Canola dips as soy oil retreats

Soy oil price movements continued to dominate the oilseed markets Thursday as it gave back some of Wednesday’s advance.

Soy oil fell even though American crushers say the amount of oil squeezed from this year’s soybean crop is below normal.

The National Oilseed Processors Association said said its members reported an oil yield of 11.54 pounds per bushel last month, down from 11.61 lb. in the same month last year and the lowest monthly yield since November 2015.

Almost all crop futures fell on Thursday as the weekly export sale report from the USDA disappointed.

Export sales of corn and soybeans this season are lagging the pace needed to reach the latest full-year export forecasts, partly due to stiff competition from South American shipments.

Also, the improving weather picture in Brazil weighed down crop futures.

Widespread rains across much or Brazil are expected over the next two weeks.

Malaysian palm oil has been falling this week on a rise in the local currency and on weaker crude oil markets.

Wheat was up a little.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 19 cents at US$55.14 per barrel.

In the afternoon, the Canadian dollar was trading around US78.41 cents, up slightly from 78.33 cents the previous trading day. The U.S. dollar was C$1.2753.

The Toronto Stock Exchange composite closed up 56.89 points or 0.36 percent at 15,935.37.

A strong quarterly report from Wal-Mart and the U.S. House of Representative passing the tax reform bill lifted American stock indexes.

The Dow Jones Industrial Average rose 187.01 points, or 0.8 percent, to 23,458.29, the S&P 500 gained 21.04 points, or 0.82 percent, to 2,585.66 and the Nasdaq Composite added 87.08 points, or 1.3 percent, to 6,793.29.

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jan 18   517.40s -1.80   -0.35%

Canola Mar 18   525.10s   -1.40   -0.27%

Canola May 18   529.00s   -2.00   -0.38%

Canola Jul 18   531.80s   -2.20   -0.41%

Canola Nov 18   504.20s   -2.30   -0.45%

 

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   972-0s   -4-2   -0.44%

Soybeans Mar 18   983-2s   -4-0   -0.41%

Soybeans May 18   992-6s   -4-0   -0.40%

Soybeans Jul 18   1001-4s   -3-4   -0.35%

Soybeans Aug 18   1003-0s   -4-0   -0.40%

 

Soybean Meal Dec 17   310.5s   -0.8   -0.26%

Soybean Meal Jan 18   312.5s   -0.9   -0.29%

Soybean Meal Mar 18   315.5s   -1.0   -0.32%

 

Soybean Oil Dec 17   34.43s   -0.32   -0.92%

Soybean Oil Jan 18   34.59s   -0.29   -0.83%

Soybean Oil Mar 18   34.81s   -0.27   -0.77%

 

Corn Dec 17   336-4s   -1-6   -0.52%

Corn Mar 18   349-0s   -2-0   -0.57%

Corn May 18   357-4s   -1-6   -0.49%

Corn Jul 18   365-2s   -1-6   -0.48%

Corn Sep 18   372-4s   -1-6   -0.47%

 

Oats Dec 17   262-2s   -7-0   -2.60%

Oats Mar 18   277-2s   -3-0   -1.07%

Oats May 18   284-4s   -2-2   -0.78%

Oats Jul 18   288-2s   unch   unch

Oats Sep 18   285-6s  -2-2   -0.78%

 

Wheat Dec 17   421-4s   +1-4   +0.36%

Wheat Mar 18   438-0s   +0-2   +0.06%

Wheat May 18   449-6s   -0-2   -0.06%

Wheat Jul 18   462-6s   -0-6   -0.16%

Wheat Sep 18   477-4s   -0-4   -0.10%

 

Minneapolis

Spring Wheat Dec 17   630-2s   +5-4  +0.88%

Spring Wheat Mar 18   645-2s   +6-0   +0.94%

Spring Wheat May 18   652-0s   +6-4   +1.01%

Spring Wheat Jul 18   652-4s   +6-4   +1.01%

Spring Wheat Sep 18   637-6s   +0-4   +0.08%

 

Kansas City

Hard Red Wheat Dec 17   417-0s   -0-6   -0.18%

Hard Red Wheat Mar 18   434-4s   -0-6   -0.17%

Hard Red Wheat May 18   447-2s   -0-6   -0.17%

Hard Red Wheat Jul 18   465-0s   -0-2   -0.05%

Hard Red Wheat Sep 18   482-2s   -0-2   -0.05%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Dec 17   119.550s   -0.650   -0.54%

Live Cattle Feb 18   125.125s   -0.625   -0.50%

Live Cattle Apr 18   125.375s   -0.900   -0.71%

 

Feeder Cattle Nov 17   157.775s   -0.225   -0.14%

Feeder Cattle Jan 18   153.900s   -0.350   -0.23%

Feeder Cattle Mar 18   152.100s   -0.300   -0.20%

 

Lean Hogs Dec 17   60.100s   -1.025   -1.68%

Lean Hogs Feb 18   66.575s   -0.875   -1.30%

Lean Hogs Apr 18   70.875s   -0.750   -1.05%

 

 

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