Canola climbs Tuesday on weaker dollar

Canola closed higher with the November contract gaining on the January contract.

A lower loonie, following weaker than expected Canadian gross domestic product data for August, helped support canola futures.

November canola climbed $7.40 to $514.30 per tonne.

The most-active contract, January, rose only $1.80 to $518.70 per tonne.

Soybeans edged a penny a bushel higher and soy oil also edged higher.

But all three U.S. wheat markets were lower as was corn.

BRAZIL CONDITIONS

As of Oct. 26 Brazilian farmers had seeded 30 percent of their soybeans, which was 10 percentage points less than last year but roughly in line with the five-year average.

A large part of central Brazil is forecast to get rain over the next seven days, which should help relieve dry soils in some areas.

U.S. WINTER WHEAT

The winter wheat crop is still being seeded in the U.S. but the USDA on Monday issued its first condition rating for the crop showing the overall condition was not as good as expected.

On a national basis, 52 percent of the winter wheat was good to excellent. Last year it was 58 percent good to excellent and the market expected a rating of 59 percent.

Kansas was just two points down from last year’s rating but Oklahoma was down eight points and Nebraska was down six points.

 

 

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up 23 cents at US$54.38 per barrel. Oil is not at the highest level in two years on continued voluntary production limits by OPEC and larger than expected inventory drawdowns in the U.S.

In the afternoon, the Canadian dollar was trading around US77.52 cents, down from 77.96 cents the previous trading day. The U.S. dollar was C$1.2899.

Canadian GDP in August fell 0.1 percent when the market had expected a 0.1 percent increase.

The Toronto Stock Exchange’s S&P/TSX composite index rose 22.81 points, or 0.14 percent, to a record close of 16,025.59.

The Dow Jones Industrial Average rose 28.5 points, or 0.12 percent, to 23,377.24, the S&P 500 gained 2.4 points, or 0.09 percent, to 2,575.23 and the Nasdaq Composite added 28.71 points, or 0.43 percent, to 6,727.67.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 17   514.30s   +7.40   +1.46%

Canola Jan 18   518.70s   +1.80   +0.35%

Canola Mar 18   525.10s   +2.40   +0.46%

Canola May 18   529.10s   +3.50   +0.67%

Canola Jul 18   531.80s   +4.70   +0.89%

 

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   973-6s   +1-0   +0.10%

Soybeans Jan 18   984-6s   +0-2   +0.03%

Soybeans Mar 18   995-0s   unch   unch

Soybeans May 18   1004-2s   +0-2   +0.02%

Soybeans Jul 18   1012-2s   unch   unch

 

Soybean Meal Dec 17   311.8s   -0.5   -0.16%

Soybean Meal Jan 18   313.8s   -0.5   -0.16%

Soybean Meal Mar 18   317.1s   -0.3   -0.09%

 

Soybean Oil Dec 17   34.75s   +0.07   +0.20%

Soybean Oil Jan 18   34.92s   +0.08   +0.23%

Soybean Oil Mar 18   35.11s   +0.06   +0.17%

 

Corn Dec 17   345-6s   -3-0   -0.86%

Corn Mar 18   359-4s   -3-2   -0.90%

Corn May 18   368-2s   -3-2   -0.87%

Corn Jul 18   376-0s   -3-0   -0.79%

Corn Sep 18   382-6s   -3-0   -0.78%

 

Oats Dec 17   264-6s   +1-4   +0.57%

Oats Mar 18   269-2s   +1-2   +0.47%

Oats May 18   273-0s   +0-6   +0.28%

Oats Jul 18   273-2s   +1-0   +0.37%

Oats Sep 18   273-2s   +1-0   +0.37%

 

Wheat Dec 17   418-4s   -6-2   -1.47%

Wheat Mar 18   436-0s   -7-0   -1.58%

Wheat May 18   449-2s   -7-2   -1.59%

Wheat Jul 18   463-6s   -7-0   -1.49%

Wheat Sep 18   479-4s   -7-4   -1.54%

 

Minneapolis

Spring Wheat Dec 17   612-6s   -5-6   -0.93%

Spring Wheat Mar 18   626-6s   -4-4   -0.71%

Spring Wheat May 18   634-6s   -3-6   -0.59%

Spring Wheat Jul 18   639-2s   -3-6   -0.58%

Spring Wheat Sep 18   638-0s   +0-2   +0.04%

 

Kansas City

Hard Red Wheat Dec 17   416-4s   -5-2   -1.24%

Hard Red Wheat Mar 18   434-4s   -5-2   -1.19%

Hard Red Wheat May 18   448-4s   -5-2   -1.16%

Hard Red Wheat Jul 18   466-2s   -6-0   -1.27%

Hard Red Wheat Sep 18   484-0s   -6-4   -1.33%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Oct 17   120.500s   +0.925   +0.77%

Live Cattle Dec 17   125.625s   +2.225   +1.80%

Live Cattle Feb 18   129.550s   +2.100   +1.65%

 

Feeder Cattle Nov 17   159.425s   +1.100   +0.69%

Feeder Cattle Jan 18   159.575s   +2.225   +1.41%

Feeder Cattle Mar 18   156.075s   +1.950   +1.27%

 

Lean Hogs Dec 17   68.000s   +2.825   +4.33%

Lean Hogs Feb 18   73.000s   +1.950   +2.74%

Lean Hogs Apr 18   74.900s   +0.300   +0.40%

 

 

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