Soybean’s price swoon didn’t carry over to Friday, giving relief to crop futures values.
But Friday’s weak rebound still left soybean futures prices below a line of support and a trend line, looking technically weak.
Canola also recovered some of the ground it lost Thursday, rising a few cents per bushel. But November
Wheat contracts rose eight to 12 cents per bushel and were the strongest part of the crops complex Friday, reacting to damaging wind and hail in Kansas and Oklahoma. Harvest is well ahead of normal in parts of the southern plains.
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Thursday’s crop market weakness spread from Brazil’s political crisis, in which claims of corruption are threatening the nation’s stability. The Brazilian currency fell sharply, improving relative returns of soybeans for Brazilian farmers, and traders are expecting those farmers to make more sales to take advantage of the better prices.
Brazilian farmers had been hanging on to crops due to what they saw as weak domestic prices.
Canadian canola crushing is using only about 70 percent of capacity as the industry goes through its slower season. To date domestic crush, capacity use is well above year-ago levels, at 89.5 percent versus 82.5 percent at this time last year.
In the week ended May 17, 149,800 tonnes of canola and 44,287 tonnes of soybeans were crushed.
EXPORTS
While the crush pace was down, canola exports rose.
In the week for May 14 canola exports totaled 353,500 tonnes, up from 286,600 tonnes the week before.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 98 cents to US$50.33 per barrel.
In the afternoon, the Canadian dollar was trading around US73.98 cents, down from 73.49 cents the previous trading day. The U.S. dollar was C$1.3517.
The Dow Jones Industrial Average was up 141.82 points, or 0.69 percent, to 20,804.84, the S&P 500 gained 16.01 points, or 0.68 percent, to 2,381.73 and the Nasdaq Composite rose 28.57 points, or 0.47 percent, to 6,083.70.
For the week, the TSX composite fell .5 percent, the Nasdaq fell .6 percent and the Dow and the S&P 500 both dropped by .4 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2017 523.20 +1.90 +0.36%
Canola Nov 2017 499.90 +1.40 +0.28%
Canola Jan 2018 505.40 +2.10 +0.42%
Canola Mar 2018 510.00 +2.60 +0.51%
Canola May 2018 512.80 unch 0.00%
Milling Wheat Jul 2017 241.00 +4.00 +1.69%
Milling Wheat Oct 2017 240.00 +4.00 +1.69%
Durum Wheat Jul 2017 275.00 +1.00 +0.36%
Durum Wheat Oct 2017 267.00 unch 0.00%
Durum Wheat Dec 2017 267.00 unch 0.00%
Barley Jul 2017 138.00 unch 0.00%
Barley Oct 2017 140.00 unch 0.00%
Barley Dec 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 Jul 2017 953.00 +8.25 +0.87%
Soybeans Aug 2017 954.25 +7.50 +0.79%
Soybeans Sep 2017 952.50 +7.50 +0.79%
Soybeans Nov 2017 951.75 +7.00 +0.74%
Soybeans Jan 2018 959.00 +6.75 +0.71%
Soybeans Mar 2018 962.50 +6.00 +0.63%
Soybean Meal Jul 2017 307.00 -0.50 -0.16%
Soybean Meal Aug 2017 308.20 -0.20 -0.06%
Soybean Meal Sep 2017 309.20 -0.10 -0.03%
Soybean Oil Jul 2017 33.04 +0.60 +1.85%
Soybean Oil Aug 2017 33.13 +0.60 +1.84%
Soybean Oil Sep 2017 33.24 +0.59 +1.81%
Corn Jul 2017 372.50 +6.50 +1.78%
Corn Sep 2017 379.75 +6.00 +1.61%
Corn Dec 2017 390.25 +6.25 +1.63%
Corn Mar 2018 400.00 +6.00 +1.52%
Corn May 2018 405.50 +6.00 +1.50%
Oats Jul 2017 241.75 +5.75 +2.44%
Oats Sep 2017 228.25 +4.50 +2.01%
Oats Dec 2017 222.00 +0.50 +0.23%
Oats Mar 2018 224.50 +0.50 +0.22%
Oats May 2018 224.50 +0.50 +0.22%
Wheat Jul 2017 435.25 +9.50 +2.23%
Wheat Sep 2017 448.50 +8.75 +1.99%
Wheat Dec 2017 469.75 +8.25 +1.79%
Wheat Mar 2018 487.50 +8.25 +1.72%
Minneapolis
Spring Wheat Jul 2017 555.75 +11.00 +2.02%
Spring Wheat Sep 2017 562.50 +11.00 +1.99%
Spring Wheat Dec 2017 570.00 +10.75 +1.92%
Spring Wheat Mar 2018 577.50 +10.25 +1.81%
Spring Wheat May 2018 581.75 +9.50 +1.66%
Kansas City
Hard Red Wheat Jul 2017 438.00 +12.00 +2.82%
Hard Red Wheat Sep 2017 455.00 +11.75 +2.65%
Hard Red Wheat Dec 2017 480.25 +12.25 +2.62%
Hard Red Wheat Mar 2018 495.00 +12.25 +2.54%
Hard Red Wheat May 2018 505.25 +12.00 +2.43%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Jun 2017 123.45 +0.53 +0.43%
Live Cattle (P) Aug 2017 121.05 +1.40 +1.17%
Live Cattle (P) Oct 2017 116.68 +0.88 +0.76%
Feeder Cattle (P) May 2017 143.35 +1.07 +0.75%
Feeder Cattle (P) Aug 2017 150.45 +1.10 +0.74%
Feeder Cattle (P) Sep 2017 150.22 +0.97 +0.65%
Lean Hogs (P) Jun 2017 79.50 +0.35 +0.44%
Lean Hogs (P) Jul 2017 80.18 +0.91 +1.15%
Lean Hogs (P) Aug 2017 79.22 +0.50 +0.64%
