Canola futures closed a little lower as trading in canola resumed Tuesday at ICE Futures Canada after the Thanksgiving holiday.
Canola is trading in a narrow range, which the downside limited by strong exports and domestic uses and concern about the amount of canola not yet harvested in northern areas. The potential for a rally is limited by the ongoing US harvest and expected adequate supply of competing soybeans and other oilseeds.
The loonie traded a little higher but was still just under US80 cents.
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Corn and soybean futures were slightly lower Tuesday.
Kansas and Chicago winter wheat were little changed but Minneapolis spring wheat fell about one percent.
Prairie farmers are hoping for dry weather to finish the remaining harvest.
Wednesday is forecast warm and sunny, but Thursday returns to single digits and the potential for showers, mostly in central Alberta and northern Saskatchewan.
Following that, it remains cool but the potential for rain declines.
In the U.S. Midwest rain could continue to delay harvest this week.
Brazil’s Conab agricultural forecaster expects farmers to shift acres into soybeans and away from corn, but total production of both crops is expected to back down a little from last year because weather is unlikely to be as ideal as it was.
Conab’s soybean and corn production forecast are similar to USDA’s forecasts.
US CROP PROGRESS
After the market closed the USDA said that 22 percent of the corn crop was harvested as of Sunday, behind the five year average of 37 percent. For soybeans 36 percent was harvested, behind the five year average of 43 percent.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up $1.34 at US$50.92 per barrel.
Saudi Arabia announced it would cut oil exports in November. Oil was also supported by slow production of U.S. wells in the Gulf of Mexico due to Hurricane Nate.
In the afternoon, the Canadian dollar was trading around US79.90 cents, up from 79.56 cents the previous trading day. The U.S. dollar was C$1.2516.
The Dow Industrial reached a new record high, helped by strong gains in Wal-Mart after it forecast U.S. online sales would rise by about 40 percent in the next fiscal year and unveiled a $20-billion share buyback.
The Toronto Stock Exchange’s S&P/TSX composite index rose 42.04 points, or 0.27 per cent, to close at 15,770.36.
The Dow Jones Industrial Average rose 0.31 percent to 22,830.68 points. It is up 15.5 percent in 2017.
The S&P 500 gained 0.23 percent to 2,550.64 and the Nasdaq Composite added 0.11 percent to 6,587.25.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 495.20s -1.50 -0.30%
Canola Jan 18 500.10s -2.00 -0.40%
Canola Mar 18 504.90s -2.10 -0.41%
Canola May 18 507.40s -2.00 -0.39%
Canola Jul 18 508.50s -1.80 -0.35%
Milling Wheat Oct 17 232.00s -1.00 -0.43%
Milling Wheat Dec 17 234.00s -1.00 -0.43%
Milling Wheat Mar 18 240.00s -1.00 -0.41%
Durum Wheat Oct 17 277.00s -2.00 -0.72%
Durum Wheat Dec 17 281.00s unch unch
Durum Wheat Mar 18 286.00s unch unch
Barley Oct 17 145.00s unch unch
Barley Dec 17 148.00s unch unch
Barley Mar 18 151.00s unch unch
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 Nov 17 966-0s -0-6 -0.08%
Soybeans Jan 18 976-2s -1-0 -0.10%
Soybeans Mar 18 985-6s -1-0 -0.10%
Soybeans May 18 995-0s -0-6 -0.08%
Soybeans Jul 18 1003-4s -0-2 -0.02%
Soybean Meal Oct 17 312.5s +1.0 +0.32%
Soybean Meal Dec 17 316.2s +0.7 +0.22%
Soybean Meal Jan 18 318.3s +0.7 +0.22%
Soybean Oil Oct 17 32.86s -0.16 -0.48%
Soybean Oil Dec 17 33.11s -0.15 -0.45%
Soybean Oil Jan 18 33.29s -0.15 -0.45%
Corn Dec 17 349-2s -0-2 -0.07%
Corn Mar 18 362-6s unch unch
Corn May 18 371-4s -0-2 -0.07%
Corn Jul 18 379-2s -0-4 -0.13%
Corn Sep 18 386-0s -0-6 -0.19%
Oats Dec 17 249-4s +1-2 +0.50%
Oats Mar 18 251-4s -0-6 -0.30%
Oats May 18 250-2s -0-6 -0.30%
Oats Jul 18 247-6s -1-4 -0.60%
Oats Sep 18 247-6s -1-4 -0.60%
Wheat Dec 17 435-2s -0-6 -0.17%
Wheat Mar 18 455-2s -0-6 -0.16%
Wheat May 18 468-6s -1-2 -0.27%
Wheat Jul 18 482-6s -1-0 -0.21%
Wheat Sep 18 498-4s -0-6 -0.15%
Minneapolis
Spring Wheat Dec 17 617-4s -5-6 -0.92%
Spring Wheat Mar 18 631-4s -5-6 -0.90%
Spring Wheat May 18 638-4s -4-6 -0.74%
Spring Wheat Jul 18 642-4s -4-4 -0.70%
Spring Wheat Sep 18 638-2s -5-4 -0.85%
Kansas City
Hard Red Wheat Dec 17 431-2s +0-4 +0.12%
Hard Red Wheat Mar 18 449-2s +0-4 +0.11%
Hard Red Wheat May 18 463-4s +0-4 +0.11%
Hard Red Wheat Jul 18 481-6s +0-6 +0.16%
Hard Red Wheat Sep 18 500-6s +1-0 +0.20%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 17 113.700s +2.275 +2.04%
Live Cattle Dec 17 118.800s +1.875 +1.60%
Live Cattle Feb 18 122.375s +1.225 +1.01%
Feeder Cattle Oct 17 154.075s +0.300 +0.20%
Feeder Cattle Nov 17 156.150s +0.650 +0.42%
Feeder Cattle Jan 18 154.450s +0.700 +0.46%
Lean Hogs Oct 17 60.175s +1.150 +1.95%
Lean Hogs Dec 17 61.550s +0.600 +0.98%
Lean Hogs Feb 18 67.400s +0.575 +0.86%
