Canola rises on weak loonie, rising soybeans

A rally in soy meal futures and the rain-delayed Midwest harvest helped lift soybean futures Thursday and that pushed canola higher.

November canola finished at $495.20 per tonne, up $1.80 or 0.36 percent. A weaker loonie also supported canola.

Soybeans were also supported by some reports of disappointing yields in areas of the Midwest, Reuters reported.

The soy harvest is behind the normal pace, limiting the supply to crushers and tightening the production of soy meal.

Soy and corn markets are also watching the pace of seeding in South America. It has been too dry in central parts of Brazil, but southern Brazil and Argentina have recently received rain.

Argentina has had too much moisture and the recent rain is causing problems for the wheat crop already in the field.

Analysts expect that because soybeans have better profitability than corn, acres will switch to the oilseed. However, the dry weather in Brazil might offset the larger acreage.

On the Prairies Friday should be a good day for harvest but unsettled and cooler weather could spread through the weekend. However if there is rain, accumulations should be light.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up 81 cents at US$50.79 per barrel.

In the afternoon, the Canadian dollar was trading around US79.56 cents, down from 80.14 cents the previous trading day. The U.S. dollar was C$1.2569.

The TSX composite rose 55.3 points or 0.35 percent to 15,776.30.

The Dow Jones Industrial Average rose 113.75 points, or 0.5 percent, to 22,775.39, the S&P 500 gained 14.33 points, or 0.56 percent, to 2,552.07 and the Nasdaq Composite added 50.73 points, or 0.78 percent, to 6,585.36.

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 17   495.20s   +1.80   +0.36%

Canola Jan 18   500.70s   +1.00   +0.20%

Canola Mar 18   505.00s   -0.20   -0.04%

Canola May 18   507.50s   -0.30   -0.06%

Canola Jul 18   508.30s   -0.50   -0.10%

 

Milling Wheat Oct 17   228.00s   +1.00   +0.44%

Milling Wheat Dec 17   230.00s   +1.00   +0.44%

Milling Wheat Mar 18   236.00s  +2.00   +0.85%

 

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   968-2s   +10-0   +1.04%

Soybeans Jan 18   979-0s   +10-2   +1.06%

Soybeans Mar 18   988-0s   +9-6   +1.00%

Soybeans May 18   997-0s   +9-6   +0.99%

Soybeans Jul 18   1004-4s   +9-6   +0.98%

 

Soybean Meal Oct 17   312.9s +6.0   +1.96%

Soybean Meal Dec 17   316.9s   +5.9   +1.90%

Soybean Meal Jan 18   319.0s   +5.9   +1.88%

 

Soybean Oil Oct 17   32.77s   -0.22   -0.67%

Soybean Oil Dec 17   33.00s   -0.23   -0.69%

Soybean Oil Jan 18   33.18s   -0.23   -0.69%

 

Corn Dec 17   349-4s   +1-2   +0.36%

Corn Mar 18   362-4s   +1-2   +0.35%

Corn May 18   371-4s   +1-2   +0.34%

Corn Jul 18   379-2s   +1-0   +0.26%

Corn Sep 18   386-4s   +1-0   +0.26%

 

Oats Dec 17   247-2s   +1-0   +0.41%

Oats Mar 18   251-2s   +1-0   +0.40%

Oats May 18   250-0s   +1-0   +0.40%

Oats Jul 18   248-6s   +0-6   +0.30%

Oats Sep 18   248-6s   +0-6   +0.30%

 

Wheat Dec 17   440-6s   -1-2   -0.28%

Wheat Mar 18   459-4s   -1-0   -0.22%

Wheat May 18   473-6s   -0-4   -0.11%

Wheat Jul 18   486-0s   -0-2   -0.05%

Wheat Sep 18   501-0s   -0-4   -0.10%

 

Minneapolis

Spring Wheat Dec 17   615-4s   +5-4   +0.90%

Spring Wheat Mar 18   629-0s   +5-4   +0.88%

Spring Wheat May 18   635-4s   +5-4   +0.87%

Spring Wheat Jul 18   639-4s   +5-6   +0.91%

Spring Wheat Sep 18   639-0s   +4-0   +0.63%

 

Kansas City

Hard Red Wheat Dec 17   434-2s   -1-6   -0.40%

Hard Red Wheat Mar 18   452-0s   -1-6   -0.39%

Hard Red Wheat May 18   465-6s   -2-0   -0.43%

Hard Red Wheat Jul 18   483-4s   -1-6   -0.36%

Hard Red Wheat Sep 18   502-4s   -1-2   -0.25%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Oct 17   110.150s   +1.075   +0.99%

Live Cattle Dec 17   116.050s   +1.125   +0.98%

Live Cattle Feb 18   119.775s   +0.850   +0.71%

 

Feeder Cattle Oct 17   153.575s   +1.475   +0.97%

Feeder Cattle Nov 17   154.850s   +1.350   +0.88%

Feeder Cattle Jan 18   152.575s   +1.550   +1.03%

 

Lean Hogs Oct 17   60.925s   +0.600   +0.99%

Lean Hogs Dec 17   62.800s   +0.900   +1.45%

Lean Hogs Feb 18   67.600s   +0.300   +0.45%

 

 

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