Canola futures remained steady today, in spite of data from the U.S. Department of Agriculture on tightening soybeans stocks.
The July canola contract in Winnipeg closed the day at $523.50 per tonne, up $1. New crop canola fell 60 cents per tonne and closed at $525.50.
On the week, canola gained about $9 per tonne.
The USDA, in its monthly global supply and demand report, said the U.S. supply of soybeans for the 2016-17 crop year will have “lower beginning stocks, higher exports and lower ending stocks.”
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The USDA reduced new crop soybean stocks to 260 million bushels from an earlier 305 million bushels.
Old-crop soybean stocks were cut to 370 million bushels from 400 million bushels.
The market had already priced in the news, as soybeans moved marginally higher.
Old crop soybean futures gained 2.25 cents to close Friday at $11.7825 per bushel. November futures were more robust, rising 10 cents to finish at $11.6275 per bushel.
Soybean futures had a strong week, gaining 46 cents per bushel since June 3. Soybeans have increased by more than 20 percent since early March, thanks largely to production problems in South America.
The USDA report was less favourable to wheat. The Agency said U.S. wheat supplies are expected to hit a 29-year high.
The USDA forecasted 2016-17 ending stocks at 1.05 billion, up from a previous projection of 1.029 billion. Ideal growing conditions in the U.S. Great Plains is expected to push yields to record levels.
Wheat futures declined with the report. July contracts sank 15.25 cents and closed at $4.95 per bushels.
Light crude oil nearby futures in New York were down 1.49 cents to US$49.07 per barrel.
The Canadian dollar at noon was US78.52 cents, down from 78.55 cents the previous trading day. The U.S. dollar at noon was C$1.2736.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2016 523.50 +1.00 +0.19%
Canola Nov 2016 525.50 -0.60 -0.11%
Canola Jan 2017 530.00 -0.10 -0.02%
Canola Mar 2017 531.90 -0.20 -0.04%
Canola May 2017 533.70 unch 0.00%
Milling Wheat Jul 2016 244.00 unch 0.00%
Milling Wheat Oct 2016 240.00 unch 0.00%
Durum Wheat Jul 2016 300.00 unch 0.00%
Durum Wheat Oct 2016 295.00 unch 0.00%
Barley Jul 2016 171.50 unch 0.00%
Barley Oct 2016 171.50 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2016 1178.25 +2.25 +0.19%
Soybeans Aug 2016 1177.75 +5.75 +0.49%
Soybeans Sep 2016 1168.50 +8.75 +0.75%
Soybeans Nov 2016 1162.75 +10.00 +0.87%
Soybeans Jan 2017 1158.75 +10.50 +0.91%
Soybeans Mar 2017 1118.25 +4.00 +0.36%
Soybean Meal Jul 2016 414.00 +0.50 +0.12%
Soybean Meal Aug 2016 412.30 +3.30 +0.81%
Soybean Meal Sep 2016 411.30 +4.70 +1.16%
Soybean Oil Jul 2016 32.76 -0.27 -0.82%
Soybean Oil Aug 2016 32.90 -0.27 -0.81%
Soybean Oil Sep 2016 33.03 -0.27 -0.81%
Corn Jul 2016 423.00 -3.50 -0.82%
Corn Sep 2016 427.50 -3.00 -0.70%
Corn Dec 2016 430.75 -2.75 -0.63%
Corn Mar 2017 435.75 -2.50 -0.57%
Corn May 2017 438.75 -2.25 -0.51%
Oats Jul 2016 201.75 -3.50 -1.71%
Oats Sep 2016 213.00 -4.25 -1.96%
Oats Dec 2016 224.25 -3.75 -1.64%
Oats Mar 2017 234.25 -2.00 -0.85%
Oats May 2017 234.25 -2.00 -0.85%
Wheat Jul 2016 495.00 -15.25 -2.99%
Wheat Sep 2016 506.50 -15.00 -2.88%
Wheat Dec 2016 524.75 -14.75 -2.73%
Wheat Mar 2017 542.25 -14.75 -2.65%
Wheat May 2017 554.25 -14.00 -2.46%
Minneapolis
Spring Wheat Jul 2016 538.50 -15.50 -2.80%
Spring Wheat Dec 2016 561.75 -15.50 -2.69%
Spring Wheat Mar 2017 575.25 -15.75 -2.66%
Spring Wheat May 2017 582.50 -16.00 -2.67%
Kansas City
Hard Red Wheat Jul 2016 468.50 -15.75 -3.25%
Hard Red Wheat Sep 2016 485.50 -15.50 -3.09%
Hard Red Wheat Dec 2016 510.00 -15.75 -3.00%
Hard Red Wheat Mar 2017 525.75 -16.00 -2.95%
Hard Red Wheat May 2017 536.00 -15.25 -2.77%
Live Cattle (P) Jun 2016 122.45 -0.75 -0.61%
Live Cattle (P) Aug 2016 117.35 -1.50 -1.26%
Live Cattle (P) Oct 2016 116.80 -1.30 -1.10%
Feeder Cattle (P) Aug 2016 145.55 -1.75 -1.19%
Feeder Cattle (P) Sep 2016 144.12 -1.35 -0.93%
Feeder Cattle (P) Oct 2016 142.65 -0.97 -0.68%
Lean Hogs (P) Jun 2016 82.28 -0.39 -0.47%
Lean Hogs (P) Jul 2016 85.70 -0.33 -0.38%
Lean Hogs (P) Aug 2016 86.62 +0.15 +0.17%
Contact robert.arnason@producer.com
