Small losses for canola futures; wheat steady

Winnipeg – ICE Futures canola contracts settled with small losses in the most active months on Monday, after posting gains for most of the session.

Canola held within a narrow range, lacking any clear direction as participants await some fresh market moving data, according to a trader.

Gains in Chicago Board of Trade soybeans and a weaker tone in the Canadian dollar provided some support, while losses in soyoil tempered any upside potential.

Trade tensions between Canada and China remained a bearish influence in the market, according to traders.

On the other side, the trade uncertainty has led to expectations for reduced canola acres this spring, which provided some support. Statistics Canada releases its first survey-based acreage estimates of the year on April 24.

About 29,048 canola contracts traded on Monday, which compares with Friday when 34,866 contracts changed hands. Spreading accounted for 22,964 of the contracts trade.

SOYBEAN futures at the Chicago Board of Trade were stronger on Monday, as solid monthly crush data provided some support.

The National Oilseed Processors Association reported that a total of 170 million bushels of soybeans were crushed in the United States in March, which beat expectations and marked the second largest total for the month on record. The data showed a high oil content and lower meal yield, with the resulting strength in soymeal helping take beans up as well.

The U.S. Department of Agriculture reported private export sales of 140,000 tonnes of beans to unknown destinations this morning.

Uncertainty over U.S./China trade relations remained a bearish influence in the background, with investors still waiting for some clearer signals on the trade front.

CORN futures were stronger to start the week. Friday’s Commitment of Traders report showed funds were holding a record large net short position in corn, which left the market open to some short covering.

Seeding delays across parts of the Midwest also provided some support.

WHEAT futures were steady to lower, as large world supplies and the fact the U.S. continues to miss out on export opportunities weighed on values.

The slow start to spring wheat seeding in the northern states helped limit the losses in Minneapolis futures, while crop conditions for winter wheat are generally thought to be favourable.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down 49 cents at US$63.40 per barrel.

In the afternoon, the Canadian dollar was trading around US74.88 cents, down from 75.02 cents the previous trading day. The U.S. dollar was C$1.3354.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola May 19 455.70s -0.60 -0.13%

Canola Jul 19 463.70s -0.90 -0.19%

Canola Nov 19 475.00s unch unch

Canola Jan 20 481.40s -0.10 -0.02%

Canola Mar 20 486.40s +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 19 898-6s +3-4 +0.39%

Soybean Jul 19 912-4s +3-6 +0.41%

Soybean Aug 19 918-0s +3-6 +0.41%

Soybean Sep 19 922-2s +3-4 +0.38%

Soybean Nov 19 931-0s +3-2 +0.35%

 

Soybean Meal May 19 311.0s +3.1 +1.01%

Soybean Meal Jul 19 314.7s +3.1 +0.99%

Soybean Meal Aug 19 315.8s +2.9 +0.93%

 

Soybean Oil May 19 28.81s -0.14 -0.48%

Soybean Oil Jul 19 29.11s -0.17 -0.58%

Soybean Oil Aug 19 29.27s -0.17 -0.58%

 

Corn May 19 362-6s +1-6 +0.48%

Corn Jul 19 371-4s +2-0 +0.54%

Corn Sep 19 379-4s +2-0 +0.53%

Corn Dec 19 390-6s +1-6 +0.45%

Corn Mar 20 404-4s +1-4 +0.37%

 

Oats May 19 289-2s +2-0 +0.70%

Oats Jul 19 277-6s +2-4 +0.91%

Oats Sep 19 268-4s +1-4 +0.56%

Oats Dec 19 259-0s +1-0 +0.39%

Oats Mar 20 253-2s +0-2 +0.10%

 

Wheat May 19 459-4s -5-0 -1.08%

Wheat Jul 19 463-2s -5-2 -1.12%

Wheat Sep 19 471-2s -4-0 -0.84%

Wheat Dec 19 488-2s -3-2 -0.66%

Wheat Mar 20 504-2s -2-0 -0.40%

 

Minneapolis

Spring Wheat May 19 531-6s +0-4 +0.09%

Spring Wheat Jul 19 535-0s -1-2 -0.23%

Spring Wheat Sep 19 542-2s -3-0 -0.55%

Spring Wheat Dec 19 557-0s -3-0 -0.54%

Spring Wheat Mar 20 571-6s -3-0 -0.52%

 

Kansas City

Hard Red Wheat May 19 427-2s -7-0 -1.61%

Hard Red Wheat Jul 19 433-4s -7-6 -1.76%

Hard Red Wheat Sep 19 444-0s -8-0 -1.77%

Hard Red Wheat Dec 19 467-2s -7-4 -1.58%

Hard Red Wheat Mar 20 487-6s -5-6 -1.17%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Apr 19 126.300s -0.250 -0.20%

Live Cattle Jun 19 121.475s +0.025 +0.02%

Live Cattle Aug 19 118.325s +0.125 +0.11%

 

Feeder Cattle Apr 19 145.675s +0.250 +0.17%

Feeder Cattle May 19 151.025s +0.525 +0.35%

Feeder Cattle Aug 19 159.150s +0.450 +0.28%

 

Lean Hogs May 19 90.075s +0.475 +0.53%

Lean Hogs Jun 19 98.300s -0.200 -0.20%

Lean Hogs Jul 19 101.550s +0.200 +0.20%

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