Canola falls 1.3 pct Thursday, other crops also down

Canola futures fell Thursday on technical selling and weaker soybeans and soy oil.

It was a down day in general across crop markets, with wheat and corn also declining.

Markets were adjusting ahead of Friday morning’s USDA planting intentions and quarterly stocks reports.

Stocks are expected to be substantially larger than the same time last year.

The planting report is expected to show inceased soybean acres and fewer corn and wheat acres.

Turn to Producer.com Friday morning to get coverage of the reports.

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APRIL SHOWERS

While it has been mostly dry across the Prairies in the last week, moisture could be on the horizon with systems in the second week of April delivering rain or snow, according to long range forecasts.

SPRING HARVEST

Some analysts believe the recent weakness in canola is associated with the warm and mostly dry weather in the past two weeks in much of Alberta and western Saskatchewan that has allowed the harvest of some of the canola that was not combined last fall.

Could this foil the idea that tight supply should support canola prices as we move toward the final quarter of the crop year?

Several analysts expected the impact of the tighter supplies would mostly be felt in the basis.

And the basis has tightened somewhat.

Looking at the PDQinfo.ca market information site, the average spot basis in northeast Saskatchewan today is -$23.72. Back on March 6, which was a recent high for the May futures market, the basis was -$34.63.

BETTER THAN LAST YEAR

Still, cash canola prices are better than they were at this time last year, even if the basis is not as attractive as last year at this time.

According to the PDQinfo.ca, cash canola in northeast Saskatchewan today was $463.48 per tonne, based on a May futures of $487.20 and a basis of -$23.72.

Last year on this date, the cash price in the same area was $454.90, based on a May 2016 futures price of $474.60 and a basis of -$19.70.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up 84 cents to US$50.35 per barrel.

In the afternoon, the Canadian dollar was trading around US74.96 cents, down from 74.99 cents the previous trading day. The U.S. dollar was C$1.3340.

The Toronto Stock Exchange’s S&P/TSX composite index was down 78.87 points, or 0.50 percent, closing at 15,578.76.

The Dow Jones Industrial Average added 69.17 points, or 0.33 percent, to 20,728.49, the S&P 500 gained 6.93 points, or 0.29 percent, to 2,368.06 and the Nasdaq Composite climbed 16.80 points, or 0.28 percent, to 5,914.34.

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2017 487.20 -6.60 -1.34%

Canola Jul 2017 491.70 -6.90 -1.38%

Canola Nov 2017 479.00 -5.90 -1.22%

Canola Jan 2018 483.00 -7.30 -1.49%

Canola Mar 2018 486.60 -8.00 -1.62%

Milling Wheat May 2017 234.00 unch 0.00%

Milling Wheat Jul 2017 234.00 unch 0.00%

Milling Wheat Oct 2017 228.00 -1.00 -0.44%

Durum Wheat May 2017 277.00 -4.00 -1.42%

Durum Wheat Jul 2017 277.00 -3.00 -1.07%

Durum Wheat Oct 2017 264.00 -4.00 -1.49%

Barley May 2017 137.00 unch 0.00%

Barley Jul 2017 138.00 unch 0.00%

Barley Oct 2017 140.00 unch 0.00%

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

Chicago

Soybeans May 2017 963.00 -6.00 -0.62%

Soybeans Jul 2017 973.25 -6.25 -0.64%

Soybeans Aug 2017 975.25 -6.25 -0.64%

Soybeans Sep 2017 968.25 -5.25 -0.54%

Soybeans Nov 2017 963.25 -4.75 -0.49%

Soybeans Jan 2018 968.75 -4.75 -0.49%

Soybean Meal May 2017 314.90 -0.90 -0.28%

Soybean Meal Jul 2017 318.30 -0.90 -0.28%

Soybean Meal Aug 2017 318.50 -1.00 -0.31%

Soybean Oil May 2017 32.01 -0.20 -0.62%

Soybean Oil Jul 2017 32.29 -0.19 -0.58%

Soybean Oil Aug 2017 32.37 -0.18 -0.55%

Corn May 2017 357.50 -1.00 -0.28%

Corn Jul 2017 365.00 -1.00 -0.27%

Corn Sep 2017 372.25 -1.00 -0.27%

Corn Dec 2017 381.00 -1.00 -0.26%

Corn Mar 2018 390.25 -1.25 -0.32%

Oats May 2017 227.25 -4.00 -1.73%

Oats Jul 2017 221.25 -1.25 -0.56%

Oats Sep 2017 221.00 -0.50 -0.23%

Oats Dec 2017 219.50 -1.75 -0.79%

Oats Mar 2018 232.25 unch 0.00%

Wheat May 2017 421.00 -4.50 -1.06%

Wheat Jul 2017 434.00 -4.50 -1.03%

Wheat Sep 2017 449.25 -4.50 -0.99%

Wheat Dec 2017 469.50 -4.25 -0.90%

Wheat Mar 2018 484.50 -4.00 -0.82%

Minneapolis

Spring Wheat May 2017 543.50 +0.25 +0.05%

Spring Wheat Jul 2017 549.50 unch 0.00%

Spring Wheat Sep 2017 554.75 -1.00 -0.18%

Spring Wheat Dec 2017 563.25 -1.50 -0.27%

Spring Wheat Mar 2018 573.00 -1.25 -0.22%

Kansas City

Hard Red Wheat May 2017 417.25 -6.25 -1.48%

Hard Red Wheat Jul 2017 430.25 -6.25 -1.43%

Hard Red Wheat Sep 2017 445.50 -6.00 -1.33%

Hard Red Wheat Dec 2017 469.00 -5.25 -1.11%

Hard Red Wheat Mar 2018 485.25 -5.00 -1.02%

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

Live Cattle (P) Apr 2017 120.00 -1.35 -1.11%

Live Cattle (P) Jun 2017 110.87 -0.98 -0.88%

Live Cattle (P) Aug 2017 106.72 -0.83 -0.77%

Feeder Cattle (P) Mar 2017 132.68 -0.62 -0.47%

Feeder Cattle (P) Apr 2017 132.55 -1.85 -1.38%

Feeder Cattle (P) May 2017 131.42 -1.81 -1.36%

Lean Hogs (P) Apr 2017 65.62 +0.32 +0.49%

Lean Hogs (P) May 2017 70.50 +1.03 +1.48%

Lean Hogs (P) Jun 2017 74.25 +1.50 +2.06%

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