Canola futures fell Thursday on the improved moisture situation in Western Canada and on weaker soybeans.
Significant rain is expected Friday in a wide area of Alberta and continuing up north of the grain belt Saskatchewan where it should help the forest fire situation.
The Canadian dollar has fallen about one cent to US77.3 cents since the Bank of Canada lowered its interest rate, but that has not prevented canola futures from falling.
Speculators who were long canola are liquidating their positions as the damage to canola from dry weather in Alberta and Saskatchewan is slowed by the recent rain. Also, Manitoba expects a good canola crop.
Chuck Penner of Left Field Commodities today posted production estimates. He thinks the canola crop will be 12.2 million tonnes (15.56 million last year).
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Soybean futures were higher early but then fell on expectations of drier weather in the Midwest, which will be condusive to crop growth after excess rain in recent weeks.
Corn futures edged higher as forecasts for hot weather in the U.S. Midwest and in Europe come at a time when corn is entering its pollination stage that is key for yield setting.
Wheat fell on a stronger U.S. dollar, slow U.S. exports and the rain in Western Canada. Illustrating the high cost of U.S. wheat, Mexico bought several cargoes of French wheat this week.
ICE Futures Canada adjusted its durum contract to reflect higher prices caused by the dry weather in Canada. There is no trade in the contract.
Light crude oil nearby futures in New York were down 50 cents to US$50.91 per barrel.
The Canadian dollar at noon was US77.29 cents, down slightly from 77.30 cents the previous trading day. The U.S. dollar at noon was C$1.2939.
The Toronto Stock Exchange composite rose 68.80 points or 0.47 percent to 14,731.08
The Dow Jones industrial average rose 70.15 points, or 0.39 percent, to 18,120.32, the S&P 500 gained 16.88 points, or 0.8 percent, to 2,124.28 and the Nasdaq Composite added 64.24 points, or 1.26 percent, to 5,163.18.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2016 516.50 -7.10 -1.36%
Canola Mar 2016 512.50 -7.50 -1.44%
Canola May 2016 507.40 -7.60 -1.48%
Canola Jul 2016 501.30 -7.70 -1.51%
Milling Wheat Oct 2015 237.00 -2.00 -0.84%
Milling Wheat Dec 2015 237.00 -2.00 -0.84%
Milling Wheat Mar 2016 240.00 -2.00 -0.83%
Durum Wheat Oct 2015 335.00 +37.00 +12.42%
Durum Wheat Dec 2015 345.00 +42.00 +13.86%
Durum Wheat Mar 2016 360.00 +55.00 +18.03%
Barley Oct 2015 218.40 unch 0.00%
Barley Dec 2015 220.40 unch 0.00%
Barley Mar 2016 222.40 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Aug 2015 1019 -6 -0.59%
Soybeans Sep 2015 1010.25 -6 -0.59%
Soybeans Nov 2015 1011 -5 -0.49%
Soybeans Jan 2016 1017.25 -5 -0.49%
Soybeans Mar 2016 1014 -3.5 -0.34%
Soybeans May 2016 1006.5 -2.75 -0.27%
Soybean Meal Aug 2015 363.6 +1.4 +0.39%
Soybean Meal Sep 2015 355.6 +0.9 +0.25%
Soybean Meal Oct 2015 350.7 +0.1 +0.03%
Soybean Oil Aug 2015 31.46 -0.19 -0.60%
Soybean Oil Sep 2015 31.54 -0.19 -0.60%
Corn Sep 2015 430 +0.5 +0.12%
Corn Dec 2015 441 +0.75 +0.17%
Corn Mar 2016 451 +0.5 +0.11%
Corn May 2016 456.25 +0.75 +0.16%
Corn Jul 2016 459.75 +1.25 +0.27%
Oats Sep 2015 256.25 +0.75 +0.29%
Oats Dec 2015 268.5 +1.25 +0.47%
Oats Mar 2016 279.5 +0.75 +0.27%
Oats May 2016 282.25 +0.5 +0.18%
Oats Jul 2016 283.25 +0.5 +0.18%
Wheat Sep 2015 562.25 -4.5 -0.79%
Wheat Dec 2015 571 -3.5 -0.61%
Wheat Mar 2016 579 -3.25 -0.56%
Wheat May 2016 582.5 -3.5 -0.60%
Wheat Jul 2016 581 -4.75 -0.81%
Minneapolis
Spring Wheat Sep 2015 582 -7.5 -1.27%
Spring Wheat Dec 2015 598.25 -6.5 -1.07%
Spring Wheat Mar 2016 611.75 -4.75 -0.77%
Spring Wheat May 2016 620 -4.5 -0.72%
Spring Wheat Jul 2016 625.5 -4 -0.64%
Kansas City
Hard Red Wheat Sep 2015 553.25 -5.75 -1.03%
Hard Red Wheat Dec 2015 573 -6 -1.04%
Hard Red Wheat Mar 2016 586.75 -6.25 -1.05%
Hard Red Wheat May 2016 595 -6.5 -1.08%
Hard Red Wheat Jul 2016 600.75 -6.25 -1.03%
