Winnipeg – ICE Futures canola contracts posted sizeable gains on Wednesday, with continued strength in the Chicago Board of Trade soy complex behind some of the spillover buying interest.
While wet fields and seeding delays across the United States Midwest boosted soybean prices, canola found additional support from worries over dryness in parts of Western Canada.
Read Also
U.S. grains: Corn, soybeans tick higher ahead of USDA report
Chicago | Reuters – Chicago corn and soybeans futures rose on Thursday as traders squared positions before a government crop…
However, scale-up farmer hedges and ongoing concerns over Canada’s trade dispute with China put some pressure on values.
SOYBEAN futures at the Chicago Board of Trade were up sharply on Wednesday, boosted by persistent Midwestern seeding delays.
Yesterday’s weekly crop progress report from the United States Department of Agriculture showed that only 29 per cent of the country’s soybean crop had been seeded as of this past Sunday. That was well below the average for this time of year of 66 per cent done.
Crop emergence was pegged at 11 per cent, well off the 35 per cent average.
A nationwide strike in Argentina added to the firm tone in the Chicago futures, as grain exports from the South American country have stalled.
Midwestern seeding delays were also supportive for CORN, although the recent strength in that market brought in some farmer selling and corn ran into resistance to end lower after hitting fresh highs overnight.
WHEAT was lower, seeing a correction after recent gains. Rising production estimates out of Europe put some pressure on values.
However, the losses in wheat came despite declining winter wheat ratings and the slow pace of spring wheat seeding.
The U.S. winter wheat crop was rated 51 per cent good to excellent in the latest weekly report, down five points from the previous week. Spring wheat was 84 per cent planted, which compares with the normal of 91 per cent.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down 33 cents at US$58.81 per barrel.
In the afternoon, the Canadian dollar was trading around US74.00 cents, down from 74.20 centsthe previous trading day. The U.S. dollar was C$1.3514.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jul 19 458.20s +7.30 +1.62%
Canola Nov 19 472.30s +8.10 +1.74%
Canola Jan 20 476.90s +7.90 +1.68%
Canola Mar 20 480.70s +7.40 +1.56%
Canola May 20 484.40s +6.80 +1.42%
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
Soybean Jul 19 872-0s +16-0 +1.87%
Soybean Aug 19 878-4s +15-6 +1.83%
Soybean Sep 19 885-4s +16-0 +1.84%
Soybean Nov 19 898-4s +16-0 +1.81%
Soybean Jan 20 909-6s +15-2 +1.70%
Soybean Meal Jul 19 319.0s +6.2 +1.98%
Soybean Meal Aug 19 320.1s +6.2 +1.98%
Soybean Meal Sep 19 321.7s +6.2 +1.97%
Soybean Oil Jul 19 27.73s +0.44 +1.61%
Soybean Oil Aug 19 27.84s +0.43 +1.57%
Soybean Oil Sep 19 27.95s +0.41 +1.49%
Corn Jul 19 418-6s -1-4 -0.36%
Corn Sep 19 428-0s -1-4 -0.35%
Corn Dec 19 435-6s -1-2 -0.29%
Corn Mar 20 444-4s -2-0 -0.45%
Corn May 20 447-0s -2-2 -0.50%
Oats Jul 19 315-0s -1-6 -0.55%
Oats Sep 19 291-0s -4-6 -1.61%
Oats Dec 19 284-4s -2-4 -0.87%
Oats Mar 20 286-4s -1-4 -0.52%
Oats May 20 284-0s -1-4 -0.53%
Wheat Jul 19 490-4s -14-2 -2.82%
Wheat Sep 19 498-6s -13-2 -2.59%
Wheat Dec 19 512-0s -11-6 -2.24%
Wheat Mar 20 525-0s -10-2 -1.91%
Wheat May 20 530-4s -9-2 -1.71%
Minneapolis
Spring Wheat Jul 19 548-6s -8-6 -1.57%
Spring Wheat Sep 19 556-6s -8-0 -1.42%
Spring Wheat Dec 19 569-0s -5-4 -0.96%
Spring Wheat Mar 20 581-4s -4-4 -0.77%
Spring Wheat May 20 588-2s -4-0 -0.68%
Kansas City
Hard Red Wheat Jul 19 453-2s -7-4 -1.63%
Hard Red Wheat Sep 19 464-2s -7-2 -1.54%
Hard Red Wheat Dec 19 485-0s -6-6 -1.37%
Hard Red Wheat Mar 20 505-4s -6-2 -1.22%
Hard Red Wheat May 20 517-4s -6-4 -1.24%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Jun 19 112.350s +0.800 +0.72%
Live Cattle Aug 19 107.850s +0.075 +0.07%
Live Cattle Oct 19 108.150s +0.250 +0.23%
Feeder Cattle Aug 19 142.725s +0.500 +0.35%
Feeder Cattle Sep 19 143.025s +0.350 +0.25%
Feeder Cattle Oct 19 142.850s +0.025 +0.02%
Lean Hogs Jun 19 85.200s +1.225 +1.46%
Lean Hogs Jul 19 87.800s +2.100 +2.45%
Lean Hogs Aug 19 89.125s +1.775 +2.03%
