November canola posted the strongest gain in many days on Thursday during the session and closed up just over one percent.
The Saskatchewan crop report today said that 23 percent of the province’s canola crop and 21 percent of the spring wheat is still in the field, marking almost no progress from last week’s report.
More rain and snow is expected in Alberta tonight and Friday with the system moving into Saskatchewan later on Friday, further delaying harvest.
And more moisture is expected on Sunday.
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The unharvested grain will likely be picked up before the full force of winter settles in, but with millions of acres still out, it presents a risk.
CLICK HERE TO WATCH THIS WEEK’S VIDEO CROP MARKET UPDATE
It was not only the weather that lifted canola.
There were gains across the crop futures market today with the strongest performance in corn and wheat.
Chicago wheat was caught in a short covering rally, rising almost five percent as several international buyers announced tenders for new supply.
U.S. wheat is now priced competitively internationally and so export movement is expected to be good.
Minneapolis wheat rose about two percent. December Minneapolis is now at a slight premium to the March contract, indicating it is the strongest of the three wheat markets. Chicago and Kansas still have a carry between December and March.
Wheat helped to pull corn higher, as did short covering and solid cash markets even as the U.S. harvest continues to roll along.
As the U.S. harvest nears the halfway point, farmers generally have been selling soybeans but storing their corn, holding out for higher prices, Dan Cekander, president of DC Analysis, told Reuters.
“There is very limited selling pressure from harvest. We are moving along and just not seeing the selling,” Cekander said.
The crude oil market stabilized today. The U.S. crude stocks weekly report showed a week over week increase, the first in six weeks. However, the impact was moderated by a draw down in diesel and gasoline stocks.
China issued monthly reports that showed its import and export sectors did worse than expected.
Light crude oil nearby futures in New York were up 26 cents to US$50.44 per barrel.
The Canadian dollar at noon was US75.65 cents, up from 75.32 cents the previous trading day. The U.S. dollar at noon was C$1.3219.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 24.74 points, or 0.17 percent, at 14,643.71.
The Dow Jones industrial average was down 45.26 points, or 0.25 percent, to 18,098.94, the S&P 500 lost 6.63 points, or 0.31 percent, to 2,132.55 and the Nasdaq Composite dropped 25.69 points, or 0.49 percent, to 5,213.33.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2016 480.10 +5.60 +1.18%
Canola Jan 2017 487.90 +5.80 +1.20%
Canola Mar 2017 493.30 +6.00 +1.23%
Canola May 2017 497.50 +5.70 +1.16%
Canola Jul 2017 497.80 +4.80 +0.97%
Milling Wheat Dec 2016 234.00 +5.00 +2.18%
Milling Wheat Mar 2017 238.00 +5.00 +2.15%
Milling Wheat May 2017 242.00 +6.00 +2.54%
Durum Wheat Dec 2016 294.00 +6.00 +2.08%
Durum Wheat Mar 2017 304.00 +8.00 +2.70%
Durum Wheat May 2017 308.00 +8.00 +2.67%
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 956.25 +10.75 +1.14%
Soybeans Jan 2017 964.75 +11.25 +1.18%
Soybeans Mar 2017 971.00 +10.75 +1.12%
Soybeans May 2017 978.00 +10.75 +1.11%
Soybeans Jul 2017 984.25 +11.25 +1.16%
Soybeans Aug 2017 983.75 +11.50 +1.18%
Soybean Meal Oct 2016 299.80 +5.30 +1.80%
Soybean Meal Dec 2016 302.30 +5.80 +1.96%
Soybean Meal Jan 2017 303.80 +6.00 +2.01%
Soybean Oil Oct 2016 33.16 +0.02 +0.06%
Soybean Oil Dec 2016 33.38 +0.04 +0.12%
Soybean Oil Jan 2017 33.66 +0.03 +0.09%
Corn Dec 2016 349.50 +12.50 +3.71%
Corn Mar 2017 359.50 +12.50 +3.60%
Corn May 2017 366.00 +12.25 +3.46%
Corn Jul 2017 372.50 +12.00 +3.33%
Corn Sep 2017 379.50 +11.75 +3.20%
Oats Dec 2016 195.75 -2.25 -1.14%
Oats Mar 2017 198.75 -1.25 -0.62%
Oats May 2017 202.00 -1.25 -0.62%
Oats Jul 2017 205.00 unch 0.00%
Oats Sep 2017 214.00 -1.25 -0.58%
Wheat Dec 2016 416.00 +19.25 +4.85%
Wheat Mar 2017 434.75 +18.25 +4.38%
Wheat May 2017 448.50 +18.50 +4.30%
Wheat Jul 2017 460.25 +18.25 +4.13%
Wheat Sep 2017 474.50 +17.25 +3.77%
Minneapolis
Spring Wheat Dec 2016 532.00 +10.25 +1.96%
Spring Wheat Mar 2017 531.75 +9.25 +1.77%
Spring Wheat May 2017 536.50 +9.00 +1.71%
Spring Wheat Jul 2017 543.00 +8.25 +1.54%
Spring Wheat Sep 2017 550.00 +7.00 +1.29%
Kansas City
Hard Red Wheat Dec 2016 414.00 +15.50 +3.89%
Hard Red Wheat Mar 2017 431.00 +15.75 +3.79%
Hard Red Wheat May 2017 441.75 +16.00 +3.76%
Hard Red Wheat Jul 2017 452.50 +16.25 +3.72%
Hard Red Wheat Sep 2017 467.00 +15.75 +3.49%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Oct 2016 94.45 -2.30 -2.38%
Live Cattle (P) Dec 2016 96.18 -1.82 -1.86%
Live Cattle (P) Feb 2017 97.95 -1.58 -1.59%
Feeder Cattle (P) Oct 2016 119.45 -2.55 -2.09%
Feeder Cattle (P) Nov 2016 114.82 -2.96 -2.51%
Feeder Cattle (P) Jan 2017 111.55 -2.73 -2.39%
Lean Hogs (P) Oct 2016 52.62 +0.24 +0.46%
Lean Hogs (P) Dec 2016 44.18 +0.13 +0.30%
Lean Hogs (P) Feb 2017 51.20 +0.28 +0.55%
