Soybean prices drag canola down

Winnipeg (CNS Canada) – The ICE Futures Canada canola market ended lower on Friday, once again weighed down by losses in the U.S. soy complex. It was the fourth consecutive session that canola futures finished the day lower.

Modest strength in the Canadian dollar was bearish for canola and the technical bias was pointed lower.

Chinese buying was light this week, which undermined the market.

However, excessively dry fields in parts of southeastern Alberta and southwestern Saskatchewan helped to prop up prices.

Overall demand for canola remains reasonably solid.

Around 22,551 canola contracts were traded on Friday, which compares with Thursday when around 23,318 contracts changed hands. Spreading accounted for 13,702 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

Soybean futures finished lower to end the week, weighed down by forecasts calling for rain in the Midwest.

Some traders were also sticking to the sidelines today, in case of unforeseen developments at the G7 summit. Trade relations remain a thorny subject between

United States President Donald Trump and other nations attending the meeting.

Crush margins in the U.S. are starting to narrow.

Corn futures finished mostly unchanged in sideways trade.

Demand for corn from China appears to be fading. At the country’s latest auction, 933,000 tonnes of corn were purchased, which was just 23 per cent of the amount offered.

Weather conditions in the U.S. Corn Belt appear mostly favourable, which was bearish for values.

Chicago wheat futures were pressured lower in speculative selling.

Rain was also forecast to fall in the U.S. northwest, which was bearish.

Large world stocks dragged on prices.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down 21 cents at US$65.74 per barrel.

In the afternoon, the Canadian dollar was trading around US77.37 cents, up from 77.08 cents the previous trading day. The U.S. dollar was C$1.2925.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jul 18 517.50s -2.70 -0.52%

Canola Nov 18 511.10s -2.30 -0.45%

Canola Jan 19 518.10s -2.80 -0.54%

Canola Mar 19 522.60s -2.80 -0.53%

Canola May 19 525.40s -2.80 -0.53%

 

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 Jul 18 969-2s -5-0 -0.51%

Soybeans Aug 18 974-6s -5-0 -0.51%

Soybeans Sep 18 980-4s -4-6 -0.48%

Soybeans Nov 18 989-6s -5-0 -0.50%

Soybeans Jan 19 997-0s -5-2 -0.52%

 

Soybean Meal Jul 18 357.8s -0.6 -0.17%

Soybean Meal Aug 18 359.3s -0.5 -0.14%

Soybean Meal Sep 18 360.4s -0.3 -0.08%

 

Soybean Oil Jul 18 30.52s -0.08 -0.26%

Soybean Oil Aug 18 30.63s -0.09 -0.29%

Soybean Oil Sep 18 30.75s -0.13 -0.42%

 

Corn Jul 18 377-6s +1-4 +0.40%

Corn Sep 18 386-4s +1-2 +0.32%

Corn Dec 18 398-0s +1-2 +0.32%

Corn Mar 19 407-0s +1-0 +0.25%

Corn May 19 413-0s +0-6 +0.18%

 

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

Oats Sep 18 245-4s +0-6 +0.31%

Oats Dec 18 247-6s +1-4 +0.61%

Oats Mar 19 250-4s +1-4 +0.60%

Oats May 19 253-0s +1-2 +0.50%

 

Wheat Jul 18 520-0s -6-6 -1.28%

Wheat Sep 18 536-6s -7-4 -1.38%

Wheat Dec 18 559-0s -6-2 -1.11%

Wheat Mar 19 577-4s -6-0 -1.03%

Wheat May 19 588-2s -6-0 -1.01%

 

Minneapolis

Spring Wheat Jul 18 592-4s -5-0 -0.84%

Spring Wheat Sep 18 604-0s -3-4 -0.58%

Spring Wheat Dec 18 617-4s -2-6 -0.44%

Spring Wheat Mar 19 632-0s -1-6 -0.28%

Spring Wheat May 19 641-0s -1-6 -0.27%

 

Kansas City

Hard Red Wheat Jul 18 538-2s -6-2 -1.15%

Hard Red Wheat Sep 18 555-2s -7-6 -1.38%

Hard Red Wheat Dec 18 578-6s -8-0 -1.36%

Hard Red Wheat Mar 19 594-2s -8-2 -1.37%

Hard Red Wheat May 19 603-2s -8-2 -1.35%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Jun 18 110.025s +1.650 +1.52%

Live Cattle Aug 18 105.775s +1.625 +1.56%

Live Cattle Oct 18 108.200s +1.050 +0.98%

 

Feeder Cattle Aug 18 147.275s +1.200 +0.82%

Feeder Cattle Sep 18 148.425s +0.875 +0.59%

Feeder Cattle Oct 18 148.350s +0.300 +0.20%

 

Lean Hogs Jun 18 79.875s +1.475 +1.88%

Lean Hogs Jul 18 80.725s +1.275 +1.60%

Lean Hogs Aug 18 77.125s +0.550 +0.72%

 

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