Canola edges higher while most US crop dip

Canola futures threw off early weakness to close up slightly with support from soy oil as crude oil rose again, topping $50 a barrel in New York.

Gains in canola were limited by the rising Canadian dollar, which climbed about a half cent to top US75 cents.

Reuters surveyed traders who on average put Canada’s canola crop at 18.8 million tonnes. Statistics Canada comes out with its official crop size estimates on Tuesday.

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If true, that would mark a record-large Canadian canola crop.

Trade forecasts ranged from 18 to19.6 million tonnes, Last year’s crop was 18.38 million tonnes.

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Reuters also reported that Algeria bought at least 120,000 tonnes of durum, and perhaps as much as 150,000 tonnes.

The details were not published, but European traders believe the price was around US$310 to $315 a tonne, cost and freight included and source was believed to be mainly from Canada, along with one cargo from the United States.

Chicago corn and soybeans were lower. Chicago and Kansas wheat were also lower but Minneapolis spring wheat edged up a few cents per bushel.

Soy meal was also down, but soy oil climbed more than two percent, supported by the rise in crude oil.

Crude rose as traders welcomed the news Wednesday that OPEC had agreed to trim production to try to eliminate the oversupply in the world.

The USDA reported weekly export sales of U.S. soybeans at 1,399,000 tonnes, at the high end of a range of trade expectations for one million to 1.4 million tonnes.

Export sales of U.S. corn were 761,600 tonnes, below a range of trade expectations for 900,000 to 1,200,000 tonnes.

Wheat exports were 483,500 tonnes, in line with trade expectations for 300,000 to 500,000 tonnes.

OUTSIDE MARKETS

Light crude oil nearby futures in New York rose $1.62 to US$51.06 per barrel.

The Canadian dollar at noon was US75.01 cents, up from 74.48 cents the previous trading day. The U.S. dollar at noon was C$1.3331.

The TSX composite fell 55.32 points or 0.37 percent to close at 15,027.53.

The Dow Jones industrial average rose 68.35 points, or 0.36 percent, to 19,191.93, the S&P 500 lost 7.73 points, or 0.35 percent, to 2,191.08 and the Nasdaq Composite dropped 72.57 points, or 1.36 percent, to 5,251.11.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jan 2017   527.70   +2.50   +0.48%

Canola Mar 2017   534.30   +1.80   +0.34%

Canola May 2017   538.40   +0.80   +0.15%

Canola Jul 2017   538.30   +0.90   +0.17%

Canola Nov 2017   510.20   +1.40   +0.28%

Milling Wheat Mar 2017   239.00   +1.00   +0.42%

Milling Wheat May 2017   241.00   +1.00   +0.42%

Milling Wheat Jul 2017   242.00   +1.00   +0.41%

Durum Wheat Mar 2017   323.00   unch   0.00%

Durum Wheat May 2017   326.00   unch   0.00%

Durum Wheat Jul 2017   327.00   unch   0.00%

Barley Mar 2017   142.00   unch   0.00%

Barley May 2017   144.00   unch   0.00%

Barley Jul 2017 145.00   unch   0.00%

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

Chicago

Soybeans Jan 2017   1029.75   -2.50   -0.24%

Soybeans Mar 2017   1039.00   -2.25   -0.22%

Soybeans May 2017   1045.50   -3.50   -0.33%

Soybeans Jul 2017   1050.25   -3.75   -0.36%

Soybeans Aug 2017   1046.50   -4.50   -0.43%

Soybeans Sep 2017   1028.50   -4.25   -0.41%

Soybean Meal Dec 2016   310.90   -5.50   -1.74%

Soybean Meal Jan 2017   312.70   -5.60   -1.76%

Soybean Meal Mar 2017   315.60   -5.50   -1.71%

Soybean Oil Dec 2016   37.64   +0.85   +2.31%

Soybean Oil Jan 2017   37.85   +0.86   +2.32%

Soybean Oil Mar 2017   38.12   +0.87   +2.34%

Corn Dec 2016   331.75   -5.00   -1.48%

Corn Mar 2017   342.50   -6.00   -1.72%

Corn May 2017   350.00   -5.75   -1.62%

Corn Jul 2017   357.75   -5.75   -1.58%

Corn Sep 2017   365.50   -5.25   -1.42%

Oats Dec 2016   200.25   +1.00   +0.50%

Oats Mar 2017   215.25   +3.00   +1.41%

Oats May 2017   219.25   +2.50   +1.15%

Oats Jul 2017   220.25   +0.50   +0.23%

Oats Sep 2017   224.50   +3.25   +1.47%

Wheat Dec 2016   371.50   -9.00   -2.37%

Wheat Mar 2017   395.50   -7.25   -1.80%

Wheat May 2017   408.75   -6.75   -1.62%

Wheat Jul 2017   424.00   -7.25   -1.68%

Wheat Sep 2017   440.00   -7.25   -1.62%

Minneapolis

Spring Wheat Dec 2016   541.00   +1.50   +0.28%

Spring Wheat Mar 2017   538.50   +4.00   +0.75%

Spring Wheat May 2017   540.75   +4.00   +0.75%

Spring Wheat Jul 2017   543.50   +2.75   +0.51%

Spring Wheat Sep 2017   549.75   +2.00   +0.37%

Kansas City

Hard Red Wheat Dec 2016   384.00   -7.25   -1.85%

Hard Red Wheat Mar 2017   403.00   -7.25   -1.77%

Hard Red Wheat May 2017   415.00   -7.00   -1.66%

Hard Red Wheat Jul 2017   426.50   -6.50   -1.50%

Hard Red Wheat Sep 2017   441.25  -6.50   -1.45%

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

Live Cattle (P) Dec 2016   110.58   -0.17   -0.15%

Live Cattle (P) Feb 2017   111.38   -0.57   -0.51%

Live Cattle (P) Apr 2017   111.22   -0.50   -0.45%

Feeder Cattle (P) Jan 2017   127.78   -0.65   -0.51%

Feeder Cattle (P) Mar 2017   124.25   -0.20   -0.16%

Feeder Cattle (P) Apr 2017   124.02   -0.11   -0.09%

Lean Hogs (P) Dec 2016   50.22   -0.81   -1.59%

Lean Hogs (P) Feb 2017   54.07   -1.16   -2.10%

Lean Hogs (P) Apr 2017   60.45   -1.05   -1.71%

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