Canola futures drop with rest of market; loonie rises

Crop futures fell generally on Tuesday on the continuing expectation on ample world grain and oilseed supplies.

The Canadian dollar gained about 0.65 US cent, adding to the downward pressure on canola futures.

March canola closed at $444.80 per tonne down $1.20.

May closed at $446.80 down $2.90 or 0.64 percent.

The progress of the South American harvest and exports also kept pressure on crop markets.

Environment Canada forecasts a warmer than normal March for Alberta and much of Saskatchewan. This could lead to a rapid melt of the little snow that is left and an early start to field operations. Also, drying soils could become a problem again in Alberta.

Manitoba is expected to have normal March temperatures.

About the only new news was the monthly U.S. winter wheat condition report from the USDA, issued late Monday afternoon.

The report showed crop condition ratings in Kansas, the top U.S. winter wheat producer, improved in February.

The government rated 59 percent of the Kansas winter wheat crop in good to excellent condition at the end of February, up from 55 percent in its previous monthly report and up from last year at the same time..

Ratings fell from the month before in several other states.

However, despite the dip the crop was still in better shape than a year ago in Oklahoma and Montana, the No. 3 and 4 winter wheat states last year.

“Crop conditions are some of the best we’ve seen in Lord knows how long. When was the last time you saw a rating for Oklahoma wheat as high as it is now, even though it did come down (from last month)?” Tom Fritz, a partner with EFG Group in Chicago, told Reuters.

The USDA rated 68 percent of Oklahoma’s winter wheat as good to excellent at the end of February.

Light crude oil nearby futures in New York were up 65 cents to US$34.40 per barrel.

The Canadian dollar at noon was US74.59 cents, up from 73.95 cents the previous trading day. The U.S. dollar at noon was C$1.3407.

Strong economic reports in the U.S. lifted American stock indexes. U.S.construction spending in January surged to the highest since 2007, while strong auto sales also boosted sentiment.

The Dow, S&P 500 and Nasdaq all rose more than two percent while the TSX composite climbed about 0.9 percent

Winnipeg ICE Futures Canada dollars per tonne

Canola Mar 2016 444.80 -1.20 -0.27%

Canola May 2016 446.80 -2.90 -0.64%

Canola Jul 2016 450.60 -3.90 -0.86%

Canola Nov 2016 457.80 -3.70 -0.80%

Canola Jan 2017 462.20 -3.90 -0.84%

Milling Wheat Mar 2016 219.00 -1.00 -0.45%

Milling Wheat May 2016 222.00 -1.00 -0.45%

Milling Wheat Jul 2016 226.00 -1.00 -0.44%

Durum Wheat Mar 2016 294.00 unch 0.00%

Durum Wheat May 2016 299.00 unch 0.00%

Durum Wheat Jul 2016 286.00 unch 0.00%

Barley Mar 2016 183.00 unch 0.00%

Barley May 2016 185.00 unch 0.00%

Barley Jul 2016 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 Mar 2016 850.75 -2.25 -0.26%

Soybeans May 2016 858 -3 -0.35%

Soybeans Jul 2016 863.75 -3.75 -0.43%

Soybeans Aug 2016 866 -3.75 -0.43%

Soybeans Sep 2016 866.5 -3.75 -0.43%

Soybeans Nov 2016 870 -3.5 -0.40%

Soybean Meal Mar 2016 258.1 -1.2 -0.46%

Soybean Meal May 2016 261.5 -1 -0.38%

Soybean Meal Jul 2016 264.1 -1.1 -0.41%

Soybean Oil Mar 2016 30.32 -0.32 -1.04%

Soybean Oil May 2016 30.54 -0.33 -1.07%

Soybean Oil Jul 2016 30.78 -0.33 -1.06%

Corn Mar 2016 353.75 +0.25 +0.07%

Corn May 2016 355.75 -1.25 -0.35%

Corn Jul 2016 360.25 -1.5 -0.41%

Corn Sep 2016 365.5 -1.75 -0.48%

Corn Dec 2016 373.75 -2 -0.53%

Oats Mar 2016 165.25 -4 -2.36%

Oats May 2016 178.25 -4.5 -2.46%

Oats Jul 2016 188.25 -3.25 -1.70%

Oats Sep 2016 194.75 -2.75 -1.39%

Oats Dec 2016 202.25 -3.25 -1.58%

Wheat Mar 2016 438.5 -6.5 -1.46%

Wheat May 2016 446 -7.25 -1.60%

Wheat Jul 2016 452.5 -7.75 -1.68%

Wheat Sep 2016 462.5 -7.5 -1.60%

Wheat Dec 2016 477.5 -7.75 -1.60%

Minneapolis

Spring Wheat Mar 2016 486 -6 -1.22%

Spring Wheat May 2016 485.25 -3.5 -0.72%

Spring Wheat Jul 2016 493 -3.75 -0.75%

Spring Wheat Sep 2016 502.5 -4 -0.79%

Spring Wheat Dec 2016 517.75 -3.5 -0.67%

Kansas City

Hard Red Wheat Mar 2016 437.5 -7.5 -1.69%

Hard Red Wheat May 2016 449.5 -8 -1.75%

Hard Red Wheat Jul 2016 459.25 -8 -1.71%

Hard Red Wheat Sep 2016 473 -7.75 -1.61%

Hard Red Wheat Dec 2016 493.25 -8 -1.60%

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