By Glen Hallick, MarketsFarm
WINNIPEG, July 9 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were stronger on Tuesday, in a light volume of activity.
One trader commented there was nothing big going on, but spreaders were likely pushing up prices. An analyst said it was a crazy day of trading.
Parts of Manitoba and Saskatchewan were expecting showers or thunderstorms on Tuesday. More rain has been forecast for the parts of the Prairies in the coming days.
The Canadian dollar was losing ground to the United States dollar today. By mid-afternoon the loonie was at 76.15 U.S. cents.
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There were 11,842 contracts traded on Tuesday, which compares with Monday when 15,762 contracts changed hands. Spreading accounted for 2,308 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Nov 448.80 up 1.50
Jan 455.50 up 1.50
Mar 461.90 up 1.50
May 467.50 up 1.40
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Jul/Nov 4.00 under to 16.50 under 24
Nov/Jan 6.70 under to 6.90 under 833
Nov/Mar 13.10 under 4
Nov/May 18.80 under 16
Jan/Mar 6.30 under to 6.50 under 75
Jan/Jul 17.60 under to 17.70 under 6
Mar/May 5.50 under to 5.70 under 96
May/Jul 5.00 under to 5.80 under 94
July/Nov 4.50 under to 5.80 under 6
SOYBEAN futures at the Chicago Board of Trade (CBOT) were stronger on Tuesday, having gained six to eight cents per bushel.
Trade talks between the United States and China are to resume sometime this week. Top negotiators will discuss matters in a teleconference, but no date has been scheduled. A White House spokesperson said China is expected to increase its agricultural imports from the U.S.
The U.S. Department of Agriculture (USDA) reported yesterday that 96 per cent of soybean planting has been completed, with 3 million acres remaining. Approximately 90 per cent of the crop has emerged and rated as 53 per cent good to excellent condition, a slip of one point from last week.
The USDA is scheduled to release its monthly World Agriculture Supply and Demand Estimates on July 11.
CORN futures were lower on Tuesday, losing approximately seven cents per bushel.
The USDA reported that 98 per cent of the corn crop has emerged and rated 57 per cent good to excellent, up one point from the previous week.
WHEAT futures were down on Tuesday, with declines having varied depending on location.
Minneapolis spring wheat fell about six cents per bushel, while Chicago wheat dropped seven to eight cents. Kansas City wheat slipped one and half cents per bushel.
U.S. winter wheat rated 64 per cent good to excellent, according to the USDA. About 47 per cent of the crop has been harvested, well behind the five-year average of 61 per cent.
Spring wheat rated 78 per cent good to excellent, an improvement of three per cent from last week. About 56 per cent of the crop has headed out.
