Canola drifts lower as loonie rises on crude rally

January canola futures spent much of the morning slightly higher, but weakness toward the close caused the price to settle in negative territory.

January was down $2.10 or 0.41 percent at $516 per tonne.

March closed at $521.70, down $2.

It was the fourth straight loss for the March canola contract leaving it only slightly higher than its 50-day moving average. A fall below that average could trigger technical selling, a trader told Reuters.

The stronger Canadian dollar contributed to canola’s weakness. The loonie is rallying along with crude oil.

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All markets are eagerly anticipating the conclusion of the U.S. Federal Reserve meeting tomorrow when the Fed is widely expected to announce an increase in American interest rates.

They are also looking for clarity from the central bank on the pace of future rate hikes.

A rate increase this week would be the first since last December.

The Fed projected in September that it would have two rate increases next year.

U.S. crop futures barely moved today. Oats saw the biggest increase, climbing almost one percent on support from tight supplies of milling grade product.

Markets are keeping an eye on dryness in Argentina. Rain is forecast for next week, but if it does not materialize, then crops could start to deteriorate.

Light crude oil nearby futures in New York were up 15 cents to US$52.98 per barrel.

The Canadian dollar at noon was US76.22 cents, up from 76.10 cents the previous trading day. The U.S. dollar at noon was C$1.3120.

The Toronto Stock Exchange’s S&P/TSX composite index closed up 97.57 points, or 0.64 percent, at 15,385.27.

American indexes hit new records.

The Dow Jones industrial average rose 114.78 points, or 0.58 percent, to 19,911.21, the S&P 500 gained 14.76 points, or 0.653977 percent, to 2,271.72 and the Nasdaq Composite added 51.29 points, or 0.95 percent, to 5,463.83.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jan 2017 516.00 -2.10 -0.41%

Canola Mar 2017 521.70 -2.00 -0.38%

Canola May 2017 526.20 -1.70 -0.32%

Canola Jul 2017 529.20 -1.10 -0.21%

Canola Nov 2017 499.10 -0.90 -0.18%

Canola Jan 2018 501.20 -1.10 -0.22%

Milling Wheat Mar 2017 235.00 -4.00 -1.67%

Milling Wheat May 2017 239.00 -4.00 -1.65%

Milling Wheat Jul 2017 239.00 -5.00 -2.05%

Durum Wheat Mar 2017 319.00 unch 0.00%

Durum Wheat May 2017 322.00 unch 0.00%

Durum Wheat Jul 2017 327.00 unch 0.00%

Barley Mar 2017 142.00 unch 0.00%

Barley May 2017 144.00 unch 0.00%

Barley Jul 2017 145.00 unch 0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago

Soybeans Jan 2017 1028.00 -3.00 -0.29%

Soybeans Mar 2017 1039.50 -3.00 -0.29%

Soybeans May 2017 1048.00 -2.50 -0.24%

Soybeans Jul 2017 1053.25 -2.75 -0.26%

Soybeans Aug 2017 1050.75 -2.50 -0.24%

Soybeans Sep 2017 1034.25 -2.00 -0.19%

Soybean Meal Dec 2016 313.50 -1.30 -0.41%

Soybean Meal Jan 2017 315.10 -1.10 -0.35%

Soybean Meal Mar 2017 319.70 -0.80 -0.25%

Soybean Oil Dec 2016 36.57 -0.19 -0.52%

Soybean Oil Jan 2017 36.78 -0.19 -0.51%

Soybean Oil Mar 2017 37.04 -0.20 -0.54%

Corn Dec 2016 356.25 +1.75 +0.49%

Corn Mar 2017 361.00 +0.50 +0.14%

Corn May 2017 367.75 +0.50 +0.14%

Corn Jul 2017 374.75 +0.50 +0.13%

Corn Sep 2017 381.25 +0.25 +0.07%

Oats Dec 2016 218.25 +2.50 +1.16%

Oats Mar 2017 232.50 +2.25 +0.98%

Oats May 2017 234.50 +2.50 +1.08%

Oats Jul 2017 237.50 +3.50 +1.50%

Oats Sep 2017 242.75 unch 0.00%

Wheat Dec 2016 398.00 -3.25 -0.81%

Wheat Mar 2017 417.50 +0.25 +0.06%

Wheat May 2017 428.25 +0.50 +0.12%

Wheat Jul 2017 440.00 +0.25 +0.06%

Wheat Sep 2017 453.00 -0.25 -0.06%

Minneapolis

Spring Wheat Dec 2016 540.75 -1.00 -0.18%

Spring Wheat Mar 2017 537.75 +0.75 +0.14%

Spring Wheat May 2017 538.50 -0.75 -0.14%

Spring Wheat Jul 2017 542.50 -1.50 -0.28%

Spring Wheat Sep 2017 547.75 -1.25 -0.23%

Kansas City

Hard Red Wheat Dec 2016 399.25 unch 0.00%

Hard Red Wheat Mar 2017 415.25 +0.50 +0.12%

Hard Red Wheat May 2017 426.75 +0.50 +0.12%

Hard Red Wheat Jul 2017 438.75 unch 0.00%

Hard Red Wheat Sep 2017 454.00 unch 0.00%

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Dec 2016 111.12 +0.77 +0.70%

Live Cattle (P) Feb 2017 113.98 +1.03 +0.91%

Live Cattle (P) Apr 2017 113.22 +1.02 +0.91%

Feeder Cattle (P) Jan 2017 128.98 +0.43 +0.33%

Feeder Cattle (P) Mar 2017 126.10 +1.10 +0.88%

Feeder Cattle (P) Apr 2017 125.35 +1.22 +0.98%

Lean Hogs (P) Dec 2016 57.18 -0.20 -0.35%

Lean Hogs (P) Feb 2017 61.75 -0.42 -0.68%

Lean Hogs (P) Apr 2017 66.95 +0.28 +0.42%

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