Oil crop canola futures dipped a little but new crop months edged higher on Thursday.
Most-traded July was down $1.90 at $519.70 and new crop November rose $2.30 to close at $499.
Worries about cool weather and the slow pace of spring field work continue to support new crop. More snow fell today in the Lloydminster-Biggar regions west of Saskatoon.
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The May 3-10 period is expected to bring more moisture to the Canadian Prairies
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Farmer selling weighed on old crop canola futures.
The ICE Futures basis benchmark in the par region has widened out again. It lists it at -$13.79 per tonne on the May contract, down from -$9.39 a week ago and about -$5 the week before that.
U.S. WEATHER
Heavy rain is expected in parts of the Midwest this weekend, raising worries about seeding delays there as well. However, in the May 4-10 period the Midwest is expected to be drier than normal, which is alleviating the concern about the rain this weekend.
Also the mercury is expected to dip below freezing in parts of the southern Plains winter wheat region, raising the potential for crop damage.
Temperatures could fall to the mid to high 20s F.
This caused May and July hard red winter wheat to rise two percent. Chicago rose more than one percent and Minneapolis spring wheat edged up less than a half percent.
SOYBEANS
Soybeans were little changed on Thursday while meal edged higher and oil dipped a little.
Corn rose a few cents per bushel.
The U.S. Department of Agriculture on Thursday reported net corn export sales hit a three-week high last week while soybean sales hit a one-month peak, with old-crop sales for both crops topping trade expectations.
Argentina’s soybean harvest has reached the one-third mark and better than expected yields are making up for crop lost to flooding earlier in the year.
TRADE
Traders were generally pleased that U.S. President Trump stepped back from comments made earlier Wednesday by administration spokespeople that they were preparing an executive order to withdraw from the North American Free Trade Agreement.
After Trump spoke with Prime Minister Trudeau and Mexican President Pena Nieto, he reiterated his intention to renegotiate the trade deal.
OUTSIDE MARKETS
Light crude oil nearby futures in New York fell 65 cents to US$48.97 per barrel.
In the afternoon, the Canadian dollar was trading around US73.43 cents, unchanged from 73.43 cents the previous trading day. The U.S. dollar was C$1.3618.
Toronto Stock Exchange’s S&P/TSX composite index closed down 143.07 points or 0.91 percent at 15,506.47.
The Dow Jones Industrial Average rose 6.24 points, or 0.03 percent, to 20,981.33, the S&P 500 gained 1.32 points, or 0.06 percent, to 2,388.77 and the Nasdaq Composite added 23.71 points, or 0.39 percent, to 6,048.94.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 17 529.30 -1.10 -0.21%
Canola Jul 17 519.70 -1.90 -0.36%
Canola Nov 17 499.00 +2.30 +0.46%
Canola Jan 18 503.00 +2.50 +0.50%
Canola Mar 18 507.40 +2.80 +0.55%
Milling Wheat May 17 237.00 +5.00 +2.16%
Milling Wheat Jul 17 239.00 +5.00 +2.14%
Milling Wheat Oct 17 234.00 +6.00 +2.63%
Durum Wheat May 17 272.00 +1.00 +0.37%
Durum Wheat Jul 17 272.00 unch unch
Durum Wheat Oct 17 264.00 unch unch
Barley May 17 137.00 unch unch
Barley Jul 17 138.00 unch unch
Barley Oct 17 140.00 unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2017 945.75 unch 0.00%
Soybeans Jul 2017 957.25 +0.75 +0.08%
Soybeans Aug 2017 959.25 +0.75 +0.08%
Soybeans Sep 2017 955.75 +0.25 +0.03%
Soybeans Nov 2017 954.50 +0.50 +0.05%
Soybeans Jan 2018 961.50 +0.75 +0.08%
Soybean Meal May 2017 310.50 +0.90 +0.29%
Soybean Meal Jul 2017 314.80 +1.10 +0.35%
Soybean Meal Aug 2017 315.80 +0.80 +0.25%
Soybean Oil May 2017 31.70 -0.21 -0.66%
Soybean Oil Jul 2017 31.96 -0.20 -0.62%
Soybean Oil Aug 2017 32.06 -0.19 -0.59%
Corn May 2017 362.00 +3.00 +0.84%
Corn Jul 2017 369.25 +2.50 +0.68%
Corn Sep 2017 376.25 +2.50 +0.67%
Corn Dec 2017 386.75 +2.50 +0.65%
Corn Mar 2018 396.50 +2.50 +0.63%
Oats May 2017 223.00 +2.25 +1.02%
Oats Jul 2017 222.50 +2.75 +1.25%
Oats Sep 2017 219.50 +2.25 +1.04%
Oats Dec 2017 215.75 -2.25 -1.03%
Oats Mar 2018 222.25 -3.50 -1.55%
Wheat May 2017 413.50 +5.75 +1.41%
Wheat Jul 2017 431.25 +4.75 +1.11%
Wheat Sep 2017 444.50 +5.25 +1.20%
Wheat Dec 2017 467.50 +5.50 +1.19%
Wheat Mar 2018 486.50 +5.25 +1.09%
Minneapolis
Spring Wheat May 2017 540.00 +2.25 +0.42%
Spring Wheat Jul 2017 553.25 +2.50 +0.45%
Spring Wheat Sep 2017 559.25 +2.25 +0.40%
Spring Wheat Dec 2017 565.25 +1.25 +0.22%
Spring Wheat Mar 2018 572.75 +1.00 +0.17%
Kansas City
Hard Red Wheat May 2017 420.75 +8.50 +2.06%
Hard Red Wheat Jul 2017 433.75 +8.50 +2.00%
Hard Red Wheat Sep 2017 449.50 +8.00 +1.81%
Hard Red Wheat Dec 2017 474.00 +7.25 +1.55%
Hard Red Wheat Mar 2018 489.75 +7.00 +1.45%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Apr 2017 135.60 +3.57 +2.70%
Live Cattle (P) Jun 2017 121.52 +2.99 +2.52%
Live Cattle (P) Aug 2017 117.78 +3.01 +2.62%
Feeder Cattle (P) Apr 2017 140.85 +1.00 +0.72%
Feeder Cattle (P) May 2017 146.58 +4.51 +3.17%
Feeder Cattle (P) Aug 2017 150.35 +4.50 +3.09%
Lean Hogs (P) May 2017 66.90 +2.23 +3.45%
Lean Hogs (P) Jun 2017 72.82 +2.07 +2.93%
Lean Hogs (P) Jul 2017 74.02 +2.27 +3.16%
