Market wrap: canola rises again, but Kansas wheat declines

Canola edged higher on Thursday but Kansas City wheat gave back the big gains it made on Wednesday.

Minneapolis spring wheat however rose a fraction of a cent.

Corn fell on the advancing American harvest and expectations for big production from South America.

After a buildup of snow Wednesday and through the night, cold damp weather in Saskatchewan and Manitoba continued on Thursday.

Click here to watch our weekly video crop market report.

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Alberta Crop Report: Rains in the south, dryness in the north

Rain fell onto the southern half of Alberta last week, while hot and dry conditions persisted in the northern half, according to the province’s crop report released on July 18.

There is potential for more moisture on Sunday in Saskatchewan and a true improvement to sunny weather is not expected until Tuesday, says Environment Canada. Temperature highs are expected to remain in the single digits and below normal all next week in central Saskatchewan.

Eighty percent of Saskatchewan’s crop has been combined and 14 percent is swathed or ready to straight-cut, according to the weekly government crop report.

Ninety-five percent of the lentils, 74 percent of the durum, 79 percent of the spring wheat, 77 percent of the canola and 43 percent of the flax have been combined, the report said.

In U.S. markets, Kansas hard red winter wheat fell on disappointing weekly export sales.

The U.S. Department of Agriculture said that export sales of wheat totaled 377,000 tonnes in the latest week, down from 570,785 tonnes a week earlier.

On Wednesday Kansas wheat had jumped higher on ideas that American wheat prices had fallen low enough to spark new export business.

While Kansas wheat prices bounced around, Minneapolis spring wheat had been gradually rising since Sept. 26 on ideas that supply of quality, high protein wheat will be relatively scarce.

Soybeans edged higher on strong weekly export sales, but gains were kept in check by reports of stronger than expected soybean yields in the U.S.

The USDA reported weekly soybean export sales rose to 2.180 million tonnes from 1.693 million tonnes a week ago, well above forecasts for 1.2 million to 1.5 million tonnes. Weekly corn export sales of 2.602 million tonnes (old-crop and new-crop combined) topped forecasts ranging from 1.6 million to 2.1 million tonnes.

The stock market will closely watch the monthly U.S. jobs report on Friday. A strong job creation number would increase bets that the Federal Reserve will raise interest rates in December.

The idea that U.S. interest rates could rise, providing an uplift to the U.S. dollar, is weighing down gold prices.

Light crude oil nearby futures in New York were up 61 cents to US$50.44 per barrel. It was the first time since June that crude topped $50. Oil has been climbing since OPEC announced Sept. 28 its intention to drop output to 32.5 to 33 million barrels a day, a cut of about 700,000 barrels. Also, U.S. crude inventories are falling.

The Canadian dollar at noon was US75.70 cents, down from 75.88 cents the previous trading day. The U.S. dollar at noon was C$1.3210.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 15.08 points, or 0.1 percent, to 14,595.50.

The Dow Jones industrial average fell 12.53 points, or 0.07 percent, to 18,268.5, the S&P 500 gained 1.04 points, or 0.05 percent, to 2,160.77 and the Nasdaq Composite dropped 9.17 points, or 0.17 percent, to 5,306.85.

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2016 468.00 +1.00 +0.21%

Canola Jan 2017 475.60 +0.70 +0.15%

Canola Mar 2017 481.10 +1.00 +0.21%

Canola May 2017 485.00 +0.80 +0.17%

Canola Jul 2017 486.70 +0.60 +0.12%

Milling Wheat Dec 2016 229.00 -1.00 -0.43%

Milling Wheat Mar 2017 234.00 +1.00 +0.43%

Milling Wheat May 2017 237.00 +1.00 +0.42%

Durum Wheat Dec 2016 282.00 unch 0.00%

Durum Wheat Mar 2017 289.00 unch 0.00%

Durum Wheat May 2017 293.00 unch 0.00%

Barley Dec 2016 132.50 unch 0.00%

Barley Mar 2017 134.50 unch 0.00%

Barley May 2017 135.50 unch 0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago

Soybeans Nov 2016 958.50 +1.75 +0.18%

Soybeans Jan 2017 964.75 +1.25 +0.13%

Soybeans Mar 2017 971.00 +0.75 +0.08%

Soybeans May 2017 976.75 +0.25 +0.03%

Soybeans Jul 2017 981.25 -0.50 -0.05%

Soybeans Aug 2017 980.50 -1.00 -0.10%

Soybean Meal Oct 2016 301.50 -2.30 -0.76%

Soybean Meal Dec 2016 303.10 -2.30 -0.75%

Soybean Meal Jan 2017 304.20 -2.10 -0.69%

Soybean Oil Oct 2016 33.10 +0.44 +1.35%

Soybean Oil Dec 2016 33.30 +0.46 +1.40%

Soybean Oil Jan 2017 33.54 +0.46 +1.39%

Corn Dec 2016 340.50 -7.25 -2.08%

Corn Mar 2017 350.25 -7.25 -2.03%

Corn May 2017 357.50 -7.00 -1.92%

Corn Jul 2017 364.50 -7.00 -1.88%

Corn Sep 2017 371.25 -6.75 -1.79%

Oats Dec 2016 187.75 +3.75 +2.04%

Oats Mar 2017 190.50 +3.50 +1.87%

Oats May 2017 195.00 +3.25 +1.69%

Oats Jul 2017 199.75 +1.25 +0.63%

Oats Sep 2017 208.75 +1.25 +0.60%

Wheat Dec 2016 395.75 -9.25 -2.28%

Wheat Mar 2017 417.00 -8.75 -2.06%

Wheat May 2017 431.25 -8.25 -1.88%

Wheat Jul 2017 442.75 -8.00 -1.77%

Wheat Sep 2017 458.00 -8.50 -1.82%

Minneapolis

Spring Wheat Dec 2016 524.75 +0.25 +0.05%

Spring Wheat Mar 2017 528.00 +0.75 +0.14%

Spring Wheat May 2017 533.00 unch 0.00%

Spring Wheat Jul 2017 539.25 -0.50 -0.09%

Spring Wheat Sep 2017 547.25 -0.25 -0.05%

Kansas City

Hard Red Wheat Dec 2016 405.00 -10.00 -2.41%

Hard Red Wheat Mar 2017 421.50 -10.00 -2.32%

Hard Red Wheat May 2017 432.25 -10.00 -2.26%

Hard Red Wheat Jul 2017 442.75 -10.00 -2.21%

Hard Red Wheat Sep 2017 457.75 -9.50 -2.03%

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Oct 2016 102.43 -0.42 -0.41%

Live Cattle (P) Dec 2016 103.10 +0.05 +0.05%

Live Cattle (P) Feb 2017 103.68 +0.11 +0.11%

Feeder Cattle (P) Oct 2016 127.83 +0.38 +0.30%

Feeder Cattle (P) Nov 2016 122.77 -0.08 -0.07%

Feeder Cattle (P) Jan 2017 118.78 -0.52 -0.44%

Lean Hogs (P) Oct 2016 50.38 +2.16 +4.48%

Lean Hogs (P) Dec 2016 43.18 +1.73 +4.17%

Lean Hogs (P) Feb 2017 48.88 +0.96 +2.00%

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