The falling Canadian dollar helped canola edge higher on Friday, capping a week when November canola gained 0.6 percent.
There was little news specific to canola.
November canola gained $1.10 to $475.50 per tonne, remaining in the $470 to $480 range it has been in for weeks.
We won’t know for sure until the StatsCan report in December but by some counts it appears canola production could be a million tonnes more than the current official forecast of 14.3 million. On the other hand, canola exports and domestic crush are running ahead of last year’s record pace.
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U.S. grains: Corn futures edge up, soybeans sag on improving US crop ratings
Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.
As the U.S. buck rose, it weighed down U.S. soybean futures. A stronger currency makes U.S. products more expensive for countries with weak currencies. However, the experience to date this crop year is that soybean exports are ahead of last year at the same time.
Canola’s 0.6 percent gain this week was the positive, mirror image of the 0.6 fall in Chicago soybean futures.
Soymeal futures dropped 2.5 percent this week and soyoil futures fell 0.1 percent, snapping a streak of four straight weekly gains.
Chicago corn shook off the currency effect and posted late gains on the strength of the cash market, where users have been lifting bids to encourage farmers to unlock their bins.
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Wheat also edged higher today, even with rain falling in the U.S. southern Plains hard red wheat area and brisk competition from the Black Sea region and Europe.
For the week, the benchmark Chicago Board of Trade December soft red winter wheat contract shed 0.4 percent, its third straight weekly decline.
Kansas City hard red winter wheat dropped 1.8 percent this week and hit its lowest since Sept. 14 on Friday.
MGEX spring wheat also hit its lowest since mid-September during Friday’s trade and posted a weekly decline of 0.8 percent.
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GOOD CANOLA DEMAND
The Canadian Oilseed Processors Association said members crushed 159,925 tonnes of canola in the week to Oct. 21 down 5.2 percent from the previous week.
That represented a capacity use of 80.1 percent.
Total canola crush this year is running four percent ahead of last year at the same point.
Week 11 of the crop year to Oct.12 was a good one for canola exports. They hit about 241,000 tonnes. That lifted the total to date to 2.046 million, up 5.5 percent from last and the first time that the running total has topped last year’s pace.
Light crude oil nearby futures in New York were down 78 cents to US$44.60 per barrel.
The Canadian dollar at noon was US75.92 cents, down from 76.41 cents the previous trading day. The U.S. dollar at noon was C$1.3172.
It gained 1.4 percent on the week.
Strong quarterly profit reports from tech giants such as Microsoft helped lift U.S. stock markets.
The Dow Jones industrial average rose 160.68 points, or 0.92 percent, to 17,649.84, the S&P 500 gained 22.69 points, or 1.11 percent, to 2,075.2 and the Nasdaq Composite added 111.81 points, or 2.27 percent, to 5,031.86.
On the week, the Dow Jones and S&P 500 rose more than two percent and the Nasdaq gained three percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 475.50 +1.10 +0.23%
Canola Jan 2016 483.30 +2.10 +0.44%
Canola Mar 2016 488.10 +2.90 +0.60%
Canola May 2016 488.90 +3.10 +0.64%
Canola Jul 2016 487.00 +3.00 +0.62%
Milling Wheat Dec 2015 229.00 unch 0.00%
Milling Wheat Mar 2016 234.00 unch 0.00%
Milling Wheat May 2016 238.00 unch 0.00%
Durum Wheat Dec 2015 340.00 unch 0.00%
Durum Wheat Mar 2016 345.00 unch 0.00%
Durum Wheat May 2016 350.00 unch 0.00%
Barley Dec 2015 185.00 unch 0.00%
Barley Mar 2016 187.00 unch 0.00%
Barley May 2016 188.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2015 895.5 -3.25 -0.36%
Soybeans Jan 2016 896 -5 -0.55%
Soybeans May 2016 902.25 -4 -0.44%
Soybeans Jul 2016 907 -3.5 -0.38%
Soybeans Aug 2016 905.75 -3.25 -0.36%
Soybean Meal Dec 2015 305.1 -2.7 -0.88%
Soybean Meal Jan 2016 304.2 -2.6 -0.85%
Soybean Meal Mar 2016 302.5 -1.8 -0.59%
Soybean Oil Dec 2015 28.57 -0.28 -0.97%
Soybean Oil Jan 2016 28.86 -0.27 -0.93%
Soybean Oil Mar 2016 29.06 -0.26 -0.89%
Corn Dec 2015 379.75 +1.5 +0.40%
Corn Mar 2016 388.75 +0.75 +0.19%
Corn May 2016 394.75 +1.25 +0.32%
Corn Jul 2016 399 +1.75 +0.44%
Corn Sep 2016 396 +1.25 +0.32%
Oats Dec 2015 227.75 +2.75 +1.22%
Oats Mar 2016 230.5 +3.25 +1.43%
Oats May 2016 231.75 +3 +1.31%
Oats Jul 2016 236.25 +3 +1.29%
Oats Sep 2016 237.5 +3 +1.28%
Wheat Dec 2015 490.5 -0.25 -0.05%
Wheat Mar 2016 497.25 +0.25 +0.05%
Wheat May 2016 501.5 unch 0.00%
Wheat Jul 2016 503 -0.75 -0.15%
Wheat Sep 2016 511.25 -0.75 -0.15%
Minneapolis
Spring Wheat Dec 2015 508 unch 0.00%
Spring Wheat Mar 2016 522.25 +0.25 +0.05%
Spring Wheat May 2016 533.25 -0.75 -0.14%
Spring Wheat Jul 2016 543.75 -2.75 -0.50%
Spring Wheat Sep 2016 555.25 -3.25 -0.58%
Kansas City
Hard Red Wheat Dec 2015 475.5 unch 0.00%
Hard Red Wheat Mar 2016 490.75 +0.25 +0.05%
Hard Red Wheat May 2016 501 +0.5 +0.10%
Hard Red Wheat Jul 2016 510.75 unch 0.00%
Hard Red Wheat Sep 2016 524.5 +0.5 +0.10%
