Canola futures fell on Friday on mostly good growing conditions and falling soybean futures.
The average of a Reuters poll of analysts pegged Canada’s canola crop with the potential of 18 million tonnes, up 4.5 percent from last year.
Canola rose in the first part of the week along with soybeans but then fell Thursday and today as forecasts for hot dry weather for the Midwest and central Plains moderated slightly, however temperatures are still expected to reach 100 F in many areas by next Thursday.
Compared to the close the previous Friday, the November canola contract ended little changed.
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The heavy rain in parts of Saskatchewan this week created some problems for crops in localized areas but on a Prairie-wide basis, the perception is that production will be strong.
Warmer temperatures on the Prairies next week will be welcome to dry fields and push maturity.
Rain is expected in Alberta on the weekend. There is no wide spread rain forecast for Saskatchewan or Manitoba, however thunderstorms are possible.
The canola crush for the week was strong at 191,451 tonnes or almost 93 percent of Canadian capacity.
It was also a good week for canola exports, with 235,900 tonnes shipped in week 49, up from 218,300 the week before.
New crop November soybeans fell about a half percent today, after a 3.9 percent drop on Thursday.
Signs of good export demand helped to offset the negative effect of the slightly improved weather forecasts.
Over the week, November soybeans wound up barely changed.
The improved weather forecast has also weighed down corn futures.
For the week, December corn fell 4 ¼ cents or 1.2 percent, its fourth straight weekly decline.
For the week, Chicago September soft wheat fell 10 ¼ cents per bushel or 2.35 percent, its fourth decline in the last five weeks, Reuters reported.
Minneapolis spring wheat over the week fell 4.25 cents or 0.8 percent.
The bumper U.S. winter wheat harvest is weighing down wheat values.
While a large global wheat supply is almost a certainty, there are problems in France’s crop
FranceAgriMer said 49 percent of French soft wheat was rated good or excellent as of July 11, a drop from 59 percent a week earlier, reflecting adverse weather impact that has prompted analysts to slash harvest forecasts, Reuters reported.
In India, the monsoon has covered all of the country as of July 13. This is allowing farmers to step up the pace of seeding the summer crop.
They are currently two percent ahead of last year’s pace when the start of the monsoon was delayed.
In total, about half the crop is now in the ground.
Pulse seeding progress is particularly advanced compared to last year, up almost 40 percent. Shortages of pulses in India have pushed prices higher, helping to attract more acres.
The forecast is for a normal monsoon season, which is critical for the country. It has suffered two back-to-back disappointing rainy seasons.
The monsoon feeds the summer crop and also fills reservoirs for the winter crop irrigation season.
The U.S. June retail sales report was better than expected and China’s economy climbed 6.7 percent in the second quarter, a little better than expected.
These data points helped crude oil rally but stock markets took a breather on Friday, shaken by the terror attack in Nice, France and consolidating after the major U.S. indexes hit record highs during the week.
At the time this story was produced, there appears to be an attempted military coup in Turkey.
Light crude oil nearby futures in New York closed up 27 cents to US$45.95 per barrel.
The Canadian dollar at noon was US77.07 cents, down from 77.43 cents the previous trading day. The U.S. dollar at noon was C$1.2975.
The TSX composite fell 32.10 points or 0.22 percent to 14,482.42.
The Dow Jones industrial average ended up 10.14 points, or 0.05 percent, to 18,516.55, the S&P 500 lost 2.01 points, or 0.09 percent, to 2,161.74 and the Nasdaq Composite dropped 4.47 points, or 0.09 percent, to 5,029.59.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2016 470.00 -7.00 -1.47%
Canola Jan 2017 477.90 -6.30 -1.30%
Canola Mar 2017 484.60 -6.50 -1.32%
Canola May 2017 488.80 -6.50 -1.31%
Canola Jul 2017 493.00 -6.20 -1.24%
Milling Wheat Oct 2016 209.00 +2.00 +0.97%
Milling Wheat Dec 2016 213.00 +2.00 +0.95%
Durum Wheat Oct 2016 271.00 +3.00 +1.12%
Durum Wheat Dec 2016 273.00 +4.00 +1.49%
Barley Oct 2016 155.00 unch 0.00%
Barley Dec 2016 155.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Aug 2016 1072.50 -11.25 -1.04%
Soybeans Sep 2016 1065.50 -7.75 -0.72%
Soybeans Nov 2016 1057.25 -5.00 -0.47%
Soybeans Jan 2017 1055.75 -5.25 -0.49%
Soybeans Mar 2017 1039.00 -6.50 -0.62%
Soybeans May 2017 1032.75 -6.25 -0.60%
Soybean Meal Aug 2016 369.40 -3.80 -1.02%
Soybean Meal Sep 2016 368.30 -3.10 -0.83%
Soybean Meal Oct 2016 366.60 -2.40 -0.65%
Soybean Oil Aug 2016 30.89 +0.22 +0.72%
Soybean Oil Sep 2016 31.02 +0.22 +0.71%
Soybean Oil Oct 2016 31.14 +0.22 +0.71%
Corn Sep 2016 352.25 -5.50 -1.54%
Corn Dec 2016 358.25 -6.50 -1.78%
Corn Mar 2017 366.25 -6.25 -1.68%
Corn May 2017 370.50 -6.75 -1.79%
Corn Jul 2017 374.25 -7.50 -1.96%
Oats Sep 2016 204.25 -2.50 -1.21%
Oats Dec 2016 203.50 -0.25 -0.12%
Oats Mar 2017 211.25 +0.50 +0.24%
Oats May 2017 215.75 +0.50 +0.23%
Oats Jul 2017 221.50 +0.50 +0.23%
Wheat Sep 2016 424.75 -9.25 -2.13%
Wheat Dec 2016 449.75 -8.75 -1.91%
Wheat Mar 2017 472.75 -7.00 -1.46%
Wheat May 2017 487.00 -5.25 -1.07%
Wheat Jul 2017 496.25 -4.25 -0.85%
Minneapolis
Spring Wheat Sep 2016 496.75 -3.25 -0.65%
Spring Wheat Dec 2016 512.00 -3.00 -0.58%
Spring Wheat Mar 2017 527.00 -2.75 -0.52%
Spring Wheat May 2017 536.50 -2.25 -0.42%
Spring Wheat Jul 2017 545.75 -2.00 -0.37%
Kansas City
Hard Red Wheat Sep 2016 413.75 -4.00 -0.96%
Hard Red Wheat Dec 2016 439.75 -4.00 -0.90%
Hard Red Wheat Mar 2017 456.75 -4.00 -0.87%
Hard Red Wheat May 2017 467.75 -3.75 -0.80%
Hard Red Wheat Jul 2017 477.50 -3.75 -0.78%
Chicago livestock futures in US¢/pound
Live Cattle (P) Aug 2016 110.92 -1.80 -1.60%
Live Cattle (P) Oct 2016 109.85 -2.23 -1.99%
Live Cattle (P) Dec 2016 111.45 -1.90 -1.68%
Feeder Cattle (P) Aug 2016 139.58 -2.12 -1.50%
Feeder Cattle (P) Sep 2016 138.40 -2.70 -1.91%
Feeder Cattle (P) Oct 2016 137.38 -2.60 -1.86%
Lean Hogs (P) Jul 2016 80.00 -0.30 -0.37%
Lean Hogs (P) Aug 2016 77.92 -0.68 -0.87%
Lean Hogs (P) Oct 2016 66.00 -1.40 -2.08%
