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Canola futures firm in thin trade, MGEX wheat down hard

Reuters, 11.08.17


(Reuters) – ICE Canada canola futures closed slightly firmer on Friday, rebounding from Thursday’s declines, traders said.

Volume was light.

A firm Canadian dollar limited buying.

November canola settled up 70 cents at $506.90 per tonne. January canola ended up 80 cents at $512.

Volume totalled 5,965, down 70 percent from Thursday.

Chicago Board of Trade November soybeans settled up 4-3/4 cents at US$9.45 a bushel on a round of bargain buying.

NYSE MATIF November rapeseed rose 1.02 percent while Malaysian October palm oil rose 0.71 percent.

U.S. wheat futures fell, led lower by a sharp decline in MGEX spring wheat as investors liquidated bullish positions following the U.S. Department of Agriculture’s forecast for a bigger-than-expected crop in the northern Plains, traders said.

The selloff pushed the benchmark Chicago Board of Trade soft red winter wheat contract to its lowest in nearly two months. MGEX spring wheat ended down 4.2 percent and hit its lowest since June 26, pressured by the USDA’s outlook for a bigger-than-expected crop in the northern Plains.

Chicago soybean and corn futures edged higher with mild bargain buying underpinning prices.

All three posted weekly declines as the USDA’s forecast on Thursday for bumper corn and soybean harvests continued to hang over the market.

Wheat futures have fallen for five straight weeks and corn and soybeans for three.

Chicago Board of Trade September soft red winter wheat futures ended down 1-1/4 cents at $4.39-1/4 a bushel. MGEX spring wheat for September delivery shed 29-1/4 cents to $6.74 a bushel.

“From a technical standpoint, I don’t like the trade action, breaking that $7 number,” said Jason Ward, analyst with Northstar Commodity Investment Co. “That was a very big support area that broke.”

CBOT November soybeans were 4-3/4 cents higher at $9.45 a bushel and CBOT December corn was up 3-3/4 cents at $3.74-3/4 a bushel.

The USDA on Thursday projected the U.S. corn yield at 169.5 bushels per acre, below its previous forecast of 170.7, but well above the average trade estimate of 166.2 bushels per acre.

The USDA also wrong-footed investors by increasing its soybeans yield forecast to 49.4 bushels per acre from 48.0, rather than trimming it as expected.

Traders have been grappling with erratic crop weather that has left some crop belts parched and others soggy. Rainfall was forecast to be limited this week in much of the Midwest, but heavy rain was projected toward the end of next week.

“Market attention now turns back to weather, with yield potential for U.S. soybeans and corn remaining the key focal point for the next month,” Rabobank analysts said in a research note.

Wheat markets remained dampened by the USDA’s supply outlook, which included a sharp increase in projected global wheat stocks in 2017-18, supported by increased estimates for Russian, Ukrainian and Kazakh crops.

Russian consultancies SovEcon and IKAR on Friday gave similar estimates for the world’s biggest wheat exporter last season.

Light crude oil nearby futures in New York were up 23 cents US$48.82 per barrel.

In the afternoon, the Canadian dollar was trading around US78.86 cents, up from 78.49 cents the previous trading day. The U.S. dollar was C$1.2681.

Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 506.90s +0.70 +0.14%
Canola Jan 18 512.00s +0.80 +0.16%
Canola Mar 18 515.60s +0.70 +0.14%
Canola May 18 517.40s +0.30 +0.06%
Canola Jul 18 519.30s +0.70 +0.13%

Milling Wheat Oct 17 265.00s -12.00 -4.33%
Milling Wheat Dec 17 268.00s -12.00 -4.29%
Milling Wheat Mar 18 274.00s -11.00 -3.86%

Durum Wheat Oct 17 335.00s +15.00 +4.69%
Durum Wheat Dec 17 336.00s +15.00 +4.67%
Durum Wheat Mar 18 311.00s +15.00 +5.07%

Barley Oct 17 145.00s unch unch
Barley Dec 17 141.00s unch unch
Barley Mar 18 141.00s unch unch

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 Aug 17 935-4s +4-6 +0.51%
Soybeans Sep 17 938-2s +4-2 +0.46%
Soybeans Nov 17 945-0s +4-6 +0.51%
Soybeans Jan 18 953-6s +4-6 +0.50%
Soybeans Mar 18 962-0s +5-2 +0.55%

Soybean Meal Aug 17 298.1s +3.9 +1.33%
Soybean Meal Sep 17 299.5s +3.7 +1.25%
Soybean Meal Oct 17 301.2s +3.7 +1.24%

Soybean Oil Aug 17 33.53s -0.21 -0.62%
Soybean Oil Sep 17 33.63s -0.16 -0.47%
Soybean Oil Oct 17 33.74s -0.17 -0.50%

Corn Sep 17 360-6s +3-4 +0.98%
Corn Dec 17 374-6s +3-6 +1.01%
Corn Mar 18 386-4s +3-4 +0.91%
Corn May 18 392-6s +3-4 +0.90%
Corn Jul 18 398-4s +4-0 +1.01%

Oats Sep 17 264-0s -2-0 -0.75%
Oats Dec 17 263-2s -3-6 -1.40%
Oats Mar 18 267-0s -3-6 -1.39%
Oats May 18 268-4s -3-6 -1.38%
Oats Jul 18 270-0s -3-6 -1.37%

Wheat Sep 17 439-2s -1-2 -0.28%
Wheat Dec 17 467-0s -1-6 -0.37%
Wheat Mar 18 488-6s -1-4 -0.31%
Wheat May 18 503-6s -1-4 -0.30%
Wheat Jul 18 513-2s -1-0 -0.19%

Minneapolis

Spring Wheat Sep 17 674-0s -29-2 -4.16%
Spring Wheat Dec 17 688-2s -27-2 -3.81%
Spring Wheat Mar 18 690-2s -25-0 -3.50%
Spring Wheat May 18 680-6s -22-4 -3.20%
Spring Wheat Jul 18 672-2s -19-2 -2.78%

Kansas

Hard Red Wheat Sep 17 441-2s -7-0 -1.56%
Hard Red Wheat Dec 17 469-2s -6-4 -1.37%
Hard Red Wheat Mar 18 487-2s -6-4 -1.32%
Hard Red Wheat May 18 501-2s -6-4 -1.28%
Hard Red Wheat Jul 18 517-4s -5-4 -1.05%

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Aug 17 109.725s +0.875 +0.80%
Live Cattle Oct 17 107.400s +0.800 +0.75%
Live Cattle Dec 17 109.325s +0.725 +0.67%

Feeder Cattle Aug 17 141.775s +0.600 +0.43%
Feeder Cattle Sep 17 142.225s +0.925 +0.65%
Feeder Cattle Oct 17 141.600s +1.125 +0.80%

Lean Hogs Aug 17 84.650s +0.200 +0.24%
Lean Hogs Oct 17 68.625s +0.650 +0.96%
Lean Hogs Dec 17 63.250s +0.550 +0.88%

http://www.producer.com/daily/canola-futures-firm-in-thin-trade/



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