Markets wrap: canola edges higher today but posts third weekly loss

Canola futures edged higher Friday but posted the third consecutive weekly loss.

March canola closed at $468.70, up 50 cents on the day with a decline in the Canadian dollar today, but down $6.70 on the week. The three-week slide was mostly driven by the modest rally of the Canadian dollar from an 11 year low in the first week of January.

Wheat, corn and soybeans were a little lower today. Soy oil was almost unchanged.

Watch our weekly markets video, which focuses on Canada’s tight wheat stocks

For the week, CBOT March soybean futures fell 14 ¾ cents per bushel or 1.7 percent.

Soybeans have been under pressure from forecasts for rain in dry areas of Argentina.

Also the harvest is gaining momentum in Brazil. A little more than eight percent of the harvest is complete.

About half of the Brazilian soybean crop is already sold, above the five-year average of 44 percent, said local analysts Safras and Mercado, Reuters reported.

Malaysian palm oil futures were stronger on short covering and continuing concern that dry weather last fall might crimp production in the first half of this year.

The improving weather outlook in Argentina also pressured corn futures lower.

They fell 1.7 percent this week.

Wheat is under pressure from the continuing uncertainty over Egypt’s import policies regarding ergot contamination.

Egypt cancelled a second tender for wheat this week after only four offers that were well above prices quoted in an Algerian deal this week, indicating the trade is still uncertain about Egypt’s tolerance for ergot.

The trade is looking ahead to the monthly supply and demand report from the USDA on Tuesday. Traders expect the report will increase its forecast for U.S. year end stocks and trim global ending stocks, reflecting how U.S. grain in uncompetitive because of the strong American buck.

Light crude oil nearby futures in New York were down 83 cents to US$30.89 per barrel.

The Canadian dollar at noon was US72.07 cents, down from 72.85 cents the previous trading day. The U.S. dollar at noon was C$1.3876.

Big declines in technology company shares on weak profit outlooks from companies such as LinkedIn and Tableau Software drove the Nasdaq to its lowest close since October 2014.

The monthly U.S. employment report showed job creation was a little less than expected but wage growth was solid.

In Canada, steep job losses related to the weak oil economy in Alberta led to overall loss of 5,700 jobs and the unemployment rate edged up to 7.2 percent.

The Toronto Stock Exchange’s S&P/TSX composite index closed down just 10.51 points, or 0.08 percent, at 12,763.99,

The Dow Jones industrial average closed down 211.75 points, or 1.29 percent, to 16,204.83, the S&P 500 lost 35.43 points, or 1.85 percent, to 1,880.02 and the Nasdaq Composite dropped 146.42 points, or 3.25 percent, to 4,363.14.

On the week, the TSX composite fell 0.5 percent.

The Dow fell 1.6 percent this week, the S&P 500 shed 3.1 percent and the Nasdaq fell the most, 5.4 percent.

Winnipeg ICE Futures Canada dollars per tonne

Canola Mar 2016 0.00 +0.50 +-100.00%

Canola May 2016 0.00 +0.50 +-100.00%

Canola Jul 2016 0.00 +1.00 +-100.00%

Canola Nov 2016 0.00 +4.00 +-100.00%

Canola Jan 2017 0.00 +4.70 +-100.00%

Milling Wheat Mar 2016 225.00 -1.00 -0.44%

Milling Wheat May 2016 228.00 -1.00 -0.44%

Milling Wheat Jul 2016 232.00 -1.00 -0.43%

Durum Wheat Mar 2016 311.00 unch 0.00%

Durum Wheat May 2016 318.00 unch 0.00%

Durum Wheat Jul 2016 303.00 unch 0.00%

Barley Mar 2016 190.00 unch 0.00%

Barley May 2016 194.00 unch 0.00%

Barley Jul 2016 196.00 unch 0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago

Soybeans Mar 2016 867.5 -7 -0.80%

Soybeans May 2016 871.25 -6.25 -0.71%

Soybeans Jul 2016 877.75 -6 -0.68%

Soybeans Aug 2016 880 -6 -0.68%

Soybeans Sep 2016 880.25 -5.5 -0.62%

Soybeans Nov 2016 883.25 -5 -0.56%

Soybean Meal Mar 2016 265 -2.6 -0.97%

Soybean Meal May 2016 266.7 -2.8 -1.04%

Soybean Meal Jul 2016 269.3 -2.8 -1.03%

Soybean Oil Mar 2016 31.23 -0.01 -0.03%

Soybean Oil May 2016 31.47 +0.01 +0.03%

Soybean Oil Jul 2016 31.7 +0.01 +0.03%

Corn Mar 2016 365.75 -2.75 -0.75%

Corn May 2016 370.75 -2.75 -0.74%

Corn Jul 2016 376 -2.75 -0.73%

Corn Sep 2016 381 -2.75 -0.72%

Corn Dec 2016 389.25 -2 -0.51%

Oats Mar 2016 197 +0.75 +0.38%

Oats May 2016 201.5 -2.25 -1.10%

Oats Jul 2016 208 -3 -1.42%

Oats Sep 2016 213.75 -3 -1.38%

Oats Dec 2016 209.25 -3.25 -1.53%

Wheat Mar 2016 466.75 -6 -1.27%

Wheat May 2016 470.5 -6.25 -1.31%

Wheat Jul 2016 475.75 -6 -1.25%

Wheat Sep 2016 484.25 -5.5 -1.12%

Wheat Dec 2016 498.25 -5.25 -1.04%

Minneapolis

Spring Wheat Mar 2016 491.25 -3.25 -0.66%

Spring Wheat May 2016 496.75 -3.5 -0.70%

Spring Wheat Jul 2016 504 -3.25 -0.64%

Spring Wheat Sep 2016 514.25 -3.25 -0.63%

Spring Wheat Dec 2016 530 -1.75 -0.33%

Kansas City

Hard Red Wheat Mar 2016 454 -5.75 -1.25%

Hard Red Wheat May 2016 463.5 -6.25 -1.33%

Hard Red Wheat Jul 2016 473 -6.75 -1.41%

Hard Red Wheat Sep 2016 486.75 -6.75 -1.37%

Hard Red Wheat Dec 2016 507 -6 -1.17%

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