Canola futures dip on currency, technical factors

Crop futures, including canola, moved only a little on Tuesday, mostly on technical factors and currency shifts.

Canola dipped slightly even though soybeans edged higher on bargain buying and a slower than normal pace of seeding in Brazil.

The biggest mover today was Chicago wheat, which fell more than one percent following the weekly crop condition report from the USDA, which showed the winter wheat crop improved over the last week.

Also, a winter storm moving across the U.S. is bringing needed moisture to the southern Plains. The same weather system is expected to bring sharply colder temperatures to the Canadian Prairies after an unusually warm spell in the first half of November.

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Kansas winter wheat fell about one percent while December Minneapolis spring wheat fell only 0.59 percent.

The pace of U.S. wheat exports this year is the slowest in decades.

Canadian wheat exports are also lagging behind the usual pace.

Moisture and mild weather is forecast for dry areas of Ukraine and Russia, which might relieve some of the stress on winter wheat crops there.

January canola closed at $470.20, down $1.90 of 0.4 percent.

Bearish chart signals weighed on canola, as did a stronger Canadian dollar.

The trade generally expects Statistics Canada will increase its estimate of this year’s canola crop when it releases its crop production survey in early December.

On the other hand, demand has been good with both exports and domestic crushing running ahead of last year’s record pace.

Brazil’s soybean crop was 56 percent planted as of Nov. 13, or 13 percentage points behind the typical schedule, analyst Safras e Mercado reported, according to a Reuters story.

Light crude oil nearby futures in New York were down $1.07 to US$40.67 per barrel.

The Canadian dollar at noon was US75.05 cents, up from 74.89 cents the previous trading day. The U.S. dollar at noon was C$1.3324.

U.S. stocks initially rose today on strong corporate quarterly profit reports from Wal-Mart and Home Depot. The U.S. dollar was higher on signs of firming inflation in the U.S., adding to the expectation that the Federal Reserve will increase interest rates in December.

However, stocks retreated following a bomb scare at a soccer game between Germany and the Netherlands. No

Falling gold and energy company shares weighed on the Toronto market.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 37.13 points, or 0.28 percent, at 13,280.39.

The Dow Jones industrial average rose 5.68 points, or 0.03 percent, to 17,488.69, the S&P 500 lost 2.78 points, or 0.14 percent, to 2,050.41 and the Nasdaq Composite added 1.40 points, or 0.03 percent, to 4,986.02.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jan 2016 470.20 -1.90 -0.40%

Canola Mar 2016 476.40 -1.70 -0.36%

Canola May 2016 479.90 -1.90 -0.39%

Canola Jul 2016 483.40 -1.80 -0.37%

Canola Nov 2016 477.60 -0.30 -0.06%

Milling Wheat Dec 2015 234.00 -1.00 -0.43%

Milling Wheat Mar 2016 237.00 -1.00 -0.42%

Milling Wheat May 2016 241.00 -1.00 -0.41%

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

Chicago

Soybeans Jan 2016 864 +4.5 +0.52%

Soybeans Mar 2016 865 +4.25 +0.49%

Soybeans May 2016 870.5 +4 +0.46%

Soybeans Jul 2016 876.5 +3.75 +0.43%

Soybeans Aug 2016 878 +3.5 +0.40%

Soybeans Sep 2016 877.75 +2.75 +0.31%

Soybean Meal Dec 2015 288.5 -0.3 -0.10%

Soybean Meal Jan 2016 288.4 -0.3 -0.10%

Soybean Meal Mar 2016 288.4 -0.5 -0.17%

Soybean Oil Dec 2015 27.47 +0.18 +0.66%

Soybean Oil Jan 2016 27.78 +0.2 +0.73%

Soybean Oil Mar 2016 28.02 +0.21 +0.76%

Corn Dec 2015 362 +2 +0.56%

Corn Mar 2016 368 +1.25 +0.34%

Corn May 2016 373.5 +0.75 +0.20%

Corn Jul 2016 378.5 +0.25 +0.07%

Corn Sep 2016 382.75 +1 +0.26%

Oats Dec 2015 237.75 +2.75 +1.17%

Oats Mar 2016 226.75 unch 0.00%

Oats May 2016 226 -1 -0.44%

Oats Jul 2016 229.25 -1 -0.43%

Oats Sep 2016 232.75 -1 -0.43%

Wheat Dec 2015 487.5 -6.5 -1.32%

Wheat Mar 2016 487 -8.5 -1.72%

Wheat May 2016 490.75 -8 -1.60%

Wheat Jul 2016 493.5 -7.25 -1.45%

Wheat Sep 2016 501.75 -6.75 -1.33%

Minneapolis

Spring Wheat Dec 2015 501.75 -3 -0.59%

Spring Wheat Mar 2016 503.5 -4.75 -0.93%

Spring Wheat May 2016 513.25 -5 -0.96%

Spring Wheat Jul 2016 523.75 -4.25 -0.80%

Spring Wheat Sep 2016 535.25 -4.25 -0.79%

Kansas City

Hard Red Wheat Dec 2015 463.25 -4.25 -0.91%

Hard Red Wheat Mar 2016 476.25 -4.75 -0.99%

Hard Red Wheat May 2016 486 -4.75 -0.97%

Hard Red Wheat Jul 2016 495.5 -4.75 -0.95%

Hard Red Wheat Sep 2016 509.25 -4.5 -0.88%

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