Canada’s agricultural markets update, May 23, 2014

Canola, soybeans and wheat edged lower on Friday but corn rose a little.

The weakness in the soy complex, a stronger Canadian dollar and good seeding weather in Western Canada pressured canola lower.

On the day, July fell $3.60 to $487.50 per tonne and November fell $3.10 to $485.80.

On the week, July fell 50 cents per tonne or 0.1 percent But November gained $3.60 per tonne or 0.7 percent.

The Canadian Oilseed Processors Association said members crushed 152,082 tonnes of canola in the week ending May 21, an increase of three percent over the week before.

That represented a capacity use of 85.3 percent.

The crush pace has improved recently allowing the year to date number to start to catch up to last year’s pace.

To date, COPA members have crushed 5.568 million tonnes compared to 5.605 million at the same point last year.

On Friday soybeans gave up a little ground on profit taking after the strong gains on Thursday when prices rose on worries about tight U.S. stocks.

China’s demand for soybeans appears to be picking up after a lull in March and early April. Crush margins in China are now the best in six months.

July soybeans on the week rose 3.4 percent.

While demand for soybean and soy meal remain strong keeping the price trend up, soybean oil prices are falling. The oil has fallen each week for five weeks, losing about 7.2 percent.

Corn edged higher on bargain buying after recent declines and on positioning of spreads between it and soybeans.

All U.S. wheat futures markets fell on the idea that global wheat supplies will be ample. Also, planting progress in North Dakota and Western Canada weighed on spring wheat while rain in the southern Plains weighed on hard red wheat prices.

On the week, nearby Minneapolis wheat futures fell 1.9 percent while Kansas hard red winter wheat fell three percent and Chicago soft wheat fell 3.4 percent.

 

Winnipeg ICE Futures Canada (Canadian dollars per tonne)

Canola Jul 2014       487.50       -3.60       -0.73%

Canola Nov 2014       485.80       -3.10       -0.63%

Canola Jan 2015       490.40       -2.80       -0.57%

Canola Mar 2015       492.00       -3.10       -0.63%

Canola May 2015       493.60       -3.30       -0.66%

 

Milling Wheat Jul 2014       221.00       -2.00       -0.90%

Milling Wheat Oct 2014       221.00       -2.00       -0.90%

Milling Wheat Dec 2014       225.00       -1.00       -0.44%

 

Durum Wheat Jul 2014       252.00       unch       0.00%

Durum Wheat Oct 2014       243.00       unch       0.00%

Durum Wheat Dec 2014       245.00       unch       0.00%

 

Barley Jul 2014       150.00       unch       0.00%

Barley Oct 2014       150.00       unch       0.00%

Barley Dec 2014       152.00       unch       0.00%

 

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

 

Chicago

Soybeans Jul 2014       1515.5       -3.25       -0.21%

Soybeans Aug 2014       1445.5       -2.5       -0.17%

Soybeans Sep 2014       1320.75       -6.5       -0.49%

Soybeans Nov 2014       1265.75       -5       -0.39%

Soybeans Jan 2015       1271.25       -4.75       -0.37%

Soybeans Mar 2015       1275.25       -4.25       -0.33%

 

Soybean Meal Jul 2014       502.6       +1.1       +0.22%

Soybean Meal Aug 2014       475.4       +0.5       +0.11%

Soybean Meal Sep 2014       440.9       -1.6       -0.36%

 

Soybean Oil Jul 2014       40.38       -0.48       -1.17%

Soybean Oil Aug 2014       40.41       -0.44       -1.08%

Soybean Oil Sep 2014       40.44       -0.38       -0.93%

 

Corn Jul 2014       478       +1.25       +0.26%

Corn Sep 2014       475.5       +1.5       +0.32%

Corn Dec 2014       475.25       +1.75       +0.37%

Corn Mar 2015       484.75       +2       +0.41%

Corn May 2015       491       +2       +0.41%

 

Oats Jul 2014       345.5       -0.5       -0.14%

Oats Sep 2014       335.5       +1       +0.30%

Oats Dec 2014       331.5       +1.5       +0.45%

Oats Mar 2015       327.75       +3.5       +1.08%

Oats May 2015       323.75       +3.5       +1.09%

 

Wheat Jul 2014       652.5       -6.75       -1.02%

Wheat Sep 2014       663.75       -6.25       -0.93%

Wheat Dec 2014       682.25       -6       -0.87%

Wheat Mar 2015       699.25       -6       -0.85%

Wheat May 2015       707.5       -5.25       -0.74%

 

Minneapolis

Spring Wheat Jul 2014       725.5       -5.5       -0.75%

Spring Wheat Sep 2014       733.75       -4       -0.54%

Spring Wheat Dec 2014       743       -4.5       -0.60%

Spring Wheat Mar 2015       751       -4       -0.53%

Spring Wheat May 2015       755.25       -2.75       -0.36%

 

Kansas City

KC HRW Wheat Jul 2014       745       -6.75       -0.90%

KC HRW Wheat Sep 2014       752.25       -6.75       -0.89%

KC HRW Wheat Dec 2014       763.25       -6.5       -0.84%

KC HRW Wheat Mar 2015       767.75       -6       -0.78%

KC HRW Wheat May 2015       765.25       -6.25       -0.81%

 

July crude oil in New York closed up 61 cents at $104.35.

The Bank of Canada said the Canadian dollar at noon was 92 cents US, up from 91.76 cents the day before.

The U.S. buck was $1.0870 Cdn.

Sales of new U.S. single-family homes rose more than expected in April and the supply of houses on the market hit a 3 ½ year high

Canada’s annual inflation rate rose to the central bank’s two percent target in April for the first time in two years.

In unofficial tallies —

The Toronto Stock Exchange’s S&P/TSX composite index closed up 5.81 points, or 0.04 percent, at 14,708.10.

The Dow Jones industrial average rose 63.19 points or 0.38 percent, to end at 16,606.27.

The S&P 500 gained 8.04 points or 0.42 percent, to finish at 1,900.53, a record high.

The Nasdaq Composite added 31.47 points or 0.76 percent, to close at 4,185.81.

For the week, the TSX rose 1.3 percent, the Dow rose 0.7 percent, the S&P 500 gained 1.2 percent and the Nasdaq climbed 2.3 percent.