Small losses for canola; wheat stronger

ICE Futures canola contracts posted small losses on Tuesday, but finished well off their lows for the session as support held to the downside.

Bearish technical signals sent the most active January contract to a session low of C$480 per tonne in early activity, but oversold price-sentiment and an increase in end user demand helped the contract hold above that key chart point.

Declines in Chicago Board of Trade soybeans put some additional pressure on canola, although soyoil held steady.

With the Canadian dollar also slightly softer, crush margins showing some improvement and helped temper the declines.

About 14,095 canola contracts traded, which compares with Monday when 11,484 contracts changed hands. Spreading accounted for 4,850 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were slightly weaker on Tuesday.
The United States soybean harvest was 83 per cent complete in the latest weekly progress report. That was up 11 points from the previous week, but off the five-year average of 89 per cent done.
The ongoing trade dispute with China kept some caution in the bean market, as there have been no concrete moves towards a resolution.
The U.S. midterm elections being held Tuesday kept some caution in the grain and oilseed markets, as traders wait for the results.
The U.S. Department of Agriculture releases its latest supply/demand numbers on Thursday, and positioning ahead of that report was another feature.

CORN futures held within a cent of unchanged for most of the session, before settling with small losses.

The U.S. corn harvest was 76 per cent complete as of this past Sunday, which was only one point behind the 77 per cent average for this time of year.

WHEAT futures were stronger, finding some support from seeding delays in parts of the U.S. Plains.
Eighty-four per cent of intended winter wheat acres were in the ground as of this past Sunday, which was off the 89 per cent average for this time of year with a number of key states well behind their normal pace.
The resulting concerns that some fields may be left unseeded, if delays persist, were supportive.
Declining condition ratings for what was the ground also underpinned the wheat market, with 51 per cent of the crop rated good-to-excellent. That was down from 53 per cent the previous week.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down 89 cents at US$62.21 per barrel.

In the afternoon, the Canadian dollar was trading around US76.16 cents, down from 76.36 cents the previous trading day. The U.S. dollar was C$1.3130.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Nov 18 474.60s -0.70 -0.15%

Canola Jan 19 481.70s -0.70 -0.15%

Canola Mar 19 489.40s -0.50 -0.10%

Canola May 19 496.90s -0.30 -0.06%

Canola Jul 19 500.80s -0.40 -0.08%

 

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 Nov 18 872-0s -1-0 -0.11%

Soybeans Jan 19 884-2s -1-4 -0.17%

Soybeans Mar 19 896-4s -1-6 -0.19%

Soybeans May 19 909-6s -1-6 -0.19%

Soybeans Jul 19 922-0s -1-4 -0.16%

 

Soybean Meal Dec 18 311.4s +0.8 +0.26%

Soybean Meal Jan 19 312.8s +0.7 +0.22%

Soybean Meal Mar 19 314.0s +0.5 +0.16%

 

Soybean Oil Dec 18 27.90s unch unch

Soybean Oil Jan 19 28.11s -0.01 -0.04%

Soybean Oil Mar 19 28.39s -0.02 -0.07%

 

Corn Dec 18 373-2s -0-6 -0.20%

Corn Mar 19 385-2s -0-4 -0.13%

Corn May 19 393-0s -0-6 -0.19%

Corn Jul 19 398-6s -0-6 -0.19%

Corn Sep 19 399-0s -0-4 -0.13%

 

Oats Dec 18 293-6s +1-0 +0.34%

Oats Mar 19 284-4s +1-0 +0.35%

Oats May 19 284-0s -1-0 -0.35%

Oats Jul 19 285-0s unch unch

Oats Sep 19 280-2s -1-4 -0.53%

 

Wheat Dec 18 512-0s +4-6 +0.94%

Wheat Mar 19 527-2s +4-2 +0.81%

Wheat May 19 538-2s +3-4 +0.65%

Wheat Jul 19 546-2s +3-4 +0.64%

Wheat Sep 19 556-4s +3-6 +0.68%

 

Minneapolis

Spring Wheat Dec 18 588-4s +7-0 +1.20%

Spring Wheat Mar 19 592-4s +3-4 +0.59%

Spring Wheat May 19 599-4s +2-6 +0.46%

Spring Wheat Jul 19 606-0s +1-6 +0.29%

Spring Wheat Sep 19 612-6s +1-4 +0.25%

 

Kansas City

Hard Red Wheat Dec 18 508-0s +3-2 +0.64%

Hard Red Wheat Mar 19 531-2s +3-4 +0.66%

Hard Red Wheat May 19 544-2s +3-2 +0.60%

Hard Red Wheat Jul 19 552-2s +3-4 +0.64%

Hard Red Wheat Sep 19 566-2s +2-6 +0.49%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Dec 18 115.425s +0.100 +0.09%

Live Cattle Feb 19 120.400s -0.250 -0.21%

Live Cattle Apr 19 121.925s -0.375 -0.31%

 

Feeder Cattle Nov 18 149.975s +0.475 +0.32%

Feeder Cattle Jan 19 146.600s +0.175 +0.12%

Feeder Cattle Mar 19 145.400s -0.025 -0.02%

 

Lean Hogs Dec 18 54.100s -3.000 -5.25%

Lean Hogs Feb 19 61.400s -2.725 -4.25%

Lean Hogs Apr 19 67.300s -2.625 -3.75%

 

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By Phil Franz-Warkentin Commodity News Service Canada's recent articles

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