Hogs Dec 19 69.100s +0.725 +1.06%

Lean Hogs Feb 20 75.925s +0.800 +1.06%



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