Canola futures fell Thursday on weaker soybeans, on ideas that canola’s recent rally was over done and on rapid seeding progress.
A stronger loonie also weighed on canola.
Wheat, usually the laggard in crop markets this year, rose sharply on concerns about excess rain in the U.S. Plains and Midwest and on ideas that cheap wheat will replace corn in some U.S. livestock feed rations this summer. Short covering also supported wheat.
Unlike Wednesday, spring wheat also rose today, trying to catch up to gains in Kansas and Chicago wheat.
Read Also
Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
VIDEO – Canada’s crop market update
The Saskatchewan crop report today said that 81 percent of crops had been seeded as of May 23, slightly behind last year’s pace but ahead of the five-year average of 59 percent.
Crops are generally developing nicely.
Rain is expected in many regions of the Prairies over the next few days. The largest accumulation, approaching an inch, could fall in the southwestern corner of Saskatchewan on Saturday.
The oilseed market was pressured as the red hot soy meal market fell early on profit taking after posting the highest prices since September 2014.
Declining production forecasts from Argentina, which suffered extreme rains in April, had driven the soy meal rally.
While soy meal was down at the opening of trade, it rallied back through the morning but then weakened again right before the close.
On the day, soy meal finished slightly higher.
Stock markets were mixed Thursday after good gains earlier in the week. Investors have become more comfortable with the idea that the Federal Reserve will likely raise interest rates at its June meeting.
Light crude oil nearby futures in New York were down eight cents to US$49.48 per barrel. Earlier in the day, the July crude contract topped $50 for the first time since Oct. 12.
The Canadian dollar at noon was US77.04 cents, up from 76.39 cents the previous trading day. The U.S. dollar at noon was C$1.2981.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 4.54 points, or 0.03 percent, at 14,049.20.
The Dow Jones industrial average fell 23.22 points, or 0.13 percent, to 17,828.29, the S&P 500 lost 0.44 points, or 0.02 percent, to 2,090.1 and the Nasdaq Composite added 6.88 points, or 0.14 percent, to 4,901.77.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2016 515.60 -9.20 -1.75%
Canola Nov 2016 515.20 -6.60 -1.26%
Canola Jan 2017 518.10 -5.70 -1.09%
Canola Mar 2017 519.10 -5.30 -1.01%
Canola May 2017 520.20 -4.50 -0.86%
Milling Wheat Jul 2016 238.00 unch 0.00%
Milling Wheat Oct 2016 233.00 unch 0.00%
Milling Wheat Dec 2016 238.00 unch 0.00%
Durum Wheat Jul 2016 305.00 +1.00 +0.33%
Durum Wheat Oct 2016 297.00 +1.00 +0.34%
Durum Wheat Dec 2016 299.00 +1.00 +0.34%
Barley Jul 2016 171.00 unch 0.00%
Barley Oct 2016 171.00 unch 0.00%
Barley Dec 2016 171.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2016 1079.75 -5.75 -0.53%
Soybeans Aug 2016 1077.25 -4.5 -0.42%
Soybeans Sep 2016 1061.75 -3.75 -0.35%
Soybeans Nov 2016 1050.5 -3.75 -0.36%
Soybeans Jan 2017 1047 -1.75 -0.17%
Soybeans Mar 2017 1025.75 unch 0.00%
Soybean Meal Jul 2016 409.6 +2.4 +0.59%
Soybean Meal Aug 2016 393.1 +2.7 +0.69%
Soybean Meal Sep 2016 381.4 +2.1 +0.55%
Soybean Oil Jul 2016 31.04 -0.3 -0.96%
Soybean Oil Aug 2016 31.16 -0.3 -0.95%
Soybean Oil Sep 2016 31.3 -0.3 -0.95%
Corn Jul 2016 408.25 +3.5 +0.86%
Corn Sep 2016 410.5 +3.25 +0.80%
Corn Dec 2016 409.75 +1.25 +0.31%
Corn Mar 2017 416.5 +1.25 +0.30%
Corn May 2017 419.75 +2 +0.48%
Oats Jul 2016 191.25 +1.25 +0.66%
Oats Sep 2016 203.5 +1 +0.49%
Oats Dec 2016 216.75 +0.5 +0.23%
Oats Mar 2017 226 +0.5 +0.22%
Oats May 2017 226 +0.5 +0.22%
Wheat Jul 2016 481.25 +15.25 +3.27%
Wheat Sep 2016 491.75 +14.5 +3.04%
Wheat Dec 2016 508.5 +13.5 +2.73%
Wheat Mar 2017 524 +11.75 +2.29%
Wheat May 2017 533.75 +12 +2.30%
Minneapolis
Spring Wheat Jul 2016 534.5 +12.5 +2.39%
Spring Wheat Sep 2016 542.25 +12.5 +2.36%
Spring Wheat Dec 2016 555.25 +13.25 +2.44%
Spring Wheat Mar 2017 566.25 +13.25 +2.40%
Spring Wheat May 2017 573 +13 +2.32%
Kansas City
Hard Red Wheat Jul 2016 462.25 +11.25 +2.49%
Hard Red Wheat Sep 2016 478.5 +11.75 +2.52%
Hard Red Wheat Dec 2016 501.5 +11.75 +2.40%
Hard Red Wheat Mar 2017 517.75 +12 +2.37%
Hard Red Wheat May 2017 527.75 +12.25 +2.38%
