Weather boosts canola futures

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.

Speculators covering short positions were a feature, with the rally triggering some stops on the way up.

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%

 

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