Your reading list

Soybeans push canola higher

Winnipeg (CNS Canada) – The ICE Futures Canada canola market ended slightly higher on Tuesday, taking strength from gains in Chicago Board of Trade soybeans and soymeal.

Much of Canada’s canola crop could use more rain, which lent support to prices.

Technical buying was a feature as the canola market, which was closed yesterday, played catchup with U.S. oilseeds.

However, the Canadian dollar has been showing recent strength, which capped the upside.

The November contract appeared to run into some technical resistance.

Around 12,609 canola contracts were traded on Tuesday, which compares with Friday when around 14,400 contracts changed hands. Spreading accounted for 3,618 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

Soybean futures finished higher on Tuesday, taking strength from speculation the United States and China are getting closer to a deal on trade issues.

A truckers’ strike in Brazil also lent strength to the market.

China continues to snap up soybeans from countries in South America, as its trade dispute with the U.S. continues.

In the United States, around 56 percent of the crop has been planted, which is well ahead of the 5-year average of 44 per cent.

Corn futures finished slightly higher in follow-through buying.

The U.S. corn crop is 81 per cent planted, which is about average for this time of year.

On the international scene, China announced it will sell eight million tonnes of corn next week.

Chicago wheat finished sharply higher on the day in speculative trading.

Continued dry weather in the U.S. Southern Plains underpinned the market.

The USDA says about 36 per cent of the crop in the U.S. is good to excellent, which is slightly behind what most analysts expected.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down 11 cents at US$72.13 per barrel.

In the afternoon, the Canadian dollar was trading around US78.00 cents, down from 78.26 cents the previous trading day. The U.S. dollar was C$1.2821.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jul 18 532.70s +0.30 +0.06%

Canola Nov 18 519.60s +0.80 +0.15%

Canola Jan 19 524.10s +0.90 +0.17%

Canola Mar 19 526.40s +1.20 +0.23%

Canola May 19 527.60s +1.20 +0.23%

 

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 1030-4s +5-2 +0.51%

Soybeans Aug 18 1034-2s +5-2 +0.51%

Soybeans Sep 18 1035-4s +5-2 +0.51%

Soybeans Nov 18 1039-0s +5-2 +0.51%

Soybeans Jan 19 1042-4s +5-4 +0.53%

 

Soybean Meal Jul 18 377.5s -1.6 -0.42%

Soybean Meal Aug 18 377.5s -1.2 -0.32%

Soybean Meal Sep 18 376.6s -0.6 -0.16%

 

Soybean Oil Jul 18 31.51s +0.09 +0.29%

Soybean Oil Aug 18 31.63s +0.10 +0.32%

Soybean Oil Sep 18 31.79s +0.12 +0.38%

 

Corn Jul 18 404-6s +2-0 +0.50%

Corn Sep 18 413-4s +2-2 +0.55%

Corn Dec 18 423-2s +2-2 +0.53%

Corn Mar 19 431-2s +2-0 +0.47%

Corn May 19 435-4s +1-6 +0.40%

 

Oats Jul 18 249-6s +4-4 +1.83%

Oats Sep 18 252-4s +2-6 +1.10%

Oats Dec 18 260-6s +2-6 +1.07%

Oats Mar 19 264-4s +1-0 +0.38%

Oats May 19 267-4s +1-0 +0.38%

 

Wheat Jul 18 521-4s +14-2 +2.81%

Wheat Sep 18 538-4s +14-0 +2.67%

Wheat Dec 18 559-6s +13-0 +2.38%

Wheat Mar 19 578-0s +12-4 +2.21%

Wheat May 19 588-0s +12-6 +2.22%

 

Minneapolis

Spring Wheat Jul 18 633-0s +11-2 +1.81%

Spring Wheat Sep 18 638-6s +10-2 +1.63%

Spring Wheat Dec 18 646-4s +9-2 +1.45%

Spring Wheat Mar 19 654-0s +6-6 +1.04%

Spring Wheat May 19 659-4s +5-6 +0.88%

 

Kansas City

Hard Red Wheat Jul 18 540-4s +14-0 +2.66%

Hard Red Wheat Sep 18 559-2s +14-0 +2.57%

Hard Red Wheat Dec 18 584-4s +13-0 +2.27%

Hard Red Wheat Mar 19 602-4s +12-6 +2.16%

Hard Red Wheat May 19 611-6s +12-0 +2.00%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Jun 18 104.900s -0.025 -0.02%

Live Cattle Aug 18 100.650s +0.025 +0.02%

Live Cattle Oct 18 103.850s +0.125 +0.12%

 

Feeder Cattle May 18 133.950s +0.025 +0.02%

Feeder Cattle Aug 18 140.725s +0.225 +0.16%

Feeder Cattle Sep 18 140.800s +0.125 +0.09%

 

Lean Hogs Jun 18 73.125s -0.875 -1.18%

Lean Hogs Jul 18 75.125s -1.725 -2.24%

Lean Hogs Aug 18 74.350s -1.700 -2.24%

 

Markets at a glance

explore

Stories from our other publications