Canola climbs in upbeat crop market

Canola posted its third consecutive gain, supported by stronger soybeans.

There was talk that China bought more American soybeans. China has apparently been on something of a buying spree since its New Year holiday ended.

American exporters welcome the continued business because at some point business will start to turn to Brazil as its harvest advances.

Big funds added to their net long positions.

South American weather continues to present no serious threats to crops there.

The USDA issues its monthly supply and demand report on Thursday. A Reuters poll shows that on average traders expect USDA will trim its year end stocks numbers for all three major grains to account for the stronger than expected pace of exports this year.

There is debate about how strong the U.S. export program can be in the second half of the crop year.

A big crop in Brazil is being harvested earlier than last year and the line up of vessels at Brazilan ports is larger than last year, so at some point it should take business away from the United States.

But others note that the Brazilian currency has rallied against the U.S. dollar and so the domestic price in reals is less attractive for Brazilian farmers than a few months ago when the real was weak.

This could slow the pace of Brazilian farmer deliveries.

Light crude oil nearby futures in New York were up 17 cents to US$52.34 per barrel.

The Canadian dollar at noon was US76.01 cents, up from 75.95 cents the previous trading day. The U.S. dollar at noon was C$1.3157.

The Toronto Stock Exchange’s S&P/TSX composite index closed up 55.24 points, or 0.36 percent, at 15,554.04.

The Dow Jones Industrial Average fell 35.95 points, or 0.18 percent, to 20,054.34, the S&P 500 gained 1.59 points, or 0.07 percent, to 2,294.67 and the Nasdaq Composite added 8.24 points, or 0.15 percent, to 5,682.45.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Mar 2017   524.00   +3.70   +0.71%

Canola May 2017   531.70   +3.70   +0.70%

Canola Jul 2017   535.30   +3.80   +0.71%

Canola Nov 2017   505.30   -1.10   -0.22%

Canola Jan 2018   509.60   -1.50   -0.29%

 

Milling Wheat Mar 2017   239.00   +2.00   +0.84%

Milling Wheat May 2017   243.00   +4.00   +1.67%

Milling Wheat Jul 2017   243.00   +4.00   +1.67%

 

Durum Wheat Mar 2017   293.00   unch   0.00%

Durum Wheat May 2017   296.00   +1.00   +0.34%

Durum Wheat Jul 2017   295.00   unch   0.00%

 

Barley Mar 2017   135.00   unch   0.00%

Barley May 2017   137.00   unch   0.00%

Barley Jul 2017   138.00   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 2017   1058.75   +16.00   +1.53%

Soybeans May 2017   1069.25   +16.00   +1.52%

Soybeans Jul 2017   1076.75   +15.25   +1.44%

Soybeans Aug 2017   1073.00   +14.00   +1.32%

Soybeans Sep 2017   1050.25   +11.75   +1.13%

Soybeans Nov 2017   1028.25   +8.75   +0.86%

 

Soybean Meal Mar 2017   341.20   +5.30   +1.58%

Soybean Meal May 2017   345.30   +5.20   +1.53%

Soybean Meal Jul 2017   347.60   +4.80   +1.40%

 

Soybean Oil Mar 2017   34.69   +0.39   +1.14%

Soybean Oil May 2017   34.98   +0.38   +1.10%

Soybean Oil Jul 2017   35.21   +0.35   +1.00%

 

Corn Mar 2017   370.75   +2.25   +0.61%

Corn May 2017   378.50   +2.50   +0.66%

Corn Jul 2017   385.50   +2.25   +0.59%

Corn Sep 2017   391.50   +1.75   +0.45%

Corn Dec 2017   397.50   +1.25   +0.32%

 

Oats Mar 2017   254.00   -3.50   -1.36%

Oats May 2017   250.00   -0.75   -0.30%

Oats Jul 2017   245.75   -3.00   -1.21%

Oats Sep 2017   238.25   -2.75   -1.14%

Oats Dec 2017   236.25   -0.50   -0.21%

 

Wheat Mar 2017   432.50   +1.75   +0.41%

Wheat May 2017   443.50   +1.00   +0.23%

Wheat Jul 2017   456.00   +0.75   +0.16%

Wheat Sep 2017   469.25   +0.50   +0.11%

Wheat Dec 2017   486.25   +1.00   +0.21%

 

Minneapolis

Spring Wheat Mar 2017   557.50   +2.00   +0.36%

Spring Wheat May 2017   557.25   +2.00   +0.36%

Spring Wheat Jul 2017   559.25   +1.50   +0.27%

Spring Wheat Sep 2017   561.25   +0.50   +0.09%

Spring Wheat Dec 2017   568.75   +1.25   +0.22%

 

Kansas City

Hard Red Wheat Mar 2017   442.00   +2.50   +0.57%

Hard Red Wheat May 2017   454.75   +2.25   +0.50%

Hard Red Wheat Jul 2017   466.50   +2.50   +0.54%

Hard Red Wheat Sep 2017   480.50   +2.25   +0.47%

Hard Red Wheat Dec 2017   502.00   +2.00   +0.40%

 

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Feb 2017   116.78   -0.89   -0.76%

Live Cattle (P) Apr 2017   114.75   -1.75   -1.50%

Live Cattle (P) Jun 2017   105.25   -1.33   -1.25%

 

Feeder Cattle (P) Mar 2017   122.30   -1.93   -1.55%

Feeder Cattle (P) Apr 2017   122.97   -1.66   -1.33%

Feeder Cattle (P) May 2017   122.00   -1.47   -1.19%

 

Lean Hogs (P) Feb 2017   73.35   +0.97   +1.34%

Lean Hogs (P) Apr 2017   71.73   -0.44   -0.61%

Lean Hogs (P) May 2017   75.72   -0.28   -0.37%

 

 

 

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