The changing value of the Canadian dollar was again a major factor in canola futures price on Thursday, this time lifting the oilseed’s price.
The loonie fell against the American dollar and the result for canola was that it regained the ground lost on Wednesday and actually climbed well above $460 for the first time since Feb. 25.
The May canola contract closed at $464.70, up $10 or 2.2 percent.
New crop November closed at $470.90, up $5.40.
The weather for the next week continues to look dry and warm for much of the Canadian Prairies, adding to concern about adequate moisture once seeding begins.
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Soybeans edged slightly higher and soy oil and palm oil fell.
Although the U.S. currency rose early in the day, it then fell and closed lower against many currencies, but not the loonie. The weaker U.S. buck helped American corn and wheat futures to edge higher. Corn was also helped by strong weekly U.S. exports.
International currencies were in flux because the European central bank took several actions to stimulate the economy, including lowering interest rates.
That caused a shift early in the morning of money out of the euro and into the U.S. buck. But later in the day European bank president Mario Draghi said he did not anticipate more rate cuts to revive a sluggish euro zone economy. That caused the euro to bounce back against the U.S. dollar but the Canadian dollar remained down relative to the U.S. dollar as crude oil prices retreated.
Crude oil fell after reports that a tentative meeting of oil producers March 20 would likely not happen.
The USDA released its weekly exports sales data.
Wheat sales to March 3 were 330,600 tonnes of old crop and 102,900 tonnes of new crop, in line with trade expectations for combined-year sales of 200,000-500,000 tonnes.
Corn sales were 1,172,300 tonnes of old crop and 20,000 tonnes of new crop, at the high end of trade expectations for combined-year sales of 800,000-1,200,000 tonnes.
Soybean sales were 475,100 tonnes of old crop and 3,300 tonnes of new crop, in line with trade expectations for combined-year sales of 400,000 to 700,000 tonnes.
Brazil’s government crop supply agency Conab bumped up slightly its forecast for the country’s soybean and corn crops.
The USDA International Weather and Crop Summary for Feb. 28-March 5 said lingering showers eased drought in Morocco where drought has hurt wheat crops. Rain in Algeria and Tunisia “maintained or improved mostly favourable crop prospects.”
Light crude oil nearby futures in New York were down 45 cents to US$37.84 per barrel.
The Canadian dollar at noon was US74.78 cents, down from 75.55 cents the previous trading day. The U.S. dollar at noon was C$1.3373.
The Toronto Stock Exchange composite index fell 13.76 points or 0.1 percent to close at 13,379.14.
The Dow Jones industrial average fell 5.3 points, or 0.03 percent, to 16,995.06, the S&P 500 gained 0.31 point, or 0.02 percent, to 1,989.57 and the Nasdaq Composite dropped 12.22 points, or 0.26 percent, to 4,662.16.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2016 463.30 +10.60 +2.34%
Canola May 2016 465.30 +10.60 +2.33%
Canola Jul 2016 468.00 +8.80 +1.92%
Canola Nov 2016 470.60 +5.10 +1.10%
Canola Jan 2017 475.50 +5.70 +1.21%
Milling Wheat Mar 2016 229.00 +2.00 +0.88%
Milling Wheat May 2016 232.00 +2.00 +0.87%
Milling Wheat Jul 2016 236.00 +3.00 +1.29%
Durum Wheat Mar 2016 288.00 unch 0.00%
Durum Wheat May 2016 293.00 unch 0.00%
Durum Wheat Jul 2016 281.00 unch 0.00%
Barley Mar 2016 174.00 unch 0.00%
Barley May 2016 176.00 unch 0.00%
Barley Jul 2016 180.00 +4.00 +2.27%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2016 881.75 +1.75 +0.20%
Soybeans May 2016 889.25 +3.5 +0.40%
Soybeans Jul 2016 894.75 +3.5 +0.39%
Soybeans Aug 2016 896.75 +3.25 +0.36%
Soybeans Sep 2016 897.25 +3.25 +0.36%
Soybeans Nov 2016 900.75 +3.5 +0.39%
Soybean Meal Mar 2016 270.2 +0.6 +0.22%
Soybean Meal May 2016 271.9 +0.6 +0.22%
Soybean Meal Jul 2016 274.6 +1 +0.37%
Soybean Oil Mar 2016 31.41 -0.11 -0.35%
Soybean Oil May 2016 31.62 -0.12 -0.38%
Soybean Oil Jul 2016 31.86 -0.12 -0.38%
Corn Mar 2016 362.5 +3.5 +0.97%
Corn May 2016 362.75 +3.25 +0.90%
Corn Jul 2016 367.5 +3 +0.82%
Corn Sep 2016 372.25 +2.25 +0.61%
Corn Dec 2016 381 +1.75 +0.46%
Oats Mar 2016 177.75 +1.75 +0.99%
Oats May 2016 188.25 +1.75 +0.94%
Oats Jul 2016 197.75 +1.75 +0.89%
Oats Sep 2016 205.5 +2.75 +1.36%
Oats Dec 2016 214.5 +1.5 +0.70%
Wheat Mar 2016 471.5 +7.75 +1.67%
Wheat May 2016 477 +8.75 +1.87%
Wheat Jul 2016 483.25 +8.5 +1.79%
Wheat Sep 2016 492.5 +8.75 +1.81%
Wheat Dec 2016 506 +8.5 +1.71%
Minneapolis
Spring Wheat Mar 2016 511.75 +4.75 +0.94%
Spring Wheat May 2016 512.5 +7.5 +1.49%
Spring Wheat Jul 2016 520.5 +7 +1.36%
Spring Wheat Sep 2016 530.25 +7 +1.34%
Spring Wheat Dec 2016 544 +6.25 +1.16%
Kansas City
Hard Red Wheat Mar 2016 472.75 +7.5 +1.61%
Hard Red Wheat May 2016 483.25 +7.5 +1.58%
Hard Red Wheat Jul 2016 493 +7.25 +1.49%
Hard Red Wheat Sep 2016 506 +7 +1.40%
Hard Red Wheat Dec 2016 525.5 +6.75 +1.30%
