Canola futures climb for sixth consecutive session

Another day, another modest grain in canola futures.

November rose $1.40 a tonne on Thursday in the sixth consecutive daily increase.

West Central Saskatchewan got heavy rain Wednesday adding to large amounts that it had already received earlier this month. There could be lighter amounts of rain Friday, but the weekend and early next week look mostly dry for most of the Prairies allowing for a pick up in harvest operations.

Overall, Thursday saw only small moves in the crop markets as the trade awaited Friday’s USDA crop production report, which will be the first to base its yield projections on farmer survey and in-field measurements.

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The monthly domestic and world supply and demand report will come out at the same time.

Canola got some support from soybeans, which rose on additional signs of strong demand from the export sector.

The USDA reported today that in the past week export sales of soybeans topped three million tonnes, exceeding analysts’ expectations.

“We are seeing very good demand right now for exports, suggesting foreign buyers are seeing value at these prices,” Ted Seifried, chief market strategist for Zaner Ag Hedge told Reuters.

A more than four percent jump in crude oil supported soybean oil futures.

Corn dipped slightly even with strong weekly export sales. The trade did not want to bid up corn when it generally believes that the USDA on Friday will increase its outlook for 2016 corn production.

Chicago wheat fell while Minneapolis and Kansas edged higher.

Weekly wheat export sales also topped expectations.

French analyst Strategie Grains cut its forecast of the soft wheat crop in the European Union, mostly because of a severe reduction in the French crop.

Rain is falling on the German and Polish wheat harvest, raising worries of further crop damage.

Russian analyst SovEcon increased its forecast of Russia’s grain crop to 115.3 million tonnes, up from about 109 million last year.

Of that, the wheat crop is expected to be 71.3 million tonnes. Last year’s wheat crop was about 61 million tonnes.

The U.S. Weather Service’s expectations for a La Nina this autumn have waned slightly It has a forecast of 55 to 60 percent in favour of a La Nina developing this fall or winter. In June the outlook was 70 percent.

Crude oil jumped on comments from the Saudi oil minister about potential action to stabilize prices and the International Energy Agency’s forecast that crude markets would rebalance in the next few months, Reuters reported.

That news, plus strong quarterly results at U.S. department stores lifted Wall Street to new record highs.

The Dow Jones industrial average rose 117.86 points, or 0.64 percent, to 18,613.52 the S&P 500 gained 10.3 points, or 0.47 percent, to 2,185.79 and the Nasdaq Composite added 23.81 points, or 0.46 percent, to 5,228.40

Light crude oil nearby futures in New York were up $1.78 to US$43.49 per barrel.

The Canadian dollar at noon was US76.88 cents, up from 76.57 cents the previous trading day. The U.S. dollar at noon was C$1.3007.

Bay Street also rose.

The Toronto Stock Exchange’s S&P/TSX composite index closed up 21.02 points, or 0.14 percent, at 14,796.06.

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2016 462.30 +1.40 +0.30%

Canola Jan 2017 467.20 +0.60 +0.13%

Canola Mar 2017 472.90 +0.40 +0.08%

Canola May 2017 477.50 +0.10 +0.02%

Canola Jul 2017 481.50 -0.10 -0.02%

Milling Wheat Oct 2016 210.00 -1.00 -0.47%

Milling Wheat Dec 2016 214.00 unch 0.00%

Milling Wheat Mar 2017 219.00 unch 0.00%

Durum Wheat Oct 2016 261.00 +1.00 +0.38%

Durum Wheat Dec 2016 264.00 +1.00 +0.38%

Durum Wheat Mar 2017 268.00 unch 0.00%

Barley Oct 2016 138.00 unch 0.00%

Barley Dec 2016 138.00 unch 0.00%

Barley Mar 2017 140.00 unch 0.00%

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

Chicago

Soybeans Aug 2016 1022.25 +5.25 +0.52%

Soybeans Sep 2016 1001.75 +3.25 +0.33%

Soybeans Nov 2016 984.00 +1.75 +0.18%

Soybeans Jan 2017 983.50 +1.50 +0.15%

Soybeans Mar 2017 974.75 +3.25 +0.33%

Soybeans May 2017 973.75 +4.00 +0.41%

Soybean Meal Aug 2016 333.90 -2.30 -0.68%

Soybean Meal Sep 2016 333.90 -0.10 -0.03%

Soybean Meal Oct 2016 331.80 -0.10 -0.03%

Soybean Oil Aug 2016 31.71 +0.21 +0.67%

Soybean Oil Sep 2016 31.79 +0.22 +0.70%

Soybean Oil Oct 2016 31.93 +0.22 +0.69%

Corn Sep 2016 321.00 -1.50 -0.47%

Corn Dec 2016 331.75 -1.25 -0.38%

Corn Mar 2017 342.00 -1.25 -0.36%

Corn May 2017 349.00 -1.00 -0.29%

Corn Jul 2017 355.75 -0.75 -0.21%

Oats Sep 2016 169.00 -3.00 -1.74%

Oats Dec 2016 182.00 -1.50 -0.82%

Oats Mar 2017 191.75 -1.50 -0.78%

Oats May 2017 196.00 unch 0.00%

Oats Jul 2017 203.00 -0.50 -0.25%

Wheat Sep 2016 416.25 -5.50 -1.30%

Wheat Dec 2016 437.00 -4.50 -1.02%

Wheat Mar 2017 460.25 -2.50 -0.54%

Wheat May 2017 473.00 -1.50 -0.32%

Wheat Jul 2017 479.50 -1.00 -0.21%

Minneapolis

Spring Wheat Sep 2016 503.50 +2.25 +0.45%

Spring Wheat Dec 2016 509.50 +1.00 +0.20%

Spring Wheat Mar 2017 523.00 +0.25 +0.05%

Spring Wheat May 2017 531.75 +0.25 +0.05%

Spring Wheat Jul 2017 541.50 +0.75 +0.14%

Kansas City

Hard Red Wheat Sep 2016 412.25 +0.50 +0.12%

Hard Red Wheat Dec 2016 438.00 +0.25 +0.06%

Hard Red Wheat Mar 2017 454.25 unch 0.00%

Hard Red Wheat May 2017 465.00 unch 0.00%

Hard Red Wheat Jul 2017 474.00 unch 0.00%

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

Live Cattle (P) Aug 2016 116.02 -0.83 -0.71%

Live Cattle (P) Oct 2016 114.55 -0.38 -0.33%

Live Cattle (P) Dec 2016 115.30 -0.60 -0.52%

Feeder Cattle (P) Aug 2016 148.72 -1.01 -0.67%

Feeder Cattle (P) Sep 2016 146.97 -1.53 -1.03%

Feeder Cattle (P) Oct 2016 144.05 -1.77 -1.21%

Lean Hogs (P) Aug 2016 67.20 +0.08 +0.12%

Lean Hogs (P) Oct 2016 58.43 -0.55 -0.93%

Lean Hogs (P) Dec 2016 54.35 -1.00 -1.81%

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