Canola edges higher as currencies adjust

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Published: March 19, 2015

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Grain and oilseed futures changed by only a few cents per bushel on Thursday with currency exchange rates the main market mover.

The U.S. dollar, which fell sharply Wednesday following comments from the U.S. Federal Reserve, today gained back about half the ground lost yesterday. That put American crop markets on the defence.

Canola futures posted a minor gain although the loonie rose a fraction.

Other than that, there was little market moving news.

A forecast for rain over the next few days in the U.S. southern Plains, mostly in Texas and Oklahoma, weighed on wheat a little.

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Chicago Mercantile Exchange live and feeder cattle futures rallied to fresh contract highs on Wednesday, as tight supplies and strong cash market prices continued to send future contracts surging, market analysts said.

Evidence of freeze injury in winter wheat from a cold spell last autumn is starting to show up in parts of northwest Kansas as the crop comes out of dormancy, an agronomist told Reuters.

It looks like the flooding that threatened soybean fields in Argentina caused little damage.

Sunny weather over the last week helped Argentine farmers reclaim soybean fields in the northern Pampas region that had been flooded by heavy February and early March rains, the Buenos Aires Grains Exchange said in its weekly update Reuters reported.

The exchange forecasts the soybean harvest at a record 57 million tonnes. Yesterday the country’s agriculture ministry forecast 58 million tonnes, unchanged from its last forecast.

USDA’s forecast if 56 million.

Brent crude oil fell back towards $54 a barrel after Kuwait said the Organization of Petroleum Exporting Countries had no choice but to keep production steady, refocusing the market on global oversupply.

Light crude oil nearby futures in New York were down 70 cents to US$43.96 per barrel.

The Canadian dollar at noon was US78.47 cents, up from 78.30 cents the previous trading day. The U.S. dollar at noon was C$1.2744.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 88.31 points, or 0.59 percent, at 14,873.93. Seven of the 10 main sectors on the index were in the red.

The Dow Jones industrial average fell 103.78 points, or 0.57 percent, to 17,972.41, the S&P 500 lost 9.96 points, or 0.47 percent, to 2,089.54 and the Nasdaq Composite added 7.79 points, or 0.16 percent, to 4,990.62.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2015       465.00       +2.10       +0.45%

Canola Jul 2015       461.00       +1.60       +0.35%

Canola Nov 2015       449.50       +0.50       +0.11%

Canola Jan 2016       451.00       +0.90       +0.20%

Canola Mar 2016       453.20       +0.50       +0.11%

 

Milling Wheat May 2015       239.00       -2.00       -0.83%

Milling Wheat Jul 2015       240.00       -3.00       -1.23%

Milling Wheat Oct 2015       244.00       -2.00       -0.81%

 

Durum Wheat May 2015       323.00       unch       0.00%

Durum Wheat Jul 2015       313.00       unch       0.00%

Durum Wheat Oct 2015       318.00       unch       0.00%

 

Barley May 2015       188.00       unch       0.00%

Barley Jul 2015       190.00       unch       0.00%

Barley Oct 2015       181.00       unch       0.00%

 

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

 

Chicago

Soybeans May 2015       961.75       -3.25       -0.34%

Soybeans Jul 2015       966.75       -3       -0.31%

Soybeans Aug 2015       966       -3.25       -0.34%

Soybeans Sep 2015       952.5       -4       -0.42%

Soybeans Nov 2015       946.25       -4.5       -0.47%

Soybeans Jan 2016       951       -4.5       -0.47%

 

Soybean Meal May 2015       319.3       -1.5       -0.47%

Soybean Meal Jul 2015       317.3       -1.7       -0.53%

Soybean Meal Aug 2015       316.1       -1.6       -0.50%

 

Soybean Oil May 2015       30.62       -0.01       -0.03%

Soybean Oil Jul 2015       30.83       unch       0.00%

Soybean Oil Aug 2015       30.9       unch       0.00%

 

Corn May 2015       373.5       -1.25       -0.33%

Corn Jul 2015       381.5       -1.25       -0.33%

Corn Sep 2015       389.5       -1       -0.26%

Corn Dec 2015       399       -1       -0.25%

Corn Mar 2016       408.5       -1       -0.24%

 

Oats May 2015       273       -0.25       -0.09%

Oats Jul 2015       274.75       -0.75       -0.27%

Oats Sep 2015       276.75       -0.5       -0.18%

Oats Dec 2015       277.75       -1.75       -0.63%

Oats Mar 2016       282.75       -0.5       -0.18%

 

Wheat May 2015       512       +1.25       +0.24%

Wheat Jul 2015       515.75       +1.5       +0.29%

Wheat Sep 2015       524.75       +0.75       +0.14%

Wheat Dec 2015       538.5       unch       0.00%

Wheat Mar 2016       551.5       -0.25       -0.05%

 

Minneapolis

Spring Wheat May 2015       572.75       -5.25       -0.91%

Spring Wheat Jul 2015       577.25       -5       -0.86%

Spring Wheat Sep 2015       585       -5.25       -0.89%

Spring Wheat Dec 2015       595.25       -4.75       -0.79%

Spring Wheat Mar 2016       606.5       -5.25       -0.86%

 

Kansas City

Hard Red Wheat May 2015       550.25       -2.75       -0.50%

Hard Red Wheat Jul 2015       556       -2.75       -0.49%

Hard Red Wheat Sep 2015       567.5       -3       -0.53%

Hard Red Wheat Dec 2015       583.25       -3.25       -0.55%

Hard Red Wheat Mar 2016       595.25       -3.25       -0.54%

 

About the author

D'Arce McMillan

Markets editor, Saskatoon newsroom

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