Nearby canola lost another $7.80 this week as the outlook for oilseeds generally turned more negative and Canada’s particular problems with logistics continued.
Soybeans and soy oil barely changed in trading Friday but settled on the positive side. However March canola fell S4.90 on the day.
November canola fell $4.60 on the day and $5.60 on the week. The loonie gained about 0.5 cent.
Soybeans got support today from larger than expected weekly U.S. sales. They totaled 1.67 million tonnes, including 703,400 tonnes of old-crop soy. The trade expected 300,000 to 625,000 tonnes.
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U.S. soybean futures fell to a 1-1/2 week low on Tuesday as China continued to shun purchases from the United States and as forecasts for improved rains in the coming days reinforced expectations for a sizeable Midwest harvest.
Limiting gains were prospects that South America will produce a record large soybean crop. Argentina has seen the hottest weather in 53 years this month but stormy, rainy conditions this week reduced the stress on the crop. Early this week, the heat, coupled with high humidity in many parts of northern Argentina made it feel like a temperature in the mid to high 40s C.
In some parts of Brazil the soybean harvest has begun and it appears as much as 2.5 million tonnes should be shipped in February compared to less than a million tonnes last year in that month. Although crops are maturing earlier this year, recent rain stalled harvest this week in the largest producing state, Mato Grosso.
Brazil expects its soy production to rise by 12 percent to about 90 million tonnes.
After the first rally in months, wheat traders took profits on Friday and the Chicago contract fell one percent.
The modest wheat rally was sparked by concerns about cold weather on the U.S. plains and Midwest that could harm pockets of the dormant winter wheat crop. Also, several buyers in the Middle East and North Africa made purchases or issued tenders, indicating that buyers are stepping up, looking for bargains.
Over the week, Chicago wheat gained only 1.75 cents per bushel.
Corn was mixed today, supported by strong export sales but capped by profit taking ahead of the weekend following three days of gains.
Weekly U.S. corn sales were 693,200 tonnes, topping expectations for 250,000 to 650,000 tonnes of corn, Reuters reported.
It was a down day on the wider markets with investors concerned about soft economic data from China and concerns that the U.S. Federal Reserve will further scale back its stimulus program. That is taking a toll not just on the Canadian loonie. Emerging market currencies are falling hard, making it difficult (more expensive) for those countries to buy commodities.
Argentina’s peso fell 11 percent against the U.S. buck on Thursday alone.
The big U.S. stock indexes were down about two percent today.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2014 425.20 -3.00 -0.70%
Canola May 2014 435.00 -2.90 -0.66%
Canola Jul 2014 443.80 -3.00 -0.67%
Canola Nov 2014 459.30 -3.00 -0.65%
Canola Jan 2015 464.90 -3.00 -0.64%
Milling Wheat Mar 2014 182.00 -2.00 -1.09%
Milling Wheat May 2014 187.00 -2.00 -1.06%
Milling Wheat Jul 2014 190.00 -2.00 -1.04%
Durum Wheat Mar 2014 245.00 unch 0.00%
Durum Wheat May 2014 249.00 unch 0.00%
Durum Wheat Jul 2014 250.00 unch 0.00%
Barley Mar 2014 127.00 unch 0.00%
Barley May 2014 129.00 unch 0.00%
Barley Jul 2014 129.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2014 1284.75 +7.75 +0.61%
Soybeans May 2014 1270 +7.5 +0.59%
Soybeans Jul 2014 1257.75 +7.5 +0.60%
Soybeans Aug 2014 1218.75 +6 +0.49%
Soybeans Sep 2014 1152.25 +3.25 +0.28%
Soybeans Nov 2014 1109.25 +0.5 +0.05%
Soybean Meal Mar 2014 425.7 +7 +1.67%
Soybean Meal May 2014 410.4 +5.6 +1.38%
Soybean Meal Jul 2014 401.7 +5.2 +1.31%
Soybean Oil Mar 2014 37.54 -0.32 -0.85%
Soybean Oil May 2014 37.9 -0.3 -0.79%
Soybean Oil Jul 2014 38.27 -0.29 -0.75%
Corn Mar 2014 429.5 +0.5 +0.12%
Corn May 2014 436 +0.75 +0.17%
Corn Jul 2014 441.5 +0.25 +0.06%
Corn Sep 2014 444.25 -0.25 -0.06%
Corn Dec 2014 449.5 +0.25 +0.06%
Oats Mar 2014 396.25 +7 +1.80%
Oats May 2014 355 +1 +0.28%
Oats Jul 2014 329.5 +1.5 +0.46%
Oats Sep 2014 306 +1.5 +0.49%
Oats Dec 2014 289 +0.75 +0.26%
Wheat Mar 2014 565.25 -4.75 -0.83%
Wheat May 2014 571.5 -4.75 -0.82%
Wheat Jul 2014 577 -5.25 -0.90%
Wheat Sep 2014 585.5 -5 -0.85%
Wheat Dec 2014 598.75 -4.5 -0.75%
Minneapolis
Spring Wheat Mar 2014 613 -4.25 -0.69%
Spring Wheat May 2014 613 -5.25 -0.85%
Spring Wheat Jul 2014 621 -5 -0.80%
Spring Wheat Sep 2014 629 -4.5 -0.71%
Spring Wheat Dec 2014 642.25 -4.5 -0.70%
Kansas City
KCBT Red Wheat Mar 2014 627.25 -5 -0.79%
KCBT Red Wheat May 2014 625.25 -4.75 -0.75%
KCBT Red Wheat Jul 2014 619.25 -4.25 -0.68%
KCBT Red Wheat Sep 2014 628.75 -4.75 -0.75%
KCBT Red Wheat Dec 2014 640.5 -4.75 -0.74%
Light crude oil nearby futures in New York dropped 68 cents at $96.64 US per barrel.
The Canadian dollar at noon was 90.40 cents US, up from 89.85 cents the previous trading day. The U.S. dollar at noon was $1.1062 Cdn.
In unofficial tallies —
The Toronto Stock Exchange’s S&P/TSX composite index closed down 215.21 points, or 1.54 percent, at 13,717.76.
The Dow Jones industrial average was down 318.24 points, or 1.96 percent, at 15,879.11.
The Standard & Poor’s 500 Index was down 38.15 points, or 2.09 percent, at 1,790.31.
The Nasdaq Composite Index was down 90.70 points, or 2.15 percent, at 4,128.17.
On the week, the TSX was down 1.2 percent.
