Soy support boosts canola futures

WINNIPEG, Sept. 12 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were stronger on Thursday gleaning spillover support from a strong soybean complex on the Chicago Board of Trade.
Gains were observed in the canola market despite the most recent report from Statistics Canada, which estimated a larger canola output than originally expected.
The report pegged canola production at 19.358 million tonnes, which was up by about 900,000 tonnes from estimates in August.
World Agriculture Supply Demand Estimates (WASDE) released today by the United States Department of Agriculture (WASDE) were supportive of soybean prices.

The report estimated soybean output to be around 3.63 billion bushels, which is lower than the August estimate of 3.68 billion bushels.
The USDA expects yields to be around 47.9 bushels per acre, down from the 48.5 bushels per acre estimated in August.
On Thursday, 28,025 contracts were traded, which compares with Wednesday when 14,394 contracts changed hands. Spreading accounted for 20,428 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) made significant gains on Thursday, following a supportive World Agriculture Supply Demand Estimate (WASDE) report from the United States Department of Agriculture (WASDE).
The report estimated soybean output to be around 3.63 billion bushels, which is lower than the August estimate of 3.68 billion bushels.
The USDA expects yields to be around 47.9 bushels per acre, down from the 48.5 bushels per acre estimated in August.
Net soybean sales totalled 1.172 million tonnes last week, purchased mainly by Mexico. Soybean export sales were down 17 per cent from the previous week, at 56.350 million tonnes.
Soybean values were also supported by a positive trade sentiment between the U.S. and China. Trade talks are expected to resume in October.

Ending soybean stocks are expected to be around 640 and 755 million metric tonnes.

CORN futures were stronger on Thursday, thanks to spillover support from soybeans. Corn production is estimated to be around 13.799 billion bushels, which is larger than the average trade sentiment of 13.5 billion bushels.
Expected yields for the corn crop are around 168.2 bushels per acre, which is lower than the August estimate of 169.5 bushels per acre.
Ending corn stocks are expected to be between 2.181 and 2.190 million bushels
WHEAT futures were stronger on Thursday; yield estimates stayed the same from previous reports.
Last week, wheat exports were down by 28 per cent when compared to the previous week, at 404,000 tonnes for new crop.
Ending wheat stocks are expected to be around 1.014 million bushels.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up $1.99 at US$56.77 per barrel.

In the afternoon, the Canadian dollar was US75.73 cents. The U.S. dollar was C$1.3205.

 

Winnipeg ICE Futures Canada dollars per tonne

 

Name / Contract Last Change % Change
Canola Nov 19 447.10s +6.00 +1.36%
Canola Jan 20 455.10s +6.30 +1.40%
Canola Mar 20 462.50s +6.50 +1.43%
Canola May 20 468.50s +6.20 +1.34%
Canola Jul 20 474.10s +5.90 +1.26%
Soybean Sep 19 883-0s +29-0 +3.40%
Soybean Nov 19 895-4s +29-0 +3.35%
Soybean Jan 20 909-0s +28-4 +3.24%
Soybean Mar 20 921-2s +27-2 +3.05%
Soybean May 20 932-2s +26-0 +2.87%
Soybean Meal Sep 19 296.1s +6.5 +2.24%
Soybean Meal Oct 19 297.6s +6.6 +2.27%
Soybean Meal Dec 19 301.3s +6.6 +2.24%
Soybean Oil Sep 19 29.02s +0.29 +1.01%
Soybean Oil Oct 19 29.01s +0.36 +1.26%
Soybean Oil Dec 19 29.16s +0.33 +1.14%
Corn Sep 19 354-4s +6-2 +1.79%
Corn Dec 19 367-2s +7-2 +2.01%
Corn Mar 20 379-6s +7-4 +2.01%
Corn May 20 389-0s +7-2 +1.90%
Corn Jul 20 396-0s +7-0 +1.80%
Oats Sep 19 290-2s +3-2 +1.13%
Oats Dec 19 283-0s +3-2 +1.16%
Oats Mar 20 283-0s +2-2 +0.80%
Oats May 20 281-0s +1-6 +0.63%
Oats Jul 20 280-4s +1-2 +0.45%
Wheat Sep 19 485-6s +8-2 +1.73%
Wheat Dec 19 483-6s +6-2 +1.31%
Wheat Mar 20 489-2s +5-2 +1.08%
Wheat May 20 493-2s +4-6 +0.97%
Wheat Jul 20 496-2s +4-4 +0.92%
Spring Wheat Sep 19 495-2s +10-2 +2.11%
Spring Wheat Dec 19 507-2s +5-0 +1.00%
Spring Wheat Mar 20 522-0s +5-0 +0.97%
Spring Wheat May 20 533-4s +5-4 +1.04%
Spring Wheat Jul 20 544-4s +5-2 +0.97%
Hard Red Wheat Sep 19 380-0s +3-2 +0.86%
Hard Red Wheat Dec 19 403-4s +5-0 +1.25%
Hard Red Wheat Mar 20 417-4s +5-0 +1.21%
Hard Red Wheat May 20 428-0s +5-2 +1.24%
Hard Red Wheat Jul 20 438-0s +5-2 +1.21%
Live Cattle (Pit) Oct 19 98.725s +0.225 +0.23%
Live Cattle (Pit) Dec 19 104.950s +1.325 +1.28%
Live Cattle (Pit) Feb 20 111.200s +1.025 +0.93%
Feeder Cattle (Pit) Sep 19 136.850s +0.775 +0.57%
Feeder Cattle (Pit) Oct 19 134.500s +0.475 +0.35%
Feeder Cattle (Pit) Nov 19 133.900s +0.350 +0.26%
Lean Hogs (Pit) Oct 19 63.175s +3.000 +4.99%
Lean Hogs (Pit) Dec 19 64.200s +3.000 +4.90%
Lean Hogs (Pit) Feb 20 70.600s +3.000 +4.44%
       
       
       
       
       
       
       
       
       

 

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