WINNIPEG – ICE Futures canola contracts posted very small gains at the end of trading on Wednesday.
The technical bias has continued to remain on the upside, and traders used the weakness in canola as a buying opportunity. Also, canola has become more competitive with vegetable oils.
A lack of fresh export demand and news will hamper any bounces in canola prices. Sagging exports of canola need to pick up, which requires that needs a resolution to tensions between Canada and China, said a trader.
Yesterday, another jury in the United States found Round-Up to cause cancer. The next phase in the U.S. federal court trial in San Francisco will determine any liability and damages. Bayer, which owns Monsanto, will be required to present its information on glyphosate to the court.
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U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
The Canadian dollar moved above 75 U.S. cents on Wednesday.
SOYBEAN futures at the Chicago Board of Trade were stronger on Wednesday.
A lack of progress on trade talks between the U.S. and China had the markets wary. U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin will travel to China next week in hopes for jump starting negotiations. Afterward, Chinese Vice-Premier Lui He will come to the U.S. for further negotiations.
CORN futures were steady on Wednesday. Wet conditions in the United States could see farmers there switch their planting intentions from corn to soybeans. There has been flooding in a number of states, and Nebraska has already incurred $1 billion in damages.
The U.S. Department of Agriculture is scheduled release its Prospective Planting and Grain Stocks report on March 29.
WHEAT futures were stronger on Wednesday. The U.S. and Brazil reached a trade deal yesterday, which will allow the U.S. to export 750,000 tonnes of wheat to Brazil, free of that country’s tariffs.
Russian wheat exports are reported to have slowed since the start of their marketing year. Exports have dropped from as high as 4.5 million tonnes at the start, to 2.0 million tonnes during January and February, to an estimated 1.8 million tonnes for March
OUTSIDE MARKETS
Light crude oil nearby futures in New York was up 80 cents at US$59.83 per barrel.
In the afternoon, the Canadian dollar was trading around US75.09 cents, down from 75.23 cents the previous trading day. The U.S. dollar was C$1.3317.
Winnipeg ICE Futures Canada dollars per tonne.
Canola May 19 464.70s +0.20 +0.04%
Canola Jul 19 472.50s +0.10 +0.02%
Canola Nov 19 484.90s +0.10 +0.02%
Canola Jan 20 490.60s +0.20 +0.04%
Canola Mar 20 494.00s -0.10 -0.02%
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 May 19 906-0s +2-0 +0.22%
Soybean Jul 19 919-4s +2-0 +0.22%
Soybean Aug 19 926-0s +2-2 +0.24%
Soybean Sep 19 930-6s +2-0 +0.22%
Soybean Nov 19 940-2s +2-0 +0.21%
Soybean Meal May 19 311.6s +0.8 +0.26%
Soybean Meal Jul 19 315.2s +0.9 +0.29%
Soybean Meal Aug 19 316.6s +0.7 +0.22%
Soybean Oil May 19 29.27s +0.03 +0.10%
Soybean Oil Jul 19 29.60s +0.04 +0.14%
Soybean Oil Aug 19 29.75s +0.06 +0.20%
Corn May 19 371-4s +0-2 +0.07%
Corn Jul 19 381-0s +0-2 +0.07%
Corn Sep 19 388-0s +0-4 +0.13%
Corn Dec 19 395-4s +0-2 +0.06%
Corn Mar 20 406-4s +0-4 +0.12%
Oats May 19 274-4s +1-4 +0.55%
Oats Jul 19 272-4s +0-4 +0.18%
Oats Sep 19 266-0s -0-2 -0.09%
Oats Dec 19 260-6s -0-2 -0.10%
Oats Mar 20 257-4s -0-2 -0.10%
Wheat May 19 464-6s +8-2 +1.81%
Wheat Jul 19 470-0s +7-2 +1.57%
Wheat Sep 19 478-2s +7-0 +1.49%
Wheat Dec 19 493-2s +7-0 +1.44%
Wheat Mar 20 506-6s +7-4 +1.50%
Minneapolis
Spring Wheat May 19 571-4s +6-2 +1.11%
Spring Wheat Jul 19 569-0s +5-6 +1.02%
Spring Wheat Sep 19 573-4s +5-2 +0.92%
Spring Wheat Dec 19 584-6s +4-2 +0.73%
Spring Wheat Mar 20 596-2s +3-4 +0.59%
Kansas City
Hard Red Wheat May 19 444-0s +8-2 +1.89%
Hard Red Wheat Jul 19 452-2s +7-2 +1.63%
Hard Red Wheat Sep 19 463-6s +6-6 +1.48%
Hard Red Wheat Dec 19 483-2s +6-0 +1.26%
Hard Red Wheat Mar 20 500-4s +5-4 +1.11%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Apr 19 129.575s +0.450 +0.35%
Live Cattle Jun 19 123.375s +0.650 +0.53%
Live Cattle Aug 19 119.325s +0.600 +0.51%
Feeder Cattle Mar 19 142.250s unch unch
Feeder Cattle Apr 19 148.325s +0.525 +0.36%
Feeder Cattle May 19 152.125s +1.600 +1.06%
Lean Hogs Apr 19 73.825s +3.000 +4.24%
Lean Hogs May 19 82.150s +3.000 +3.79%
Lean Hogs Jun 19 90.250s +3.000 +3.44%
