Winnipeg, Dec. 29 (CNS Canada) – Canola contracts on the ICE Futures Canada platform finished slightly higher on Friday, propped up by gains in United States soybeans and soyoil.
Cold temperatures across the Prairies discouraged farmer deliveries.
The most-active March contract received some technical support at the C$485 per tonne mark.
The market chopped around on the day amid thin volumes.
However, improving weather in Argentina dragged on prices.
Some speculators took profits before the long weekend.
The Canadian dollar has been rising. which makes canola less attractive to out-of-country buyers.
Read Also
Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
Around 13,485 canola contracts traded on Friday, which compares with Thursday when around 20,639 contracts changed hands. Spreading accounted for 7,756 of the contracts traded.
CANOLA CRUSH
The weekly canola crush to Dec. 27 came in at 178,712 tonned, down 11.4 percent from the very strong showing the week before.
The crush represented 80.6 percent of capacity, compared to the year average so far of 85.7 percent.
Total crush so far this year is 3.767 million tonnes, down slightly from 3.793 million last year at the same point.
US MARKETS
Soybean futures on the Chicago Board of Trade ended four to six cents higher on Friday in corrective trade.
Weakness in the United States dollar supported soybeans.
Weekly soybean exports in the U.S. came in at 975,000 tonnes, which were at the low end of analysts’ estimates.
Corn futures fell one cent on Friday as traders took year-end positions.
Weekly export sales in the U.S. came in at 1.25 million tonnes, which was higher than what most traders were expecting.
Icy weather on the Illinois River has been delaying some barge traffic.
Chicago wheat futures finished one cent weaker in technical trading on Friday.
The market chopped around with little direction for much of the day.
Export sales came in at 478,000 tonnes for the week. That was near the upper range of traders’ estimates.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 58 cents at US$60.42 per barrel.
In the afternoon, the Canadian dollar was trading around US79.527 cents, little changed from the day before but off the day’s high, which was around 78.88. The U.S. dollar was C$1.2574.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 12.82 points, or 0.08 percent, at 16,209.13. It gained one percent on the week and six percent in 2017.
The Dow Jones Industrial Average fell 118.29 points, or 0.48 percent, on Friday to close at 24,719.22, the S&P 500 lost 13.93 points, or 0.52 percent, to 2,673.61 and the Nasdaq Composite dropped 46.77 points, or 0.67 percent, to 6,903.39.
For the week, the Dow lost 0.13 percent, the S&P 500 shed 0.36 percent and the Nasdaq lost 0.81 percent.
The benchmark S&P 500 surged 19.5 percent this year, the blue-chip Dow 25.2 percent and Nasdaq 28.2 percent, as each of the major Wall Street indexes scored the best yearly performance since 2013.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 18 480.40s -2.90 -0.60%
Canola Mar 18 488.70s +1.40 +0.29%
Canola May 18 495.70s +1.50 +0.30%
Canola Jul 18 501.30s +2.00 +0.40%
Canola Nov 18 493.30s +1.90 +0.39%
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 Jan 18 951-6s +6-0 +0.63%
Soybeans Mar 18 961-6s +5-0 +0.52%
Soybeans May 18 973-0s +5-2 +0.54%
Soybeans Jul 18 983-2s +4-4 +0.46%
Soybeans Aug 18 986-0s +4-6 +0.48%
Soybean Meal Jan 18 312.6s +0.8 +0.26%
Soybean Meal Mar 18 316.8s +0.7 +0.22%
Soybean Meal May 18 320.1s +0.8 +0.25%
Soybean Oil Jan 18 33.08s +0.58 +1.78%
Soybean Oil Mar 18 33.26s +0.55 +1.68%
Soybean Oil May 18 33.43s +0.53 +1.61%
Corn Mar 18 350-6s -1-2 -0.36%
Corn May 18 359-0s -1-2 -0.35%
Corn Jul 18 367-2s -1-6 -0.47%
Corn Sep 18 374-6s -1-6 -0.46%
Corn Dec 18 384-0s -1-4 -0.39%
Oats Mar 18 241-0s -2-0 -0.82%
Oats May 18 247-0s -1-6 -0.70%
Oats Jul 18 254-0s -1-6 -0.68%
Oats Sep 18 256-0s -1-6 -0.68%
Oats Dec 18 258-0s -1-6 -0.67%
Wheat Mar 18 427-0s -0-6 -0.18%
Wheat May 18 440-2s -0-4 -0.11%
Wheat Jul 18 453-2s -1-0 -0.22%
Wheat Sep 18 465-6s -1-0 -0.21%
Wheat Dec 18 482-0s -1-0 -0.21%
Minneapolis
Spring Wheat Mar 18 614-6s -4-2 -0.69%
Spring Wheat May 18 622-4s -4-2 -0.68%
Spring Wheat Jul 18 626-2s -4-2 -0.67%
Spring Wheat Sep 18 623-6s -3-4 -0.56%
Spring Wheat Dec 18 633-0s -3-4 -0.55%
Kansas City
Hard Red Wheat Mar 18 427-2s +0-4 +0.12%
Hard Red Wheat May 18 441-0s +0-6 +0.17%
Hard Red Wheat Jul 18 458-2s +1-0 +0.22%
Hard Red Wheat Sep 18 472-6s +1-0 +0.21%
Hard Red Wheat Dec 18 493-6s +1-2 +0.25%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle (Pit) Dec 17 123.000s -1.550 -1.24%
Live Cattle (Pit) Feb 18 121.550s -0.700 -0.57%
Live Cattle (Pit) Apr 18 122.425s -0.325 -0.26%
Feeder Cattle (Pit) Jan 18 146.000s +0.400 +0.27%
Feeder Cattle (Pit) Mar 18 142.675s +0.450 +0.32%
Feeder Cattle (Pit) Apr 18 143.075s +0.400 +0.28%
Lean Hogs (Pit) Feb 18 71.775s +0.225 +0.31%
Lean Hogs (Pit) Apr 18 75.650s -0.050 -0.07%
Lean Hogs (Pit) May 18 80.000s -0.075 -0.09%
