Canola edged higher on Thursday mostly on a weaker loonie but U.S. crop futures were all lower on generally favourable growing conditions in the Midwest.
Currency fluctuations figured in today’s crop price movement, with the loonie falling almost nine tenths of a cent US as oil prices slipped and U.S. weekly jobless claims stayed near a 15-year low, giving the U.S. Federal Reserve support to raise interest rates later this year.
Trade in canola was light with farmers mostly occupied with seeding. Weather conditions are generally favourable in Western Canada for rapid progress sowing this year’s crop.
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The outlook is for sunny, dry weather for the next seven days.
Traders took profits in palm oil after a run up Wednesday sparked by new policy in Indonesia which is expected to increase the amount of palm used in biodiesel production.
In corn, news of stronger than expected U.S. weekly export sales was not enough to lift prices. Nearby corn fell 5.25 cents a bushel on the stronger U.S. buck and on a forecast for warm weather with showers in the Midwest, raising ideas of excellent germination conditions for the rapidly progressing seeding season.
Reuters reported China is expected to produce a record 232 million tonnes of corn in 2015-16, up 7.6 percent on the year, as farmers expand acreage due to Beijing’s high government buying price policy, according to a forecast by an official think-tank issued on Thursday.
Soybeans fell on the strong U.S. buck, the favourable crop weather and the falling crude oil and vegetable oil prices.
Wheat futures gave back much of the gains made on Wednesday as traders took profits on the run up. Weak export demand also weighed on wheat.
Crop scouts on the final day of an annual tour of Kansas projected the wheat yield in the top-growing U.S. state at 35.9 bushels per acre, below the five-year crop tour average of 40.3 bu., but above last year’s harvest of 28.0 bu.
Wheat production in Kansas was estimated at 288.5 million bu., the scouts said. That is below the five-year crop tour average of 313.6 million bu., but above last year’s final tally of 246.4 million bu.
Russia is considering options for a wheat export duty to replace the existing duty. The new duty would likely be more flexible and kick in only if domestic prices get too high.
Light crude oil nearby futures in New York were down $1.99 to US$58.94 per barrel.
The Canadian dollar at noon was US82.38 cents, down from 83.27 cents the previous trading day. The U.S. dollar at noon was C$1.2139.
The Toronto Stock Exchange composite closed at 15,088.82, up 64.93 points or 0.43 percent.
The Dow Jones industrial average rose 82.12 points, or 0.46 percent, to 17,924.1, the S&P 500 gained 7.85 points, or 0.38 percent, to 2,088 and the Nasdaq Composite added 25.90 points, or 0.53 percent, to 4,945.54.
Reuters reports sources who say Syngenta and Monsanto have hired investment banks to advise them on a protential merger of the two companies.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2015Â Â Â Â Â Â Â Â 465.80Â Â Â Â Â Â Â Â +1.30Â Â Â Â Â Â Â Â +0.28%
Canola Jul 2015Â Â Â Â Â Â Â Â 456.70Â Â Â Â Â Â Â Â +1.30Â Â Â Â Â Â Â Â +0.29%
Canola Nov 2015Â Â Â Â Â Â Â Â 447.90Â Â Â Â Â Â Â Â +1.00Â Â Â Â Â Â Â Â +0.22%
Canola Jan 2016Â Â Â Â Â Â Â Â 448.60Â Â Â Â Â Â Â Â +1.00Â Â Â Â Â Â Â Â +0.22%
Canola Mar 2016Â Â Â Â Â Â Â Â 448.50Â Â Â Â Â Â Â Â +1.00Â Â Â Â Â Â Â Â +0.22%
Milling Wheat May 2015Â Â Â Â Â Â Â Â 196.00Â Â Â Â Â Â Â Â -2.00Â Â Â Â Â Â Â Â -1.01%
Milling Wheat Jul 2015Â Â Â Â Â Â Â Â 199.00Â Â Â Â Â Â Â Â -2.00Â Â Â Â Â Â Â Â -1.00%
Milling Wheat Oct 2015Â Â Â Â Â Â Â Â 205.00Â Â Â Â Â Â Â Â -2.00Â Â Â Â Â Â Â Â -0.97%
Durum Wheat May 2015        313.00        unch        0.00%
Durum Wheat Jul 2015        303.00        unch        0.00%
Durum Wheat Oct 2015        308.00        unch        0.00%
Barley May 2015        200.00        unch        0.00%
Barley Jul 2015        202.00        unch        0.00%
Barley Oct 2015        187.00        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 2015Â Â Â Â Â Â Â Â 981.5Â Â Â Â Â Â Â Â -9Â Â Â Â Â Â Â Â -0.91%
Soybeans Jul 2015Â Â Â Â Â Â Â Â 975Â Â Â Â Â Â Â Â -7.5Â Â Â Â Â Â Â Â -0.76%
Soybeans Aug 2015Â Â Â Â Â Â Â Â 968.5Â Â Â Â Â Â Â Â -7.25Â Â Â Â Â Â Â Â -0.74%
Soybeans Sep 2015Â Â Â Â Â Â Â Â 956.75Â Â Â Â Â Â Â Â -5.5Â Â Â Â Â Â Â Â -0.57%
Soybeans Nov 2015Â Â Â Â Â Â Â Â 951Â Â Â Â Â Â Â Â -5Â Â Â Â Â Â Â Â -0.52%
Soybeans Jan 2016Â Â Â Â Â Â Â Â 957.25Â Â Â Â Â Â Â Â -5Â Â Â Â Â Â Â Â -0.52%
Soybean Meal May 2015Â Â Â Â Â Â Â Â 317.4Â Â Â Â Â Â Â Â -0.2Â Â Â Â Â Â Â Â -0.06%
Soybean Meal Jul 2015Â Â Â Â Â Â Â Â 314.4Â Â Â Â Â Â Â Â +0.2Â Â Â Â Â Â Â Â +0.06%
Soybean Meal Aug 2015        311.9        unch        0.00%
Soybean Oil May 2015Â Â Â Â Â Â Â Â 32.31Â Â Â Â Â Â Â Â -0.44Â Â Â Â Â Â Â Â -1.34%
Soybean Oil Jul 2015Â Â Â Â Â Â Â Â 32.49Â Â Â Â Â Â Â Â -0.43Â Â Â Â Â Â Â Â -1.31%
Soybean Oil Aug 2015Â Â Â Â Â Â Â Â 32.51Â Â Â Â Â Â Â Â -0.45Â Â Â Â Â Â Â Â -1.37%
Corn May 2015Â Â Â Â Â Â Â Â 357.75Â Â Â Â Â Â Â Â -8.75Â Â Â Â Â Â Â Â -2.39%
Corn Jul 2015Â Â Â Â Â Â Â Â 361.5Â Â Â Â Â Â Â Â -5.25Â Â Â Â Â Â Â Â -1.43%
Corn Sep 2015Â Â Â Â Â Â Â Â 367.25Â Â Â Â Â Â Â Â -5.5Â Â Â Â Â Â Â Â -1.48%
Corn Dec 2015Â Â Â Â Â Â Â Â 377Â Â Â Â Â Â Â Â -5.5Â Â Â Â Â Â Â Â -1.44%
Corn Mar 2016Â Â Â Â Â Â Â Â 388.75Â Â Â Â Â Â Â Â -5.25Â Â Â Â Â Â Â Â -1.33%
Oats May 2015Â Â Â Â Â Â Â Â 229.5Â Â Â Â Â Â Â Â -8Â Â Â Â Â Â Â Â -3.37%
Oats Jul 2015Â Â Â Â Â Â Â Â 232.5Â Â Â Â Â Â Â Â -8.75Â Â Â Â Â Â Â Â -3.63%
Oats Sep 2015Â Â Â Â Â Â Â Â 239Â Â Â Â Â Â Â Â -9Â Â Â Â Â Â Â Â -3.63%
Oats Dec 2015Â Â Â Â Â Â Â Â 247Â Â Â Â Â Â Â Â -7.5Â Â Â Â Â Â Â Â -2.95%
Oats Mar 2016Â Â Â Â Â Â Â Â 255Â Â Â Â Â Â Â Â -8.25Â Â Â Â Â Â Â Â -3.13%
Wheat May 2015Â Â Â Â Â Â Â Â 465.75Â Â Â Â Â Â Â Â -10Â Â Â Â Â Â Â Â -2.10%
Wheat Jul 2015Â Â Â Â Â Â Â Â 472.75Â Â Â Â Â Â Â Â -6.5Â Â Â Â Â Â Â Â -1.36%
Wheat Sep 2015Â Â Â Â Â Â Â Â 480.75Â Â Â Â Â Â Â Â -6.5Â Â Â Â Â Â Â Â -1.33%
Wheat Dec 2015Â Â Â Â Â Â Â Â 497.75Â Â Â Â Â Â Â Â -6.25Â Â Â Â Â Â Â Â -1.24%
Wheat Mar 2016Â Â Â Â Â Â Â Â 514.5Â Â Â Â Â Â Â Â -5.75Â Â Â Â Â Â Â Â -1.11%
Minneapolis
Spring Wheat May 2015Â Â Â Â Â Â Â Â 518Â Â Â Â Â Â Â Â -9Â Â Â Â Â Â Â Â -1.71%
Spring Wheat Jul 2015Â Â Â Â Â Â Â Â 530.75Â Â Â Â Â Â Â Â -8Â Â Â Â Â Â Â Â -1.48%
Spring Wheat Sep 2015Â Â Â Â Â Â Â Â 542.5Â Â Â Â Â Â Â Â -7.25Â Â Â Â Â Â Â Â -1.32%
Spring Wheat Dec 2015Â Â Â Â Â Â Â Â 556.75Â Â Â Â Â Â Â Â -6.25Â Â Â Â Â Â Â Â -1.11%
Spring Wheat Mar 2016Â Â Â Â Â Â Â Â 571.25Â Â Â Â Â Â Â Â -6.5Â Â Â Â Â Â Â Â -1.13%
Kansas City
Hard Red Wheat May 2015Â Â Â Â Â Â Â Â 498.75Â Â Â Â Â Â Â Â -2.5Â Â Â Â Â Â Â Â -0.50%
Hard Red Wheat Jul 2015Â Â Â Â Â Â Â Â 499.75Â Â Â Â Â Â Â Â -3.75Â Â Â Â Â Â Â Â -0.74%
Hard Red Wheat Sep 2015Â Â Â Â Â Â Â Â 509Â Â Â Â Â Â Â Â -3.75Â Â Â Â Â Â Â Â -0.73%
Hard Red Wheat Dec 2015Â Â Â Â Â Â Â Â 526.5Â Â Â Â Â Â Â Â -5.25Â Â Â Â Â Â Â Â -0.99%
Hard Red Wheat Mar 2016Â Â Â Â Â Â Â Â 540Â Â Â Â Â Â Â Â -5Â Â Â Â Â Â Â Â -0.92%
