It was another day of modest changes in crop futures prices on Thursday, with canola closing slightly lower.
Harvest weather is great in most of Western Canada and the U.S. Midwest.
However the Prairies expect to see a weather change on Sunday and early next week with cooler temperatures and showers.
As of Sept. 25 Saskatchewan’s harvest was 78 percent complete, up only three percentage points from the week due to the recent wet weather. Another 15 percent was in swath or ready to straight cut, said the weekly provincial agriculture department crop report.
Read Also
Canada, Mexico look beyond U.S. as agri-food trade pact expands
Earlier this week Heath MacDonald, Canada’s Minister of Agriculture and Agri-Food and Mexico’s Secretary of Agriculture and Rural Development, Julio Berdegué, met to discuss bilateral relations and strengthen cooperation and trade ties between the two countries.
Canola is 68 percent harvested. Spring wheat is 77 percent.
The Canadian dollar regained some of the ground it lost on Wednesday. It fell yesterday on comments from the head of the Bank of Canada. Stephen Poloz said that another interest rate increase was not guaranteed but was dependant on economic data.
Traders were adjusting position ahead of Friday’s USDA quarterly stocks report and the annual small grains report, which could adjust wheat production estimates to reflect acres not harvested because of drought.
EXPORTS RISE
Shipments out of Canada jumped last week by 200,000 to 837,300 tonnes, according to the Canadian Grain Commission.
Canola exports were the biggest of the crop year so far at 280,700 tonnes, up from 115,500 the week before. Canola exports for the first eight weeks are now only four percent behind last year’s pace.
Wheat exports rose to 306,500 tonnes, up from 242,100 tonnes.
Wheat exports in the first eight weeks are well ahead of last year at 2.42 million tonnes, up from 1.85 million last year.
The Quorum Corp. grain monitor report said that there were 12 ships cleared from Vancouver in the last week, up from 10 the week before. There were 16 ships in the line up, up from 14 the week before.
Incoming ships to Vancouver totaled 14, the same as the week before.
At Prince Rupert, one ship was cleared, the same as the week before. Five ships were in the line up, an increase from one the week before.
Incoming ships to Prince Rupert totaled only one, down from five the week before.
US EXPORT SALES
The USDA reported export sales of U.S. corn in the latest week at 320,200 tonnes, below a range of trade expectations for 500,000 to 800,000 tonnes.
Export sales of U.S. soybeans were 2,982,700 tonnes for the 2017-18 marketing year, topping a range of trade expectations for 1.8 million to 2.2 million tonnes.
Export sales of U.S. wheat were 435,600 tonnes, in line with trade expectations for 250,000 to 450,000 tonnes.
SOY OIL
Soy oil has been under pressure this week on concerns that the U.S. Environmental Protection Agency might lower the mandated use of veg oil based biodiesel.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 58 cents at US$51.56 per barrel.
In the afternoon, the Canadian dollar was trading around US80.42 cents, up from 80.17 cents the previous trading day. The U.S. dollar was C$1.2435.
The Toronto Stock Exchange’s S&P/TSX composite index finished 8.59 points, or 0.06 percent higher, to 15,618.25, and has rallied some 2.7 percent this month.
The Dow Jones Industrial Average rose 40.49 points, or 0.18 percent, to 22,381.2, the S&P 500 gained 3.02 points, or 0.12 percent, to 2,510.06 and the Nasdaq Composite added 0.19 points, to 6,453.45.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 490.80s -1.90 -0.39%
Canola Jan 18 497.30s -1.90 -0.38%
Canola Mar 18 501.90s -1.90 -0.38%
Canola May 18 504.10s -1.90 -0.38%
Canola Jul 18 504.80s -2.00 -0.39%
Milling Wheat Oct 17 236.00s unch unch
Milling Wheat Dec 17 238.00s unch unch
Milling Wheat Mar 18 244.00s unch unch
Durum Wheat Oct 17 280.00s +1.00 +0.36%
Durum Wheat Dec 17 284.00s +1.00 +0.35%
Durum Wheat Mar 18 287.00s +1.00 +0.35%
Barley Oct 17 145.00s unch unch
Barley Dec 17 148.00s unch unch
Barley Mar 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 17 959-4s -6-0 -0.62%
Soybeans Jan 18 970-2s -6-0 -0.61%
Soybeans Mar 18 979-4s -6-0 -0.61%
Soybeans May 18 988-0s -5-6 -0.58%
Soybeans Jul 18 995-2s -5-6 -0.57%
Soybean Meal Oct 17 306.8s -2.0 -0.65%
Soybean Meal Dec 17 311.5s -1.8 -0.57%
Soybean Meal Jan 18 313.6s -1.9 -0.60%
Soybean Oil Oct 17 32.59s -0.43 -1.30%
Soybean Oil Dec 17 32.82s -0.40 -1.20%
Soybean Oil Jan 18 33.00s -0.39 -1.17%
Corn Dec 17 352-4s -1-4 -0.42%
Corn Mar 18 365-2s -1-4 -0.41%
Corn May 18 373-6s -2-0 -0.53%
Corn Jul 18 381-2s -2-0 -0.52%
Corn Sep 18 388-0s -2-0 -0.51%
Oats Dec 17 249-4s +1-4 +0.60%
Oats Mar 18 253-4s +1-2 +0.50%
Oats May 18 252-4s +1-2 +0.50%
Oats Jul 18 251-0s +1-6 +0.70%
Oats Sep 18 251-0s +1-6 +0.70%
Wheat Dec 17 455-0s -6-4 -1.41%
Wheat Mar 18 474-2s -6-4 -1.35%
Wheat May 18 487-2s -6-2 -1.27%
Wheat Jul 18 498-6s -5-6 -1.14%
Wheat Sep 18 513-2s -5-4 -1.06%
Minneapolis
Spring Wheat Dec 17 645-0s -4-6 -0.73%
Spring Wheat Mar 18 656-6s -5-2 -0.79%
Spring Wheat May 18 659-6s -5-4 -0.83%
Spring Wheat Jul 18 658-2s -4-6 -0.72%
Spring Wheat Sep 18 642-4s -4-6 -0.73%
Kansas City
Hard Red Wheat Dec 17 453-0s -6-0 -1.31%
Hard Red Wheat Mar 18 470-6s -6-2 -1.31%
Hard Red Wheat May 18 484-2s -6-0 -1.22%
Hard Red Wheat Jul 18 501-0s -5-6 -1.13%
Hard Red Wheat Sep 18 519-0s -6-0 -1.14%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 17 108.975s +0.400 +0.37%
Live Cattle Dec 17 115.050s +0.150 +0.13%
Live Cattle Feb 18 118.550s +0.050 +0.04%
Feeder Cattle Sep 17 152.775s +0.375 +0.25%
Feeder Cattle Oct 17 152.950s +0.250 +0.16%
Feeder Cattle Nov 17 154.975s +0.450 +0.29%
Lean Hogs Oct 17 55.550s +0.150 +0.27%
Lean Hogs Dec 17 58.275s -1.375 -2.31%
Lean Hogs Feb 18 63.350s -1.050 -1.63%
