Canola edges higher Wed. with soybean support

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Published: October 26, 2016

Canola notched another gain on Wednesday on the continuing concern about Prairie harvest delays and rising soybeans.

It was a drier day across much the Prairies today, but light moisture is expected in the coming days, mostly in the eastern half of the region.

Soybeans rose on word of new sales of U.S. product to China.

Gains were limited by the ongoing harvest of a record U.S. crop.

Traders will closely watch Thursday’s weekly USDA export sales report. They expect the soybean number will be huge.

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It was a generally up day for crop futures, helped by an influx of investment fund money. Funds are worried a U.S. interest rate increase in December could weigh down the stock market and are looking at agricultural commodities as a potential yield generator.

Soymeal futures surged more than three percent for their largest daily gains since June as traders unwound soymeal-soyoil spreads.

Wheat edged higher as Egypt made a large purchase, raising hopes that country has worked out its internal disputes over allowable ergot fungus levels. Egypt is one of the world’s largest wheat buyers.

Light crude oil nearby futures in New York were down 78 cents to US$49.18 per barrel.

The Canadian dollar at noon was US74.85 cents, down from 75.00 cents the previous trading day. The U.S. dollar at noon was C$1.3360.

The Toronto Stock Exchange’s S&P/TSX composite index fell 63.07 points, or 0.42 percent, at 14,807.56.

The Dow Jones industrial average rose 30.06 points, or 0.17 percent, to 18,199.33, the S&P 500 lost 3.73 points, or 0.17 percent, to 2,139.43 and the Nasdaq Composite dropped 33.13 points, or 0.63 percent, to 5,250.27.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2016   510.20   +3.20   +0.63%

Canola Jan 2017   518.20   +4.50   +0.88%

Canola Mar 2017   523.30   +4.30   +0.83%

Canola May 2017   525.80   +4.80   +0.92%

Canola Jul 2017   525.50   +6.10   +1.17%

 

Milling Wheat Dec 2016   237.00   +1.00   +0.42%

Milling Wheat Mar 2017   241.00   +1.00   +0.42%

Milling Wheat May 2017   245.00   +1.00   +0.41%

 

Durum Wheat Dec 2016   313.00   +4.00   +1.29%

Durum Wheat Mar 2017   318.00   0.00   +0.00%

Durum Wheat May 2017   322.00   0.00   +0.00%

 

Barley Dec 2016   132.50   unch   0.00%

Barley Mar 2017   134.50   unch   0.00%

Barley May 2017   135.50   unch   0.00%

 

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

 

Chicago

Soybeans Nov 2016   1010.00   +19.25   +1.94%

Soybeans Jan 2017   1021.00   +18.75   +1.87%

Soybeans Mar 2017   1028.25   +18.75   +1.86%

Soybeans May 2017   1034.25   +18.00   +1.77%

Soybeans Jul 2017   1038.75   +17.50   +1.71%

Soybeans Aug 2017   1036.00   +16.25   +1.59%

 

Soybean Meal Dec 2016   319.10   +10.90   +3.54%

Soybean Meal Jan 2017   320.30   +10.70   +3.46%

Soybean Meal Mar 2017   321.50   +10.30   +3.31%

 

Soybean Oil Dec 2016   35.72   -0.08   -0.22%

Soybean Oil Jan 2017   35.96   -0.09   -0.25%

Soybean Oil Mar 2017   36.13   -0.09   -0.25%

 

Corn Dec 2016   354.00   +4.75   +1.36%

Corn Mar 2017   363.25   +4.25   +1.18%

Corn May 2017   370.00   +4.00   +1.09%

Corn Jul 2017   376.50   +4.00   +1.07%

Corn Sep 2017   382.75   +3.50   +0.92%

 

Oats Dec 2016   215.00   +3.00   +1.42%

Oats Mar 2017   211.75   +2.75   +1.32%

Oats May 2017   212.00   +2.00   +0.95%

Oats Jul 2017   214.00   +2.50 +1.18%

Oats Sep 2017   219.75   -0.25   -0.11%

 

Wheat Dec 2016   411.50   +7.25   +1.79%

Wheat Mar 2017   432.00   +5.25   +1.23%

Wheat May 2017   447.25   +4.50   +1.02%

Wheat Jul 2017   460.50   +4.75   +1.04%

Wheat Sep 2017   476.00   +5.25   +1.12%

 

Minneapolis

Spring Wheat Dec 2016   525.50   +1.50   +0.29%

Spring Wheat Mar 2017   531.00   +2.25   +0.43%

Spring Wheat May 2017   538.50   +3.50   +0.65%

Spring Wheat Jul 2017   544.75   +3.75   +0.69%

Spring Wheat Sep 2017   551.50   +4.25   +0.78%

 

Kansas City

Hard Red Wheat Dec 2016   417.00   +3.50   +0.85%

Hard Red Wheat Mar 2017   434.75   +3.25   +0.75%

Hard Red Wheat May 2017   446.50   +3.25   +0.73%

Hard Red Wheat Jul 2017   457.50   +3.75   +0.83%

Hard Red Wheat Sep 2017   471.25   +3.75   +0.80%

 

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

Live Cattle (P) Oct 2016   103.05   +0.33   +0.32%

Live Cattle (P) Dec 2016   104.40   +0.50   +0.48%

Live Cattle (P) Feb 2017   105.15   +0.60   +0.57%

 

Feeder Cattle (P) Oct 2016 121.97   +0.42   +0.35%

Feeder Cattle (P) Nov 2016   123.92   +1.27   +1.04%

Feeder Cattle (P) Jan 2017   118.35   +0.65   +0.55%

 

Lean Hogs (P) Dec 2016   44.20   -0.42   -0.94%

Lean Hogs (P) Feb 2017   51.12   -0.26   -0.51%

Lean Hogs (P) Apr 2017   58.68   -0.05   -0.09%

 

 

 

 

About the author

D'Arce McMillan

Markets editor, Saskatoon newsroom

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