ICE Canada canola futures edged higher on Friday, halting a seven-session skid on support from a weakening Canadian dollar.
Canola’s slide began with a Dec. 6 Statistics Canada report that showed a much larger Canadian canola harvest than expected.
January canola added $1 to close at $495 per tonne.
Compared to the previous Friday, the contract fell $10.10 per tonne.
New crop November 2018 over the week lost $5.50 to close at $501.10.
Pressure on oilseeds this week has also come from a forecast for rain in dry areas of Argentina. Farmers there hope for widespread coverage to allow them to seed the final third of their soybean crop.
Brazil’s soybean crop is doing well.
Minneapolis spring wheat edged slightly higher while Kansas and Chicago were little changed.
Corn too was little changed.
There has been an uptick in U.S wheat sales this week, raising the hope that prices have fallen far enough to spark new demand and compete with Black Sea wheat.
CANOLA CRUSH
The crush was at 182,592 tonnes last week, down 7.2 percent from the week before. That represented a capacity use of just over 82 percent, down a little from the average this year of 85 percent.
The crush for the year is at 3.387 million tonnes, down about one percent from last year at the same time.
The week’s export data from the Canadian Grain Commission was in Thursday’s report.
OUTSIDE MARKETS
Signs that the U.S. Congress is closer to passing a tax cutting bill supported the American dollar and helped propel Wall Street to record highs
Light crude oil nearby futures in New York were up 26 cents at US$57.30 per barrel.
In the afternoon, the Canadian dollar was trading around US77.66 cents, down from 78.41 cents the previous trading day. The U.S. dollar was C$1.2877.
The TSX rose, helped by a strong jump in auto parts maker Linamar Corp after it announced plans to buy MacDon, the farm equipment manufacturer.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 25.52 points, or 0.16 percent, at 16,041.98. It lost 0.3 percent over the week.
The Dow Jones Industrial Average rose 142.49 points, or 0.58 percent, to 24,651.15, the S&P 500 gained 23.62 points, or 0.89 percent, to 2,675.63 and the Nasdaq Composite added 80.06 points, or 1.17 percent, to 6,936.58.
Over the week, the Dow rose 1.3 percent, th S&P 500 rose 0.9 percent and the Nasdaq rose 1.4 percent.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 18 495.00s +1.00 +0.20%
Canola Mar 18 502.70s +0.70 +0.14%
Canola May 18 510.70s +1.30 +0.26%
Canola Jul 18 514.40s +1.20 +0.23%
Canola Nov 18 501.10s -0.40 -0.08%
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 Jan 18 967-2s -0-4 -0.05%
Soybeans Mar 18 978-0s -0-6 -0.08%
Soybeans May 18 989-0s -0-6 -0.08%
Soybeans Jul 18 999-0s -0-4 -0.05%
Soybeans Aug 18 1001-0s -0-2 -0.02%
Soybean Meal Jan 18 320.6s -1.0 -0.31%
Soybean Meal Mar 18 324.5s -1.1 -0.34%
Soybean Meal May 18 327.3s -0.8 -0.24%
Soybean Oil Jan 18 33.16s -0.02 -0.06%
Soybean Oil Mar 18 33.34s -0.03 -0.09%
Soybean Oil May 18 33.49s -0.03 -0.09%
Corn Mar 18 347-4s -1-0 -0.29%
Corn May 18 355-6s -1-0 -0.28%
Corn Jul 18 364-2s -0-6 -0.21%
Corn Sep 18 371-2s -0-6 -0.20%
Corn Dec 18 380-0s -0-6 -0.20%
Oats Mar 18 254-2s +2-4 +0.99%
Oats May 18 260-6s +2-0 +0.77%
Oats Jul 18 268-4s +2-2 +0.85%
Oats Sep 18 270-4s +2-2 +0.84%
Oats Dec 18 264-4s +2-2 +0.86%
Wheat Mar 18 418-2s unch unch
Wheat May 18 430-6s unch unch
Wheat Jul 18 444-0s +0-4 +0.11%
Wheat Sep 18 457-4s +0-2 +0.05%
Wheat Dec 18 475-2s -0-2 -0.05%
Minneapolis
Spring Wheat Mar 18 620-0s +3-0 +0.49%
Spring Wheat May 18 628-2s +3-6 +0.60%
Spring Wheat Jul 18 631-6s +3-0 +0.48%
Spring Wheat Sep 18 626-2s +3-2 +0.52%
Spring Wheat Dec 18 636-0s +2-2 +0.36%
Kansas City
Hard Red Wheat Mar 18 417-4s -0-6 -0.18%
Hard Red Wheat May 18 430-2s -1-0 -0.23%
Hard Red Wheat Jul 18 446-2s -1-2 -0.28%
Hard Red Wheat Sep 18 461-0s -1-4 -0.32%
Hard Red Wheat Dec 18 483-2s -1-4 -0.31%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 17 118.900s +2.625 +2.26%
Live Cattle Feb 18 121.025s +1.875 +1.57%
Live Cattle Apr 18 122.150s +1.850 +1.54%
Feeder Cattle Jan 18 147.750s +1.500 +1.03%
Feeder Cattle Mar 18 145.550s +1.200 +0.83%
Feeder Cattle Apr 18 145.925s +1.225 +0.85%
Lean Hogs Feb 18 68.525s +0.900 +1.33%
Lean Hogs Apr 18 72.800s +0.550 +0.76%
Lean Hogs May 18 77.850s +0.250 +0.32%
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