Canola futures closed higher Friday, supported by rising soybean futures as traders positioned for an expected drop in the U.S. soybean and corn crop forecasts in the USDA report Aug. 12.
November canola closed at $506.20 per tonne up $5.50 or 1.1 percent in thin trading.
It rose 0.8 percent for the week.
After wrapping up a cool, wet period for most of the Prairies this week, next weel is expected to be warm and mostly dry, with temperatures in the high 20s or low 30s C in the first half of the week.
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Analysts on average think the soybean crop will be 3.724 billion bushels with an average yield of 44.7 bu. per acre.
Last month, USDA said the crop was 3.885 billion bu. and the yield was 46 bu. per acre.
For the week, November soybeans rose 2.4 percent.
Corn futures rose about one percent Friday on technical buying and position-squaring amid expectations that the corn crop forecast will also be smaller than last month.
Analysts polled by Reuters expected USDA on Wednesday to estimate U.S. corn production at 13.327 billion bu. with an average yield of 164.5 bu. per acre, below the respective USDA estimates in July of 13.530 billion bu. and 166.8 bu. per acre.
Analyst Waterstreet Solutions did an aerial survey on a large part of the Midwest and produced a yield forecast closer to 161.5 bu. per acre, the lowest forecast of all the analysts that Reuters polled.
For the week, corn gained 0.8 percent for its first weekly gain in four weeks.
Wheat rose Friday, continuing its rebound from multi year lows.
For the week, CBOT September wheat rose 11.25 cents per bushel, or 2.3 percent, halting a four-week slide. K.C. September wheat rose 0.75 cent for the week and MGEX September spring wheat rose 1.5 cents.
The Canadian dollar at noon was US76.21 cents, up from 76.03 cents the previous trading day. The U.S. dollar at noon was C$1.3122.
U.S. stocks ended lower on Friday after solid U.S. job growth data for July pried the door open a little wider for a potential interest rate hike by the Federal Reserve in September, Reuters reported.
Canada’s jobs report was uninspiring with a gain of 6,600 jobs in July and the jobless rate held at 6.8 percent.
The Toronto Stock Exchange’s S&P/TSX composite index ended down 103.21 points, or 0.72 percent, at 14,302.70.
It lost 1.1 percent over the holiday-shortened week, weighed down by falling crude oil values.
The Dow Jones industrial average fell 45.97 points, or 0.26 percent, to 17,373.78, the S&P 500 lost 5.83 points, or 0.28 percent, to 2,077.73 and the Nasdaq Composite dropped 12.90 points, or 0.26 percent, to 5,043.54.
For the week, the Dow lost 1.8 percent, the Nasdaq dipped 1.7 percent and the S&P edged down 1.2 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 506.20 +5.50 +1.10%
Canola Jan 2016 504.30 +5.70 +1.14%
Canola Mar 2016 502.40 +5.90 +1.19%
Canola May 2016 498.20 +5.90 +1.20%
Canola Jul 2016 492.90 +5.80 +1.19%
Milling Wheat Oct 2015 219.00 +3.00 +1.39%
Milling Wheat Dec 2015 219.00 +3.00 +1.39%
Durum Wheat Oct 2015 370.00 unch 0.00%
Durum Wheat Dec 2015 380.00 unch 0.00%
Durum Wheat Mar 2016 395.00 unch 0.00%
Barley Oct 2015 208.10 unch 0.00%
Barley Dec 2015 208.10 unch 0.00%
Barley Mar 2016 210.10 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 1009 +23.5 +2.38%
Soybeans Sep 2015 975.5 +19.5 +2.04%
Soybeans Nov 2015 963.25 +20 +2.12%
Soybeans Jan 2016 968 +20 +2.11%
Soybeans Mar 2016 962.25 +18.5 +1.96%
Soybeans May 2016 954.25 +16 +1.71%
Soybean Meal Aug 2015 352.6 +2.5 +0.71%
Soybean Meal Sep 2015 344.3 +5.1 +1.50%
Soybean Meal Oct 2015 336.2 +6.5 +1.97%
Soybean Oil Aug 2015 30.03 +0.37 +1.25%
Soybean Oil Sep 2015 30.13 +0.38 +1.28%
Soybean Oil Oct 2015 30.24 +0.38 +1.27%
Corn Sep 2015 372.75 +3 +0.81%
Corn Dec 2015 383.75 +3.25 +0.85%
Corn Mar 2016 394.75 +3.25 +0.83%
Corn May 2016 401.25 +3.25 +0.82%
Corn Jul 2016 405.75 +3 +0.74%
Oats Sep 2015 236 unch 0.00%
Oats Dec 2015 244.25 -0.75 -0.31%
Oats Mar 2016 254.5 +0.25 +0.10%
Oats May 2016 260 +1 +0.39%
Oats Jul 2016 261 +1 +0.38%
Wheat Sep 2015 510.5 +3.5 +0.69%
Wheat Dec 2015 515.75 +4.5 +0.88%
Wheat Mar 2016 523 +4.5 +0.87%
Wheat May 2016 527.75 +5 +0.96%
Wheat Jul 2016 531.75 +5.5 +1.05%
Minneapolis
Spring Wheat Sep 2015 525 +6.5 +1.25%
Spring Wheat Dec 2015 541.25 +6.75 +1.26%
Spring Wheat Mar 2016 558.25 +6.75 +1.22%
Spring Wheat May 2016 570 +7 +1.24%
Spring Wheat Jul 2016 581.5 +7.75 +1.35%
Kansas City
Hard Red Wheat Sep 2015 493 +3.5 +0.72%
Hard Red Wheat Dec 2015 513.75 +3.75 +0.74%
Hard Red Wheat Mar 2016 527.5 +4 +0.76%
Hard Red Wheat May 2016 537.5 +4.25 +0.80%
Hard Red Wheat Jul 2016 546.75 +4.5 +0.83%
