Crusher and exporter buying lifts canola

Canola bucked the lower trend Thursday in grain markets, lifted by crusher and exporter buying and worries about tight stocks.

Gains were limited by weather in Argentina that is more conducive to good growing conditions.

Crop prices generally were also under pressure from forecasts for snowstorms in the U.S Plains and Midwest next week that will help to address the moisture deficit.

March canola closed at $632.50, up $3.90. November closed at $ 555.80, up $2.90.

• The Buenos Aires Grains Exchange today pegged Argentina’s corn crop at 25 million tonnes. The last USDA estimate was 27 million tonnes.

• French analyst Strategie Grains lowered its estimate for EU soft wheat production to 132.2 million tonnes from 133.3 million last month, however, that is still six percent more than last year.

Excess moisture in Britain and parts of France would reduce seeded area, the analyst said.

• The status of Russia’s winter crop in the main southern breadbasket is a little worse than the multi-year average.

The head of state forecaster Roshydromet, Alexandr Frolov, said the crops identified as in poor condition were 10.5 percent, about 1.5 percentage points more than the long term average.

Recent warm weather melted snow and crops are at risk if cold weather returns.

• Reuters reported Saudi Arabian private interests bought about a million tonnes of feed barley in the past month from several sources including Russia, Ukraine Australia and Canada.

Traders believed 400,000 to 500,000 tonnes had been purchased from Russia and Ukraine at around $260 a tonne fob.

The rest was thought to come from Australia and Canada at about $320 a tonne c&f free out. All the grain was for February-June shipment.

• There was a bit of trade in the ICE durum contract, pressuring the price down $5 per tonne.

 

Winnipeg ICE Futures (per tonne)

Canola Mar 13  $632.50, up $3.90       +0.62%

Canola May 13  $617.60, up $2.40       +0.39%

Canola Jul 13  $603.70, up $2.60       +0.43%

Canola Nov 13  $555.80, up $2.90       +0.52%

 

Milling Wheat Mar 13  $291.00, unchanged

Milling Wheat May 13  $294.00, unchanged

Milling Wheat Jul 13  $296.00, unchanged

Milling Wheat Oct 13  $296.00, unchanged

 

Durum Wheat Mar 13  $303.20, down $5.00       -1.62%

Durum Wheat May 13  $307.20, down $5.00       -1.60%

Durum Wheat Jul 13  $310.20, down $5.00       -1.59%

Durum Wheat Oct 13  $295.50, down $5.00       -1.66%

 

Barley Mar 13  $241.50, unchanged

Barley May 13  $242.50, unchanged

Barley Jul 13  $243.00, unchanged

Barley Oct 13  $243.00, unchanged

 

Chicago (per bushel)

Soybeans (P) Mar 13  $14.18, down 5.0 cents -0.35%

Soybeans (P) May 13  $14.085, down 5.0       -0.35%

Soybeans (P) Jul 13  $13.9925, down 5.5       -0.39%

Soybeans (P) Aug 13  $13.6325, down 6.25       -0.46%

Soybeans (P) Sep 13  $13.0275, down 7.5       -0.57%

Soybeans (P) Nov 13  $12.6475, down 7.75       -0.61%

 

Corn (P) Mar 13  $6.9475, down 0.75 -0.11%

Corn (P) May 13 $6.9275, down 0.75 -0.11%

Corn (P) Jul 13  $6.8225, down 1.0       -0.15%

Corn (P) Sep 13  $5.83, unchanged

Corn (P) Dec 13  $5.6375, down 0.5       -0.09%

 

Oats (P) Mar 13  $3.80, unchanged

Oats (P) May 13  $3.75, up 3.25       +0.87%

Oats (P) Jul 13  $3.725, up 2.5       +0.68%

Oats (P) Sep 13  $3.7175, up 2.5       +0.68%

Oats (P) Dec 13  $3.67, up 2.5       +0.69%

 

Minneapolis (per bushel)

Spring Wheat Mar 13  $8.1925, down 3.75 cents       -0.46%

Spring Wheat May 13  $8.35, down 3.75       -0.45%

Spring Wheat Jul 13  $8.4375, down 3.5       -0.41%

Spring Wheat Sep 13  $8.4775, down 4.0       -0.47%

Spring Wheat Dec 13  $8.54, down 5.25       -0.61%

 

The Bank of Canada noon rate for the loonie was 99.92 cents US, up from 99.80 the day before.

The U.S. greenback was $1.0008 Cdn.

Crude oil in New York rose 30 cents to $97.31 per barrel.

Stock markets were under pressure early on bad economic news.

Euro zone GDP fell 0.6 percent in the fourth quarter of 2012 and Japan’s GDP shrank 0.1 percent.

But they picked up a little later on news that Warren Buffett’s Berkshire Hathaway and 3G Capital said they would buy Heinz today at $72.50 a share, or $28 billion including debt.

Also, the number of Americans filing new claims for unemployment benefits fell more than expected in the latest week.

In early tallies —

The Toronto Stock Exchange’s S&P/TSX composite index fell 53.49 points, or 0.42 percent, at 12,721.79.

The Dow Jones industrial average was down 8.98 points, or 0.06 percent, at 13,973.93.

The Standard & Poor’s 500 Index rose 1.07 points, or 0.07 percent, at 1,521.40.

The Nasdaq Composite Index rose 1.78 points, or 0.06 percent, at 3,198.66.

  • JIM WILLITS

    I am looking for a source for the daily trade value for crude canola oil. You publish the values for canola seed, but not oil.

    • Paul Yanko

      Hi Jim – Let me consult our markets data guru, D’Arce McMillan. I’ll get back to you.

      Cheers,
      Paul
      WP web ed

      • Paul Yanko

        Hi Jim – D’Arce says he does not believe there is a futures exchange anywhere in the world – certainly not in North America – that trades canola oil. Do any of our readers know of one?

        Cheers,
        Paul
        WP web ed