Canola futures rose about one percent Thursday with the support of rising palm oil futures, soybeans and a weaker loonie.
The American corn and soybean markets generally bounced back from Wednesday’s losses that were tied to the bearish USDA report that increased its forecast of U.S. soybean and corn production and year end stocks.
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Wheat futures drifted lower even though weekly U.S. wheat export sales were the biggest since June.
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Second Harvest redirecting surplus food to those in need
Second Harvest, billed as Canada’s largest food rescuer, was on hand at Ag in Motion in Langham, Saskatchewan, from July 15 to 17 to connect with farmers and raise awareness of their presence on the Prairies.
For most Prairie farmers is was another day of sunny, dry weather condusive for harvesting.
The long range forecast still sees a cool off to seasonal temperatures by the middle of next week, but the potential for moisture to accompany the new system has receeded a bit in the western Prairies. Manitoba could see precipitation on Nov. 17.
PALM RISES
The oilseed complex got a boost from rising palm oil. Palm production data from Malaysia confirmed that output in October fell 2.2 percent from the month before. It is down 17.6 percent from the same month last year. An El Nino caused drought conditions there earlier this year.
Agrimoney.com reports that production in Malaysia might also be suffering from a shortage of labour as the government there clamps down on the number of illegal foreign workers in the country.
CORN AND SOYBEANS
U.S. corn export sales for the week were within the range of expectations and soybean weekly sales were below expectations.
So far this year, corn sales are up 80 percent over last year at the same time and soybean exports are up 20 percent.
This strong export pace is one reason why markets did not get too upset over the production and stock increases in yesterday’s USDA report.
The USDA currently forecasts only a 17 percent increase in American corn exports for the year. Given the experience to date, that could be conservative. If it revised up its export number then the calculation of the ending stocks number would fall.
STOCK MARKETS
American banks were particularly bullish today, helped by Trump’s indications that he would work to repeal the Dodd-Frank Financial Reform Act put in place after the market crash of 2008.
Unofficially, the TSX composite was down 15.73 points or 0.11 percent to close at 14,744.18.
The Dow Jones industrial average was up 218.73 points, or 1.18 percent, to 18,808.42, a new record high.
The S&P 500 rose 4.31 points, or 0.2 percent, to 2,167.57 and the Nasdaq Composite .dropped 42.28 points, or 0.81 percent, to 5,208.80.
Light crude oil nearby futures in New York were down 61 cents to US$44.66 per barrel.
The Canadian dollar at noon was US74.21 cents, down from 74.58 cents the previous trading day. The U.S. dollar at noon was C$1.3475.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 16 506.90 +4.80 +0.96%
Canola Jan 17 513.90 +4.80 +0.94%
Canola Mar 17 520.60 +4.60 +0.89%
Canola May 17 523.70 +3.90 +0.75%
Canola Jul 17 524.00 +3.80 +0.73%
Milling Wheat Dec 16 226.00 unch unch
Milling Wheat Mar 17 229.00 -1.00 -0.43%
Milling Wheat May 17 233.00 -1.00 -0.43%
Durum Wheat Dec 16 327.00 unch unch
Durum Wheat Mar 17 333.00 unch unch
Durum Wheat May 17 337.00 unch unch
Barley Dec 16 132.50 unch unch
Barley Mar 17 134.50 unch unch
Barley May 17 135.50 unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2016 989.00 +7.00 +0.71%
Soybeans Jan 2017 998.00 +7.00 +0.71%
Soybeans Mar 2017 1006.50 +8.00 +0.80%
Soybeans May 2017 1013.75 +8.25 +0.82%
Soybeans Jul 2017 1019.50 +8.25 +0.82%
Soybeans Aug 2017 1018.25 +8.00 +0.79%
Soybean Meal Dec 2016 311.40 unch 0.00%
Soybean Meal Jan 2017 313.70 +0.10 +0.03%
Soybean Meal Mar 2017 315.60 +0.20 +0.06%
Soybean Oil Dec 2016 34.77 +0.46 +1.34%
Soybean Oil Jan 2017 35.02 +0.45 +1.30%
Soybean Oil Mar 2017 35.26 +0.45 +1.29%
Corn Dec 2016 343.50 +2.75 +0.81%
Corn Mar 2017 352.00 +2.25 +0.64%
Corn May 2017 359.25 +2.00 +0.56%
Corn Jul 2017 366.50 +2.25 +0.62%
Corn Sep 2017 373.25 +1.75 +0.47%
Oats Dec 2016 220.75 -1.75 -0.79%
Oats Mar 2017 222.50 -3.00 -1.33%
Oats May 2017 224.25 -1.25 -0.55%
Oats Jul 2017 226.25 unch 0.00%
Oats Sep 2017 221.50 -1.25 -0.56%
Wheat Dec 2016 404.75 -2.00 -0.49%
Wheat Mar 2017 422.75 -1.75 -0.41%
Wheat May 2017 437.50 -3.00 -0.68%
Wheat Jul 2017 452.25 -3.50 -0.77%
Wheat Sep 2017 467.75 -3.50 -0.74%
Minneapolis
Spring Wheat Dec 2016 515.00 +0.50 +0.10%
Spring Wheat Mar 2017 519.75 -1.75 -0.34%
Spring Wheat Jul 2017 534.50 -2.00 -0.37%
Spring Wheat Sep 2017 541.75 -2.25 -0.41%
Kansas
Hard Red Wheat Dec 2016 408.75 -1.50 -0.37%
Hard Red Wheat Mar 2017 426.50 -1.25 -0.29%
Hard Red Wheat May 2017 438.00 -1.25 -0.28%
Hard Red Wheat Jul 2017 449.50 -1.25 -0.28%
Hard Red Wheat Sep 2017 464.00 -1.50 -0.32%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Dec 2016 104.50 +1.03 +1.00%
Live Cattle (P) Feb 2017 105.50 +0.83 +0.79%
Live Cattle (P) Apr 2017 105.30 +0.58 +0.55%
Feeder Cattle (P) Nov 2016 125.20 +0.65 +0.52%
Feeder Cattle (P) Jan 2017 120.32 +0.59 +0.49%
Feeder Cattle (P) Mar 2017 116.95 +0.67 +0.58%
Lean Hogs (P) Dec 2016 47.38 +0.83 +1.78%
Lean Hogs (P) Feb 2017 54.58 +0.50 +0.92%
Lean Hogs (P) Apr 2017 61.88 +0.33 +0.54%
