The loonie jumped about a penny higher but November canola managed to end the day steady.
Reuters reported that there was talk of new canola export business and that helped support the price, as did stronger soybean futures.
The numbers in the Statistics Canada year end stocks report today were not hugely different from trade expectations and so they had little impact on the market.
The loonie jumped higher after the Bank of Canada raised its benchmark interest rate by 25 basis points. The majority in the market had expected that the rate hike would not happen until the bank’s October meeting.
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Farm cash receipts in the first half of the year were up 3.3 per cent over the same period last year buoyed by livestock receipts. Overall receipts between January and June totalled $49.6 billion, up $1.6 billion from the same period last year, Statistics Canada reported.
The seven day outlook continues to show mostly dry weather across the Prairies, with much warmer than normal temperatures until the weekend.
US CROPS
Corn edged higher on short covering. There is some concern that U.S. corn is behind the normal pace of development. Forecasts see cool, mostly dry weather in the Midwest into next week.
Minneapolis spring wheat led the market higher with the biggest percentage gain on bargain buying after several weeks of declines.
The market will be watching the progress of the powerful Hurricane Irma, which might hit Florida this weekend. It would affect the crop market if residual rains from the storm push into the Midwest, but there is no way of knowing that yet.
GLOBAL ISSUES
Dry weather in eastern Australia threatens to reduce wheat yields in that country. Also a strong frost in August and more recently in New South Wales in August was expected to cut Australia’s canola production from previous estimates.
Meanwhile, parts of Argentina are too wet for the wheat crop there.
OUTSIDE MARKETS
The Bank of Canada’s surprise interest rate increase today drove the loonie higher. The Bank of Canada said the hike was warranted given unexpectedly strong economic growth in the second quarter, but said future moves are not predetermined and would be guided by data and market developments, Reuters reported.
In the afternoon, the Canadian dollar was trading around US81.79 cents, up almost one cent from 80.76 cents the previous trading day. The U.S. dollar was C$1.2227.
Light crude oil nearby futures in New York were up 50 cents at US$49.16 per barrel.
The Dow Jones Industrial Average rose 54.33 points, or 0.25 percent, to 21,807.64, the S&P 500 gained 7.69 points, or 0.31 percent, to 2,465.54 and the Nasdaq Composite added 17.74 points, or 0.28 percent, to 6,393.31.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 497.20s unch unch
Canola Jan 18 503.90s -0.10 -0.02%
Canola Mar 18 510.50s -0.20 -0.04%
Canola May 18 513.60s +0.10 +0.02%
Canola Jul 18 513.60s -0.40 -0.08%
Milling Wheat Oct 17 235.00s +3.00 +1.29%
Milling Wheat Dec 17 238.00s +2.00 +0.85%
Milling Wheat Mar 18 245.00s +1.00 +0.41%
Durum Wheat Oct 17 291.00s -2.00 -0.68%
Durum Wheat Dec 17 294.00s -2.00 -0.68%
Durum Wheat Mar 18 298.00s -2.00 -0.67%
Barley Oct 17 145.00s unch unch
Barley Dec 17 148.00s unch unch
Barley Mar 18 151.00s unch unch
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 Sep 17 964-4s +4-0 +0.42%
Soybeans Nov 17 971-0s +2-4 +0.26%
Soybeans Jan 18 980-6s +2-4 +0.26%
Soybeans Mar 18 989-6s +2-2 +0.23%
Soybeans May 18 998-2s +2-0 +0.20%
Soybean Meal Sep 17 303.6s +0.8 +0.26%
Soybean Meal Oct 17 305.6s +0.8 +0.26%
Soybean Meal Dec 17 308.7s +0.7 +0.23%
Soybean Oil Sep 17 35.21s +0.11 +0.31%
Soybean Oil Oct 17 35.30s +0.11 +0.31%
Soybean Oil Dec 17 35.56s +0.12 +0.34%
Corn Sep 17 347-0s +2-6 +0.80%
Corn Dec 17 361-0s +2-4 +0.70%
Corn Mar 18 373-4s +2-4 +0.67%
Corn May 18 381-0s +2-4 +0.66%
Corn Jul 18 387-4s +2-4 +0.65%
Oats Sep 17 235-0s +16-4 +7.55%
Oats Dec 17 233-6s +2-4 +1.08%
Oats Mar 18 242-0s +3-0 +1.26%
Oats May 18 240-4s +2-6 +1.16%
Oats Jul 18 243-6s +2-4 +1.04%
Wheat Sep 17 421-6s -8-6 -2.03%
Wheat Dec 17 445-6s +2-6 +0.62%
Wheat Mar 18 467-0s +3-6 +0.81%
Wheat May 18 480-2s +5-0 +1.05%
Wheat Jul 18 493-2s +6-0 +1.23%
Minneapolis
Spring Wheat Sep 17 628-4s +18-6 +3.08%
Spring Wheat Dec 17 644-4s +15-4 +2.46%
Spring Wheat Mar 18 654-0s +14-0 +2.19%
Spring Wheat May 18 651-0s +12-2 +1.92%
Spring Wheat Jul 18 644-0s +10-2 +1.62%
Kansas City
Hard Red Wheat Sep 17 423-2s +3-6 +0.89%
Hard Red Wheat Dec 17 448-6s +3-6 +0.84%
Hard Red Wheat Mar 18 466-2s +3-6 +0.81%
Hard Red Wheat May 18 480-0s +3-6 +0.79%
Hard Red Wheat Jul 18 496-6s +4-0 +0.81%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 17 104.700s +0.275 +0.26%
Live Cattle Dec 17 109.800s +0.425 +0.39%
Live Cattle Feb 18 113.800s +0.625 +0.55%
Feeder Cattle Sep 17 143.300s +1.250 +0.88%
Feeder Cattle Oct 17 143.700s +1.200 +0.84%
Feeder Cattle Nov 17 143.750s +0.800 +0.56%
Lean Hogs Oct 17 63.550s -0.200 -0.31%
Lean Hogs Dec 17 60.275s +0.100 +0.17%
Lean Hogs Feb 18 64.725s +0.175 +0.27%
