Canola futures dipped for a second day, feeling mild pressure from slightly lower soybeans.
Southern Manitoba got heavy rain, particularly northwest of Winnipeg around Lake Manitoba yesterday. Olds, Alta., had a wicked hail storm Wednesday. Today, large parts of Alberta and Saskatchewan are wet.
The Canadian dollar strengthened a little, adding downward pressure to canola.
November canola closed just a tad above the psychologically important $500 level at $500.70 a tonne, down $1.30 or 0.23 percent.
January fell below $500, closing at $498.60.
The Saskatchewan crop report today said about two percent of canola has been swathed.
Read Also
U.S. grains: Corn backs away from gains at close
Chicago | Reuters — U.S. corn futures climbed to a 6-1/2 week high on Friday on short covering ahead of…
Soybeans fell as rain alleviated dryness in the eastern cornbelt.
Soybean weekly exports sales were disappointing.
The USDA reported a net cancellation of 500,000 tonnes on old-crop U.S. soybean purchases by China. It was the largest single-week cancellation by China since July 2011, according to USDA data, and only partly offset by net new-crop sales totaling 426,000 tonnes, Reuters reported.
South America still has good supplies of unsold soybeans and will present competiton in the fall when the United States usually has the market to itself.
Yesterday Informa Economics pegged the U.S. soybean crop at 3.789 billion bushels, up from a July 8 estimate of 3.77 billion. That also weighed on soybean prices.
The company left its corn output estimate unchanged at 13.412 billion bu.
The USDA will updates its production and demand estimates on Aug. 12.
Weekly corn exports were also below expectations.
Wheat futures edged higher after USDA reported export sales of U.S. wheat in the latest week at 838,500 tonnes for 2015-16, a marketing year high that topped trade expectations.
Light crude oil nearby futures in New York were down 49 cents to US$44.66 per barrel.
The Canadian dollar at noon was US76.03 cents, up from 75.86 cents the previous trading day. The U.S. dollar at noon was C$1.3152.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 97.08 points, or 0.67 percent, at 14,405.91.
The Dow Jones industrial average fell 120.72 points, or 0.69 percent, to 17,419.75, the S&P 500 lost 16.28 points, or 0.78 percent, to 2,083.56 and and the Nasdaq Composite dropped 83.50 points, or 1.62 percent, to 5,056.44.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 500.70 -1.30 -0.26%
Canola Jan 2016 498.60 -1.70 -0.34%
Canola Mar 2016 496.50 -2.00 -0.40%
Canola May 2016 492.30 -2.20 -0.44%
Canola Jul 2016 487.10 -2.40 -0.49%
Milling Wheat Oct 2015 216.00 +1.00 +0.47%
Milling Wheat Dec 2015 216.00 +1.00 +0.47%
Milling Wheat Mar 2016 220.00 +1.00 +0.46%
Durum Wheat Oct 2015 370.00 unch 0.00%
Durum Wheat Dec 2015 380.00 unch 0.00%
Durum Wheat Mar 2016 395.00 unch 0.00%
Barley Oct 2015 208.10 unch 0.00%
Barley Dec 2015 208.10 unch 0.00%
Barley Mar 2016 210.10 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Aug 2015 985.5 -6.25 -0.63%
Soybeans Sep 2015 956 -6.75 -0.70%
Soybeans Nov 2015 943.25 -10 -1.05%
Soybeans Jan 2016 948 -10.25 -1.07%
Soybeans Mar 2016 943.75 -10 -1.05%
Soybeans May 2016 938.25 -9.75 -1.03%
Soybean Meal Aug 2015 350.1 -5 -1.41%
Soybean Meal Sep 2015 339.2 -4.6 -1.34%
Soybean Meal Oct 2015 329.7 -5.4 -1.61%
Soybean Oil Aug 2015 29.66 +0.03 +0.10%
Soybean Oil Oct 2015 29.86 +0.02 +0.07%
Corn Sep 2015 369.75 -3 -0.80%
Corn Dec 2015 380.5 -2.75 -0.72%
Corn Mar 2016 391.5 -3 -0.76%
Corn May 2016 398 -3 -0.75%
Corn Jul 2016 402.75 -2.75 -0.68%
Oats Sep 2015 236 +1 +0.43%
Oats Dec 2015 245 +0.75 +0.31%
Oats Mar 2016 254.25 +0.25 +0.10%
Oats May 2016 259 +0.25 +0.10%
Oats Jul 2016 260 +0.25 +0.10%
Wheat Sep 2015 507 +5 +1.00%
Wheat Dec 2015 511.25 +4 +0.79%
Wheat Mar 2016 518.5 +4.5 +0.88%
Wheat May 2016 522.75 +4.25 +0.82%
Wheat Jul 2016 526.25 +4.5 +0.86%
Minneapolis
Spring Wheat Sep 2015 518.5 +3 +0.58%
Spring Wheat Dec 2015 534.5 +2 +0.38%
Spring Wheat Mar 2016 551.5 +1.75 +0.32%
Spring Wheat May 2016 563 +1.75 +0.31%
Spring Wheat Jul 2016 573.75 +1.75 +0.31%
Kansas City
Hard Red Wheat Sep 2015 489.5 unch 0.00%
Hard Red Wheat Dec 2015 510 +0.25 +0.05%
Hard Red Wheat Mar 2016 523.5 +0.25 +0.05%
Hard Red Wheat May 2016 533.25 unch 0.00%
Hard Red Wheat Jul 2016 542.25 +0.25 +0.05%
