WINNIPEG – The ICE Futures canola platform closed higher, finding spillover support from the rallying soybean market.
Chicago Board of Trade soybeans, oil and meal contracts were all stronger. There are reports that two ships filled with United States soybeans departed for China last week, showing that buyers may be getting desperate despite the ongoing trade war between the two countries. The Canadian dollar was stronger at market close today, which was limiting gains for canola contracts.
Farmers in Western Canada may be able to get back into the fields this week following cold, wet and snowy weather over the last month. Forecasts are calling for warmer weather later this week.
Read Also
U.S. livestock: Cattle futures end lower in profit-taking, technical correction
Chicago Mercantile Exchange cattle futures declined for a second straight session on Wednesday in a profit-taking and technical-selling correction from recent highs.
About 40,125 canola contracts traded, which compares with Friday when 25,786 contracts changed hands. Spreading accounted for 22,246 of the contracts traded.
CBOT soybeans contracts finished the day sharply higher. Soyoil and meal contracts were also stronger. National Oilseed Processors Association (NOPA) numbers released this morning showed that in September U.S. soybean crushers processed a record 160.8 million bushels. This was up by 18 per cent from last year.
United States Department of Agriculture (USDA) weekly export inspections were at 42.5 million bushels last week, which was above estimates. Harvest activity in the U.S. Midwest is starting to pick up again following the wet and snowy weather that has hampered the area lately. It is expected that soybean quality will be downgraded in the wet areas. CBOT corn prices finished the day higher.
USDA weekly export inspections were at 39.2 million bushels, which was below estimates.
Harvest activity picked up in the eastern Corn Belt in Indiana and Ohio over the weekend. However, cool weather in the western Corn Belt is slowing down drying there.
Wheat futures in the U.S. closed in the green. USDA weekly export inspections were at 16.5 million bushels, which was in-line with estimates. A slowdown in the approval process for Russian phytosanitary certificates for wheat exports has been supportive for the market lately.
There are still concerns about the dry and cold conditions in Argentina, which are thought to be lowering production and future export availability. While there is rain in the forecast for later this week, it is not expected to help much.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up xx cents at US$71.72 per barrel.
In the afternoon, the Canadian dollar was trading around US76.98 cents, down from 76.70 cents the previous trading day. The U.S. dollar was C$1.2990
Winnipeg ICE Futures Canada dollars per tonne.
Name / Contract Last Change % Change
Canola Nov 18 497.90s +3.20 +0.65%
Canola Jan 19 505.80s +4.10 +0.82%
Canola Mar 19 513.20s +4.90 +0.96%
Canola May 19 516.80s +4.90 +0.96%
Canola Jul 19 519.70s +5.20 +1.01%
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 18 891-4s +24-0 +2.77%
Soybeans Jan 19 905-6s +24-0 +2.72%
Soybeans Mar 19 918-0s +23-4 +2.63%
Soybeans May 19 930-6s +23-0 +2.53%
Soybeans Jul 19 941-4s +22-2 +2.42%
Soybean Meal Dec 18 327.0s +10.1 +3.19%
Soybean Meal Jan 19 328.4s +10.4 +3.27%
Soybean Meal Mar 19 327.3s +10.1 +3.18%
Soybean Oil Dec 18 29.76s +0.37 +1.26%
Soybean Oil Jan 19 30.00s +0.37 +1.25%
Soybean Oil Mar 19 30.24s +0.35 +1.17%
Corn Dec 18 378-2s +4-4 +1.20%
Corn Mar 19 390-2s +4-4 +1.17%
Corn May 19 397-2s +4-4 +1.15%
Corn Jul 19 402-2s +4-4 +1.13%
Corn Sep 19 403-2s +3-4 +0.88%
Oats Dec 18 300-2s +12-2 +4.25%
Oats Mar 19 288-4s +10-4 +3.78%
Oats May 19 282-4s +5-4 +1.99%
Oats Jul 19 283-0s +6-4 +2.35%
Oats Sep 19 282-2s +4-0 +1.44%
Wheat Dec 18 525-0s +7-6 +1.50%
Wheat Mar 19 543-6s +6-2 +1.16%
Wheat May 19 555-2s +6-0 +1.09%
Wheat Jul 19 560-2s +4-6 +0.86%
Wheat Sep 19 571-2s +4-2 +0.75%
Minneapolis
Spring Wheat Dec 18 600-4s +4-4 +0.76%
Spring Wheat Mar 19 608-2s +6-0 +1.00%
Spring Wheat May 19 614-2s +6-0 +0.99%
Spring Wheat Jul 19 619-6s +5-6 +0.94%
Spring Wheat Sep 19 623-4s +5-0 +0.81%
Kansas City
Hard Red Wheat Dec 18 531-6s +7-4 +1.43%
Hard Red Wheat Mar 19 555-4s +7-2 +1.32%
Hard Red Wheat May 19 567-6s +7-2 +1.29%
Hard Red Wheat Jul 19 572-6s +5-4 +0.97%
Hard Red Wheat Sep 19 587-4s +5-0 +0.86%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 18 113.375s +1.050 +0.93%
Live Cattle Dec 18 117.975s +1.800 +1.55%
Live Cattle Feb 19 121.700s +1.300 +1.08%
Feeder Cattle Oct 18 155.100s +0.400 +0.26%
Feeder Cattle Nov 18 155.225s +0.600 +0.39%
Feeder Cattle Jan 19 150.525s +0.775 +0.52%
Lean Hogs Dec 18 56.750s +1.750 +3.18%
Lean Hogs Feb 19 63.900s +1.675 +2.69%
Lean Hogs Apr 19 68.850s +0.925 +1.36%
