Canola edges higher as market awaits USDA forecast

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Published: February 22, 2017

A weaker loonie and stronger vegetable oil prices helped canola futures to post a small gain on Wednesday.

Palm and soy oil rose a little on bargain buying after sharp declines in recent days.

Tightening supplies as exports and domestic crush move at a record pace support canola.

Soybeans were lower on expectations of record production from South America and a big increase in seeded area this spring in the United States.

Corn edged higher on ideas that the USDA will predict that the seeded area of the crop will fall this year.

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Crop markets await the USDA’s forecast of seeded area of American crops to be released this week at its outlook conference.

OUTSIDE MARKETS

Wheat also edged higher on supportive export business.

Light crude oil nearby futures in New York fell 74 cents to US$53.59 per barrel.

The Canadian dollar at noon was US75.83 cents, down from 76.05 cents the previous trading day. The U.S. dollar at noon was C$1.3144.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 92.15 points, or 0.58 percent, at 15,830.22.

The Dow Jones Industrial Average rose 32.6 points, or 0.16 percent, to 20,775.6. It was the ninth record close in a row, the longest such streak since 1987.

The S&P 500 lost 2.56 points, or 0.11 percent, to 2,362.82 and the Nasdaq Composite dropped 5.32 points, or 0.09 percent, to 5,860.63.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Mar       518.30       +1.60       +0.31%

Canola May 2017       523.50       +0.90       +0.17%

Canola Jul 2017       526.90       +1.40       +0.27%

Canola Nov 2017        503.70       +2.70       +0.54%

Canola Jan 2018       508.50       +2.30       +0.45%

 

Milling Wheat Mar 2017       229.00       unch       0.00%

Milling Wheat May 2017       234.00       +1.00       +0.43%

Milling Wheat Jul 2017       235.00       unch       0.00%

 

Durum Wheat Mar 2017       281.00       unch       0.00%

Durum Wheat May 2017       283.00       unch       0.00%

Durum Wheat Jul 2017       282.00       unch       0.00%

 

Barley Mar 2017       135.00       unch       0.00%

Barley May 2017       137.00       unch       0.00%

Barley Jul 2017       138.00       unch       0.00%

 

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

 

Chicago

Soybeans Mar 2017       1022.75       -3.50       -0.34%

Soybeans May 2017       1033.50       -3.75       -0.36%

Soybeans Jul 2017       1043.00       -3.25       -0.31%

Soybeans Aug 2017       1042.25       -3.00       -0.29%

Soybeans Sep 2017       1026.75       -2.25       -0.22%

Soybeans Nov 2017       1013.50       -1.00       -0.10%

 

Soybean Meal Mar 2017       335.00       -2.40       -0.71%

Soybean Meal May 2017       339.50       -2.40       -0.70%

Soybean Meal Jul 2017       342.90       -2.20       -0.64%

 

Soybean Oil Mar 2017       32.72       +0.05       +0.15%

Soybean Oil May 2017       33.00       +0.05       +0.15%

Soybean Oil Jul 2017       33.27       +0.05       +0.15%

 

Corn Mar 2017       371.00       +1.75       +0.47%

Corn May 2017       378.25       +1.75       +0.46%

Corn Jul 2017       385.50       +1.75       +0.46%

Corn Sep 2017       391.25       +1.75       +0.45%

Corn Dec 2017       397.25       +1.50       +0.38%

 

Oats Mar 2017       253.00       +0.50       +0.20%

Oats May 2017       252.75       +2.00       +0.80%

Oats Jul 2017       248.25       +1.75       +0.71%

Oats Sep 2017       241.00       +2.50       +1.05%

Oats Dec 2017       238.75       +3.75       +1.60%

 

Wheat Mar 2017       441.25       +5.25       +1.20%

Wheat May 2017       456.00       +6.25       +1.39%

Wheat Jul 2017       469.75       +5.50       +1.18%

Wheat Sep 2017       484.50       +4.75       +0.99%

Wheat Dec 2017       502.00       +4.75       +0.96%

 

Minneapolis

Spring Wheat Mar 2017       542.75       +1.50       +0.28%

Spring Wheat May 2017       552.25       +3.00       +0.55%

Spring Wheat Jul 2017       558.25       +3.00       +0.54%

Spring Wheat Sep 2017       564.50       +3.25       +0.58%

Spring Wheat Dec 2017       575.00       +3.75       +0.66%

 

Kansas

Hard Red Wheat Mar 2017       457.75       +5.50       +1.22%

Hard Red Wheat May 2017       471.25       +5.75       +1.24%

Hard Red Wheat Jul 2017       483.00       +5.75       +1.20%

Hard Red Wheat Sep 2017       497.25       +5.75       +1.17%

Hard Red Wheat Dec 2017       516.50       +5.50       +1.08%

 

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

 

Live Cattle (P) Feb 2017       121.30       +2.20       +1.85%

Live Cattle (P) Apr 2017       116.08       +0.78       +0.68%

Live Cattle (P) Jun 2017       106.42       +0.47       +0.44%

 

Feeder Cattle (P) Mar 2017       125.10       +0.55       +0.44%

Feeder Cattle (P) Apr 2017       125.52       +0.39       +0.31%

Feeder Cattle (P) May 2017       124.65       +0.28       +0.23%

 

Lean Hogs (P) Apr 2017       67.75       -2.60       -3.70%

Lean Hogs (P) May 2017       73.40       -2.05       -2.72%

Lean Hogs (P) Jun 2017       77.25       -1.80       -2.28%

About the author

D'Arce McMillan

Markets editor, Saskatoon newsroom

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