Crop market movements on Friday were mostly sparked by currency changes as the U.S. dollar edged higher in light trade.
January canola closed at $463.10 down 10 cents while March closed at $470.40, up 40 cents. Commercial hedging was a feature in the day’s trade.
Over the week, January dipped $1.30 a tonne.
Next Friday, Statistics Canada will release the crop production survey of farmers. Analysts expect the canola production estimate will increase. On the other hand, canola exports and domestic crush are stronger than expected.
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The latest Canadian canola crush report said the weekly total was 162,214 tonnes, up 3.4 percent over the week before.
The total to date is 2.486 million tonnes, up 9.5 percent over last year.
Exports to Nov. 22 were 2.963 million tonnes, up 3.7 percent.
Soybean futures dipped by a couple of cents per bushel on Friday. U.S. crop markets were closed Thursday for American Thanksgiving and they closed early today.
Over the week, January soybeans rose 1.8 percent.
December Chicago wheat fell almost three percent Friday on ideas that there will be deliveries against the contract on Monday, the first notice day for the contract. Traders were also rolling positions into March, which fell only 1.7 percent on Friday.
Minneapolis spring wheat fell less than one percent to US$5.0975.
Over the week, Minneapolis was almost unchanged.
December corn futures fell 1.8 percent on Friday, weighed down by falling Chicago wheat and traders rolling out of December and into deferred contracts.
December corn fell 1.1 percent on the week.
A palm oil market conference in Bali this week heard that El Nino-sparked crop stress and Indonesia’s move to increase the amount of palm oil in biodiesel to 20 percent from 15 percent should drive prices higher in 2016.
Prominent analyst Dorab Mistry, director of Godrej International Ltd., told Bloomberg that Indonesian prices could rally 10 percent if the local currency continues to fall against the American dollar. But he said that peak would not last long, unless crude oil prices rose significantly.
Thomas Mielke said the crude palm oil price at Rotterdam over the next six months could rise to about US$750 a tonne, Bloomberg reports. That would be up from about $565 this week.
USDA today reported export sales of U.S. 2015-16 soybeans in the week ended Nov. 19 at 1.174 million tonnes, toward the low end of trade expectations for 1 to 1.5 million tonnes.
Weekly export sales of U.S. soymeal were 254,900 tonnes, in line with trade expectations for 150,000 to 300,000 tonnes.
Export sales of U.S. soyoil were 12,800 tonnes, below trade expectations for 15,000 to 40,000 tonnes.
CBOT soy meal closed lower Friday, led by spot December, with traders and analysts expecting zero to 200 December deliveries for first notice day on Monday.
CBOT soy oil also fell, with December closing lower for the first time in six sessions. However, the contract held above chart support at its 100-day moving average, Reuters noted.
Light crude oil nearby futures in New York were down $1.33 to US$41.71. per barrel.
The Canadian dollar at noon was US74.85 cents, down from 75.19 cents the previous trading day. The U.S. dollar at noon was C$1.3360.
In light trade The Toronto Stock Exchange’s S&P/TSX composite index unofficially closed down 56.95 points, or 0.42 percent, at 13,368.24.
The Dow Jones industrial average fell 14.9 points, or 0.08 percent, to 17,798.49, the S&P 500 gained 1.24 points, or 0.06 percent, to 2,090.11 and the Nasdaq Composite added 11.38 points, or 0.22 percent, to 5,127.53.
Over the week, the TSX composite fell 0.5 percent, the Dow fell 0.1 percent the S&P 500 was almost unchanged and the Nasdaq rose 0.5 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2016 463.10 -0.10 -0.02%
Canola Mar 2016 470.40 +0.40 +0.09%
Canola May 2016 476.00 +0.70 +0.15%
Canola Jul 2016 481.00 +1.40 +0.29%
Canola Nov 2016 473.60 +0.80 +0.17%
Milling Wheat Dec 2015 235.00 -1.00 -0.42%
Milling Wheat Mar 2016 237.00 -1.00 -0.42%
Milling Wheat May 2016 240.00 -2.00 -0.83%
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 189.00 unch 0.00%
Barley Mar 2016 191.00 unch 0.00%
Barley May 2016 197.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2016 873 -2.25 -0.26%
Soybeans Mar 2016 875.5 -2.25 -0.26%
Soybeans May 2016 881.75 -2.25 -0.25%
Soybeans Jul 2016 888 -2 -0.22%
Soybeans Aug 2016 889.5 -2 -0.22%
Soybeans Sep 2016 889 -1.75 -0.20%
Soybean Meal Dec 2015 282.4 -2.4 -0.84%
Soybean Meal Jan 2016 283.8 -1.7 -0.60%
Soybean Meal Mar 2016 285.7 -1.3 -0.45%
Soybean Oil Dec 2015 28.75 -0.14 -0.48%
Soybean Oil Jan 2016 29.08 -0.13 -0.45%
Soybean Oil Mar 2016 29.34 -0.13 -0.44%
Corn Dec 2015 359.25 -6.75 -1.84%
Corn Mar 2016 367.25 -5.5 -1.48%
Corn May 2016 373 -5.25 -1.39%
Corn Jul 2016 378.5 -5 -1.30%
Corn Sep 2016 382.75 -4.5 -1.16%
Oats Dec 2015 232.75 -11.5 -4.71%
Oats Mar 2016 232.75 -4 -1.69%
Oats May 2016 230.25 -4 -1.71%
Oats Jul 2016 231.5 -2.5 -1.07%
Oats Sep 2016 235 -2.5 -1.05%
Wheat Dec 2015 465.75 -13.5 -2.82%
Wheat Mar 2016 479 -8.5 -1.74%
Wheat May 2016 484.75 -7.75 -1.57%
Wheat Jul 2016 490.5 -7 -1.41%
Wheat Sep 2016 500.25 -6.5 -1.28%
Minneapolis
Spring Wheat Dec 2015 510 -4.5 -0.87%
Spring Wheat Mar 2016 506.5 -3 -0.59%
Spring Wheat May 2016 514.25 -3 -0.58%
Spring Wheat Jul 2016 523.5 -3 -0.57%
Spring Wheat Sep 2016 534.25 -2.5 -0.47%
Kansas City
Hard Red Wheat Dec 2015 450 -7.25 -1.59%
Hard Red Wheat Mar 2016 466.5 -5.5 -1.17%
Hard Red Wheat May 2016 477.25 -5.5 -1.14%
Hard Red Wheat Jul 2016 488.25 -5.25 -1.06%
Hard Red Wheat Sep 2016 502.25 -5 -0.99%
