Canola futures fell for a seventh straight session on Friday, weakened by a slower pace of exports, general weakness in oilseeds and this week’s rally in the Canadian dollar.
May closed at $503.70, down $2.10 or 0.42 percent.
New crop November fell $1.40 to $489.80, down 0.29 percent
For the week, May fell $19.20 or 3.7 percent.
November fell $12.90 or 2.6 percent.
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The loonie gained close to one cent over the week, which helped to worsen canola’s performance.
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Prairie Wheat Weekly: Wheat, durum cash prices lower on the week
Cash prices for spring wheat and durum across the Canadian Prairies pulled back during the week ended July 24.
Also the smallest weekly export number in 2017 weighed on the oilseed.
See more about exports below.
Today soybeans and meal were lower but soy oil edged higher.
Over the week, soy oil dipped 1.2 percent.
WHEAT
Today corn and wheat closed slightly higher.
Grains are supported by ideas that American prices are now competitive with other exporters. The American dollar has fallen since the Federal Reserve maintained its guidance for two more interest rates increases this year and three next year.
Wheat also has support from warm, dry weather in the southern Plains that is sapping soil moisture.
The seven-day forecast to March 24 remains mostly dry for western Kansas and Oklahoma.
Minneapolis May spring wheat rallied almost two percent over the week.
CANOLA CRUSH
Weekly canola crush was 180,860 tonnes, up 4.3 percent from the week before, said the Canadian Oilseed Processors Association.
That represented 84.6 percent of capacity, a little short of the 89.6 percent in the year to date.
The total crush for the crop year is 5.8 million tonnes, up 13 percent.
EXPORTS SLOW
The pace of exports, which has been so strong this year, is trailing off, but the number of vessels waiting at Vancouver is increasing.
Canola exports in week 32 to March 12 were 150,400 tonnes, down from 190,700 the week before and the slowest since the Christmas holiday period.
Wheat exports were fairly strong for the week at 284,300 tonnes, but overall, bulk crop shipments from the Vancouver and Prince Rupert totaled 624,400 tonnes, down from 689,800 tonnes the week before.
The weekly report from Quorum, the federally appointed grain movement monitor, says that the number of vessels at Vancouver increased to 36, about 10 more than last year at the same time.
This year there were nine at birth, 14 anchored at English Bay, four in Burrard Inlet and nine on the south coast of Vancouver Island.
That is the largest number of vessels in 2017. The previous five weeks have seen a range of 25 to 30 vessels waiting. Eight vessels are in the line up at Prince Rupert, up from five last year at same point.
Ten vessels at Vancouver were cleared last week, down from 12 in each of the previous two weeks.
At Prince Rupert, eight vessels were in the line up, the same as he week before.
The CP Rail scorecard for week 32 said rain at Vancouver had limited shipping at some terminals. Also the winter snowstorm that hit Manitoba and eastern Saskatchewan impacted CP operations.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up three cents to US$48.78 per barrel.
In the afternoon, the Canadian dollar was trading around US74.98 cents, up from 74.91 cents the previous trading day. The U.S. dollar was C$1.3337.
The TSX composite closed down 71.92 points or 0.46 percent at 15,490.49
The Dow Jones Industrial Average fell 19.93 points, or 0.1 percent, to end at 20,914.62, the S&P 500 slipped 3.13 points, or 0.13 percent, to 2,378.25 and the Nasdaq Composite added 0.24 point, to 5,901.00.
For the week the the TSX composite fell 0.1 percent, the S&P rose 0.2 percent, the Dow gained less than 0.1 percent and the Nasdaq added 0.7 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2017 503.70 -2.10 -0.42%
Canola Jul 2017 508.80 -1.80 -0.35%
Canola Nov 2017 489.80 -1.40 -0.29%
Canola Jan 2018 495.40 -1.10 -0.22%
Canola Mar 2018 500.30 -1.10 -0.22%
Milling Wheat May 2017 235.00 -2.00 -0.84%
Milling Wheat Jul 2017 236.00 -2.00 -0.84%
Milling Wheat Oct 2017 230.00 unch 0.00%
Durum Wheat May 2017 282.00 unch 0.00%
Durum Wheat Jul 2017 281.00 unch 0.00%
Durum Wheat Oct 2017 268.00 unch 0.00%
Barley May 2017 137.00 unch 0.00%
Barley Jul 2017 138.00 unch 0.00%
Barley Oct 2017 138.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2017 1000.00 -1.50 -0.15%
Soybeans Jul 2017 1010.00 -1.50 -0.15%
Soybeans Aug 2017 1011.00 -1.50 -0.15%
Soybeans Sep 2017 1001.00 -1.50 -0.15%
Soybeans Nov 2017 993.50 -2.00 -0.20%
Soybeans Jan 2018 998.50 -2.25 -0.22%
Soybean Meal May 2017 328.90 -0.40 -0.12%
Soybean Meal Jul 2017 332.20 -0.40 -0.12%
Soybean Meal Aug 2017 331.30 -0.40 -0.12%
Soybean Oil May 2017 32.30 +0.04 +0.12%
Soybean Oil Jul 2017 32.59 +0.05 +0.15%
Soybean Oil Aug 2017 32.68 +0.05 +0.15%
Corn May 2017 367.50 +1.50 +0.41%
Corn Jul 2017 375.00 +1.50 +0.40%
Corn Sep 2017 382.25 +2.25 +0.59%
Corn Dec 2017 389.75 +2.25 +0.58%
Corn Mar 2018 399.25 +2.50 +0.63%
Oats May 2017 250.00 +0.75 +0.30%
Oats Jul 2017 243.00 +1.75 +0.73%
Oats Sep 2017 236.75 +2.00 +0.85%
Oats Dec 2017 237.00 +2.25 +0.96%
Oats Mar 2018 236.00 unch 0.00%
Wheat May 2017 436.25 +0.25 +0.06%
Wheat Jul 2017 451.50 +0.50 +0.11%
Wheat Sep 2017 466.75 +1.25 +0.27%
Wheat Dec 2017 485.50 +1.75 +0.36%
Wheat Mar 2018 499.75 +1.50 +0.30%
Minneapolis
Spring Wheat May 2017 549.00 +1.00 +0.18%
Spring Wheat Jul 2017 554.00 +0.75 +0.14%
Spring Wheat Sep 2017 560.25 +1.00 +0.18%
Spring Wheat Dec 2017 569.00 +1.00 +0.18%
Spring Wheat Mar 2018 579.00 +1.50 +0.26%
Kansas City
Hard Red Wheat May 2017 453.50 +3.50 +0.78%
Hard Red Wheat Jul 2017 465.25 +3.50 +0.76%
Hard Red Wheat Sep 2017 479.75 +3.75 +0.79%
Hard Red Wheat Dec 2017 499.00 +3.75 +0.76%
Hard Red Wheat Mar 2018 513.00 +3.75 +0.74%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Apr 2017 119.32 +0.12 +0.10%
Live Cattle (P) Jun 2017 109.67 +0.25 +0.23%
Live Cattle (P) Aug 2017 105.45 +0.53 +0.51%
Feeder Cattle (P) Mar 2017 131.32 +0.77 +0.59%
Feeder Cattle (P) Apr 2017 131.62 +1.07 +0.82%
Feeder Cattle (P) May 2017 130.38 +0.95 +0.73%
Lean Hogs (P) Apr 2017 69.05 -0.85 -1.22%
Lean Hogs (P) May 2017 73.62 -1.18 -1.58%
Lean Hogs (P) Jun 2017 77.32 -1.36 -1.73%
