New crop canola added to its losses Friday, ending a bad week badly.
November canola futures lost about $20 on the week, with most days other than Monday showing the same marked downtrend, closing Friday at $535.30 per tonne.
July canola went the opposite direction, rising through the week from around $600 to $618.40, pushing the inverse wider.
Underlying soybean weakness expressed itself Friday in its reaction to the U.S. Department of Agriculture planted acreage and stocks reports. Both reports had neutral to slightly bullish soybean numbers, yet soybean futures fell, dragged down by corn’s bigger fall. Corn is still the market leader and on days like Friday, when it moves, other crops follow.
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Soybeans were relatively flat on the week, but soy oil showed the same pattern of steady declines that canola experienced.
Canola has poor prospects as long as its fundamental value as an oil product is being undermined, said Ken Ball of PI Financial.
“Bean oil has been going down relentlessly for a couple of weeks now,” said Ball.
“As long as the Canadian dollar stays down, it’ll cancel part of that out. But if the Canadian dollar ever rallies much, with the bean oil where it is, it’ll feel pressure.”
Canola prices weren’t helped by the generally decent conditions in Western Canada. Heavy rains in some areas and localized flooding hurt some crops, but most are in good condition and catching up from the lateness with which they were seeded.
There are widespread concerns about fungal diseases breaking out because of the high humidity likely for the next weeks, but those problems are just a potential now and not a certainty.
The Statistics Canada acreage report found farmers planted about 600,000 acres more canola than they earlier intended and that finding also softened prices.
Equity markets were generally higher on the week, although many had losses Friday. The big sell-offs of late last week did not continue.
The Canadian Oilseed Processors Association said members crushed 122,927 tonnes of canola in the week ending June 26, up 19.5 percent over the previous week. That represented a capacity used of about 74 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2013 609.80 -9.70 -1.57%
Canola Nov 2013 534.80 -6.80 -1.26%
Canola Jan 2014 538.80 -7.40 -1.35%
Canola Mar 2014 540.00 -6.70 -1.23%
Canola May 2014 538.90 -5.50 -1.01%
Milling Wheat Jul 2013 294.00 unch 0.00%
Milling Wheat Oct 2013 294.00 unch 0.00%
Milling Wheat Dec 2013 294.00 unch 0.00%
Durum Wheat Jul 2013 301.90 unch 0.00%
Durum Wheat Oct 2013 294.90 unch 0.00%
Durum Wheat Dec 2013 299.40 unch 0.00%
Barley Jul 2013 244.00 unch 0.00%
Barley Oct 2013 194.00 unch 0.00%
Barley Dec 2013 199.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2013 1564.5 +16 +1.03%
Soybeans Aug 2013 1431 -1.5 -0.10%
Soybeans Sep 2013 1303.25 -14.5 -1.10%
Soybeans Nov 2013 1252 -23.25 -1.82%
Soybeans Jan 2014 1256.75 -21.75 -1.70%
Soybeans Mar 2014 1256.5 -17.5 -1.37%
Soybean Meal Jul 2013 490.3 +10.7 +2.23%
Soybean Meal Aug 2013 434.9 -0.3 -0.07%
Soybean Meal Sep 2013 400.7 -6.2 -1.52%
Soybean Oil Jul 2013 46.42 +0.02 +0.04%
Soybean Oil Aug 2013 46.29 -0.06 -0.13%
Soybean Oil Sep 2013 45.91 -0.06 -0.13%
Corn Jul 2013 679.25 +12 +1.80%
Corn Sep 2013 547.25 -25 -4.37%
Corn Dec 2013 511 -27.5 -5.11%
Corn Mar 2014 521.75 -27.5 -5.01%
Corn May 2014 529.25 -27 -4.85%
Oats Jul 2013 401.25 +16 +4.15%
Oats Sep 2013 366.25 -12 -3.17%
Oats Dec 2013 360.5 -13.75 -3.67%
Oats Mar 2014 363.25 -14 -3.71%
Oats May 2014 365.5 -14 -3.69%
Wheat Jul 2013 648.5 -15 -2.26%
Wheat Sep 2013 657.75 -16 -2.37%
Wheat Dec 2013 671.5 -17.5 -2.54%
Wheat Mar 2014 684 -19 -2.70%
Wheat May 2014 693.25 -19 -2.67%
Minneapolis
Spring Wheat Jul 2013 785 -1.5 -0.19%
Spring Wheat Sep 2013 775 -8 -1.02%
Spring Wheat Dec 2013 783 -8.25 -1.04%
Spring Wheat Mar 2014 796.75 -8 -0.99%
Spring Wheat May 2014 802.25 -8.5 -1.05%
Kansas City
KCBT Red Wheat Jul 2013 676.25 -10.25 -1.49%
KCBT Red Wheat Sep 2013 690.5 -11.5 -1.64%
KCBT Red Wheat Dec 2013 710.25 -12.5 -1.73%
KCBT Red Wheat Mar 2014 724.5 -12.5 -1.70%
KCBT Red Wheat May 2014 733 -13 -1.74%
Light crude oil nearby futures in New York dropped 49 cents at $96.56 US per barrel.
The Canadian dollar at noon was 95.13 cents US, down from 95.42 cents the previous trading day. The U.S. dollar at noon was $1.0512 Cdn.
