Weak loonie boosts canola

Despite a sell-off in soybeans, canola futures held steady on the first trading day of 2015, thanks to the weakness of the Canadian dollar.

March canola in Winnipeg closed at $443 per tonne, up $3.20 from Wednesday.

The loonie fell nearly a cent from Dec. 31 to Jan. 2. The Bank of Canada noon rate was US 85.27 cents today, compared to 86.2 cents Wednesday. Traders attributed the fall to the strength of the U.S. dollar. The greenback is gaining ground against all major currencies because traders expect the U.S. Federal Reserve to raise interest rates in 2015.

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March soybean futures in Chicago dropped 16 cents a bushel Friday, finishing the day at $10.075 per bu.

Favourable weather in South America and the potential of massive soy exports is hanging over the bean market.

Chicago Board of Trade wheat futures also fell. The March contract sank 8.5 cents to close at $5.8125 per bu.

Wheat futures have declined more than 50 cents per bu. over the last 10 days. Traders said Russian duties on grain exports, announced Dec. 29, were already factored into wheat prices.

Reuters reported that uncertainty over Russian policies pushed wheat prices higher in the fall, but the world can easily replace the approximately three million tonnes that Russia may not export.

Analysts are also less concerned about the U.S. winter wheat crop because cold weather isn’t likely to cause severe damage to the dormant crop.

CBOT wheat lost 4.8 percent on the week. Kansas City wheat futures sank 4.3 percent and Minneapolis spring wheat dropped 3.3 percent.

Corn futures dropped 1.25 cents on the day, with the March contract closing at $3.9575.

Compared to the beginning of 2014, corn is down about percent over the last year. Corn futures began 2014 at $4.25 per bu.

Canola gained about 4.7 percent in the last 365 days. It opened 2014 around $425 per tonne.

Soybeans suffered larger losses than most grains and oilseeds in 2014. It began 2014 at $12.90 per bu, losing 22 percent over the period.

Chicago wheat futures declined only 2.3 percent in 2014. Wheat opened last year at approximately $6 a bu.

Light crude oil nearby futures in New York down 58 cents to US$52.69 per barrel.

The Canadian dollar at noon was US85.27 cents, down from 86.20 cents the previous trading day. The U.S. dollar at noon was C$1.1728.

Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2015    455.30    +3.00    +0.66%
Canola Mar 2015    443.00    +3.20    +0.73%
Canola May 2015    436.80    +3.70    +0.85%
Canola Jul 2015    434.30    +4.30    +1.00%
Canola Nov 2015    423.30    +2.40    +0.57%

Milling Wheat Mar 2015    222.00    -4.00    -1.77%
Milling Wheat May 2015    225.00    -4.00    -1.75%
Milling Wheat Jul 2015    227.00    -4.00    -1.73%

Durum Wheat Mar 2015    380.00    unch    0.00%
Durum Wheat May 2015    370.00    unch    0.00%
Durum Wheat Jul 2015    360.00    unch    0.00%

Barley Mar 2015    177.00    unch    0.00%
Barley May 2015    179.00    unch    0.00%
Barley Jul 2015    181.00    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 2015    1002.5    -16.75    -1.64%
Soybeans Mar 2015    1007.5    -16    -1.56%

Soybeans May 2015    1014.75    -15.75    -1.53%
Soybeans Jul 2015    1020.5    -16.5    -1.59%
Soybeans Aug 2015    1020.25    -15.25    -1.47%
Soybeans Sep 2015    1004    -14    -1.38%

Soybean Meal Jan 2015    356.5    -8.1    -2.22%
Soybean Meal Mar 2015    340.4    -7.2    -2.07%
Soybean Meal May 2015    334.1    -6.8    -1.99%

Soybean Oil Jan 2015    31.95    -0.02    -0.06%
Soybean Oil Mar 2015    32.09    -0.05    -0.16%
Soybean Oil May 2015    32.27    -0.08    -0.25%

Corn Mar 2015    395.75    -1.25    -0.31%
Corn May 2015    404.5    -1.25    -0.31%
Corn Jul 2015    411.25    -1.25    -0.30%
Corn Sep 2015    413.5    -1.75    -0.42%
Corn Dec 2015    419.5    -1.5    -0.36%

Oats Mar 2015    302.25    -1.5    -0.49%
Oats May 2015    303.5    -0.5    -0.16%
Oats Jul 2015    306.5    unch    0.00%
Oats Sep 2015    304.75    -0.5    -0.16%
Oats Dec 2015    304.25    -1.25    -0.41%

Wheat Mar 2015    581.25    -8.5    -1.44%
Wheat May 2015    586.75    -7.75    -1.30%
Wheat Jul 2015    589    -8.5    -1.42%
Wheat Sep 2015    596.25    -8.5    -1.41%
Wheat Dec 2015    606.75    -8    -1.30%

Minneapolis
Spring Wheat Mar 2015    611    -11    -1.77%

Spring Wheat May 2015    619    -10.75    -1.71%
Spring Wheat Jul 2015    626.5    -10.75    -1.69%
Spring Wheat Sep 2015    632.25    -11.5    -1.79%
Spring Wheat Dec 2015    640    -13    -1.99%

Kansas City
Hard Red Wheat Mar 2015    617    -9.5    -1.52%
Hard Red Wheat May 2015    622    -9.5    -1.50%
Hard Red Wheat Jul 2015    624.25    -11.5    -1.81%
Hard Red Wheat Sep 2015    635    -11    -1.70%
Hard Red Wheat Dec 2015    649.5    -9.5    -1.44%