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Canola closes down Friday but posts $6.60 gain on week

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Published: August 30, 2013

An improved outlook for rain in the Midwest this weekend pressured crop futures lower and canola closed down.

Temperatures are also supposed to moderate in the Midwest next week, helping to relieve the stress on soybeans, which are setting pods.

Pressure also came from early harvest progress on what is expected to be a record large canola crop in Western Canada.

November canola closed at $522.30 per tonne, down $3.80. For the week, the November contract gained $6.60.

ICE Futures milling wheat and durum contracts were untraded, but the exchange dropped the price today.

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The trend of prices next week will likely be determined by the weather forecasts. If rain totals in the Midwest are disappointing or if the temperatures do not cool down, then crop values could rally again.

Otherwise if there is more benign weather in the Midwest, prices might weaken again as harvest approaches.

The next USDA crop size forecast comes out Sept. 12. Traders expect USDA’s crop condition report that will come out on Tuesday because of the Monday holiday will show a drop of 3 to 5 percentage points in the good-to-excellent rating for soybeans and a drop of 2 to 4 percentage points for corn due to the dry heat this week.

 

Winnipeg ICE Futures Canada dollars per tonne

 

Canola Nov 2013       522.30       -3.80       -0.72%

Canola Jan 2014       527.70       -4.40       -0.83%

Canola Mar 2014       532.50       -4.50       -0.84%

Canola May 2014       536.50       -4.50       -0.83%

Canola Jul 2014       539.00       -4.80       -0.88%

 

Milling Wheat Oct 2013       254.00       -1.00       -0.39%

Milling Wheat Dec 2013       259.00       -1.00       -0.38%

Milling Wheat Mar 2014       265.00       -1.00       -0.38%

 

Durum Wheat Oct 2013       280.00       -4.00       -1.41%

Durum Wheat Dec 2013       282.00       -4.00       -1.40%

Durum Wheat Mar 2014       289.00       -4.00       -1.37%

 

Barley Oct 2013       189.00       unch       0.00%

Barley Dec 2013       194.00       unch       0.00%

Barley Mar 2014       194.00       unch       0.00%

 

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

 

Chicago

Soybeans Sep 2013       1424       -6       -0.42%

Soybeans Nov 2013       1357.5       -11       -0.80%

Soybeans Jan 2014       1354.75       -10       -0.73%

Soybeans Mar 2014       1334.25       -4.5       -0.34%

Soybeans May 2014       1311.75       +2.75       +0.21%

Soybeans Jul 2014       1307.75       +4       +0.31%

 

Soybean Meal Sep 2013       468.2       +0.8       +0.17%

Soybean Meal Oct 2013       428.4       -5.5       -1.27%

Soybean Meal Dec 2013       423.7       -6.4       -1.49%

 

Soybean Oil Sep 2013       43.89       +0.11       +0.25%

Soybean Oil Oct 2013       43.97       +0.07       +0.16%

Soybean Oil Dec 2013       44.29       +0.09       +0.20%

 

Corn Sep 2013       495       -2.25       -0.45%

Corn Dec 2013       482       +0.5       +0.10%

Corn Mar 2014       494.5       +0.25       +0.05%

Corn May 2014       502.5       +0.5       +0.10%

Corn Jul 2014       508.75       +1.25       +0.25%

 

Oats Sep 2013       391.5       -3.25       -0.82%

Oats Dec 2013       340.5       -7       -2.01%

Oats Mar 2014       341.75       -7       -2.01%

Oats May 2014       344.25       -6       -1.71%

Oats Jul 2014       335.25       -6       -1.76%

 

Wheat Sep 2013       643.25       +2       +0.31%

Wheat Dec 2013       654       -0.25       -0.04%

Wheat Mar 2014       665.5       -0.25       -0.04%

Wheat May 2014       672.75       -0.25       -0.04%

Wheat Jul 2014       666.5       +0.25       +0.04%

 

Minneapolis

Spring Wheat Sep 2013       720.25       -4       -0.55%

Spring Wheat Dec 2013       730.25       -2.75       -0.38%

Spring Wheat Mar 2014       741.75       -2.5       -0.34%

Spring Wheat May 2014       750.75       -2.5       -0.33%

Spring Wheat Jul 2014       757.25       -1.5       -0.20%

 

Kansas City

KCBT Red Wheat Sep 2013       700.75       -0.25       -0.04%

KCBT Red Wheat Dec 2013       703.5       +0.25       +0.04%

KCBT Red Wheat Mar 2014       711       +0.25       +0.04%

KCBT Red Wheat May 2014       715.75       +0.5       +0.07%

KCBT Red Wheat Jul 2014       707.75       +3.25       +0.46%

 

Light crude oil nearby futures in New York dropped $1.15 at $107.65 US per barrel.

The Canadian dollar at noon was 94.76 cents US, down from 95.00 cents the previous trading day. The U.S. dollar at noon was $1.0553 Cdn.

Worries about the U.S. Federal Reserve paring down its stimulus and about a possible Western military response to Syria’s use of chemical weapons weakened stock markets.

For the week, the TSX composite was down 0.8 percent, the Dow slid 1.3 percent, the S&P 500 fell 1.8 percent and the Nasdaq fell 1.9 percent.

In August the Dow fell 4.4 percent, the S&P 500 fell 3.1 percent and the Nasdaq fell one percent.

About the author

D'Arce McMillan

Markets editor, Saskatoon newsroom

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