Weather continues to hold up canola

WINNIPEG – Intercontinental Exchange (ICE) Futures canola contracts were stronger on Thursday, after showing some independent strength and with spillover from soyoil on the Chicago Board of Trade.

The July canola contract rose by C$4.50 at C$454.70 per tonne. The November contract gained C$4.20 at C$467.10 per tonne.

While Alberta has been getting rain today, Saskatchewan’s hopes for precipitation were largely dashed, with only light showers expected. Manitoba was to receive light showers as well today. Persistent dry conditions pushed up prices.

There were 22,111 contracts traded on Thursday, which compares with Wednesday when 14,009 contracts changed hands. Spreading accounted for 11,060 contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

Price Change
Canola Jul 454.70 up 4.50
Nov 467.10 up 4.20
Jan 473.20 up 4.20
Mar 478.80 up 4.40

SOYBEAN futures at the Chicago Board of Trade (CBOT) were weaker on Thursday on technical selling.

In the United States Department of Agriculture’s (USDA) weekly export sales report, old crop soybean exports were slightly above market expectations at 510,000 tonnes. New crop sales were at the low end of market expectations at 73,700 tonnes.

A private analytical firm projected U.S. soybean production for the 2019/20 crop year to be close to 117.40 million tonnes, with almost 85.0 million acres planted.

In a recently signed deal, Russia will increase its exports of soybeans, rapeseed and other grains to China.

CORN futures were stronger on Thursday, due technical buying and spillover from a bounce in wheat bids.

The USDA reported cancellations of old crop corn sales led to exports of minus 8,800 tonnes, very far below the low end of market expectations of 500,000 tonnes. New crop sales at 23,500 tonnes were also well back of expectations.

The private analytical firm estimated U.S. corn production in 2019/20 to exceed 344.30 million tonnes on nearly 85 million acres.
Ukraine reported its total grain exports for the 2018/19 crop year have reached 42.91 million tonnes, of which close to 75 per cent was corn.

WHEAT futures were stronger on Thursday due to dry conditions in major wheat producing countries in the world, such as Australia, Canada and Russia.

The USDA reported old crop wheat sales were minus 26,000 tonnes, due to cancellations, but were within expectations. New crop sales exceeded expectations at 511,000 tonnes.

The private firm predicted U.S. winter wheat production to be approximately 35.0 million tonnes, with spring wheat production short of 50.5 million tonnes.

Russia reported its spring wheat planting will be more than 26.6 million acres this year, an increase of almost 35 per cent from last year.

Farmers in Argentina are projected to plant 16.8 million acres of wheat in 2019, the country’s largest amount of acres in almost 20 years.

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up 91 cents at US$52.59 per barrel.

In the afternoon, the Canadian dollar was trading around US74.75 cents, up from 74.62 cents the previous trading day. The U.S. dollar was C$1.3378.

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jul 19 454.70s +4.50 +1.00%

Canola Nov 19 467.10s +4.20 +0.91%

Canola Jan 20 473.20s +4.20 +0.90%

Canola Mar 20 478.80s +4.40 +0.93%

Canola May 20 483.70s +4.40 +0.92%

 

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 19 868-6s -1-0 -0.11%

Soybean Aug 19 875-2s -1-0 -0.11%

Soybean Sep 19 882-2s -1-4 -0.17%

Soybean Nov 19 895-2s -2-0 -0.22%

Soybean Jan 20 908-6s -1-6 -0.19%

 

Soybean Meal Jul 19 315.9s -1.8 -0.57%

Soybean Meal Aug 19 317.1s -2.1 -0.66%

Soybean Meal Sep 19 318.8s -2.2 -0.69%

 

Soybean Oil Jul 19 27.76s +0.54 +1.98%

Soybean Oil Aug 19 27.89s +0.52 +1.90%

Soybean Oil Sep 19 27.99s +0.50 +1.82%

 

Corn Jul 19 420-4s +5-6 +1.39%

Corn Sep 19 429-4s +5-2 +1.24%

Corn Dec 19 438-4s +5-0 +1.15%

Corn Mar 20 446-6s +4-6 +1.07%

Corn May 20 450-0s +5-0 +1.12%

 

Oats Jul 19 300-2s +8-4 +2.91%

Oats Sep 19 288-4s +6-6 +2.40%

Oats Dec 19 279-2s +7-2 +2.67%

Oats Mar 20 280-2s +6-6 +2.47%

Oats May 20 277-6s +6-6 +2.49%

 

Wheat Jul 19 510-0s +19-2 +3.92%

Wheat Sep 19 514-2s +16-4 +3.31%

Wheat Dec 19 525-6s +14-6 +2.89%

Wheat Mar 20 536-4s +13-2 +2.53%

Wheat May 20 542-2s +12-0 +2.26%

 

Minneapolis

Spring Wheat Jul 19 565-0s +18-0 +3.29%

Spring Wheat Sep 19 574-2s +17-4 +3.14%

Spring Wheat Dec 19 586-6s +15-6 +2.76%

Spring Wheat Mar 20 599-2s +14-2 +2.44%

Spring Wheat May 20 606-0s +13-4 +2.28%

 

Kansas City

Hard Red Wheat Jul 19 455-2s +9-4 +2.13%

Hard Red Wheat Sep 19 468-4s +9-6 +2.13%

Hard Red Wheat Dec 19 491-6s +10-0 +2.08%

Hard Red Wheat Mar 20 513-4s +10-2 +2.04%

Hard Red Wheat May 20 527-6s +11-2 +2.18%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Jun 19 107.600s -0.250 -0.23%

Live Cattle Aug 19 104.800s +0.125 +0.12%

Live Cattle Oct 19 105.750s +0.200 +0.19%

 

Feeder Cattle Aug 19 139.275s -0.175 -0.13%

Feeder Cattle Sep 19 139.600s -0.100 -0.07%

Feeder Cattle Oct 19 139.750s +0.025 +0.02%

 

Lean Hogs Jun 19 79.375s -0.475 -0.59%

Lean Hogs Jul 19 86.350s +0.075 +0.09%

Lean Hogs Aug 19 85.625s -0.450 -0.52%

 

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