Strong weekly U.S. soybean exports Thursday were not enough to stop the oilseed’s contract falling, which dragged down canola.
Soybeans fell a little more than one percent mostly on profit taking and canola was down 0.4 percent.
Statistics Canada increased most of its crop forecasts in Wednesday’s report, which weighed on canola and wheat. StatsCan sees 21.3 million tonnes of canola, a record.
But the weakness was offset by a lower Canadian dollar.
U.S. soybean weekly export sales came in at 2.086 million tonnes, topping forecasts that ranged from one million to 1.650 million tonnes.
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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.
Dry weather in Argentina remains a concern but it is very early in the growing season and so the impact is not urgent yet. Some areas of Argentina are forecast to get light rain in the coming week.
Brazilian currency, the real, fell to its lowest level since the summer, which will lift crop prices based in reals. That could spark some farmer selling.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 73 cents at US$56.63 per barrel.
In the afternoon, the Canadian dollar was trading around US77.80 cents, down from 78.15 cents the previous trading day. The U.S. dollar was C$1.2853.
The TSX composite rose 106.90 points or 0.67 percent to closed at 16,015.68.
The Dow Jones Industrial Average rose 0.29 percent to end at 24,211.48 points, while the S&P 500 gained 0.29 percent to 2,636.98. The Nasdaq Composite added 0.54 percent to 6,812.84.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 18 505.90s -2.10 -0.41%
Canola Mar 18 514.30s -2.40 -0.46%
Canola May 18 521.20s -2.10 -0.40%
Canola Jul 18 524.50s -2.50 -0.47%
Canola Nov 18 507.70s +1.00 +0.20%
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 18 992-0s -10-6 -1.07%
Soybeans Mar 18 1004-2s -10-4 -1.03%
Soybeans May 18 1014-6s -10-4 -1.02%
Soybeans Jul 18 1023-2s -10-0 -0.97%
Soybeans Aug 18 1024-0s -10-0 -0.97%
Soybean Meal Dec 17 333.5s -6.9 -2.03%
Soybean Meal Jan 18 335.2s -7.1 -2.07%
Soybean Meal Mar 18 338.8s -6.7 -1.94%
Soybean Oil Dec 17 33.25s +0.16 +0.48%
Soybean Oil Jan 18 33.33s +0.16 +0.48%
Soybean Oil Mar 18 33.54s +0.15 +0.45%
Corn Dec 17 338-6s -0-4 -0.15%
Corn Mar 18 351-4s -1-2 -0.35%
Corn May 18 360-0s -1-0 -0.28%
Corn Jul 18 368-4s -0-6 -0.20%
Corn Sep 18 375-4s -1-0 -0.27%
Oats Dec 17 229-0s -3-0 -1.29%
Oats Mar 18 245-0s -2-6 -1.11%
Oats May 18 251-6s -2-4 -0.98%
Oats Jul 18 260-2s -0-4 -0.19%
Oats Sep 18 262-2s -0-4 -0.19%
Wheat Dec 17 394-2s -4-2 -1.07%
Wheat Mar 18 421-4s -3-6 -0.88%
Wheat May 18 435-0s -3-0 -0.68%
Wheat Jul 18 449-0s -2-4 -0.55%
Wheat Sep 18 463-6s -2-4 -0.54%
Minneapolis
Spring Wheat Dec 17 598-6s -5-0 -0.83%
Spring Wheat Mar 18 611-0s -2-6 -0.45%
Spring Wheat May 18 619-4s -2-0 -0.32%
Spring Wheat Jul 18 623-6s -1-6 -0.28%
Spring Wheat Sep 18 622-0s -2-0 -0.32%
Kansas
Hard Red Wheat Dec 17 403-0s -3-0 -0.74%
Hard Red Wheat Mar 18 420-6s -2-6 -0.65%
Hard Red Wheat May 18 433-6s -2-4 -0.57%
Hard Red Wheat Jul 18 450-0s -2-6 -0.61%
Hard Red Wheat Sep 18 466-2s -3-2 -0.69%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 17 115.625s -0.275 -0.24%
Live Cattle Feb 18 118.675s -0.600 -0.50%
Live Cattle Apr 18 120.100s -0.525 -0.44%
Feeder Cattle Jan 18 146.325s +0.300 +0.21%
Feeder Cattle Mar 18 144.500s +0.400 +0.28%
Feeder Cattle Apr 18 144.625s +0.250 +0.17%
Lean Hogs Dec 17 63.575s -0.250 -0.39%
Lean Hogs Feb 18 68.475s -0.475 -0.69%
Lean Hogs Apr 18 72.400s -0.575 -0.79%
