Canola futures again beat the general downward trend in crops markets on Friday thanks to the weak Canadian dollar and a bounce back in soy oil.
March canola today closed at $453.40 a tonne, up $4.30 and May closed at $449.40, up $3.30.
Today’s gain lessened the damage for the week.
Between the close last Friday and this Friday, March canola fell $8.10 a tonne and May fell $6.20.
The week’s decline in March canola equaled 1.7 percent.
The decline in March soybeans was 1.2 percent and the fall in March soy oil was five percent.
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The Canadian dollar fell below US79 cents following a report that showed Canada’s gross domestic product fell 0.2 percent in November.
Investment bank JP Morgan has forcast that the loonie could fall to 77 cents if the Bank of Canada cuts interest rates again, as many analysts assume.
The Canadian Oilseed Processors Association said members crushed 149,771 tonnes of canola in the week ending Jan. 28, down 2.2 percent.
That represented an almost 82 percent capacity use, slightly ahead of the rate so far this year.
The total crush this crop year is running about five percent of last year at this point.
Soybean futures fell on speculator fund selling and prospects for a record large South American harvest.
Soy oil rose on a technical bounce after hitting a six year low on Thursday as the trade fretted that a government rule change will allow more biodiesel from Argentina into the U.S.
Also Pakistan importers bought about 60,000 tonnes of soy oil, likely from the United States, European traders told Reuters.
Open interest in soy oil futures have risen and that is a sign that investors are making short bets, or taking positions with the expectation that prices will fall.
Wheat futures fell, with Chicago dropping below $5 for the first time in three months.
Wheat was under pressure because of ample global supplies and the strong U.S. dollar that makes U.S. wheat expensive on world markets.
Also the forecast is for rain and snow across the U.S. southern Plains and Mid West this weekend that should alleviate dry soils in the Plains and protect Midwest wheat against cold temperatures next week.
Monthly winter wheat condition ratings from the USDA will come out on Monday.
The government of Argentina today said it would not issue export permits to companies that pay growers significantly less than the international price.
The government restricts wheat exports to ensure an ample supply for Argentina’s population and keep domestic flour prices low.
Corn futures again fell on ample supply and expectations of a good harvest in South America.
Sales of U.S. grain and other agricultural products in containers are suffering because of a months long work slowdown at Los Angeles and Long Beach and other U.S. west coast ports.
Agrimoney.com reported that Allendale forcasts that new crop soybeans by November will fall to $8.07 a bushel as the new American harvest hits an already over supplied market.
It thinks corn futures could fall below $3.50 in early summer but could then see a rally to close to $4.60.
Light crude oil nearby futures in New York were up $3.71 to US$48.24 per barrel.
The Canadian dollar at noon was US78.63 cents, down from US79.09 cents the previous trading day. The U.S. dollar at noon was C$1.2717.
U.S. GDP rose less than expected at an annualized pace of 2.6 percent in the fourth quarter after the heady increase of five percent in the third quarter.
The Toronto Stock Exchange composite rose 32.53 points or 0.22 percent to close at 14,669.81.
The Dow Jones industrial average fell 247.22 points, or 1.42 percent, to 17,169.63, the S&P 500 lost 26.07 points, or 1.29 percent, to 1,995.18 and the Nasdaq Composite dropped 48.17 points, or 1.03 percent, to 4,635.24.
For the week, the TSX fell 0.7 percent, the Dow was down 2.8 percent, the S&P was down 2.8 percent and the Nasdaq down 2.6 percent.
For the month, the Dow was down 3.6 percent, the S&P fell 3.1 percent and the Nasdaq was off 2.1 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2015Â Â Â Â Â Â 453.40Â Â Â Â Â Â +4.30Â Â Â Â Â Â +0.96%
Canola May 2015Â Â Â Â Â Â 449.40Â Â Â Â Â Â +3.30Â Â Â Â Â Â +0.74%
Canola Jul 2015Â Â Â Â Â Â 447.80Â Â Â Â Â Â +4.00Â Â Â Â Â Â +0.90%
Canola Nov 2015Â Â Â Â Â Â 435.20Â Â Â Â Â Â +3.80Â Â Â Â Â Â +0.88%
Canola Jan 2016Â Â Â Â Â Â 436.80Â Â Â Â Â Â +3.20Â Â Â Â Â Â +0.74%
Milling Wheat Mar 2015Â Â Â Â Â Â 212.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.47%
Milling Wheat May 2015Â Â Â Â Â Â 215.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.46%
Milling Wheat Jul 2015Â Â Â Â Â Â 218.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.46%
Durum Wheat Mar 2015      358.00      unch      0.00%
Durum Wheat May 2015      348.00      unch      0.00%
Durum Wheat Jul 2015      338.00      unch      0.00%
Barley Mar 2015      195.00      unch      0.00%
Barley May 2015      197.00      unch      0.00%
Barley Jul 2015      199.00      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 2015Â Â Â Â Â Â 961Â Â Â Â Â Â -7.25Â Â Â Â Â Â -0.75%
Soybeans May 2015Â Â Â Â Â Â 967.75Â Â Â Â Â Â -7Â Â Â Â Â Â -0.72%
Soybeans Jul 2015Â Â Â Â Â Â 972.75Â Â Â Â Â Â -7Â Â Â Â Â Â -0.71%
Soybeans Aug 2015Â Â Â Â Â Â 972Â Â Â Â Â Â -6.75Â Â Â Â Â Â -0.69%
Soybeans Sep 2015Â Â Â Â Â Â 956.75Â Â Â Â Â Â -6.25Â Â Â Â Â Â -0.65%
Soybeans Nov 2015Â Â Â Â Â Â 945.75Â Â Â Â Â Â -5.5Â Â Â Â Â Â -0.58%
Soybean Meal Mar 2015Â Â Â Â Â Â 329.9Â Â Â Â Â Â -8Â Â Â Â Â Â -2.37%
Soybean Meal May 2015Â Â Â Â Â Â 324Â Â Â Â Â Â -6.6Â Â Â Â Â Â -2.00%
Soybean Meal Jul 2015Â Â Â Â Â Â 321.8Â Â Â Â Â Â -6.2Â Â Â Â Â Â -1.89%
Soybean Oil Mar 2015Â Â Â Â Â Â 30Â Â Â Â Â Â +0.46Â Â Â Â Â Â +1.56%
Soybean Oil May 2015Â Â Â Â Â Â 30.24Â Â Â Â Â Â +0.46Â Â Â Â Â Â +1.54%
Soybean Oil Jul 2015Â Â Â Â Â Â 30.46Â Â Â Â Â Â +0.45Â Â Â Â Â Â +1.50%
Corn Mar 2015Â Â Â Â Â Â 370Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.40%
Corn May 2015Â Â Â Â Â Â 378.5Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.39%
Corn Jul 2015Â Â Â Â Â Â 386Â Â Â Â Â Â -1.75Â Â Â Â Â Â -0.45%
Corn Sep 2015Â Â Â Â Â Â 393Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.38%
Corn Dec 2015Â Â Â Â Â Â 400.75Â Â Â Â Â Â -2Â Â Â Â Â Â -0.50%
Oats Mar 2015Â Â Â Â Â Â 275.5Â Â Â Â Â Â -7Â Â Â Â Â Â -2.48%
Oats May 2015Â Â Â Â Â Â 280Â Â Â Â Â Â -6.75Â Â Â Â Â Â -2.35%
Oats Jul 2015Â Â Â Â Â Â 284.5Â Â Â Â Â Â -8Â Â Â Â Â Â -2.74%
Oats Sep 2015Â Â Â Â Â Â 290.5Â Â Â Â Â Â -8Â Â Â Â Â Â -2.68%
Oats Dec 2015Â Â Â Â Â Â 290.5Â Â Â Â Â Â -5.75Â Â Â Â Â Â -1.94%
Wheat Mar 2015Â Â Â Â Â Â 502.75Â Â Â Â Â Â -5Â Â Â Â Â Â -0.98%
Wheat May 2015Â Â Â Â Â Â 506.75Â Â Â Â Â Â -5.75Â Â Â Â Â Â -1.12%
Wheat Jul 2015Â Â Â Â Â Â 511.5Â Â Â Â Â Â -5.5Â Â Â Â Â Â -1.06%
Wheat Sep 2015Â Â Â Â Â Â 519.75Â Â Â Â Â Â -5.5Â Â Â Â Â Â -1.05%
Wheat Dec 2015Â Â Â Â Â Â 532.25Â Â Â Â Â Â -5.5Â Â Â Â Â Â -1.02%
Minneapolis
Spring Wheat Mar 2015Â Â Â Â Â Â 556.75Â Â Â Â Â Â -2.5Â Â Â Â Â Â -0.45%
Spring Wheat May 2015Â Â Â Â Â Â 561.25Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.75%
Spring Wheat Jul 2015Â Â Â Â Â Â 569Â Â Â Â Â Â -4Â Â Â Â Â Â -0.70%
Spring Wheat Sep 2015Â Â Â Â Â Â 577Â Â Â Â Â Â -4.5Â Â Â Â Â Â -0.77%
Spring Wheat Dec 2015Â Â Â Â Â Â 587.75Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.72%
Kansas City
Hard Red Wheat Mar 2015Â Â Â Â Â Â 540.25Â Â Â Â Â Â -3.75Â Â Â Â Â Â -0.69%
Hard Red Wheat May 2015Â Â Â Â Â Â 542.75Â Â Â Â Â Â -6Â Â Â Â Â Â -1.09%
Hard Red Wheat Jul 2015Â Â Â Â Â Â 546.25Â Â Â Â Â Â -7.25Â Â Â Â Â Â -1.31%
Hard Red Wheat Sep 2015Â Â Â Â Â Â 557.75Â Â Â Â Â Â -7Â Â Â Â Â Â -1.24%
Hard Red Wheat Dec 2015Â Â Â Â Â Â 572.25Â Â Â Â Â Â -6.25Â Â Â Â Â Â -1.08%
Also bearish, storms were forecast to bring moisture to the U.S. Plains wheat belt this weekend, while snowfall expected in the Midwest should insulate dormant crops from a cold spell next week, the Commodity Weather Group said.
