Short positions, good crusher demand pushes canola futures up

(Reuters) – ICE canola futures rose on Thursday as investors covered short positions following a sharp market decline on Wednesday, traders said.

Good crusher demand also lent support.

The January contract gained 1.2%, its biggest daily percentage gain in three months.

January canola settled up $5.60 at $459.10 per tonne, while March futures ended $5.40 higher at $468.20.

The January contract rallied through its 10-day and 20-day moving averages.

Spreading remained a feature as traders worked to roll January positions into deferred contracts ahead of the year-end holidays, when liquidity tends to erode. A trader said spread trading accounted for about 90% of total volume.

The January-March canola spread <RSF0-H0> traded 9,619 times, closing at a $9.10 March premium.

Chicago Board of Trade soybean rose on fresh hopes for a trade deal with China.

CBOT January soybeans settled up 4-3/4 U.S. cents at US$8.98-1/4 per bushel.

Euronext February rapeseed futures rose 0.76% and Malaysian February palm oil futures rose 0.31%.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up 42 cents at US$59.18 per barrel.

In the afternoon, the Canadian dollar was trading around US75.75 cents, down from 75.86 cents the previous trading day. The U.S. dollar was C$1.3182.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jan 20 459.10s +5.60 +1.23%

Canola Mar 20 468.20s +5.40 +1.17%

Canola May 20 476.30s +5.60 +1.19%

Canola Jul 20 482.00s +5.40 +1.13%

Canola Nov 20 485.20s +4.40 +0.92%

 

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

Soybean Jan 20 898-2s +4-6 +0.53%

Soybean Mar 20 912-4s +4-4 +0.50%

Soybean May 20 926-0s +4-2 +0.46%

Soybean Jul 20 938-6s +3-6 +0.40%

Soybean Aug 20 943-2s +3-6 +0.40%

 

Soybean Meal Dec 19 292.6s -0.7 -0.24%

Soybean Meal Jan 20 294.2s -0.8 -0.27%

Soybean Meal Mar 20 298.7s -0.6 -0.20%

 

Soybean Oil Dec 19 32.03s +0.80 +2.56%

Soybean Oil Jan 20 32.23s +0.79 +2.51%

Soybean Oil Mar 20 32.51s +0.80 +2.52%

 

Corn Dec 19 367-0s +9-2 +2.59%

Corn Mar 20 377-6s +6-4 +1.75%

Corn May 20 384-2s +6-2 +1.65%

Corn Jul 20 390-0s +6-2 +1.63%

Corn Sep 20 390-2s +5-4 +1.43%

 

Oats Dec 19 324-2s +9-0 +2.85%

Oats Mar 20 302-6s +9-0 +3.06%

Oats May 20 299-4s +9-4 +3.28%

Oats Jul 20 292-0s +9-4 +3.36%

Oats Sep 20 281-6s +6-0 +2.18%

 

Wheat Dec 19 539-2s +8-4 +1.60%

Wheat Mar 20 530-2s +11-0 +2.12%

Wheat May 20 533-0s +10-2 +1.96%

Wheat Jul 20 536-0s +10-0 +1.90%

Wheat Sep 20 542-0s +9-2 +1.74%

 

Minneapolis

Spring Wheat Dec 19 500-4s unch unch

Spring Wheat Mar 20 523-0s +4-6 +0.92%

Spring Wheat May 20 531-2s +4-2 +0.81%

Spring Wheat Jul 20 540-0s +4-0 +0.75%

Spring Wheat Sep 20 549-0s +4-0 +0.73%

 

Kansas City

Hard Red Wheat Dec 19 427-4s +12-0 +2.89%

Hard Red Wheat Mar 20 442-6s +12-0 +2.79%

Hard Red Wheat May 20 450-2s +12-4 +2.86%

Hard Red Wheat Jul 20 457-0s +11-4 +2.58%

Hard Red Wheat Sep 20 465-4s +11-0 +2.42%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Dec 19 120.425s -0.150 -0.12%

Live Cattle Feb 20 125.100s -0.225 -0.18%

Live Cattle Apr 20 126.200s +0.325 +0.26%

 

Feeder Cattle Jan 20 142.550s -0.225 -0.16%

Feeder Cattle Mar 20 143.450s -0.225 -0.16%

Feeder Cattle Apr 20 145.575s +0.100 +0.07%

 

Lean Hogs Dec 19 61.000s +0.300 +0.49%

Lean Hogs Feb 20 68.650s +0.925 +1.37%

Lean Hogs Apr 20 74.625s +0.375 +0.51%

 

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