Canola dips on hedging; poor US exports sink wheat

May canola dipped less than a dollar a tonne on Thursday while wheat fell a little more.

Corn was the winner today with the nearby contract up almost one percent.

Canola drifted a little lower on commercial hedging and slightly weaker soybeans and soy oil.

Corn continued its recovery from the sharp drop following the USDA’s planting intentions report. Many traders believe that farmers will not follow through on their intention to plant 6.4 percent more corn acres.

Weekly exports also supported corn.

USDA reported export sales of U.S. corn in the week to March 31 at 945,200 tonnes for 2015-16 and 175,100 tonnes for 2016-17, in line with trade expectations.

Winter wheat contracts fell more than one percent, weighed down by forecast for rain in the dry southern plains in about a week. Also, weekly US exports were poor. Spring wheat also fell but the decline was less severe.

The USDA’s export sales report showed net cancellations of old-crop U.S. wheat totaling 58,100 tonnes in the week to March 31, the weakest results in the current marketing year. Analysts had expected old-crop net sales of 150,000 to 350,000 tonnes.

Light crude oil nearby futures in New York were down 49 cents to US$37.26 per barrel.

The Canadian dollar at noon was US75.97 cents, down from 76.47 cents the previous trading day. The U.S. dollar at noon was C$1.3163.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 81.02 points, or 0.61 percent, at 13,266.44.

The Dow Jones industrial average fell 173.95 points, or 0.98 percent, to 17,542.1, the S&P 500 lost 24.7 points, or 1.2 percent, to 2,041.96 and the Nasdaq Composite dropped 72.35 points, or 1.47 percent, to 4,848.37.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2016   482.20   -0.70   -0.14%

Canola Jul 2016   487.00   -1.00   -0.20%

Canola Nov 2016   484.30   -2.00   -0.41%

Canola Jan 2017   489.20   -1.80   -0.37%

Canola Mar 2017   491.00   -1.90   -0.39%

 

Milling Wheat May 2016   237.00   -1.00   -0.42%

Milling Wheat Jul 2016   237.00   -1.00   -0.42%

Milling Wheat Oct 2016   235.00   -1.00   -0.42%

 

Durum Wheat May 2016   296.00   -5.00   -1.66%

Durum Wheat Jul 2016   291.00   -4.00   -1.36%

Durum Wheat Oct 2016   277.00   -5.00 -1.77%

 

Barley May 2016   172.00   unch   0.00%

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Barley Jul 2016   174.00   unch   0.00%

Barley Oct 2016   174.00   unch   0.00%

 

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

 

Chicago

Soybeans May 2016 904.5   -3.5   -0.39%

Soybeans Jul 2016   912.75   -3.25   -0.35%

Soybeans Aug 2016   915.75   -3   -0.33%

Soybeans Sep 2016   916.25   -2.5   -0.27%

Soybeans Nov 2016   919.5   -2.75   -0.30%

Soybeans Jan 2017   924.25   -2.75   -0.30%

 

Soybean Meal May 2016   266.8   -1.1   -0.41%

Soybean Meal Jul 2016   269.4   -1.1   -0.41%

Soybean Meal Aug 2016   270.8   -1.1   -0.40%

 

Soybean Oil May 2016   34.1   -0.16   -0.47%

Soybean Oil Jul 2016   34.37   -0.15   -0.43%

Soybean Oil Aug 2016   34.48   -0.15   -0.43%

 

Corn May 2016   361.5   +3.5   +0.98%

Corn Jul 2016   364   +3.25   +0.90%

Corn Sep 2016   367   +2.75   +0.75%

Corn Dec 2016   374.25   +2.75   +0.74%

Corn Mar 2017   384.25   +2.75   +0.72%

 

Oats May 2016   186.25   +2.75   +1.50%

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Oats Jul 2016   194.5   +3.5   +1.83%

Oats Sep 2016   203   +2.75   +1.37%

Oats Dec 2016   210.75   +2.25   +1.08%

Oats Mar 2017   217.5   +4.25   +1.99%

 

Wheat May 2016   457   -6   -1.30%

Wheat Jul 2016   464.5   -5.25   -1.12%

Wheat Sep 2016   474.25   -5.25   -1.09%

Wheat Dec 2016   489   -5.25   -1.06%

Wheat Mar 2017   503.5   -5   -0.98%

 

Minneapolis

Spring Wheat May 2016   513.5   -3   -0.58%

Spring Wheat Jul 2016   522.25   -3   -0.57%

Spring Wheat Sep 2016   532   -3   -0.56%

Spring Wheat Dec 2016   545   -2.75   -0.50%

Spring Wheat Mar 2017   557.75   -2.5   -0.45%

 

Kansas City

Hard Red Wheat May 2016   454.25   -7   -1.52%

Hard Red Wheat Jul 2016   465.5   -6.75   -1.43%

Hard Red Wheat Sep 2016   480   -6.5   -1.34%

Hard Red Wheat Dec 2016   500.5   -6.5   -1.28%

Hard Red Wheat Mar 2017   513.5   -6.25   -1.20%

 

 

 

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