Canola futures ended down a little less than one percent on Friday, weakened by overnight rain in parts of the Prairies.
Early in the day canola was up, supported by stronger soy oil, although it too drifted lower during the day and closed down by 0.45 percent.
July canola closed at $485.20 per tonne, down $3.40 or 0.7 percent on the day. November closed at $483.20, down $4.20 or 0.86 percent.
For the week, July was down $11.80 or 2.4 percent. November also fell $11.80.
Significant rain fell around Edmonton yesterday and overnight thunderstorms crossed Saskatchewan’s central and northern grain belt, delivering significant rain amounts in some areas.
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As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
The Alberta crop report today said the percentage of the province rating surface soil moisture as poor increased 14 percentage points week over week to 43 percent. The percentage of the province rated good or excellent fell eight percentage points to 20 percent.
Chicago and Minneapolis wheat futures fell today, with Chicago at its lowest level in 1½ weeks, backing down from the recent rally.
The USDA this week raised its forecast for American wheat production and year-end stocks.
Slow U.S. export sales also weighed down wheat. Top global wheat importer Egypt bought wheat for the second straight day, purchasing 180,000 tonnes of Romanian and Russian wheat again showing that other suppliers have more competitive prices than the U.S.
Kansas City hard red winter wheat today rose slightly on short covering trigged by new rain showers that delayed harvest.
More heavy rain is forecast over the coming week in parts of Kansas and Oklahoma that will again delay harvest and raise quality issues.
Markets will closely watch to see how much rain falls this weekend in western Europe. Crops there are also dry.
A crop tour of France this week showed yield potential for canola is deteriorating in the warm, dry conditions that cut short the flowering period.
Generally good growing conditions in the U.S. Midwest weighed down corn and soybean prices.
Rain forecast during the next two weeks in the Midwest will be welcome for growing corn and soybeans, even as excess moisture in portions of Illinois, Iowa and Missouri could hamper crop development, Commodity Weather Group said in a research note.
China, the world’s second-largest corn consumer, is likely to cut the government support price for the 2015-16 harvest to encourage greater use of domestic grain and bring down the volume of cheap imports, industry sources told Reuters.
The U.S. House of Representatives failed to pass the Trade Promotion Authority bill. The bill, which include fast track authority, is needed to advance the Trans-Pacific Partnership trade deal.
The vote failed because Republicans and many Democrats voted against a provision in the bill to provide assistance to workers who who lose their jobs as a result of new trade deals.
The bill will come before the House again on Tuesday.
Stock market were also watching the Greek debt situation, which is not being resolved swiftly.
Light crude oil nearby futures in New York were down 81 cents to US$59.96 per barrel.
The Canadian dollar at noon was US81.27 cents, up slightly from 81.21 cents the previous trading day. The U.S. dollar at noon was C$1.2304.
The Toronto Stock Exchange composite closed down 89.73 points or 0.61 percent at 14,741.15.
The Dow Jones industrial average fell 140.57 points, or 0.78 percent, to 17,898.8, the S&P 500 lost 14.71 points, or 0.7 percent, to 2,094.15 and the Nasdaq Composite dropped 31.41 points, or 0.62 percent, to 5,051.10.
For the week, the TSX composite fell 1.4 percent, the Dow rose 0.3 percent, the S&P rose less than 0.1 percent and the Nasdaq fell 0.3 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2015 485.20 -3.40 -0.70%
Canola Nov 2015 483.20 -4.20 -0.86%
Canola Jan 2016 480.20 -4.00 -0.83%
Canola Mar 2016 477.30 -4.00 -0.83%
Canola May 2016 473.90 -4.40 -0.92%
Milling Wheat Jul 2015 215.00 unch 0.00%
Milling Wheat Oct 2015 220.00 unch 0.00%
Milling Wheat Dec 2015 220.00 unch 0.00%
Durum Wheat Jul 2015 298.00 unch 0.00%
Durum Wheat Oct 2015 298.00 unch 0.00%
Durum Wheat Dec 2015 303.00 unch 0.00%
Barley Jul 2015 205.00 unch 0.00%
Barley Oct 2015 200.00 unch 0.00%
Barley Dec 2015 205.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2015 940 unch 0.00%
Soybeans Aug 2015 921.5 -1.25 -0.14%
Soybeans Sep 2015 907.5 -3.75 -0.41%
Soybeans Nov 2015 904.25 -4.5 -0.50%
Soybeans Jan 2016 911.5 -4.25 -0.46%
Soybeans Mar 2016 915.5 -4 -0.44%
Soybean Meal Jul 2015 317.4 +4 +1.28%
Soybean Meal Aug 2015 307.6 +1.9 +0.62%
Soybean Meal Sep 2015 302 +1 +0.33%
Soybean Oil Jul 2015 33.14 -0.15 -0.45%
Soybean Oil Aug 2015 33.16 -0.17 -0.51%
Soybean Oil Sep 2015 33.2 -0.19 -0.57%
Corn Jul 2015 353 -3.5 -0.98%
Corn Sep 2015 358.75 -4.25 -1.17%
Corn Dec 2015 369.5 -4.75 -1.27%
Corn Mar 2016 381 -4.75 -1.23%
Corn May 2016 388.25 -4.5 -1.15%
Oats Jul 2015 255.5 -4.25 -1.64%
Oats Sep 2015 262.5 -3.75 -1.41%
Oats Dec 2015 267.25 -3.25 -1.20%
Oats Mar 2016 274.25 -3 -1.08%
Oats May 2016 281 -3 -1.06%
Wheat Jul 2015 503.75 -0.5 -0.10%
Wheat Sep 2015 510.5 -1 -0.20%
Wheat Dec 2015 524.75 -0.75 -0.14%
Wheat Mar 2016 537.75 unch 0.00%
Wheat May 2016 546.25 unch 0.00%
Minneapolis
Spring Wheat Jul 2015 561.25 -1.5 -0.27%
Spring Wheat Sep 2015 570.25 -2 -0.35%
Spring Wheat Dec 2015 583 -1.25 -0.21%
Spring Wheat Mar 2016 596 -1.5 -0.25%
Spring Wheat May 2016 604.5 -1.75 -0.29%
Kansas City
Hard Red Wheat Jul 2015 526 +2.75 +0.53%
Hard Red Wheat Sep 2015 535.75 +2.25 +0.42%
Hard Red Wheat Dec 2015 552.5 +2.25 +0.41%
Hard Red Wheat Mar 2016 565.75 +2.5 +0.44%
Hard Red Wheat May 2016 574.5 +2.75 +0.48%
