May canola falls two percent on the week

Most crop futures markets were under pressure again Friday as the U.S. dollar rose.

The U.S. buck relative to a basket of world currencies rose about two percent during the week, and is up about five percent from the start of March.

A stronger American dollar makes it more expensive for countries with weaker currencies to buy American crops.

Soybeans, corn, wheat and oats were all down Friday.

Canola also fell but the decline was lessened as the Canadian dollar dropped.

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May canola closed at $459.30 per tonne, down $4.40 or 0.95 percent.

November closed at $444.90, down $2.20 or 0.49 percent.

Over the week, May canola fell $8.90 or about two percent.

November was almost unchanged, slipping just 20 cents a tonne.

The Canadian Oilseed Processors Association said members crushed 133,044 tonnes of canola in the week ending March 11, down 13.6 percent from the week before.

That represented only about 73 percent of capacity, down from the year’s average of about 82 percent.

So far this crop year, members have crushed 4.38 million tonnes and are slightly ahead of the pace needed to meet Agriculture Canada’s forecast for full year crush of 7.2 million.

Wheat was the star performer on the week with the Chicago contract up four percent. Traders were concerned about dry conditions in the U.S. southern plains.

Short covering also supported wheat.

Kansas City hard red winter wheat rose 3.3 percent on the week and Minneapolis hard red spring wheat rose two percent.

Reuters reported that Europe enjoyed a mild winter with crops coming through with minimal freeze damage.

Corn fell hard Friday with March and May down more than two percent on the day.

The strong U.S. dollar and disappointing weekly export sales weighed down corn. Losses were limited by concerns about how much corn will be seeded this spring in the U.S.

Over the week May corn fell 1.4 percent.

Soybeans fell on harvest progress in South America and the strong American dollar.

For the week, soybean futures fell one percent. Soyoil was 2.4 percent lower and soymeal dropped 0.1 percent.

Analytic firm Allendale released a survey this week that said American farmers intended to sow 86.05 million acres to soybeans, up about 2.35 million from last year and a new record.

The survey said farmers would seed 88.51 million acres of corn, down from 90.60 last year and USDA’s estimate in February of 89.0 million acres. The corn plantings would be smallest since 2010-11.

Malaysian palm oil futures ended higher on Friday on prospects that top producer Indonesia will blend more palm into biodiesel this year, though concerns over dwindling demand still dragged the contract to its biggest weekly drop in a month, Reuters reported.

Light crude oil nearby futures in New York were down $2.21 to US$44.84 per barrel, on a report showing no signs of a shrinking of the supply glut. Over the week, crude fell about $4.50 or nine percent.

The Canadian dollar at noon was US78.11 cents, down from US78.80 cents the previous trading day. The U.S. dollar at noon was C$1.2803.

Statistics Canada reported the economy shed 1,000 jobs in February, shy of the decline of 5,000 analysts had forecast.

Increased workforce participation raised Canada’s unemployment rate up to 6.8 percent from 6.6 percent.

The Toronto Stock Exchange’s S&P/TSX composite index unofficially closed down 39.22 points, or 0.27 percent, at 14,731.50.

The Dow Jones industrial average fell 145.65 points, or 0.81 percent, to 17,749.57, the S&P 500 lost 12.56 points, or 0.61 percent, to 2,053.39 and the Nasdaq Composite fell 21.53 points or 0.44 percent to 4,871.76.

On the week, the TSX fell 1.5 percent, the Dow lost 0.6 percent, the S&P 500 index fell 0.9 percent. The Nasdaq lost 1.1 percent.

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2015 459.30 -4.40 -0.95%

Canola Jul 2015 455.30 -3.80 -0.83%

Canola Nov 2015 444.90 -2.20 -0.49%

Canola Jan 2016 446.00 -2.80 -0.62%

Canola Mar 2016 448.60 -2.80 -0.62%

Milling Wheat May 2015 235.00 -1.00 -0.42%

Milling Wheat Jul 2015 238.00 -1.00 -0.42%

Milling Wheat Oct 2015 242.00 -1.00 -0.41%

Durum Wheat May 2015 323.00 unch 0.00%

Durum Wheat Jul 2015 313.00 unch 0.00%

Durum Wheat Oct 2015 318.00 unch 0.00%

Barley May 2015 184.00 unch 0.00%

Barley Jul 2015 186.00 unch 0.00%

Barley Oct 2015 177.00 unch 0.00%

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

Chicago

Soybeans May 2015 974 -16.5 -1.67%

Soybeans Jul 2015 978 -16 -1.61%

Soybeans Aug 2015 976.5 -15.25 -1.54%

Soybeans Sep 2015 962.75 -14.25 -1.46%

Soybeans Nov 2015 953.25 -14.25 -1.47%

Soybeans Jan 2016 958 -14 -1.44%

Soybean Meal May 2015 327 -4.6 -1.39%

Soybean Meal Jul 2015 323.7 -4.9 -1.49%

Soybean Meal Aug 2015 322.1 -4.9 -1.50%

Soybean Oil May 2015 30.49 -0.38 -1.23%

Soybean Oil Jul 2015 30.69 -0.36 -1.16%

Soybean Oil Aug 2015 30.76 -0.35 -1.13%

Corn May 2015 380.5 -8 -2.06%

Corn Jul 2015 388 -7.75 -1.96%

Corn Sep 2015 395.5 -7.5 -1.86%

Corn Dec 2015 404.75 -7 -1.70%

Corn Mar 2016 413.75 -6.75 -1.61%

Oats May 2015 277.75 -3.5 -1.24%

Oats Jul 2015 279.5 -3.75 -1.32%

Oats Sep 2015 282.75 -3.5 -1.22%

Oats Dec 2015 280 -3 -1.06%

Oats Mar 2016 287 -3 -1.03%

Wheat May 2015 502 -5.25 -1.03%

Wheat Jul 2015 503.25 -6.25 -1.23%

Wheat Sep 2015 512.5 -6 -1.16%

Wheat Dec 2015 526 -5.5 -1.03%

Wheat Mar 2016 538 -5 -0.92%

Minneapolis

Spring Wheat May 2015 567.5 -2 -0.35%

Spring Wheat Jul 2015 572.5 -2.5 -0.43%

Spring Wheat Sep 2015 580.25 -2.5 -0.43%

Spring Wheat Dec 2015 590.25 -2.75 -0.46%

Spring Wheat Mar 2016 602.25 -2.25 -0.37%

Kansas City

Hard Red Wheat May 2015 539.25 -7.25 -1.33%

Hard Red Wheat Jul 2015 543.75 -6.75 -1.23%

Hard Red Wheat Sep 2015 555.25 -6.25 -1.11%

Hard Red Wheat Dec 2015 571.5 -6 -1.04%

Hard Red Wheat Mar 2016 584 -5.25 -0.89%

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