Canola futures drift lower Thursday

Canola futures continued to trade in a narrow range on Thursday as the trade expects Statistics Canada will make only a modest increase in its canola production estimate next week.

The U.S. Environmental Protection Agency issued its biofuel targets today.

The targets are mostly unchanged from the original plan, but at one point recently the Trump administration had considered lowering them.

That plan ran into stiff resistance from congressmen and senators and was abandoned.

PRODUCTION FORECAST

Statistics Canada issues its final crop report of the year next week.

A Reuters poll of the trade shows that on average, they expect the canola crop to come in at 20.2 million tonnes, up from the September report at 19.7 million.

Last year’s crop was 19.6 million tonnes.

The trade average for durum is 4.6 million, up from 4.3 in the September report but down from last year’s 7.8 million tonnes.

The trade also on average expects the pea, lentil and barley crops to be slightly larger than in the September StatsCan report.

Click here for a story on the StatsCan preview

US EXPORTS

The USDA reported export sales of U.S. soybeans in the latest week at 942,900 tonnes, in line with trade expectations for 800,000 to 1.2 million tonnes.

Corn sales were 599,200 tonnes, below a range of trade expectations for 700,000 to 1.1 million tonnes.

Wheat sales were 187,400 tonnes (old and new crop years combined), below a range of trade expectations for 250,000 to 450,000 tonnes.

OUTSIDE MARKETS

The

Canadian dollar was at US77.53 cents, down about .2 cents from the day before.

The US dollar was about C$1.30.

Crude oil prices rose as OPEC and Russia agreed to continue limiting production until the end of 2018.

The production limits so far have been credited with driving oil to a 2 ½ year high.

Crude oil in New York settled at $57.40, up 10 cents.

Rising crude oil helped lift energy company stock prices, which lifted the Toronto Stock Exchange composite 112.59 points or 0.71 percent to 16,080.31

Senator John McCain said he would vote for the Senate tax reform bill indicating there is growing momentum to push through the controversial bill.

That helped lift U.S. stock markets.

The Dow Jones Industrial Average rose 306.54 points, or 1.28 percent, to 24,247.22, the S&P 500 gained 21.35 points, or 0.81 percent, to 2,647.42 and the Nasdaq Composite added 48.85 points, or 0.72 percent, to 6,873.19.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Jan 18 509.60s -0.80 -0.16%

Canola Mar 18 518.40s -1.00 -0.19%

Canola May 18 524.80s -0.70 -0.13%

Canola Jul 18 528.10s -0.70 -0.13%

Canola Nov 18 507.20s +0.70 +0.14%

 

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 18 985-6s -6-6 -0.68%

Soybeans Mar 18 997-6s -6-4 -0.65%

Soybeans May 18 1008-4s -6-0 -0.59%

Soybeans Jul 18 1017-2s -5-6 -0.56%

Soybeans Aug 18 1018-0s -5-4 -0.54%

 

Soybean Meal Dec 17 324.5s -0.5 -0.15%

Soybean Meal Jan 18 326.5s -0.8 -0.24%

Soybean Meal Mar 18 329.8s -0.9 -0.27%

 

Soybean Oil Dec 17 33.75s -0.20 -0.59%

Soybean Oil Jan 18 33.85s -0.22 -0.65%

Soybean Oil Mar 18 34.06s -0.23 -0.67%

 

Corn Dec 17 341-6s +2-6 +0.81%

Corn Mar 18 355-6s +2-2 +0.64%

Corn May 18 363-6s +2-2 +0.62%

Corn Jul 18 371-4s +1-6 +0.47%

Corn Sep 18 378-4s +1-4 +0.40%

 

Oats Dec 17 247-6s +1-2 +0.51%

Oats Mar 18 263-2s -0-4 -0.19%

Oats May 18 269-4s -0-4 -0.19%

Oats Jul 18 274-6s -0-2 -0.09%

Oats Sep 18 276-6s -0-2 -0.09%

 

Wheat Dec 17 409-2s -7-2 -1.74%

Wheat Mar 18 433-0s -1-6 -0.40%

Wheat May 18 445-0s -1-0 -0.22%

Wheat Jul 18 458-2s -0-4 -0.11%

Wheat Sep 18 472-6s +0-2 +0.05%

 

Minneapolis

Spring Wheat Dec 17 601-2s -2-2 -0.37%

Spring Wheat Mar 18 621-6s -1-4 -0.24%

Spring Wheat May 18 628-6s -1-4 -0.24%

Spring Wheat Jul 18 631-4s -1-0 -0.16%

Spring Wheat Sep 18 627-4s -1-6 -0.28%

 

Kansas

Hard Red Wheat Dec 17 414-4s +1-2 +0.30%

Hard Red Wheat Mar 18 431-4s unch unch

Hard Red Wheat May 18 444-0s -0-2 -0.06%

Hard Red Wheat Jul 18 460-6s -0-4 -0.11%

Hard Red Wheat Sep 18 478-0s -0-4 -0.10%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle (Pit) Dec 17 119.900s -0.575 -0.48%

Live Cattle (Pit) Feb 18 124.975s -1.625 -1.28%

Live Cattle (Pit) Apr 18 125.925s -1.175 -0.92%

 

Feeder Cattle (Pit) Jan 18 154.175s -1.400 -0.90%

Feeder Cattle (Pit) Mar 18 152.275s -1.500 -0.98%

Feeder Cattle (Pit) Apr 18 152.350s -1.275 -0.83%

 

Lean Hogs (Pit) Dec 17 64.275s -0.800 -1.23%

Lean Hogs (Pit) Feb 18 69.775s -1.125 -1.59%

Lean Hogs (Pit) Apr 18 73.850s -1.200 -1.60%

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