Canola prices still weighed down but U.S. corn shows life

Canola futures fell again Thursday, catching up with the steep losses in soybeans on Wednesday.

Soybeans fell about 1.5 percent Wednesday while canola dropped only 0.2 percent. So although soybeans bounced back a little today, trader pushed down canola futures.

Also soy oil had fallen the two previous days.

Generally, the record canola crop, inadequate export pace and prospects of huge year end stocks have put a cloud over canola futures.

Soybeans rose Thursday mostly on the tails of corn, which jumped more than one percent after the USDA reported weekly export sales for 2013-14 at 827,100 tonnes, up from forecasts of 550,000 to 750,000 tonnes.

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U.S. soybean export sales were bearish at 415,500 tonnes, below the low end of analysts’ estimates for 700,000 to 900,000 tonnes. Soymeal export sales were a marketing year low of 77,100 tonnes, below expectations for 150,000 to 300,000 tonnes, Reuters reported

Wheat export sales of 656,100 tonnes also topped the range of expectations.

However, wheat fell again on thoughts that the world has more than ample supply.

Argentina’s agriculture Ministry raised its outlook for the 2013-14 wheat crop by 500,000 tonnes to nine million tonnes.

Australia wheat sells bid lower than Canadian or U.S. wheat to win an Iraqi tender. Iraq’s state grain board bought 350,000 tonnes of Australian wheat at Prices ranging from $339.70 a tonne to $346.45 a tonne c&f free out. North American wheat bids were about $10-$20 higher.

The U.S. expects to get beneficial moisture over the weekend with rain in the southern soft wheat area and snow in the hard red wheat area of the Plains.

A turn toward drier hotter weather in Argentina and southern Brazil over the next couple of weeks could stress crops. Central areas of Brazil are enjoying showers and moderate temperatures.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jan 2014 441.60 -4.10 -0.92%

Canola Mar 2014 452.10 -4.00 -0.88%

Canola May 2014 461.30 -4.50 -0.97%

Canola Jul 2014 470.50 -3.80 -0.80%

Canola Nov 2014 484.10 -3.60 -0.74%

Milling Wheat Mar 2014 189.00 -3.00 -1.56%

Milling Wheat May 2014 199.00 -3.00 -1.49%

Milling Wheat Jul 2014 203.00 -3.00 -1.46%

Durum Wheat Mar 2014 243.00 -1.00 -0.41%

Durum Wheat May 2014 247.00 -1.00 -0.40%

Durum Wheat Jul 2014 248.00 -1.00 -0.40%

Barley Mar 2014 146.00 unch 0.00%

Barley May 2014 148.00 unch 0.00%

Barley Jul 2014 148.00 unch 0.00%

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

Chicago

Soybeans Jan 2014 1327 +3 +0.23%

Soybeans Mar 2014 1319 +5.25 +0.40%

Soybeans May 2014 1305.5 +6.75 +0.52%

Soybeans Jul 2014 1293 +6 +0.47%

Soybeans Aug 2014 1261.75 +4.25 +0.34%

Soybeans Sep 2014 1203.75 +3.5 +0.29%

Soybean Meal Jan 2014 442.1 +0.9 +0.20%

Soybean Meal Mar 2014 428.5 +0.8 +0.19%

Soybean Meal May 2014 419.2 +1.9 +0.46%

Soybean Oil Jan 2014 39.33 +0.27 +0.69%

Soybean Oil Mar 2014 39.64 +0.26 +0.66%

Soybean Oil May 2014 40.03 +0.26 +0.65%

Corn Mar 2014 430.5 +5.5 +1.29%

Corn May 2014 438.5 +5 +1.15%

Corn Jul 2014 445.5 +5 +1.14%

Corn Sep 2014 451.5 +4.75 +1.06%

Corn Dec 2014 457.75 +4 +0.88%

Oats Mar 2014 348.25 -6.25 -1.76%

Oats May 2014 327.25 -7.5 -2.24%

Oats Jul 2014 320 -7.75 -2.36%

Oats Sep 2014 312.25 -7.75 -2.42%

Oats Dec 2014 308.75 -0.25 -0.08%

Wheat Mar 2014 610.75 -2 -0.33%

Wheat May 2014 617.5 -1.75 -0.28%

Wheat Jul 2014 621 -1.25 -0.20%

Wheat Sep 2014 630.25 -1 -0.16%

Wheat Dec 2014 643.75 -1.25 -0.19%

Minneapolis

Spring Wheat Mar 2014 646.25 -0.5 -0.08%

Spring Wheat May 2014 656 -1.25 -0.19%

Spring Wheat Jul 2014 666.5 -1.75 -0.26%

Spring Wheat Sep 2014 674.25 -2.5 -0.37%

Spring Wheat Dec 2014 686.75 -1.75 -0.25%

Kansas City

KCBT Red Wheat Mar 2014 652.75 -1 -0.15%

KCBT Red Wheat May 2014 653.75 -2.75 -0.42%

KCBT Red Wheat Jul 2014 654 -2.75 -0.42%

KCBT Red Wheat Sep 2014 664 -3 -0.45%

KCBT Red Wheat Dec 2014 676 -2.75 -0.41%

Light crude oil nearby futures in New York rose 97 cents at $98.77 US per barrel.

The Canadian dollar at noon was 93.67 cents US, down from 93.94 cents the previous trading day. The U.S. dollar at noon was $1.0676 Cdn.

U.S. stock markets were barely moving Thursday after strong gains on Wednesday following the Federal Reserve’s decision to start trimming back its stimulus plan. The TSX in afternoon trade was up about 0.4 percent.