Soybeans’ strength firms up canola

Winnipeg – ICE Futures canola contracts were stronger on Tuesday, as gains in Chicago Board of Trade soybeans encouraged some spillover speculative buying interest.

Argentina announced it was suspending a program of cutting export taxes on soybeans and soy products, which was bullish for North American oilseed prices, according to a trader.

The recent heat across the Prairies also provided underlying support for canola, as traders try to get a better handle on the extent of the yield reductions and damage caused by the hot temperatures.

However, the Canadian dollar strengthened, which put some pressure on canola. Losses in Chicago soyoil also weighed on values.

About 10,548 canola contracts traded, which compares with Monday when 9,874 contracts changed hands. Spreading accounted for 3,694 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were higher on Tuesday, as a move by Argentina to halt a policy of easing export tariffs on soybeans and soy products provided support.

A slight decline in the condition ratings of the U.S. soybean crop in the latest weekly report, to 66 per cent good to excellent, was also supportive. Although, the one point decline was generally expected.

Reports that farmers in Brazil were planting more soybeans at the expense of sugarcane and other crops put some pressure on values.

CORN futures found some spillover support from the advances in soybeans.

The U.S. corn crop was rated 70 per cent good to excellent in the latest weekly report, which was down one point from the previous week.

Crop development was running well ahead of normal in most states, with 26 per cent already dented. That’s double the 13 per cent average for this time of year.

WHEAT futures were higher, with the biggest gains in Chicago and Kansas City winter wheats.

The U.S. winter wheat harvest is nearing completion, with 96 per cent in the bin as of this past Sunday.

Spring wheat was 35 per cent harvested in the U.S., which compares with the normal pace of 27 per cent.

Condition ratings for the U.S. spring wheat crop improved slightly on the week, rising one point in the good-to-excellent category to 65 per cent.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up xx cents at US$67.19 per barrel.

In the afternoon, the Canadian dollar was trading around US76.53 cents, The U.S. dollar was C$1.3607

 

Winnipeg ICE Futures Canada dollars per tonne.

Name / Contract       Last     Change           % Change

Canola Nov 18           507.60s          +2.60  +0.51%

Canola Jan 19            513.10s          +2.40  +0.47%

Canola Mar 19           518.20s          +2.30  +0.45%

Canola May 19          521.90s          +2.50  +0.48%

Canola Jul 19 523.00s          +2.50  +0.48%

 

Soybeans Aug 18      864-4s            +11-0 +1.29%

Soybeans Sep 18       868-2s            +11-0 +1.28%

Soybeans Nov 18      879-6s            +11-0 +1.27%

Soybeans Jan 19       891-6s            +11-0 +1.25%

Soybeans Mar 19      902-0s            +10-4 +1.18%

 

Soybean Meal Aug 18           335.0s            +7.2    +2.20%

Soybean Meal Sep 18           335.8s            +8.3    +2.53%

Soybean Meal Oct 18            336.6s            +8.7    +2.65%

Soybean Oil Aug 18  28.09s            -0.15   -0.53%

Soybean Oil Sep 18   28.28s            -0.08   -0.28%

Soybean Oil Oct 18   28.41s            -0.05   -0.18%

 

Corn Sep 18   362-2s            +5-6    +1.61%

Corn Dec 18   376-4s            +6-0    +1.62%

Corn Mar 19  388-0s            +6-0    +1.57%

Corn May 19  394-6s            +6-0    +1.54%

Corn Jul 19    400-4s            +6-0    +1.52%

 

Oats Sep 18   260-2s            +2-2    +0.87%

Oats Dec 18   268-4s            +1-4    +0.56%

Oats Mar 19   272-0s            +1-0    +0.37%

Oats May 19  273-4s            +0-2    +0.09%

Oats Jul 19     275-4s            unch   unch

 

Wheat Sep 18            541-6s            +8-2    +1.55%

Wheat Dec 18            561-2s            +7-6    +1.40%

Wheat Mar 19           582-6s            +7-2    +1.26%

Wheat May 19           592-2s            +7-0    +1.20%

Wheat Jul 19 587-4s            +6-2    +1.08%

 

Spring Wheat Sep 18           596-2s            +3-4    +0.59%

Spring Wheat Dec 18           613-2s            +3-0    +0.49%

Spring Wheat Mar 19           628-4s            +3-4    +0.56%

Spring Wheat May 19          635-2s            +2-2    +0.36%

Spring Wheat Jul 19 637-6s            +1-2    +0.20%

 

Hard Red Wheat Sep 18      545-6s            +5-0    +0.92%

Hard Red Wheat Dec 18      572-4s            +5-4    +0.97%

Hard Red Wheat Mar 19      595-2s            +5-6    +0.98%

Hard Red Wheat May 19     607-4s            +5-2    +0.87%

Hard Red Wheat Jul 19        604-4s            +5-4    +0.92%

 

Live Cattle (Pit) Aug 18        107.975s        +0.775            +0.72%

Live Cattle (Pit) Oct 18         108.725s        +0.575            +0.53%

Live Cattle (Pit) Dec 18        112.425s        +0.425            +0.38%

 

Feeder Cattle (Pit) Aug 18   148.925s        +0.275            +0.18%

Feeder Cattle (Pit) Sep 18   148.675s        +0.225            +0.15%

Feeder Cattle (Pit) Oct 18    148.900s        -0.050 -0.03%

 

Lean Hogs (Pit) Aug 18        55.000s          -0.525 -0.95%

Lean Hogs (Pit) Oct 18         51.850s          +0.200            +0.39%

Lean Hogs (Pit) Dec 18        48.650s          +0.075            +0.15%

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

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