Canola falls 1.7 pct on week, Chicago wheat down five pct

Crop futures were mostly a little lower on Friday, including canola, which slipped on weaker soybeans and soy oil.

Soybeans weakened on a private analyst’s forecast of increased U.S. soybean acreage next spring.

January canola closed at $471.50 a tonne, down $1.60 or 0.34 percent on the day.

Over the week, January fell $8.20 or 1.7 percent.

It was a bad week for wheat. Chicago dipped again today, bringing the five-day decline to about five percent, the most since July.

The weekly U.S. wheat export sales report today showed sales in the range of expectations but the exports to date this crop year are running at a 44 year low.

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Kansas City winter wheat fell wheat fell 24.75 cents or five percent over the week and Minneapolis spring wheat fell 14.5 cents or 2.8 percent.

On the positive side for wheat, Informa Economics forecast U.S. winter wheat plantings for harvest in 2016 at 38.7 million acres, which would be down from 39.5 million for 2015 and the smallest since 2010.

Informa’s forecast for soybeans were negative for prices. It sees 2016 U.S. soybean plantings rising to a record 85.3 million acres, 1.4 million more than its previous outlook.

The firm lowered its projection of 2016 U.S. corn plantings to 90.1 million acres, from 90.8 million last month.

Growers planted 88.4 million acres of corn and 83.2 million acres of soybeans in 2015, according to the U.S. Department of Agriculture.

Today January soybeans fell 0.9 percent and Dec. soy oil fell 1.46 percent.

For the week, CBOT soybeans dropped 1.3 percent, their fourth straight week of declines. Soy oil futures shed 3.5 percent the week while soy meal dropped 2.2 percent.

Strong exports limited soybean’s decline. The USDA today said U.S. soybean exports were 1.297 million tonnes, which was above the trade’s expectation.

Soybean planting in Brazil rushed ahead last week thanks to better soil moisture, but overall with planting 60 percent complete they are a little behind the 71 percent five-year average.

The two presidential candidates in Argentina’s election have both promised to cut export taxes on soybeans, corn and wheat, which will likely push more grain on to the world market.

CBOT December corn futures fell four percent over the week, weighed down by large supplies and slow U.S. exports.

The Canadian Oilseed Processors Association said members crushed 158,783 tonnes in the week to Nov. 11, almost steady with the week before.

That represented 79.5 percent of capacity, slightly above the average for the year so far at 77.4 percent.

Total crush for the year is at 2.17 million tonnes, seven percent

The Bank of Canada noon rate for the Canadian dollar was US75.01 cents, down 0.14 cent from 75.19 on Thursday.

The U.S. dollar was C$1.3332.

Crude oil in New York fell US$1.01 to $40.74 per barrel.

The International Energy Agency reported that with world oil stocks at a record three billion barrels, and production growth from OPEC and non OPEC sources outpacing demand growth it could take a long time to clear the glut and revive crude prices.

The Toronto Stock Exchange’s S&P/TSX composite index posted its eighth consecutive day of losses. It closed down 5.48 points, or 0.04 percent, at 13,553.30.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 51.78 points, or 0.39 percent, at 13,075.40, having hit a fresh six-week low at 13,030.46.

The TSX composite fell 3.5 percent on the week.

Slower than expected October U.S. retail sales caused traders to bid down U.S. retailers on worries that the Christmas season might prove disappointing.

Today the Dow Jones industrial average fell 202.03 points, or 1.16 percent, to 17,246.04, the S&P 500 lost 22.8 points, or 1.11 percent, to 2,023.17 and the Nasdaq Composite dropped 77.20 points, or 1.54 percent, to 4,927.88.

Wall street had its worst week since August.

The Dow lost 3.7 percent for the week, the S&P fell 3.6 percent and the Nasdaq declined 4.3 percent.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jan 2016 471.50 -1.60 -0.34%

Canola Mar 2016 477.60 -2.40 -0.50%

Canola May 2016 481.50 -2.60 -0.54%

Canola Jul 2016 484.90 -2.60 -0.53%

Canola Nov 2016 476.60 -1.60 -0.33%

Milling Wheat Dec 2015 236.00 -1.00 -0.42%

Milling Wheat Mar 2016 239.00 -1.00 -0.42%

Milling Wheat May 2016 243.00 unch 0.00%

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 191.50 unch 0.00%

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

Chicago

Soybeans Jan 2016 855.25 -7.75 -0.90%

Soybeans Mar 2016 856.25 -7.75 -0.90%

Soybeans May 2016 862 -6.75 -0.78%

Soybeans Jul 2016 868.25 -6.25 -0.71%

Soybeans Aug 2016 869.75 -5.5 -0.63%

Soybeans Sep 2016 869.75 -5 -0.57%

Soybean Meal Dec 2015 288.8 -2.6 -0.89%

Soybean Meal Jan 2016 289.5 -2.4 -0.82%

Soybean Meal Mar 2016 289.4 -2 -0.69%

Soybean Oil Dec 2015 27.04 -0.4 -1.46%

Soybean Oil Jan 2016 27.32 -0.39 -1.41%

Soybean Oil Mar 2016 27.54 -0.39 -1.40%

Corn Dec 2015 358.25 -3.75 -1.04%

Corn Mar 2016 365.5 -4 -1.08%

Corn May 2016 371.75 -3.75 -1.00%

Corn Jul 2016 377 -4 -1.05%

Corn Sep 2016 380.75 -4 -1.04%

Oats Dec 2015 231.5 +1.5 +0.65%

Oats Mar 2016 224.75 -2.5 -1.10%

Oats May 2016 225.5 -2.5 -1.10%

Oats Jul 2016 228.5 -2 -0.87%

Oats Sep 2016 232 -2 -0.85%

Wheat Dec 2015 495.75 -2.25 -0.45%

Wheat Mar 2016 497.75 -2.5 -0.50%

Wheat May 2016 501.25 -1.75 -0.35%

Wheat Jul 2016 502.5 -1.75 -0.35%

Wheat Sep 2016 510.75 -1.75 -0.34%

Minneapolis

Spring Wheat Dec 2015 504.25 +0.75 +0.15%

Spring Wheat Mar 2016 509.25 -0.25 -0.05%

Spring Wheat May 2016 519.5 -1.25 -0.24%

Spring Wheat Jul 2016 530.5 -0.75 -0.14%

Spring Wheat Sep 2016 541.5 +0.25 +0.05%

Kansas City

Hard Red Wheat Dec 2015 465.5 +1.75 +0.38%

Hard Red Wheat Mar 2016 479.75 +1.75 +0.37%

Hard Red Wheat May 2016 489.5 +1.75 +0.36%

Hard Red Wheat Jul 2016 499.75 +1.75 +0.35%

Hard Red Wheat Sep 2016 513.25 +1.25 +0.24%

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