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Soy weighs down canola prices

 

Winnipeg, May 1 (CNS Canada) – ICE Futures Canada canola contracts settled mostly lower on Tuesday, as weakness in Chicago Board of Trade soyoil weighed on prices.

While gains in CBOT soybeans and a weaker tone in the Canadian dollar provided support earlier in the day, canola was eventually pressured lower by the new contract lows posted in CBOT soyoil. Ideas that canola was looking expensive compared to other oilseeds also weighed on values.

However, steady end-user demand and a lack of significant farmer selling pressure provided some underlying support.

About 10,154 canola contracts traded on Tuesday, which compares with Monday when 9,599 contracts changed hands. Spreading accounted for 5,132 of the contracts traded.

SOYBEAN futures were pulled higher by a rally in soymeal on Tuesday, as the declining soybean production estimates out of Argentina continue to raise concerns over tightening world supplies of the animal feed.

Logistics issues in the South American country added to the firmer tone in beans, as the market is still unsure how long repairs will take at a major port after a cargo vessel collided with a dock in Rosario last week.

The U.S. soybean crop was five per cent seeded as of this past Sunday, which was in line with the five-year-average for this time of year.

CORN futures were higher on Tuesday, taking some direction from wheat.

Forecasts are calling for rain across much of the Midwest later this week, and the possibility of more delays kept corn well supported.

WHEAT futures were all higher, with the largest gains in Chicago soft wheat.

The U.S. winter wheat crop was rated 33 per cent good to excellent in the latest weekly report, which was up two points on the week.

However, crop development was well behind normal, and drought stress remains a concern in many areas.

Spring wheat was only 10 per cent seeded across the country, which was well off the 36 per cent average for this time of year.

 

 OUTSIDE MARKETS

Light crude oil nearby futures in New York were up 30 cents at US$57.46 per barrel.

In the afternoon, the Canadian dollar was trading around US77.71 cents, down from 77.73 cents the previous trading day. The U.S. dollar was C$1.2868. 1/.7795

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jul 18 530.10s -2.20 -0.41%

Canola Nov 18 517.20s -1.30 -0.25%

Canola Jan 19 521.80s -0.70 -0.13%

Canola Mar 19 524.50s -0.30 -0.06%

 

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 May 18 1042-4s +4-6 +0.46%

Soybeans Jul 18 1053-2s +4-6 +0.45%

Soybeans Aug 18 1055-4s +4-6 +0.45%

Soybeans Sep 18 1052-6s +5-4 +0.53%

Soybeans Nov 18 1050-4s +5-6 +0.55%

 

Soybean Meal May 18 403.0s +10.9 +2.78%

Soybean Meal Jul 18 404.4s +10.6 +2.69%

Soybean Meal Aug 18 401.5s +9.1 +2.32%

 

Soybean Oil May 18 30.08s -0.27 -0.89%

Soybean Oil Jul 18 30.33s -0.29 -0.95%

Soybean Oil Aug 18 30.45s -0.31 -1.01%

 

Corn May 18 396-6s +4-2 +1.08%

Corn Jul 18 405-6s +5-0 +1.25%

Corn Sep 18 412-6s +5-2 +1.29%

Corn Dec 18 420-2s +4-2 +1.02%

Corn Mar 19 427-4s +4-0 +0.94%

Oats May 18 227-6s +2-2 +1.00%

Oats Jul 18 237-6s +2-0 +0.85%

Oats Sep 18 240-6s +1-6 +0.73%

Oats Dec 18 252-2s +1-4 +0.60%

Oats Mar 19 258-2s +1-4 +0.58%

 

Wheat May 18 529-6s +17-2 +3.37%

Wheat Jul 18 529-2s +18-6 +3.67%

Wheat Sep 18 544-0s +17-6 +3.37%

Wheat Dec 18 564-0s +16-6 +3.06%

Wheat Mar 19 579-0s +15-6 +2.80%

 

Minneapolis

Spring Wheat May 18 627-2s +9-4 +1.54%

Spring Wheat Jul 18 623-4s +8-0 +1.30%

Spring Wheat Sep 18 629-2s +8-2 +1.33%

Spring Wheat Dec 18 640-6s +8-2 +1.30%

Spring Wheat Mar 19 652-4s +7-6 +1.20%

 

Kansas City

Hard Red Wheat May 18 532-2s +13-6 +2.65%

Hard Red Wheat Jul 18 553-0s +15-4 +2.88%

Hard Red Wheat Sep 18 570-2s +15-0 +2.70%

Hard Red Wheat Dec 18 593-4s +14-6 +2.55%

Hard Red Wheat Mar 19 607-6s +14-4 +2.44%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle   Jun 18 105.825s -0.275 -0.26%

Live Cattle   Aug 18 104.075s -0.450 -0.43%

Live Cattle   Oct 18 107.075s -0.375 -0.35%

 

Feeder Cattle   May 18 137.900s -2.275 -1.62%

Feeder Cattle   Aug 18 143.475s -2.725 -1.86%

Feeder Cattle   Sep 18 144.525s -1.850 -1.26%

 

Lean Hogs   May 18 67.450s +1.150 +1.73%

Lean Hogs   Jun 18 73.900s +1.200 +1.65%

Lean Hogs   Jul 18 76.025s +0.150 +0.20%

 

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

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