Canola edges higher in quiet trade and expectations of good Brazilian crops

There was a modest rebound in Chicago wheat futures and in corn on Wednesday but generally the crop market was quiet.

Canola edged higher on a weaker loonie.

The trade is balancing its positions ahead of the Statistics Canada production report next week.

BRAZIL

Brazilian analysts say the improved soil moisture conditions in much of the country will result in rising production forecasts. The average of four analysts polled by Reuters pegged the crop at just over 109 million tonnes, up from the current USDA forecast of 108 million, but some of the analysts expect the crop to easily top 110 million.

OUTSIDE MARKETS

Oil prices were pressured by conflicting statements from oil ministers a day ahead of OPEC’s meeting in Vienna, as members debate the path for an extension of the group’s supply-cut agreement, Reuters reported.

Light crude oil nearby futures in New York were down 69 cents at US$57.30 per barrel.

In the afternoon, the Canadian dollar was trading around US77.73 cents, down from 78.00 cents the previous trading day. The U.S. dollar was C$1.2865.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 61.92 points, or 0.39 percent, to 15,967.72.

The Commerce Department today revised upward its U.S. gross domestic product growth estimate to a 3.3 percent annual rate for the third quarter.

That was up from a previous estimate of three percent.

That was the fastest pace since the third quarter of 2014 and a pickup from the second quarter’s 3.1 percent rate.

The Dow Jones Industrial Average rose 103.97 points, or 0.44 percent, to 23,940.68, the S&P 500 lost 0.97 point, or 0.04 percent, to 2,626.07 and the Nasdaq Composite dropped 88.02 points, or 1.27 percent, to 6,824.34

 

 

 

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jan 18   510.40s   +1.70   +0.33%

Canola Mar 18   519.40s   +2.00   +0.39%

Canola May 18   525.50s   +1.80   +0.34%

Canola Jul 18   528.80s   +1.80   +0.34%

Canola Nov 18   506.50s   +1.40   +0.28%

 

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   992-4s   -0-4   -0.05%

Soybeans Mar 18   1004-2s   -0-4   -0.05%

Soybeans May 18   1014-4s   -0-2   -0.02%

Soybeans Jul 18   1023-0s   unch   unch

Soybeans Aug 18   1023-4s   -0-2   -0.02%

 

Soybean Meal Dec 17   325.0s   +1.5   +0.46%

Soybean Meal Jan 18   327.3s   +1.5   +0.46%

Soybean Meal Mar 18   330.7s   +1.3   +0.39%

 

Soybean Oil Dec 17   33.95s   -0.05   -0.15%

Soybean Oil Jan 18   34.07s   -0.06   -0.18%

Soybean Oil Mar 18   34.29s   -0.07   -0.20%

 

Corn Dec 17   339-0s   +2-6   +0.82%

Corn Mar 18   353-4s   +3-6   +1.07%

Corn May 18   361-4s   +3-4   +0.98%

Corn Jul 18   369-6s   +3-4   +0.96%

Corn Sep 18   377-0s   +3-2   +0.87%

 

Oats Dec 17   246-4s   +1-6   +0.72%

Oats Mar 18   263-6s   +2-6   +1.05%

Oats May 18   270-0s   +3-6   +1.41%

Oats Jul 18   275-0s   +4-2   +1.57%

Oats Sep 18   277-0s   +4-2   +1.56%

 

Wheat Dec 17   416-4s   +5-6   +1.40%

Wheat Mar 18   434-6s   +5-4   +1.28%

Wheat May 18   446-0s   +5-2   +1.19%

Wheat Jul 18   458-6s   +4-4   +0.99%

Wheat Sep 18   472-4s   +3-4   +0.75%

 

Minneapolis

Spring Wheat Dec 17   603-4s   unch   unch

Spring Wheat Mar 18   623-2s   +1-2   +0.20%

Spring Wheat May 18   630-2s   +2-0   +0.32%

Spring Wheat Jul 18   632-4s   -0-2   -0.04%

Spring Wheat Sep 18   629-2s   -1-0   -0.16%

 

Kansas City

Hard Red Wheat Dec 17   413-2s   +4-0   +0.98%

Hard Red Wheat Mar 18   431-4s   +3-6   +0.88%

Hard Red Wheat May 18   444-2s   +3-6   +0.85%

Hard Red Wheat Jul 18   461-2s   +3-0   +0.65%

Hard Red Wheat Sep 18   478-4s   +2-4   +0.53%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Dec 17   120.475s   +0.825   +0.69%

Live Cattle Feb 18   126.600s   +0.925   +0.74%

Live Cattle Apr 18   127.100s   +0.700   +0.55%

 

Feeder Cattle Jan 18   155.575s   +1.075   +0.70%

Feeder Cattle Mar 18   153.775s   +0.950   +0.62%

Feeder Cattle Apr 18   153.625s   +0.775   +0.51%

 

Lean Hogs Dec 17   65.075s   -0.675   -1.03%

Lean Hogs Feb 18   70.900s   -0.625   -0.87%

Lean Hogs Apr 18   75.050s   -0.100   -0.13%

 

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