Soybeans, oil and canola drop

Winnipeg (CNS Canada) – Canola contracts on the ICE Futures Canada platform suffered losses Tuesday, following a sharp downturn in U.S. soybeans and soyoil.

Crush margins are hanging near their lowest levels of the year, which was bearish.

Trade turmoil between the United States and China continues to throw a chill over buying on the agricultural markets.

Conditions vary throughout the Prairies but most of Canada’s canola crop is doing fairly well.

However, the Canadian dollar was weaker relative to its U.S. counterpart, which made canola more attractive to international buyers.

The November contract received support at the psychologically-important C$500 per tonne mark.

About 31,027 canola contracts traded, which compares with Monday when 22,093 contracts changed hands. Spreading accounted for
15,946 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

Soybean futures finished sharply lower Tuesday as trade turmoil between China and the United States continued to spook investors.

The July contract quickly dropped below the technically-important US$9.00 per bushel mark this morning. Once that happened the selling built on itself and many buyers stepped to the sidelines.

According to the USDA, 73 per cent of the U.S. crop is in good to excellent condition, which was down one percentage point from last week.

Corn futures finished slightly lower in technical trade Tuesday.

Heavy rain across the U.S. Corn Belt Monday night aided the crop and put pressure on prices.

According to the USDA, 98 per cent of the U.S. corn crop has emerged.

Chicago wheat futures finished weaker on Tuesday as crop conditions improved for U.S. spring wheat while harvest rolled on for winter wheat crops.

According to the USDA, 27 per cent of the wheat harvest is complete, which is ahead of the five-year average for this time of year of just 19 per cent.

Recent strength in the U.S. dollar pressured the mar

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down 78 cents at US$65.07 per barrel.

In the afternoon, the Canadian dollar was trading around US75.26 cents, down from 75.75 cents the previous trading day. The U.S. dollar was C$1.3287.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jul 18 518.30s -1.70 -0.33%

Canola Nov 18 506.40s -2.60 -0.51%

Canola Jan 19 513.00s -2.80 -0.54%

Canola Mar 19 517.00s -3.00 -0.58%

Canola May 19 519.70s -2.80 -0.54%

 

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 18 889-0s -19-4 -2.15%

Soybeans Aug 18 894-2s -19-6 -2.16%

Soybeans Sep 18 900-2s -19-6 -2.15%

Soybeans Nov 18 911-0s -20-4 -2.20%

Soybeans Jan 19 920-2s -19-4 -2.08%

 

Soybean Meal Jul 18 334.5s -1.0 -0.30%

Soybean Meal Aug 18 336.3s -1.3 -0.39%

Soybean Meal Sep 18 338.1s -1.4 -0.41%

 

Soybean Oil Jul 18 28.85s -0.72 -2.43%

Soybean Oil Aug 18 28.97s -0.71 -2.39%

Soybean Oil Sep 18 29.12s -0.72 -2.41%

 

Corn Jul 18 353-6s -2-2 -0.63%

Corn Sep 18 363-2s -2-2 -0.62%

Corn Dec 18 375-4s -1-6 -0.46%

Corn Mar 19 385-0s -2-0 -0.52%

Corn May 19 391-4s -2-2 -0.57%

 

Oats Jul 18 235-0s +1-6 +0.75%

Oats Sep 18 236-0s +1-6 +0.75%

Oats Dec 18 238-4s -0-2 -0.10%

Oats Mar 19 245-2s +3-6 +1.55%

Oats May 19 247-6s +3-4 +1.43%

 

Wheat Jul 18 477-6s -12-2 -2.50%

Wheat Sep 18 489-4s -12-0 -2.39%

Wheat Dec 18 509-2s -12-0 -2.30%

Wheat Mar 19 527-6s -12-0 -2.22%

Wheat May 19 540-0s -12-4 -2.26%

 

Minneapolis

Spring Wheat Jul 18 549-4s -14-2 -2.53%

Spring Wheat Sep 18 560-4s -11-4 -2.01%

Spring Wheat Dec 18 575-2s -10-2 -1.75%

Spring Wheat Mar 19 590-4s -10-0 -1.67%

Spring Wheat May 19 600-0s -9-4 -1.56%

 

Kansas City

Hard Red Wheat Jul 18 483-0s -16-4 -3.30%

Hard Red Wheat Sep 18 499-0s -16-0 -3.11%

Hard Red Wheat Dec 18 522-6s -15-4 -2.88%

Hard Red Wheat Mar 19 541-0s -13-4 -2.43%

Hard Red Wheat May 19 552-4s -12-4 -2.21%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle (Pit) Jun 18 108.525s +0.225 +0.21%

Live Cattle (Pit) Aug 18 106.425s +1.250 +1.19%

Live Cattle (Pit) Oct 18 108.500s +0.925 +0.86%

 

Feeder Cattle (Pit) Aug 18 149.625s +0.650 +0.44%

Feeder Cattle (Pit) Sep 18 149.900s +0.775 +0.52%

Feeder Cattle (Pit) Oct 18 149.400s +0.775 +0.52%

 

Lean Hogs (Pit) Jul 18 81.875s -1.850 -2.21%

Lean Hogs (Pit) Aug 18 77.725s -1.700 -2.14%

Lean Hogs (Pit) Oct 18 63.175s -1.750 -2.70%

 

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