The loonie fell almost one cent on Wednesday, helping to lift canola futures into positive territory, but the oilseed’s rally was limited.
November canola was up just 70 cents a tonne, to close at $492.70.
Showers in northwestern Saskatchewan and eastern Manitoba in the previous 24 hours slowed harvest progress. Showers also showed up on the radar south of Saskatoon this afternoon.
WATCH OUR VIDEO CROP MARKET ANALYSIS
But other areas should have been able to post some progress.
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Alberta Crop Report: Rains in the south, dryness in the north
Rain fell onto the southern half of Alberta last week, while hot and dry conditions persisted in the northern half, according to the province’s crop report released on July 18.
Weather in the U.S. Midwest was mostly ideal for harvesting.
CURRENCY
The Canadian dollar fell the most in eight months following a speech by Bank of Canada governor Stephen Poloz. He said there was no “predetermined path” for interest rates and the bank would closely watch economic data to guide its future moves.
The market had increasingly expected a further interest hike in coming months, but Poloz’s words were interpreted to mean that more tightening was not a certainty and was dependant on things such as the housing market, employment, bond values and the loonie.
US MARKETS
American crop futures were mostly higher but the ideal harvest weather limited gains.
The trade was balancing positions ahead of the USDA’s quarterly stocks report on Friday.
The wheat market has seen a modest but sustained rally.
Support is coming from the idea that big funds are selling off their short positions, as they figure the market no longer has much more down side.
Also dry weather in the U.S. Midwest is raising concern for the soft red winter wheat crop now being seeded.
BLACK SEA WHEAT
Major Black Sea grain producers Russia and Ukraine are likely to keep their winter grain sowing area stable this autumn, paving the way for another large crop in 2018, analysts told Reuters.
Plantings in both countries are running ahead of last year’s pace with almost two-thirds of the winter grains area sown in Russia and more than a third in Ukraine.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 26 cents at US$52.14 per barrel.
In the afternoon, the Canadian dollar was trading around US80.17 cents, down from 80.97 cents the previous trading day. The U.S. dollar was C$1.2473.
The Trump administration announced its tax reduction plan, cutting rates on corporations and high income earners. The administration believes the cuts will stimulate economic expansion enough to generate the tax revue lost from the cuts, but others believe the cuts would add trillions of dollars to the U.S. deficit over the coming years.
The Toronto Stock Exchange’s S&P/TSX composite index rose 135.54 points, or 0.88 percent, to close at 15,609.66.
The Dow Jones Industrial Average rose 56.39 points, or 0.25 percent, to 22,340.71, the S&P 500 gained 10.2 points, or 0.41 percent, to 2,507.04 and the Nasdaq Composite added 73.10 points, or 1.15 percent, to 6,453.26.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 492.70s +0.70 +0.14%
Canola Jan 18 499.20s +0.60 +0.12%
Canola Mar 18 503.80s +0.70 +0.14%
Canola May 18 506.00s +0.50 +0.10%
Canola Jul 18 506.80s +0.20 +0.04%
Milling Wheat Oct 17 236.00s +1.00 +0.43%
Milling Wheat Dec 17 238.00s +1.00 +0.42%
Milling Wheat Mar 18 244.00s +1.00 +0.41%
Durum Wheat Oct 17 279.00s unch unch
Durum Wheat Dec 17 283.00s unch unch
Durum Wheat Mar 18 286.00s unch unch
Barley Oct 17 145.00s unch unch
Barley Dec 17 148.00s unch unch
Barley Mar 18 151.00s unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybeans Nov 17 965-4s +2-0 +0.21%
Soybeans Jan 18 976-2s +2-2 +0.23%
Soybeans Mar 18 985-4s +2-0 +0.20%
Soybeans May 18 993-6s +1-6 +0.18%
Soybeans Jul 18 1001-0s +1-4 +0.15%
Soybean Meal Oct 17 308.8s unch unch
Soybean Meal Dec 17 313.3s +0.2 +0.06%
Soybean Meal Jan 18 315.5s +0.2 +0.06%
Soybean Oil Oct 17 33.02s -0.21 -0.63%
Soybean Oil Dec 17 33.22s -0.23 -0.69%
Soybean Oil Jan 18 33.39s -0.23 -0.68%
Corn Dec 17 354-0s +1-6 +0.50%
Corn Mar 18 366-6s +1-4 +0.41%
Corn May 18 375-6s +2-0 +0.54%
Corn Jul 18 383-2s +2-2 +0.59%
Corn Sep 18 390-0s +2-2 +0.58%
Oats Dec 17 248-0s -2-2 -0.90%
Oats Mar 18 252-2s -2-4 -0.98%
Oats May 18 251-2s -2-4 -0.99%
Oats Jul 18 249-2s -0-4 -0.20%
Oats Sep 18 249-2s -0-4 -0.20%
Wheat Dec 17 461-4s +7-6 +1.71%
Wheat Mar 18 480-6s +7-2 +1.53%
Wheat May 18 493-4s +6-4 +1.33%
Wheat Jul 18 504-4s +6-0 +1.20%
Wheat Sep 18 518-6s +6-2 +1.22%
Minneapolis
Spring Wheat Dec 17 649-6s +3-6 +0.58%
Spring Wheat Mar 18 662-0s +3-2 +0.49%
Spring Wheat May 18 665-2s +3-4 +0.53%
Spring Wheat Jul 18 663-0s +3-6 +0.57%
Spring Wheat Sep 18 647-2s +3-4 +0.54%
Kansas City
Hard Red Wheat Dec 17 459-0s +6-6 +1.49%
Hard Red Wheat Mar 18 477-0s +7-0 +1.49%
Hard Red Wheat May 18 490-2s +7-2 +1.50%
Hard Red Wheat Jul 18 506-6s +6-6 +1.35%
Hard Red Wheat Sep 18 525-0s +6-4 +1.25%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 17 108.575s +0.300 +0.28%
Live Cattle Dec 17 114.900s +1.425 +1.26%
Live Cattle Feb 18 118.500s +1.225 +1.04%
Feeder Cattle Sep 17 152.400s +1.825 +1.21%
Feeder Cattle Oct 17 152.700s +2.050 +1.36%
Feeder Cattle Nov 17 154.525s +2.250 +1.48%
Lean Hogs Oct 17 55.400s +0.150 +0.27%
Lean Hogs Dec 17 59.650s +1.550 +2.67%
Lean Hogs Feb 18 64.400s +1.250 +1.98%
