Canola price little changed on week even as crush rate soars

The modest rally in canola ran out of steam Friday but canola processors marked a milestone as the weekly crush soared to top 200,000 tonnes.

January canola slipped $1.20 to settle at $514.50 per tonne.

Over the week, January canola edged up 60 cents.

Farmer deliveries picked up a little, resulting in elevator company hedges that stalled canola’s price today.

The Alberta government issued an updated crop report. It said the overall harvest was at 87 percent as of Nov. 15, up six points on the week.

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Rain and snow this week stalled harvest again, but the forecast for the coming week is for sunny weather across most of the Prairies.

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South Dakota and Minnesota saw blizzard conditions today.

RECORD CRUSH

The Canadian Oilseed Processors Association said members crushed 203,951 tonnes of canola in the week to Nov. 16, that was up 12.5 percent from the week before and represented 95.4 percent of industry capacity.

For the year, the crush stands at 2.677 million tonnes, up 15 percent from last year at the same time.

U.S. MARKET

Wheat rose on short covering and technical factors.

There is slight support from dry weather in the U.S. southern plains and ideas that U.S. wheat acreage for 2017 will be significantly down.

However, rallies are limited by large world stocks of wheat.

Corn edged up about one percent and soybeans climbed less than a half percent, mostly on technical trade.

For the week, Chicago wheat rose 1.2 percent, corn climbed 1.5 percent and soybeans was up about 0.8 percent.

AUSTRALIA FROSTS

Repeated frosts have taken a toll on Western Australia’s grain crop.

ABC Rural reports that the Grains Industry Association of Western Australia pegged the state’s grain crop at a little more than 15 million tonnes, down from an expectation of about 18 million tonnes in early September. Of that, wheat is expected to be nine million tonnes, down 11 percent from the October forecast and barley at 2.7 million tonnes, down 16 percent.

But canola has risen to 1.7 million tonnes, up two percent from the October forecast.

Total production in Australia is expected to be a little above normal.

OUTSIDE MARKETS

The S&P/TSX composite index climbed 37.94 points at 14,864.03.

The Dow Jones industrial average fell 35.89 points, or 0.19 percent, to 18,867.93 while the S&P 500 dropped 5.22 points, or 0.24 percent, to 2,181.9. The Nasdaq Composite slipped 12.46 points, or 0.23 percent, to 5,321.51 after hitting a record of 5346.8 earlier in the day.

For the week, the TSX composite was up 0.8 percent, the Dow rose 0.1 percent, the S&P 500 climbed by 0.8 percent and the Nasdaq jumped 1.6 percent.

Light crude oil nearby futures in New York were up 27 cents to US$45.69 per barrel.

The Canadian dollar at noon was US73.97 cents, down from 74.47 cents the previous trading day. The U.S. dollar at noon was C$1.3519.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jan 2017 514.50 -1.20 -0.23%

Canola Mar 2017 520.60 -1.70 -0.33%

Canola May 2017 524.00 -1.90 -0.36%

Canola Jul 2017 524.60 -1.70 -0.32%

Canola Nov 2017 504.20 -2.50 -0.49%

Milling Wheat Dec 2016 231.00 +2.00 +0.87%

Milling Wheat Mar 2017 235.00 +2.00 +0.86%

Milling Wheat May 2017 237.00 +1.00 +0.42%

Durum Wheat Dec 2016 329.00 unch 0.00%

Durum Wheat Mar 2017 340.00 unch 0.00%

Durum Wheat May 2017 343.00 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 Jan 2017 993.75 +4.25 +0.43%

Soybeans Mar 2017 1002.25 +3.75 +0.38%

Soybeans May 2017 1010.50 +3.25 +0.32%

Soybeans Jul 2017 1016.50 +2.50 +0.25%

Soybeans Aug 2017 1015.75 +2.50 +0.25%

Soybeans Sep 2017 1002.75 +1.00 +0.10%

Soybean Meal Dec 2016 310.40 -1.10 -0.35%

Soybean Meal Jan 2017 312.60 -1.20 -0.38%

Soybean Meal Mar 2017 315.10 -1.40 -0.44%

Soybean Oil Dec 2016 34.05 +0.35 +1.04%

Soybean Oil Jan 2017 34.31 +0.35 +1.03%

Soybean Oil Mar 2017 34.56 +0.35 +1.02%

Corn Dec 2016 345.50 +3.50 +1.02%

Corn Mar 2017 353.50 +3.75 +1.07%

Corn May 2017 360.00 +3.50 +0.98%

Corn Jul 2017 367.25 +3.75 +1.03%

Corn Sep 2017 373.75 +3.50 +0.95%

Oats Dec 2016 232.50 -2.50 -1.06%

Oats Mar 2017 238.00 -1.75 -0.73%

Oats May 2017 239.50 -0.75 -0.31%

Oats Jul 2017 239.50 -2.50 -1.03%

Oats Sep 2017 234.75 -2.50 -1.05%

Wheat Dec 2016 408.00 +5.00 +1.24%

Wheat Mar 2017 425.25 +5.25 +1.25%

Wheat May 2017 439.00 +5.75 +1.33%

Wheat Jul 2017 453.75 +5.50 +1.23%

Wheat Sep 2017 468.50 +4.50 +0.97%

Minneapolis

Spring Wheat Dec 2016 529.25 +2.50 +0.47%

Spring Wheat Mar 2017 526.50 +2.00 +0.38%

Spring Wheat May 2017 530.50 +1.50 +0.28%

Spring Wheat Jul 2017 535.50 +0.50 +0.09%

Spring Wheat Sep 2017 541.50 -0.25 -0.05%

Kansas City

Hard Red Wheat Dec 2016 413.75 +5.00 +1.22%

Hard Red Wheat Mar 2017 431.00 +5.25 +1.23%

Hard Red Wheat May 2017 443.00 +5.25 +1.20%

Hard Red Wheat Jul 2017 454.00 +5.00 +1.11%

Hard Red Wheat Sep 2017 467.25 +4.50 +0.97%

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

Live Cattle (P) Dec 2016 108.32 +0.09 +0.08%

Live Cattle (P) Feb 2017 108.85 +0.05 +0.05%

Live Cattle (P) Apr 2017 108.90 -0.07 -0.06%

Feeder Cattle (P) Jan 2017 124.98 +0.06 +0.05%

Feeder Cattle (P) Mar 2017 120.78 -0.25 -0.21%

Feeder Cattle (P) Apr 2017 120.38 -0.07 -0.06%

Lean Hogs (P) Dec 2016 47.80 +0.35 +0.74%

Lean Hogs (P) Feb 2017 54.17 -0.05 -0.09%

Lean Hogs (P) Apr 2017 61.12 -0.18 -0.29%

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