It was a down day on the crop markets Thursday and canola did not escape the downdraft.
Traders took profits in canola following modest gains Monday through Wednesday.
Canola also was weighed down by a decline of more than one percent in soy oil futures.
May canola dipped $3.60 a tonne of 0.74 percent and November fell $2.40 or 0.5 percent
CLICK HERE TO WATCH OUR WEEKLY VIDEO CROP MARKET UPDATE
U.S. weekly export sales for wheat and corn today came in stronger than expected, but large global stocks and an uptick in the U.S. dollar against a basket of world currencies kept a lid on the market.
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Canadian farmers’ overall new crop outlook has improved since the beginning of the year, says Farm Credit Canada.
Old crop U.S. soybean export sales were in line with expectations and new crop sales topped expectations.
However, the outlook for record large U.S. soybean acreage and record Brazilian production pressured soy lower.
Argentina’s harvest could be delayed by rain. Also, there is a general strike in Argentina today protesting government austerity measures.
In general, markets will keenly watch the meeting of U.S. President Donald Trump and China’s President Xi Jinping as they meet today and Friday in Florida.
Livestock futures saw nice gains today. CLICK HERE FOR OUR DAILY LIVESTOCK REPORT.
WEATHER
Rain this week is delaying field operations in the U.S. Midwest.
The outlook for precipitation on the Canadian Prairies this weekend is fading away, except for north central Alberta. It will likely be cooler than it has been recently.
The precipitation potential remains elevated next week in north central Alberta but southern Alberta and Saskatchewan should be fairly dry until midweek.
The longer term forecast shows the potential for precipitation grows late next week for the central and northern grainbelt.
OUTSIDE MARKETS
The Toronto Stock Exchange composite closed up 54.19 points or 0.35 percent at 15,697.18.
The Dow Jones Industrial Average rose 14.87 points, or 0.07 percent, to 20,663.02, the S&P 500 gained 4.54 points, or 0.19 percent, to 2,357.49 and the Nasdaq Composite added 14.47 points, or 0.25 percent, to 5,878.95.
Light crude oil nearby futures in New York were up 55 cents to US$51.70 per barrel.
In the afternoon, the Canadian dollar was trading around US74.52 cents, up from 74.47 cents the previous trading day. The U.S. dollar was C$1.3419.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2017 485.70 -3.60 -0.74%
Canola Jul 2017 489.60 -4.10 -0.83%
Canola Nov 2017 481.00 -2.40 -0.50%
Canola Jan 2018 483.30 -2.80 -0.58%
Canola Mar 2018 486.00 -3.60 -0.74%
Milling Wheat May 2017 226.00 -1.00 -0.44%
Milling Wheat Jul 2017 227.00 -1.00 -0.44%
Milling Wheat Oct 2017 223.00 -1.00 -0.45%
Durum Wheat May 2017 273.00 unch 0.00%
Durum Wheat Jul 2017 272.00 unch 0.00%
Durum Wheat Oct 2017 263.00 unch 0.00%
Barley May 2017 137.00 unch 0.00%
Barley Jul 2017 138.00 unch 0.00%
Barley Oct 2017 140.00 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 941.50 -2.75 -0.29%
Soybeans Jul 2017 952.75 -2.50 -0.26%
Soybeans Aug 2017 954.75 -3.00 -0.31%
Soybeans Sep 2017 952.25 -3.50 -0.37%
Soybeans Nov 2017 950.75 -3.25 -0.34%
Soybeans Jan 2018 956.75 -3.50 -0.36%
Soybean Meal May 2017 308.70 -1.10 -0.36%
Soybean Meal Jul 2017 312.40 -0.50 -0.16%
Soybean Meal Aug 2017 313.10 -0.30 -0.10%
Soybean Oil May 2017 31.37 -0.46 -1.45%
Soybean Oil Jul 2017 31.65 -0.44 -1.37%
Soybean Oil Aug 2017 31.75 -0.44 -1.37%
Corn May 2017 360.75 -4.00 -1.10%
Corn Jul 2017 368.50 -4.00 -1.07%
Corn Sep 2017 376.25 -3.75 -0.99%
Corn Dec 2017 386.00 -3.25 -0.83%
Corn Mar 2018 395.00 -3.50 -0.88%
Oats May 2017 218.75 -3.75 -1.69%
Oats Jul 2017 217.25 -2.00 -0.91%
Oats Sep 2017 215.00 -2.50 -1.15%
Oats Dec 2017 215.75 -2.75 -1.26%
Oats Mar 2018 222.75 -2.50 -1.11%
Wheat May 2017 423.25 -6.50 -1.51%
Wheat Jul 2017 436.00 -6.50 -1.47%
Wheat Sep 2017 450.25 -6.50 -1.42%
Wheat Dec 2017 470.75 -6.25 -1.31%
Wheat Mar 2018 487.75 -6.00 -1.22%
Minneapolis
Spring Wheat May 2017 521.75 -2.75 -0.52%
Spring Wheat Jul 2017 529.25 -3.00 -0.56%
Spring Wheat Sep 2017 537.50 -3.00 -0.56%
Spring Wheat Dec 2017 548.50 -3.00 -0.54%
Spring Wheat Mar 2018 559.50 -2.75 -0.49%
Kansas City
Hard Red Wheat May 2017 420.00 -5.00 -1.18%
Hard Red Wheat Jul 2017 433.00 -5.00 -1.14%
Hard Red Wheat Sep 2017 448.75 -5.25 -1.16%
Hard Red Wheat Dec 2017 473.00 -4.50 -0.94%
Hard Red Wheat Mar 2018 490.00 -4.50 -0.91%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Apr 2017 118.80 +0.52 +0.44%
Live Cattle (P) Jun 2017 110.12 +0.70 +0.64%
Live Cattle (P) Aug 2017 106.38 +0.78 +0.74%
Feeder Cattle (P) Apr 2017 131.95 +1.42 +1.09%
Feeder Cattle (P) May 2017 132.18 +1.76 +1.35%
Feeder Cattle (P) Aug 2017 133.70 +1.55 +1.17%
Lean Hogs (P) Apr 2017 63.92 +0.30 +0.47%
Lean Hogs (P) May 2017 69.55 +1.20 +1.76%
Lean Hogs (P) Jun 2017 73.70 +1.68 +2.33%
