Canola finishes week lower

Canola futures ended the week on a down note, but prices remain above $500 per tonne.

Most-traded May closed at $525, down $3.80 or 0.72 percent.

That was a noticeably weaker prices than the strong point in early February of $538, but much better than the range around $480 common during the early fall.

At the end of November, May canola reached about $546, a price not exceeded this crop year.

Over the week, May canola fell $11 per tonne while new crop November fell $5.80, but remained slightly above the $500 level.

SOYBEANS

May soybeans settled at US$10.43 ¼ per bushel today, down 11 ½ cents, but a level some analysts say is still too rich.

Soybean oil, the price setter for canola, was also weaker.

WHEAT

Following a long liquidation sell off on Thursday, wheat contracts today were only off a few cents, with hard red winter wheat being the strongest with only a one-cent decline. Dry and snowless conditions in the southern plains supported that class of wheat futures.

CANOLA DEMAND

Crush margins have been falling and are now the lowest in 10 months. Canadian canola crush was running at 83.7 percent of capacity in the week ended Feb. 15, which is about the same rate it was a year ago, but lower than the heady 89.3 percent it has been running for this year to date.

The weekly crush total of 178,910 tonnes takes the 2016-17 total to to 5.06 million tonnes. That is ahead of last year’s pace by more than 600,000 tonnes.

Canola exports for week 27 of the crop year to Feb. 12 totalled 181,800 tonnes, down from 291,600 the week before.

That took the total to date to 5.76 million tonnes, up from 5.28 million at the same point last year.

Record canola demand from crushers and exporters has helped to lessen worries that stocks from a big crop could create ongoing pressure.

OUTSIDE MARKETS

Stock markets in the United States took a breather Feb. 16-17, after reaching index records earlier this week.

Shares of Kraft Heinz and Unilever rose as news broke Feb. 17 that that Kraft was attempting to take over Unilever.

Light crude oil nearby futures in New York closed up four cents to US$53.40 per barrel.

The Canadian dollar at noon was US76.24 cents, down from 76.58 cents the previous trading day. The U.S. dollar at noon was C$1.3116.

For the week, the TSX composite rose 0.7 perent, the Dow closed up 1.8 percent, the S&P 500 rose 1.5 percent and the Nasdaq Composite climbed 1.8 percent.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Mar 2017   517.70   -3.60   -0.69%

Canola May 2017   525.00   -3.80   -0.72%

Canola Jul 2017   527.20   -3.50   -0.66%

Canola Nov 2017   501.50   -2.50   -0.50%

Canola Jan 2018   506.90   -2.30   -0.45%

 

Milling Wheat Mar 2017   230.00   -6.00   -2.54%

Milling Wheat May 2017   235.00   -6.00   -2.49%

Milling Wheat Jul 2017   237.00   -6.00   -2.47%

 

Durum Wheat Mar 2017   288.00   -1.00   -0.35%

Durum Wheat May 2017   290.00   -1.00   -0.34%

Durum Wheat Jul 2017   289.00 +2.00   +0.70%

 

Barley Mar 2017   135.00   unch   0.00%

Barley May 2017   137.00   unch   0.00%

Barley Jul 2017   138.00   unch   0.00%

 

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

 

Chicago

Soybeans Mar 2017   1032.50   -11.25   -1.08%

Soybeans May 2017   1043.25   -11.50   -1.09%

Soybeans Jul 2017   1052.25   -11.00   -1.03%

Soybeans Aug 2017   1051.50   -9.75   -0.92%

Soybeans Sep 2017   1033.75   -8.25   -0.79%

Soybeans Nov 2017   1018.25   -5.75   -0.56%

 

Soybean Meal Mar 2017   339.60   -2.40   -0.70%

Soybean Meal May 2017   343.90   -2.30   -0.66%

Soybean Meal Jul 2017   346.90   -2.20   -0.63%

 

Soybean Oil Mar 2017   32.89   -0.63   -1.88%

Soybean Oil May 2017   33.16   -0.65   -1.92%

Soybean Oil Jul 2017   33.41   -0.64   -1.88%

 

Corn Mar 2017   368.25   -5.25   -1.41%

Corn May 2017   375.50   -5.50   -1.44%

Corn Jul 2017   382.50   -5.25   -1.35%

Corn Sep 2017   388.25   -5.00   -1.27%

Corn Dec 2017   394.25   -4.75   -1.19%

 

Oats Mar 2017   256.75   +1.00   +0.39%

Oats May 2017   251.25   -0.25   -0.10%

Oats Jul 2017   245.75   -3.25   -1.31%

Oats Sep 2017   238.50   -3.00   -1.24%

Oats Dec 2017   236.25   -1.75   -0.74%

 

Wheat Mar 2017   441.00   -6.75   -1.51%

Wheat May 2017   455.50   -5.75   -1.25%

Wheat Jul 2017   468.50   -5.25   -1.11%

Wheat Sep 2017   484.00   -4.50   -0.92%

Wheat Dec 2017   502.00   -4.25   -0.84%

 

Minneapolis

Spring Wheat Mar 2017   546.25   -4.00   -0.73%

Spring Wheat May 2017   554.50   -1.50   -0.27%

Spring Wheat Jul 2017   560.50   -0.50   -0.09%

Spring Wheat Sep 2017   565.50   -0.50   -0.09%

Spring Wheat Dec 2017   575.50   -0.25   -0.04%

 

Kansas City

Hard Red Wheat Mar 2017   456.25   -1.75   -0.38%

Hard Red Wheat May 2017   469.25   -1.75   -0.37%

Hard Red Wheat Jul 2017   481.00   -1.75   -0.36%

Hard Red Wheat Sep 2017   495.00   -1.50   -0.30%

Hard Red Wheat Dec 2017   514.75   -1.25   -0.24%

 

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

Live Cattle (P) Feb 2017   117.92   +1.40   +1.20%

Live Cattle (P) Apr 2017   114.93   +1.68   +1.48%

Live Cattle (P) Jun 2017   105.38   +1.23   +1.18%

 

Feeder Cattle (P) Mar 2017   124.08   +0.25   +0.20%

Feeder Cattle (P) Apr 2017   124.20   +0.45   +0.36%

Feeder Cattle (P) May 2017   123.28   +0.68   +0.55%

 

Lean Hogs (P) Apr 2017   70.78   +0.95   +1.36%

Lean Hogs (P) May 2017   75.70   +1.00   +1.34%

Lean Hogs (P) Jun 2017   79.28   +0.98   +1.25%

 

 

 

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