Nov canola gains $7.90 on week

Canola futures on Friday closed higher for the fourth time in five days this week, supported by slow farmer selling and stronger soy oil.

May canola closed at $489.10 per tonne, up $3.80 on the day while new crop November closed at $484.30 up $3.30.

Over the week May canola rose $4.70 per tonne.

New crop November rose $7.90 over the week.

Gains were kept in check by new higher forecasts for Brazil’s record large soybean crop.

The ICE Futures Canada canola best basis benchmark today was zero, compared to -$5 a tonne yesterday.

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That is likely a crusher bid.

It looks like it will be cooler than normal on the Prairies Sunday and Monday and next week won’t see temperature high records being broken like they were this week

Long range forecasts, which by their nature are less reliable, indicate the potential for rainy weather in the second half of April in the Canadian Prairies.

There was little reaction in the crop market to the U.S. missile strikes in Syria overnight.

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EXPORTS STRONG

Canada shipped 334,700 tonnes of canola last week (week 35), up from 169,600 the week before. Wheat exports were 346,500 tonnes, up from 291,700 the week before, the Canadian Grain Commission reported.

Total exports of all crops were 981,600 tonnes, up from 823,100 tonnes.

There were 12 vessels cleared from Vancouver and three from Prince Rupert in week 35.

The ship line up at Vancouver rose to 26 vessels from 24, with six at berth, 10 anchored at English Bay, to at Burrard Inlet and eight on the south coast of Vancouver Island.

Prince Rupert line up decreased to three vessels from five.

CRUSH WEAKER

Weekly crush fell 10 percent to 166,807 tonnes, representing only 78 percent of industry capacity and the smallest since early January.

Plants might be engaged in spring maintenance.

VEG OILS

The soy oil market might be hoping that the tax changes that the U.S. Trump administration will proposed to Congress will include switching the biofuel incentive to a producers’ credit from a blenders’ credit.

Currently blenders can apply the incentive to imported biodiesel but if it switched to a producers’ credit it would likely cause imports to almost stop and domestic biodiesel makers increase the amount of vegetable oil they process into fuel.

It could possibly result in U.S. biodiesel makers importing more canola oil.

EMPLOYMENT REPORTS

Canadian employers created 19,400 jobs in March, nearly four times more the number that analysts expected.

With the jobs picture improving, more people joined the search for employment and so the unemployment rate rose to 6.7 percent.

It was the fourth straight improvement in the jobs picture and should cause the Bank of Canada to issue a more positive view of the economy’s recovery from the oil price slump.

But analysts believe the bank won’t yet change its guidance about no interest rate increases in the near term.

The U.S. created 98,000 jobs in March, the weakest showing since last May. But is was enough to pressure the unemployment rate down to 4.5 percent.

The report reinforced expectations for another U.S. Federal Reserve interest rate hike in June.

OUTSIDE MARKETS

The Toronto Stock Exchange composite index fell 30.05 points or 0.19 percent to 15,667.13.

The Dow Jones Industrial Average fell 7.06 points, or 0.03 percent, to 20,655.89, the S&P 500 lost 1.93 points, or 0.08 percent, to 2,355.56 and the Nasdaq Composite dropped 1.14 points, or 0.02 percent, to 5,877.81.

For the week, the TSX rose 0.8 percent, the Dow was almost unchanged, the S&P 500 fell 0.3 percent and the Nasdaq fell 0.6 percent.

Light crude oil nearby futures in New York were up 55 cents on Friday to US$52.24 per barrel.

In the afternoon, the Canadian dollar was trading around US74.53 cents, little changed from 74.52 cents the previous trading day. The U.S. dollar was C$1.3414.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2017   489.10   +3.40   +0.70%

Canola Jul 2017   492.60   +3.00   +0.61%

Canola Nov 2017   484.30   +3.30   +0.69%

Canola Jan 2018   486.60   +3.30   +0.68%

Canola Mar 2018   489.40   +3.40   +0.70%

 

Milling Wheat May 2017   225.00   -1.00   -0.44%

Milling Wheat Jul 2017   226.00   -1.00   -0.44%

Milling Wheat Oct 2017   222.00   -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   942.00   +0.50   +0.05%

Soybeans Jul 2017   953.25   +0.50   +0.05%

Soybeans Aug 2017   954.75   unch   0.00%

Soybeans Sep 2017   951.75   -0.50   -0.05%

Soybeans Nov 2017   949.50   -1.25   -0.13%

Soybeans Jan 2018   955.75   -1.00   -0.10%

 

Soybean Meal May 2017   307.40   -1.30   -0.42%

Soybean Meal Jul 2017   311.40   -1.00   -0.32%

Soybean Meal Aug 2017   312.10   -1.00  -0.32%

 

Soybean Oil May 2017   31.62   +0.25   +0.80%

Soybean Oil Jul 2017   31.88   +0.23   +0.73%

Soybean Oil Aug 2017   31.98   +0.23   +0.72%

 

Corn May 2017   359.50   -1.25   -0.35%

Corn Jul 2017   367.25   -1.25   -0.34%

Corn Sep 2017   374.75   -1.50   -0.40%

Corn Dec 2017   384.50   -1.50   -0.39%

Corn Mar 2018   393.50   -1.50   -0.38%

 

Oats May 2017   216.50   -2.25   -1.03%

Oats Jul 2017   216.00   -1.25   -0.58%

Oats Sep 2017   214.50   -0.50   -0.23%

Oats Dec 2017   215.50   -0.25   -0.12%

Oats Mar 2018   222.50   -0.25   -0.11%

 

Wheat May 2017   424.00   +0.75   +0.18%

Wheat Jul 2017   436.25   +0.25   +0.06%

Wheat Sep 2017   449.75   -0.50   -0.11%

Wheat Dec 2017   470.00   -0.75   -0.16%

Wheat Mar 2018   486.50   -1.25   -0.26%

 

Minneapolis

Spring Wheat May 2017   518.25   -3.50   -0.67%

Spring Wheat Jul 2017   526.25   -3.00   -0.57%

Spring Wheat Sep 2017   534.50   -3.00   -0.56%

Spring Wheat Dec 2017   546.50   -2.00   -0.36%

Spring Wheat Mar 2018   557.25   -2.25   -0.40%

 

Kansas City

Hard Red Wheat May 2017   421.75   +1.75   +0.42%

Hard Red Wheat Jul 2017   434.25   +1.25   +0.29%

Hard Red Wheat Sep 2017   449.75   +1.00   +0.22%

Hard Red Wheat Dec 2017   474.25   +1.25   +0.26%

Hard Red Wheat Mar 2018   491.25   +1.25   +0.26%

 

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

Live Cattle (P) Apr 2017   120.05   +1.25   +1.05%

Live Cattle (P) Jun 2017   111.80   +1.68   +1.53%

Live Cattle (P) Aug 2017   107.98   +1.61   +1.51%

 

Feeder Cattle (P) Apr 2017   133.75   +1.80   +1.36%

Feeder Cattle (P) May 2017   133.88   +1.70   +1.29%

Feeder Cattle (P) Aug 2017   135.65   +1.95   +1.46%

 

Lean Hogs (P) Apr 2017   63.32   -0.60   -0.94%

Lean Hogs (P) May 2017   69.00   -0.55   -0.79%

Lean Hogs (P) Jun 2017   72.78   -0.92   -1.25%