Canola posted another modest rally on Friday, supported by a stronger soybean complex.
A rising pace of canola exports and crush also helped support canola, which closed at $496.70, up $1.50 in the November contract.
Also the slow pace of the canola harvest in northern Alberta supported the price.
Alberta Agriculture said that as of Oct. 3 only about 13 percent of the canola crop was harvested in northwestern Alberta. About 44-45 percent of canola was harvested in northeastern and Peace regions. Southern regions are much more advanced.
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Compared to the previous Friday, November canola was up $4.30 per tonne.
The Canadian dollar edged higher today, but is trading below US80 cents, well below the high set just a few weeks ago.
There is a small potential for light showers in a large part of the Prairies on Saturday and quite a bit cooler temperatures on Sunday before a recovery on Monday.
Rain this week in the U.S. Midwest has stalled harvest there. The moisture helped conditions for seeding winter wheat crops.
DELIVERIES
Producers delivered 581,100 tonnes of canola to elevators in the week to Oct. 1, up from 497,900 tonnes the week before, according to the weekly Canadian Grain Commission report. Last year in the same week, deliveries of canola were 587,600 tonnes.
Deliveries for the crop year stand at 3.53 million tonnes, up from last year’s 3.35 million at the same point and 3.28 million in 2015.
CRUSH
The Canadian Oilseed Processors Association said members crushed 197,153 tonnes of canola in the week to Oct. 4, up 6.7 percent from the week before. That represented a strong capacity use of 89 percent.
To date the crush is 1.48 million tonnes still behind last year’s pace of 1.56 million tonnes.
EXPORTS
Exports usually start to seriously ramp up at this point in the fall, and this year is no exception. Total exports in the week to Oct. 1 were 941,300 tonnes, up from 837,300 the week before.
Canola exports totaled 338,400 tonnes, up from 280,700 tonnes the week before.
The total to date for canola is now higher than last year at the same point.
The total is 1.397 million tonnes, up from 1.252 million last year.
Wheat exports were also solid at 301,400 tonnes, similar to last week’s 306,500 tonnes.
The total to date for wheat is 2.726 million tonnes, up from 2.254 million last year.
The number of ships scheduled to arrive at West Coast ports this week is expected to increase, signaling good export demand.
BRAZIL SEEDING
Soybean planting in Brazil was 5.6 percent complete as of Friday, consultancy Safras & Mercado said, down from 10.4 percent at this time last year as dry weather conditions for most of September delayed seeding. However, the figure was in line with a five-year average of 5.3 percent, Safras said.
Several soybean-growing regions of Brazil got rain in the past week. Southern regions are expected to get another dose in the coming week.
WHEAT
Minneapolis spring wheat rose on ideas the market was due for a rebound after the December contract dropped to $6.06 this week, its lowest since mid-June. The contract stayed mostly above its 200-day moving average on Friday after dipping below the mark earlier this week.
Next week the market will adjust positions in advance of the U.S. Department of Agriculture’s monthly supply-demand reports on Oct. 12.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down $1.50 at US$49.29 per barrel.
In the afternoon, the Canadian dollar was trading around US79.75 cents, up from 79.56 cents the previous trading day. The U.S. dollar was C$1.2539.
U.S. stock market indexes set new record highs during the week on economic optimism and hopes for tax cutting legislation. For the week, the TSX composite rose about 0.6 percent, the S&P 500 rose 1.2 percent, the Dow added 1.6 percent and the Nasdaq gained 1.5 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 496.70s +1.50 +0.30%
Canola Jan 18 502.10s +1.40 +0.28%
Canola Mar 18 507.00s +2.00 +0.40%
Canola May 18 509.40s +1.90 +0.37%
Canola Jul 18 510.30s +2.00 +0.39%
Milling Wheat Oct 17 233.00s +5.00 +2.19%
Milling Wheat Dec 17 235.00s +5.00 +2.17%
Milling Wheat Mar 18 241.00s +5.00 +2.12%
Durum Wheat Oct 17 279.00s unch unch
Durum Wheat Dec 17 281.00s 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 17 972-2s +4-0 +0.41%
Soybeans Jan 18 983-0s +4-0 +0.41%
Soybeans Mar 18 992-2s +4-2 +0.43%
Soybeans May 18 1001-2s +4-2 +0.43%
Soybeans Jul 18 1009-0s +4-4 +0.45%
Soybean Meal Oct 17 315.0s +2.1 +0.67%
Soybean Meal Dec 17 319.2s +2.3 +0.73%
Soybean Meal Jan 18 321.4s +2.4 +0.75%
Soybean Oil Oct 17 32.71s -0.06 -0.18%
Soybean Oil Dec 17 32.95s -0.05 -0.15%
Soybean Oil Jan 18 33.12s -0.06 -0.18%
Corn Dec 17 350-0s +0-4 +0.14%
Corn Mar 18 363-2s +0-6 +0.21%
Corn May 18 372-0s +0-4 +0.13%
Corn Jul 18 379-6s +0-4 +0.13%
Corn Sep 18 386-6s +0-2 +0.06%
Oats Dec 17 251-0s +3-6 +1.52%
Oats Mar 18 254-4s +3-2 +1.29%
Oats May 18 253-2s +3-2 +1.30%
Oats Jul 18 249-4s +0-6 +0.30%
Oats Sep 18 249-4s +0-6 +0.30%
Wheat Dec 17 443-4s +2-6 +0.62%
Wheat Mar 18 462-6s +3-2 +0.71%
Wheat May 18 476-6s +3-0 +0.63%
Wheat Jul 18 490-4s +4-4 +0.93%
Wheat Sep 18 505-6s +4-6 +0.95%
Minneapolis
Spring Wheat Dec 17 623-6s +8-2 +1.34%
Spring Wheat Mar 18 636-6s +7-6 +1.23%
Spring Wheat May 18 643-4s +8-0 +1.26%
Spring Wheat Jul 18 647-2s +7-6 +1.21%
Spring Wheat Sep 18 644-2s +5-2 +0.82%
Kansas City
Hard Red Wheat Dec 17 436-6s +2-4 +0.58%
Hard Red Wheat Mar 18 454-6s +2-6 +0.61%
Hard Red Wheat May 18 468-6s +3-0 +0.64%
Hard Red Wheat Jul 18 486-6s +3-2 +0.67%
Hard Red Wheat Sep 18 505-4s +3-0 +0.60%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 17 111.025s +0.875 +0.79%
Live Cattle Dec 17 116.925s +0.875 +0.75%
Live Cattle Feb 18 120.725s +0.950 +0.79%
Feeder Cattle Oct 17 153.950s +0.375 +0.24%
Feeder Cattle Nov 17 155.750s +0.900 +0.58%
Feeder Cattle Jan 18 153.700s +1.125 +0.74%
Lean Hogs Oct 17 59.175s -1.750 -2.87%
Lean Hogs Dec 17 60.925s -1.875 -2.99%
Lean Hogs Feb 18 66.550s -1.050 -1.55%
