Canola futures rise Thursday with help from soy and weaker loonie

Canola futures rose more than one percent Thursday, supported by a rising soy complex and a weaker Canadian dollar.

Oilseeds have been falling lately because of the advancing South American soybean harvest, but this week’s U.S. export sales number showed that not all buyers have turned south yet.

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Weekly U.S. export sales of just over 600,000 tonnes were at the top end of the range of the trade’s expectation.

But the news on corn exports was not good

The USDA reported weekly corn export sales of 346,100 tonnes, well below forecasts for 800,000 to 1.1 million tonnes, Reuters reported.

The weak exports, coupled with the U.S. Energy Information Administration’s report of record ethanol stocks on Wednesday, highlighted the fundamental headwinds facing corn and kept most buyers on the sidelines, Reuters said.

U.S. wheat also faces poor demand from both the domestic and export sectors, and a lack of weather threats to the dormant crop in the northern hemisphere raised the prospects of the coming harvest adding to already abundant supplies.

Crude oil prices dropped sharply again early but rebounded after reports that the United Arab Emirates energy minister said OPEC would be willing to engage in a coordinated production cut if there was total cooperation

Weak quarterly results at insurer Manulife Financial hurt the TSX financials sector.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 98.35 points, or 0.81 percent, at 12,087.37.

The Dow fell 255.24 points, or 1.6 percent, to 15,659.5, the S&P 500 lost 22.91 points, or 1.24 percent, to 1,828.95 and the Nasdaq Composite dropped 16.76 points, or 0.39 percent, to 4,266.84.

Light crude oil nearby futures in New York were down $1.24 to US$26.21 per barrel.

The Canadian dollar at noon was US71.79 cents, up from 71.59 cents the previous trading day. The U.S. dollar at noon was C$1.3930.

Winnipeg ICE Futures Canada dollars per tonne

Canola Mar 2016 468.80 +6.00 +1.30%

Canola May 2016 477.30 +5.70 +1.21%

Canola Jul 2016 482.60 +5.40 +1.13%

Canola Nov 2016 485.50 +4.40 +0.91%

Canola Jan 2017 488.00 +4.20 +0.87%

Milling Wheat Mar 2016 226.00 -1.00 -0.44%

Milling Wheat May 2016 229.00 -1.00 -0.43%

Milling Wheat Jul 2016 233.00 -1.00 -0.43%

Durum Wheat Mar 2016 317.00 unch 0.00%

Durum Wheat May 2016 325.00 unch 0.00%

Durum Wheat Jul 2016 310.00 unch 0.00%

Barley Mar 2016 188.00 -2.00 -1.05%

Barley May 2016 192.00 -2.00 -1.03%

Barley Jul 2016 194.00 -2.00 -1.02%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago

Soybeans Mar 2016 873.5 +11.25 +1.30%

Soybeans May 2016 877.75 +10.75 +1.24%

Soybeans Jul 2016 883 +10.5 +1.20%

Soybeans Aug 2016 884.75 +10.25 +1.17%

Soybeans Sep 2016 885 +10.5 +1.20%

Soybeans Nov 2016 887.75 +10 +1.14%

Soybean Meal Mar 2016 263.7 +2.7 +1.03%

Soybean Meal May 2016 266.1 +2.7 +1.03%

Soybean Meal Jul 2016 268.7 +2.8 +1.05%

Soybean Oil Mar 2016 31.59 +0.58 +1.87%

Soybean Oil May 2016 31.81 +0.55 +1.76%

Soybean Oil Jul 2016 32.04 +0.55 +1.75%

Corn Mar 2016 360.25 unch 0.00%

Corn May 2016 365 -0.25 -0.07%

Corn Jul 2016 369.75 -0.5 -0.14%

Corn Sep 2016 374.5 -1 -0.27%

Corn Dec 2016 382.75 -0.75 -0.20%

Oats Mar 2016 191.5 +2.25 +1.19%

Oats May 2016 196.5 +3 +1.55%

Oats Jul 2016 205.5 +3.5 +1.73%

Oats Sep 2016 210.25 +3 +1.45%

Oats Dec 2016 208.5 +2.25 +1.09%

Wheat Mar 2016 458.25 -3 -0.65%

Wheat May 2016 463.5 -1.5 -0.32%

Wheat Jul 2016 468.75 -0.75 -0.16%

Wheat Sep 2016 478 unch 0.00%

Wheat Dec 2016 493 +0.5 +0.10%

Minneapolis

Spring Wheat Mar 2016 486.25 +0.25 +0.05%

Spring Wheat May 2016 490.75 unch 0.00%

Spring Wheat Jul 2016 499.5 -0.25 -0.05%

Spring Wheat Sep 2016 510 -0.5 -0.10%

Spring Wheat Dec 2016 525.75 unch 0.00%

Kansas City

Hard Red Wheat Mar 2016 444 -0.75 -0.17%

Hard Red Wheat May 2016 453.75 -0.5 -0.11%

Hard Red Wheat Jul 2016 464.25 -0.25 -0.05%

Hard Red Wheat Sep 2016 478 -0.75 -0.16%

Hard Red Wheat Dec 2016 499 -0.5 -0.10%

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