Soybeans, wheat down; canola holds

ICE Futures canola contracts settled within 50 cents of unchanged in the most active months on Wednesday, lacking any clear direction throughout the lightly-traded session.

Temperatures dipped below freezing in parts of Alberta and Saskatchewan overnight. While the anecdotal reports were not pointing to any serious yield or quality losses, the jury was still out on the extent of any damage, which provided some support.

However, losses in Chicago soybeans and soyoil put some pressure on canola. Chart resistance and positioning ahead of Thursday’s Statistics Canada stocks report also weighed on values. Traders generally expect that the government agency will confirm large carryout stocks from the last crop year.

About 10,589 canola contracts traded, which compares with Tuesday when 14,257 contracts changed hands. Spreading accounted for 5,816 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were lower on Wednesday, seeing some follow-through selling after Tuesday’s declines.

Ongoing trade issues with China, weighed on prices, while the start of seasonal harvest pressure contributed to the softer tone with early yield reports generally coming in favourable.

Condition ratings for the United States soybean crop were left unchanged at 66 per cent good-to-excellent in the latest weekly report from the U.S. Department of Agriculture.

CORN futures were weaker, with spillover from the declines in wheat and expectations for a big U.S. corn crop this year behind much of the declines.

The U.S. corn crop was rated 67 per cent good-to-excellent in the latest weekly report, which was down one point from the previous week.

The USDA announced a flash sale of just over 100,000 tonnes of corn to Mexico this morning, providing some underlying support.

All three U.S. WHEAT markets were lower, with the largest losses in CBOT soft wheat.

U.S. wheat continues to miss out on export opportunities, despite drought stricken crops elsewhere in the world, with Egypt buying 60,000 tonnes of wheat from Russia in its latest tender.

Forecasts calling for rains in parts of the dry southern U.S. plains were also bearish.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was down $1.15 at US$68.72 per barrel.

In the afternoon, the Canadian dollar was trading around US75.84 cents, up from 75.86 cents the previous trading day. The U.S. dollar was C$1.3185.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Nov 18 496.60s -0.20 -0.04%

Canola Jan 19 503.80s -0.20 -0.04%

Canola Mar 19 508.70s +0.30 +0.06%

Canola May 19 511.80s +0.30 +0.06%

Canola Jul 19 514.10s +0.50 +0.10%

 

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 Sep 18 825-4s -6-4 -0.78%

Soybeans Nov 18 838-0s -6-2 -0.74%

Soybeans Jan 19 850-6s -6-2 -0.73%

Soybeans Mar 19 863-4s -6-2 -0.72%

Soybeans May 19 875-0s -6-0 -0.68%

 

Soybean Meal Sep 18 306.2s -2.1 -0.68%

Soybean Meal Oct 18 307.3s -1.9 -0.61%

Soybean Meal Dec 18 309.7s -1.5 -0.48%

 

Soybean Oil Sep 18 28.18s -0.21 -0.74%

Soybean Oil Oct 18 28.31s -0.22 -0.77%

Soybean Oil Dec 18 28.56s -0.22 -0.76%

 

Corn Sep 18 351-6s -2-6 -0.78%

Corn Dec 18 365-2s -3-0 -0.81%

Corn Mar 19 377-2s -2-4 -0.66%

Corn May 19 384-6s -2-2 -0.58%

Corn Jul 19 390-6s -2-0 -0.51%

 

Oats Sep 18 233-6s -0-2 -0.11%

Oats Dec 18 246-4s +0-4 +0.20%

Oats Mar 19 251-2s unch unch

Oats May 19 254-2s -0-2 -0.10%

Oats Jul 19 257-2s -0-2 -0.10%

 

Wheat Sep 18 493-6s -9-0 -1.79%

Wheat Dec 18 521-6s -9-6 -1.83%

Wheat Mar 19 542-4s -9-0 -1.63%

Wheat May 19 556-4s -9-0 -1.59%

Wheat Jul 19 553-2s -8-6 -1.56%

 

Minneapolis

Spring Wheat Sep 18 564-0s -9-0 -1.57%

Spring Wheat Dec 18 580-2s -4-4 -0.77%

Spring Wheat Mar 19 596-0s -4-6 -0.79%

Spring Wheat May 19 603-6s -4-6 -0.78%

Spring Wheat Jul 19 610-4s -4-2 -0.69%

 

Kansas City

Hard Red Wheat Sep 18 501-6s -6-2 -1.23%

Hard Red Wheat Dec 18 528-0s -9-0 -1.68%

Hard Red Wheat Mar 19 549-6s -8-4 -1.52%

Hard Red Wheat May 19 562-2s -7-4 -1.32%

Hard Red Wheat Jul 19 560-4s -6-6 -1.19%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Oct 18 109.050s -0.825 -0.75%

Live Cattle Dec 18 113.750s -0.650 -0.57%

Live Cattle Feb 19 117.575s -0.150 -0.13%

 

Feeder Cattle Sep 18 151.725s unch unch

Feeder Cattle Oct 18 151.475s -0.350 -0.23%

Feeder Cattle Nov 18 151.575s +0.075 +0.05%

 

Lean Hogs Oct 18 51.975s +0.900 +1.76%

Lean Hogs Dec 18 55.175s -0.075 -0.14%

Lean Hogs Feb 19 64.175s -0.275 -0.43%

 

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

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