Canola falls 1.5 percent this week

Canola futures closed a little lower on Friday after a day of choppy trade.

At work were the same factors that have pushed and pulled canola prices for weeks.

The canola crop is fairly large and it is competing against a record large world soybean crop.

However, the relatively weak Canadian dollar is helping to keep exports moving at a record pace and domestic crush is also running ahead of last year.

January canola today lost 90 cents to close at $464.40 per tonne.

Read Also

Canadian trade data delayed by U.S. government shutdown

Canadian international trade data for September will be delayed indefinitely due to the ongoing partial shutdown of the United States government, Statistics Canada said Friday, Oct. 24.

Over the week it fell 1.5 percent.

The Canadian Grain commission said bulk canola exports to date total 2.837 million tonnes, up 6.3 percent over last year

The Canadian Oilseed Processors Association said members have crushed 2.32 million tonnes to date, up 8.3 percent over last year.

Soybeans today edged lower on weakness in soy meal, but soy oil climbed a little as traders unwound long soymeal/short soyoil spreads.

Soybeans are under pressure from improved moisture in Brazil’s central region.

Also, Sunday’s election in Argentina will likely result in increased exports of soybeans, regardless of who wins.

Both presidential candidates have promised to reduce export taxes on soybeans and grain.

And if pro-business opposition candidate Mauricio Macri wins Argentine farmers are expected to have a freer hand to further expand production and exports

January Chicago soybean futures fell 0.2 pct this week, its fifth straight week of declines.

Soymeal dropped 1.9 percent on the week and front-month soyoil futures rose 3.1 percent, the biggest gain in seven weeks.

Wheat was generally lower on Friday with Kansas hard red winter wheat falling the most on forecasts of additional moisture in the southern Plains next week. Storms this week have already improved the situation there.

Welcome rain is also expected in parts of the Black Sea production region.

For the week, December Chicago wheat fell 7 ¼ cents per bushel or about 1.5 percent, its second straight weekly decline. Kansas City December wheat fell 1.8 percent, and Minneapolis rose about one percent.

Chicago traders took profits in corn after a modest rally in the previous few days.

For the week, December corn climbed 1.5 percent, its biggest weekly gain since late September.

Light crude oil nearby futures in New York were down 15 cents to US$40.39 per barrel.

The Canadian dollar at noon was US74.97 cents, down from 75.37 cents the previous trading day. The U.S. dollar at noon was C$1.3338.

The Standard & Poor’s/TSX Composite Index fell 40.34 points, or 0.3 per cent, to 13,433.49 in Toronto.

The Dow Jones industrial average rose 92.13 points, or 0.52 percent, to 17,824.88, the S&P 500 gained 7.94 points, or 0.38 percent, to 2,089.18 and the Nasdaq Composite added 31.28 points, or 0.62 percent, to 5,104.92.

Stocks had their best week in months with healthcare and consumer stocks rising and investors seeing a widely expected December U.S. interest rate hike as confirmation of a growing healthy economy.

The S&P/TSX rose 2.7 per cent on the week, The S&P gained 3.3 percent, its best showing since December. The Dow rose 3.4 percent and the Nasdaq added 3.6 percent.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jan 2016   464.40   -0.90   -0.19%

Canola Mar 2016   470.70   -1.30   -0.28%

Canola May 2016   475.70   -0.90   -0.19%

Canola Jul 2016   480.40   -0.60   -0.12%

Canola Nov 2016   473.80   -1.30   -0.27%

Milling Wheat Dec 2015   236.00   unch   0.00%

Milling Wheat Mar 2016   238.00   -1.00   -0.42%

Milling Wheat May 2016   242.00   -1.00   -0.41%

Durum Wheat Dec 2015   320.00   unch   0.00%

Durum Wheat Mar 2016  325.00   unch   0.00%

Durum Wheat May 2016   335.00   unch   0.00%

Barley Dec 2015   188.50   unch   0.00%

Barley Mar 2016   190.50   unch   0.00%

Barley May 2016   195.50   +4.00   +2.09%

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

Chicago

Soybeans Jan 2016   857.5   -2.5   -0.29%

Soybeans Mar 2016   860.5   -2.5   -0.29%

Soybeans May 2016   866.75   -2.25   -0.26%

Soybeans Jul 2016   872.5   -2.75   -0.31%

Soybeans Aug 2016   874.25   -2.5   -0.29%

Soybeans Sep 2016   874.5   -1.75   -0.20%

Soybean Meal Dec 2015   283   -3.6   -1.26%

Soybean Meal Jan 2016   283   -3.7   -1.29%

Soybean Meal Mar 2016   283.6   -3.6   -1.25%

Soybean Oil Dec 2015   27.9   +0.35   +1.27%

Soybean Oil Jan 2016   28.18 +0.34   +1.22%

Soybean Oil Mar 2016   28.43   +0.34   +1.21%

Corn Dec 2015   363.25   -1   -0.27%

Corn Mar 2016   369.75   -0.5   -0.14%

Corn May 2016   375.5   -0.25   -0.07%

Corn Jul 2016   380.75   unch   0.00%

Corn Sep 2016   384.25   -0.25   -0.07%

Oats Dec 2015   251   +3.25   +1.31%

Oats Mar 2016   232.25   +2.25   +0.98%

Oats May 2016   229.75   +1.5   +0.66%

Oats Jul 2016   231.5   +1   +0.43%

Oats Sep 2016   235   +1   +0.43%

Wheat Dec 2015   488.5   -2.25   -0.46%

Wheat Mar 2016   490   -2.25   -0.46%

Wheat May 2016   492.75   -2.75   -0.55%

Wheat Jul 2016   495   -3   -0.60%

Wheat Sep 2016   503.25   -3.25   -0.64%

Minneapolis

Spring Wheat Dec 2015   509.5   +0.75   +0.15%

Spring Wheat Mar 2016   508.75   -1   -0.20%

Spring Wheat May 2016   517.75   -1.75   -0.34%

Spring Wheat Jul 2016   527   -2.5   -0.47%

Spring Wheat Sep 2016   537.75   -2.75   -0.51%

Kansas City

Hard Red Wheat Dec 2015   457   -5.5   -1.19%

Hard Red Wheat Mar 2016   470.5   -5.75   -1.21%

Hard Red Wheat May 2016   481   -5.5   -1.13%

Hard Red Wheat Jul 2016   491.5   -5.25   -1.06%

Hard Red Wheat Sep 2016   505.5   -4.75   -0.93%

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