Canola futures closed Friday little changed and over the week rose just $2.40 a tonne or 0.5 percent.
However, the performance was fairly good when you consider that the Canadian dollar rallied to US77.03 cents, up 1.38 cents from the previous Friday.
May canola on Friday closed at $465.80, up 30 cents or 0.06 percent on the day.
November closed at $476.90, up 20 cents.
After the big rally in the loonie on Thursday, the currency was quiet Friday.
Weekly canola exports recovered somewhat from last week’s poor performance.
The Canadian Grain Commission said in week 32 canola exports were 172,000 tonnes up from 47,700 the week before. The trade is closely watching to see how exports will be affected by the April 1 deadline for more restrictive dockage limits on canola going to China.
Some speculate that China’s new rule will lead to increased exports of canola oil and meal. That is what happened the last time China restricted canola seed imports over worries about blackleg fungus.
This week Canada’s crush jumped 19 percent or almost 30,000 tonnes to 188,081 tonnes. That was a record for one week.
That represented a capacity use of 91 percent, well up on the average of 82.3 percent for the year.
Malaysian palm oil edged up to a 23 month high, reflecting ideas that production in the first half of the year will be trimmed from the effects of the El Nino in recent months.
The association of chambers of commerce in India said the wheat crop there was likely to be down 14 percent from the government’s February outlook. That would put it about 80 million tonnes, down from 86.5 million last year, which in itself was a bad year.
The group did not have an estimate for pulse production, but the news adds legitimacy to the idea that India’s pulse crop will also be smaller than last year’s production and that its imports will likely be brisk.
U.S. wheat futures were all lower today and for the week.
Chicago Board of Trade soft red winter wheat contract on the week fell 2.5 percent, its biggest decline in six weeks.
Fears regarding potential damage from weekend freezing temperatures in western Kansas receded as the outlook for overnight lows moderated.
The U.S. Climate Prediction Centre expects the southern Plains wheat area will see normal temperatures and above normal moisture over the next month. http://ow.ly/ZGmh8
Crops in Europe are about to enter spring in mostly good condition.
Soybeans were narrowly mixed on the day and corn fell a little more than a penny a bushel.
There has been little action all week with soybeans up just 0.1 percent over the period, their third straight weekly gain, and corn futures up 0.5 percent.
Light crude oil nearby futures in New York fell 76 cents to US$39.44 per barrel.
The Canadian dollar at noon was US77.03 cents, almost unchanged from 77.02 cents the previous trading day. The U.S. dollar at noon was C$1.2982.
The Standard and Poor’s index has now regained all the ground lost early in the year and is in positive territory for the first time. The Dow Jones moved into positive territory on Thursday. The TSX composite moved into positive territory on March weeks ago.
Investors continued to gain confidence in the U.S. economy.
The Toronto Stock Exchange’s S&P/TSX composite index ended down 124.23 points, or 0.91 percent, at 13,497.07.
The Dow Jones industrial average closed up 120.81 points, or 0.69 percent, to 17,602.3, the S&P 500 gained 8.97 points, or 0.44 percent, to 2,049.56 and the Nasdaq Composite had added 20.66 points, or 0.43 percent, to 4,795.65.
For the week, the TSX composite lost 0.2 percent, the Dow rose 1.8 percent, the S&P 500 gained 1.3 percent and the Nasdaq was up one percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2016 465.80 +0.30 +0.06%
Canola Jul 2016 471.30 +0.90 +0.19%
Canola Nov 2016 476.90 +0.20 +0.04%
Canola Jan 2017 480.90 +1.00 +0.21%
Canola Mar 2017 483.60 +1.10 +0.23%
Milling Wheat May 2016 235.00 unch 0.00%
Milling Wheat Jul 2016 235.00 unch 0.00%
Milling Wheat Oct 2016 230.00 unch 0.00%
Durum Wheat May 2016 290.00 unch 0.00%
Durum Wheat Jul 2016 278.00 unch 0.00%
Durum Wheat Oct 2016 266.00 unch 0.00%
Barley May 2016 176.00 unch 0.00%
Barley Jul 2016 180.00 unch 0.00%
Barley Oct 2016 180.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2016 897.5 -0.25 -0.03%
Soybeans Jul 2016 904.25 +0.25 +0.03%
Soybeans Aug 2016 906.5 +0.25 +0.03%
Soybeans Sep 2016 906.25 unch 0.00%
Soybeans Nov 2016 909.75 +0.5 +0.05%
Soybeans Jan 2017 914 +0.5 +0.05%
Soybean Meal May 2016 266.6 -0.4 -0.15%
Soybean Meal Jul 2016 269.3 -0.4 -0.15%
Soybean Meal Aug 2016 270.5 -0.5 -0.18%
Soybean Oil May 2016 33.42 +0.01 +0.03%
Soybean Oil Jul 2016 33.65 +0.01 +0.03%
Soybean Oil Aug 2016 33.73 +0.01 +0.03%
Corn May 2016 367 -1.5 -0.41%
Corn Jul 2016 371.75 -1.25 -0.34%
Corn Sep 2016 376.75 -1.5 -0.40%
Corn Dec 2016 385.5 -1.75 -0.45%
Corn Mar 2017 394 -2 -0.51%
Oats May 2016 188 -3.25 -1.70%
Oats Jul 2016 198 -3.25 -1.61%
Oats Sep 2016 205.5 -3.5 -1.67%
Oats Dec 2016 214.75 -3.75 -1.72%
Oats Mar 2017 219.5 -3.75 -1.68%
Wheat May 2016 463 +0.5 +0.11%
Wheat Jul 2016 470.25 +0.25 +0.05%
Wheat Sep 2016 480 +0.25 +0.05%
Wheat Dec 2016 494 +0.5 +0.10%
Wheat Mar 2017 507.5 +0.75 +0.15%
Minneapolis
Spring Wheat May 2016 509 -0.75 -0.15%
Spring Wheat Jul 2016 517.5 -1.75 -0.34%
Spring Wheat Sep 2016 527.5 -1.75 -0.33%
Spring Wheat Dec 2016 541.75 -1.25 -0.23%
Spring Wheat Mar 2017 555.5 -1.75 -0.31%
Kansas
Hard Red Wheat May 2016 469.5 -1.25 -0.27%
Hard Red Wheat Jul 2016 480 -1.25 -0.26%
Hard Red Wheat Sep 2016 493.75 -1.25 -0.25%
Hard Red Wheat Dec 2016 514 -0.75 -0.15%
Hard Red Wheat Mar 2017 526.25 -0.5 -0.09%
