Canola finally crossed the line, with November closing at $501.20, up $3 on Thursday.
Also, the ICE Futures canola best basis reading improved to -$14.60, from the -$20 level it had been at for many weeks.
Canola futures prices are on a very gradual long-term uptrend since early September, but in recent days have traded narrowly, within a couple of dollars of $500.
Although a fair number of acres of canola were still in swath in northern Alberta when the winds hit earlier this week, damage initially appears minimal.
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Traders are rolling positions out of the soon to expire November contact and into January.
HARVEST PROGRESS
In Saskatchewan, 99 percent of the canaryseed, 98 percent of the durum, spring wheat, oats and barley, 95 per cent of the canola, 91 percent of the soybeans and 87 percent of the flax have been combined, according to today’s crop report from Saskatchewan Agriculture.
CASH DURUM
The PDQInfo.ca site says that cash No. 1 durum in southwestern and southeastern Saskatchewan dropped to $7.10 a bushel in the last couple of days. It had been trading around $7.20-$7.30 through most of September and October.
US HARVEST
Rain showers continue to be a problem for farmers harvesting in the U.S. Midwest.
US BIOFUEL
The lobbying effort is heating up in the U.S. over the Environmental Protection Agency’s proposal to lower biofuel requirements in the country’s fuel supply.
A group of 22 members of the U.S. House of Representatives sent a letter to the EPA urging no reduction in the renewable fuel standards.
Biofuel is an important source of demand for America’s corn and soybeans.
AUSTRALIA RAIN
Since the beginning of this month eastern, Australia has been getting rain. It is expected that it has come too last for the wheat crop, but it might help sorghum.
National Australia Bank recently forecast the wheat crop at 18.7 million tonnes.
The USDA’s October forecast for Australian wheat was 21.50 million tonnes.
Declines in Australian production have been offset by increased production prospects from Russia, the European Union, India and Canada in the recent USDA monthly supply and demand report.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 75 cents at US$51.29 per barrel.
In the afternoon, the Canadian dollar was trading around US80.14 cents, down from 80.20 cents the previous trading day. The U.S. dollar was C$1.2478.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 35.84 points, or 0.23 per cent, at 15,818.
The Dow Jones Industrial Average fell 3.37 points, or 0.01 percent, to 23,154.23, the S&P 500 lost 0.68 points, or 0.03 percent, to 2,560.58 and the Nasdaq Composite dropped 23.57 points, or 0.36 percent, to 6,600.65.
The day marked the 30th anniversary of the 1987 Black Monday stock market crash.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 501.20s +3.00 +0.60%
Canola Jan 18 508.60s +3.00 +0.59%
Canola Mar 18 513.00s +2.90 +0.57%
Canola May 18 515.40s +3.30 +0.64%
Canola Jul 18 516.30s +3.30 +0.64%
Milling Wheat Dec 17 232.00s +2.00 +0.87%
Milling Wheat Mar 18 237.00s +1.00 +0.42%
Milling Wheat May 18 243.00s +1.00 +0.41%
Durum Wheat Dec 17 279.00s unch unch
Durum Wheat Mar 18 284.00s unch unch
Durum Wheat May 18 286.00s unch unch
Barley Dec 17 148.00s unch unch
Barley Mar 18 151.00s unch unch
Barley May 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 17 986-4s +2-2 +0.23%
Soybeans Jan 18 997-0s +2-0 +0.20%
Soybeans Mar 18 1007-0s +2-2 +0.22%
Soybeans May 18 1016-0s +2-2 +0.22%
Soybeans Jul 18 1024-0s +2-4 +0.24%
Soybean Meal Dec 17 321.4s -0.4 -0.12%
Soybean Meal Jan 18 323.7s -0.4 -0.12%
Soybean Meal Mar 18 326.9s -0.4 -0.12%
Soybean Oil Dec 17 33.83s +0.42 +1.26%
Soybean Oil Jan 18 33.99s +0.42 +1.25%
Soybean Oil Mar 18 34.22s +0.42 +1.24%
Corn Dec 17 349-0s +0-4 +0.14%
Corn Mar 18 362-6s +0-4 +0.14%
Corn May 18 371-2s +0-4 +0.13%
Corn Jul 18 378-2s +0-4 +0.13%
Corn Sep 18 385-2s +0-6 +0.20%
Oats Dec 17 269-4s +1-6 +0.65%
Oats Mar 18 272-2s +2-0 +0.74%
Oats May 18 276-0s +2-4 +0.91%
Oats Jul 18 273-0s +2-2 +0.83%
Oats Sep 18 273-0s +2-2 +0.83%
Wheat Dec 17 432-6s +2-6 +0.64%
Wheat Mar 18 451-2s +2-0 +0.45%
Wheat May 18 465-2s +1-6 +0.38%
Wheat Jul 18 478-2s +1-2 +0.26%
Wheat Sep 18 494-0s +1-4 +0.30%
Minneapolis
Spring Wheat Dec 17 615-6s +5-6 +0.94%
Spring Wheat Mar 18 629-4s +5-2 +0.84%
Spring Wheat May 18 636-4s +4-2 +0.67%
Spring Wheat Jul 18 639-6s +3-4 +0.55%
Spring Wheat Sep 18 634-4s +4-2 +0.67%
Kansas
Hard Red Wheat Dec 17 429-2s +1-2 +0.29%
Hard Red Wheat Mar 18 447-2s +1-0 +0.22%
Hard Red Wheat May 18 461-2s +1-0 +0.22%
Hard Red Wheat Jul 18 479-2s +0-6 +0.16%
Hard Red Wheat Sep 18 497-6s +0-6 +0.15%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle (Pit) Oct 17 111.200s -0.275 -0.25%
Live Cattle (Pit) Dec 17 116.150s -0.500 -0.43%
Live Cattle (Pit) Feb 18 120.650s +0.100 +0.08%
Feeder Cattle (Pit) Oct 17 153.150s +0.625 +0.41%
Feeder Cattle (Pit) Nov 17 152.775s +0.700 +0.46%
Feeder Cattle (Pit) Jan 18 151.200s +1.075 +0.72%
Lean Hogs (Pit) Dec 17 64.250s +0.500 +0.78%
Lean Hogs (Pit) Feb 18 68.475s +0.475 +0.70%
Lean Hogs (Pit) Apr 18 72.425s +0.525 +0.73%
Crude Oil WTI Nov 17 51.36 -0.68 -1.31%
Canadian Dollar (Pit) Nov 17 0.80090s -0.00160 -0.20%
