Canola drifts lower, weighed down by falling soy

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.

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%

 

 

 

 

 

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