Canola edges higher as farmers hope for good seeding weather

Canola edged slightly higher on Wednesday as weather remained the critical factor in crop markets.

Soybeans and corn also rose as heavy rain continues to sweep southern Missouri and Illinois. But Iowa and northern Illinois are dry enough for field work.

Activity on the Prairies will pick up as dry weather and summer-like temperatures are forecast for the next few days. Conditions could get unsettled by Sunday and early next week with the potential for light showers in southern parts of the Prairies.

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The loonie continued to trade below US73 cents.

The market will watch for the Wheat Quality Council tour’s final assessment of the Kansas wheat crop on Thursday. The yield forecast will likely be more tentative than usual because the damage is still being assessed from the weekend blizzard and frost.

Statistics Canada is set to release its March 31 Canadian grain stocks report on Friday.

European crop monitors are trimming slightly their forecast for soft wheat and canola production because of dry weather and frosts.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up 16 cents to US$47.82 per barrel.

In the afternoon, the Canadian dollar was trading around US72.90 cents, almost unchanged from 72.89 cents the previous trading day. The U.S. dollar was C$1.3717.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 76.51 points, or 0.49 percent, at 15,543.14,

The Dow Jones Industrial Average rose 8.01 points, or 0.04 percent, to 20,957.9.

The S&P 500 lost 3.04 points, or 0.13 percent, to 2,388.13. The Nasdaq Composite dropped 22.82 points, or 0.37 percent, to 6,072.55.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jul 2017 522.60 +1.80 +0.35%

Canola Nov 2017 505.50 +0.70 +0.14%

Canola Jan 2018 509.90 +0.30 +0.06%

Canola Mar 2018 514.10 -0.40 -0.08%

Canola May 2018 515.90 -0.70 -0.14%

Milling Wheat Jul 2017 248.00 +4.00 +1.64%

Milling Wheat Oct 2017 247.00 +4.00 +1.65%

Milling Wheat Dec 2017 250.00 +5.00 +2.04%

Durum Wheat Jul 2017 273.00 unch 0.00%

Durum Wheat Oct 2017 264.00 unch 0.00%

Durum Wheat Dec 2017 264.00 unch 0.00%

Barley Jul 2017 138.00 unch 0.00%

Barley Oct 2017 140.00 unch 0.00%

Barley Dec 2017 140.00 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 2017 965.50 +7.50 +0.78%

Soybeans Jul 2017 975.25 +6.50 +0.67%

Soybeans Aug 2017 976.50 +6.25 +0.64%

Soybeans Sep 2017 971.75 +5.50 +0.57%

Soybeans Nov 2017 970.00 +5.25 +0.54%

Soybeans Jan 2018 977.00 +5.00 +0.51%

Soybean Meal May 2017 314.60 +3.80 +1.22%

Soybean Meal Jul 2017 318.80 +3.80 +1.21%

Soybean Meal Aug 2017 319.80 +3.60 +1.14%

Soybean Oil May 2017 32.32 -0.03 -0.09%

Soybean Oil Jul 2017 32.56 -0.06 -0.18%

Soybean Oil Aug 2017 32.66 -0.07 -0.21%

Corn May 2017 366.25 +2.25 +0.62%

Corn Jul 2017 374.75 +2.50 +0.67%

Corn Sep 2017 382.00 +2.25 +0.59%

Corn Dec 2017 392.25 +2.25 +0.58%

Corn Mar 2018 402.00 +2.25 +0.56%

Oats May 2017 246.25 +1.00 +0.41%

Oats Jul 2017 238.25 -3.25 -1.35%

Oats Sep 2017 223.00 -8.00 -3.46%

Oats Dec 2017 218.75 -4.50 -2.02%

Oats Mar 2018 222.25 -3.75 -1.66%

Wheat May 2017 443.00 +1.50 +0.34%

Wheat Jul 2017 454.00 unch 0.00%

Wheat Sep 2017 467.25 -0.75 -0.16%

Wheat Dec 2017 488.00 -1.25 -0.26%

Wheat Mar 2018 505.00 -1.00 -0.20%

Minneapolis

Spring Wheat May 2017 548.25 +4.75 +0.87%

Spring Wheat Jul 2017 561.25 +3.75 +0.67%

Spring Wheat Sep 2017 565.75 +4.25 +0.76%

Spring Wheat Dec 2017 572.00 +4.50 +0.79%

Spring Wheat Mar 2018 578.50 +4.75 +0.83%

Kansas City

Hard Red Wheat May 2017 450.50 -4.25 -0.93%

Hard Red Wheat Jul 2017 463.25 -4.50 -0.96%

Hard Red Wheat Sep 2017 479.00 -3.50 -0.73%

Hard Red Wheat Dec 2017 502.25 -2.00 -0.40%

Hard Red Wheat Mar 2018 515.75 -1.00 -0.19%

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Jun 2017 130.05 +3.00 +2.36%

Live Cattle (P) Aug 2017 123.80 +3.00 +2.48%

Live Cattle (P) Oct 2017 119.85 +2.25 +1.91%

Feeder Cattle (P) May 2017 153.30 +3.68 +2.46%

Feeder Cattle (P) Aug 2017 160.10 +4.50 +2.89%

Feeder Cattle (P) Sep 2017 159.32 +4.00 +2.58%

Lean Hogs (P) May 2017 67.95 +1.00 +1.49%

Lean Hogs (P) Jun 2017 75.55 +1.40 +1.89%

Lean Hogs (P) Jul 2017 76.40 +0.70 +0.92%

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