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Soy upside boots canola

The ICE Futures canola platform were stronger at market close, finding spillover support from the soybean market.

Chicago Board of Trade soybean, oil and meal contracts were all higher too, with soyoil up more than half a cent per pound.

Oilseed traders are still awaiting the results of the meeting between United States President Donald Trump and Chinese President Xi Jinping at the G20 summit this week. There was optimism today though that the meeting will result in good news, which pushed the soy complex higher.

The Canadian dollar was back up above the 75 U.S. cents mark at canola market close after being below it earlier in the day. The lower dollar had been supportive for canola, with contracts up even higher earlier today.

 

About 34,811 canola contracts traded, which compares with Tuesday when 20,796 contracts changed hands. Spreading accounted for 24,152 of the contracts traded.

In the U.S. markets the U.S. Department of Agriculture (USDA) announced a flash sale of 268,748 tonnes of soybeans to unknown destinations for the 2018/19 crop year this morning.

Soybean planting in Brazil is estimated to be at 89 percent complete, which is ahead of the five-year average of 78 percent. And the fast pace should continue as favorable weather is forecast for the next two weeks in Brazil.

CBOT corn prices finished the day in the green.

Ethanol production in the U.S. was at 1.048 million barrels per day last week, which was up 7,000 barrels per day. Stocks are at 22.9 million barrels, which is slightly higher than the previous week.
Algeria has issued a tender for 120,000 tonnes of corn from Argentina, for December shipment.

There is another storm headed for the U.S. Midwest this weekend which will cause delays for any farmers still trying to finish harvest or do fall fieldwork.

Wheat futures in the U.S. finished the day stronger.

Wheat futures are finding some support from reports of the storms moving into the Midwest which could harm the winter wheat crop.

U.S. wheat export inspections are running 19 per cent behind last year at this time.

USDA weekly export inspections for wheat fell to 9.2 million bushels, which was well off the pace of the past few weeks.

SovEcon has upped its Russian wheat export forecast to 34.7 million tonnes, which is 500,000 tonnes higher than its previous estimate.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down $1.27 at US$50.29 per barrel.

In the afternoon, the Canadian dollar was trading around US75.18 cents, down from 75.25 cents the previous trading day. The U.S. dollar was C$1.3302.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jan 19 479.20s +5.40 +1.14%

Canola Mar 19 486.70s +4.70 +0.98%

Canola May 19 494.80s +4.00 +0.81%

Canola Jul 19 501.10s +3.40 +0.68%

Canola Nov 19 496.50s +1.70 +0.34%

 

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 Jan 19 890-4s +15-0 +1.71%

Soybeans Mar 19 904-2s +15-0 +1.69%

Soybeans May 19 917-4s +14-6 +1.63%

Soybeans Jul 19 930-0s +14-4 +1.58%

Soybeans Aug 19 934-2s +14-0 +1.52%

 

Soybean Meal Dec 18 307.9s +3.0 +0.98%

Soybean Meal Jan 19 310.3s +3.2 +1.04%

Soybean Meal Mar 19 313.3s +3.3 +1.06%

 

Soybean Oil Dec 18 27.73s +0.57 +2.10%

Soybean Oil Jan 19 27.98s +0.59 +2.15%

Soybean Oil Mar 19 28.24s +0.59 +2.13%

 

Corn Dec 18 360-4s +4-0 +1.12%

Corn Mar 19 373-2s +4-6 +1.29%

Corn May 19 380-4s +4-6 +1.26%

Corn Jul 19 387-0s +4-4 +1.18%

Corn Sep 19 389-6s +3-6 +0.97%

 

Oats Dec 18 289-4s +20-0 +7.42%

Oats Mar 19 298-0s +15-6 +5.58%

Oats May 19 298-0s +15-6 +5.58%

Oats Jul 19 290-0s +12-6 +4.60%

Oats Sep 19 280-2s +8-4 +3.13%

 

Wheat Dec 18 497-4s -0-4 -0.10%

Wheat Mar 19 511-4s +5-0 +0.99%

Wheat May 19 519-0s +6-4 +1.27%

Wheat Jul 19 526-2s +6-6 +1.30%

Wheat Sep 19 535-4s +6-2 +1.18%

 

Minneapolis

Spring Wheat Dec 18 573-4s -2-0 -0.35%

Spring Wheat Mar 19 571-4s +1-4 +0.26%

Spring Wheat May 19 577-4s +2-2 +0.39%

Spring Wheat Jul 19 585-6s +2-2 +0.39%

Spring Wheat Sep 19 594-2s +2-2 +0.38%

 

Kansas City

Hard Red Wheat Dec 18 467-0s +8-4 +1.85%

Hard Red Wheat Mar 19 492-2s +8-6 +1.81%

Hard Red Wheat May 19 505-4s +8-6 +1.76%

Hard Red Wheat Jul 19 517-4s +8-0 +1.57%

Hard Red Wheat Sep 19 530-2s +6-6 +1.29%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Dec 18 116.775s +0.075 +0.06%

Live Cattle Feb 19 120.550s -0.050 -0.04%

Live Cattle Apr 19 122.400s -0.175 -0.14%

 

Feeder Cattle Jan 19 147.700s -0.725 -0.49%

Feeder Cattle Mar 19 145.350s -0.650 -0.45%

Feeder Cattle Apr 19 145.825s -0.575 -0.39%

 

Lean Hogs Dec 18 57.950s +0.075 +0.13%

Lean Hogs Feb 19 64.500s -0.550 -0.85%

Lean Hogs Apr 19 70.075s -0.500 -0.71%

 

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