Canola futures were steady to stronger Friday, finishing a week where the November contract rose $14.60 per tonne from the previous Friday.
The trade volume is shifting to the January contract, which rose $12.20 over the week.
The difficulties of getting the last 20 percent of the harvest in the bin continues to support canola futures.
There was little progress in harvest in the past week.
A mostly dry forecast for Alberta this weekend might help some farmers to get rolling again there.
Moisture in southern Saskatchewan and Manitoba this weekend is not needed. Northern parts of the grain belt in Saskatchewan might miss the weekend rain.
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Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
CLICK HERE TO WATCH THIS WEEK’S VIDEO CROP MARKET UPDATE
The weaker Canadian dollar today supported canola futures. The dollar was near US75 cents, the lowest it has been since March.
As for demand, the trend of strong domestic demand and lagging export shipments continues.
The weekly canola crush was 183,320 tonnes, up 6.4 percent from the week before. That represented a strong 86 percent use of capacity, said the Canadian Oilseed Processors Association.
Total crush to date is 1.924 million tonnes, up 13 percent over last year at same time.
Canola exports for the week were 158,400 tonnes, down almost 20 percent from week before, the Canadian Grain Commission’s bulk exports report showed.
Total canola exports to date are 1.668 million tonnes, down 378,000 tonnes or 18.5 percent.
Although exports are lagging, producer deliveries to elevators are slightly ahead of last year.
It was a strong week for wheat exports with 394,400 tonnes shipped, helping to close the gap that has built up relative to last year.
Wheat exports for crop year are 2.96 million, down from 3.65 million last year.
U.S. MARKETS
Soybeans rose today, supported by technical buying and positioning ahead of options expiration of the November contract.
Gains were limited by generally good harvest weather in the U.S. Midwest.
Also, dry areas of Brazil are expected to get rain, helping the newly seeded soybean crop there.
Corn edged higher on bargain buying after the decline on Thursday.
Wheat futures dipped. The recent flurry of international wheat tenders has covered off immediate needs and the market focus might again return to the large supplies of wheat around the globe.
The oats futures market is in inversion with December at US$2.18 a bushel and March at $2.10.
LOONIE DOWN
Weaker-than-expected Canadian domestic retail sales and inflation data supported thinking that the Bank of Canada might lower interest rates.
That pressured the loonie lower.
Light crude oil nearby futures in New York were up 22 cents to US$50.85 per barrel in the December contract.
The Canadian dollar at noon was US75.05 cents, down from 75.77 cents the previous trading day. The U.S. dollar at noon was C$1.3324.
The Toronto Stock Exchange’s S&P/TSX composite index rose 91.12 points, or 0.61 percent, at 14,939.04.
The Dow Jones industrial average fell 16.64 points, or 0.09 percent, to 18,145.71, the S&P 500 lost 0.18 points, or 0.01 percent, to 2,141.16 and the Nasdaq Composite added 15.57 points, or 0.3 percent, to 5,257.40.
On the week, the TSX composite jumped 2.7 percent, the Dow barely budged, the S&P 500 rose 0.4 percent, and the Nasdaq climbed 0.8 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 16 502.1 +0.40 +0.08%
Canola Jan 17 507.40 +2.00 +0.40%
Canola Mar 17 511.60 +2.60 +0.51%
Canola May 17 514.00 +3.80 +0.74%
Canola Jul 17 513.40 +5.60 +1.10%
Milling Wheat Dec 16 235.00 -1.00 -0.42%
Milling Wheat Mar 17 240.00 -1.00 -0.41%
Milling Wheat May 17 244.00 -1.00 -0.41%
Durum Wheat Dec 16 304.00 unch unch
Durum Wheat Mar 17 312.00 +1.00 +0.32%
Durum Wheat May 17 315.00 unch unch
Barley Dec 16 132.50 unch unch
Barley Mar 17 134.50 unch unch
Barley May 17 135.50 unch inch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2016 983.00 +7.50 +0.77%
Soybeans Jan 2017 992.25 +7.50 +0.76%
Soybeans Mar 2017 998.75 +7.75 +0.78%
Soybeans May 2017 1005.50 +7.75 +0.78%
Soybeans Jul 2017 1010.75 +7.25 +0.72%
Soybeans Aug 2017 1009.25 +6.75 +0.67%
Soybean Meal Dec 2016 306.50 +1.90 +0.62%
Soybean Meal Jan 2017 308.00 +1.90 +0.62%
Soybean Meal Mar 2017 309.40 +1.90 +0.62%
Soybean Oil Dec 2016 35.12 +0.07 +0.20%
Soybean Oil Jan 2017 35.38 +0.06 +0.17%
Soybean Oil Mar 2017 35.60 +0.07 +0.20%
Corn Dec 2016 352.50 +1.50 +0.43%
Corn Mar 2017 362.25 +1.50 +0.42%
Corn May 2017 369.00 +1.50 +0.41%
Corn Jul 2017 375.00 +1.25 +0.33%
Corn Sep 2017 381.50 +1.25 +0.33%
Oats Dec 2016 218.25 +7.75 +3.68%
Oats Mar 2017 209.50 +3.25 +1.58%
Oats May 2017 208.50 +2.25 +1.09%
Oats Jul 2017 207.75 -0.50 -0.24%
Oats Sep 2017 216.75 -0.50 -0.23%
Wheat Dec 2016 414.50 -2.50 -0.60%
Wheat Mar 2017 435.00 -2.50 -0.57%
Wheat May 2017 450.50 -2.25 -0.50%
Wheat Jul 2017 462.50 -2.50 -0.54%
Wheat Sep 2017 477.00 -2.50 -0.52%
Minneapolis
Spring Wheat Dec 2016 529.00 -2.25 -0.42%
Spring Wheat Mar 2017 532.25 -2.50 -0.47%
Spring Wheat May 2017 538.00 -2.50 -0.46%
Spring Wheat Jul 2017 544.50 -2.25 -0.41%
Spring Wheat Sep 2017 551.25 -2.00 -0.36%
Kansas City
Hard Red Wheat Dec 2016 421.50 -1.50 -0.35%
Hard Red Wheat Mar 2017 439.25 -1.25 -0.28%
Hard Red Wheat May 2017 451.00 -1.00 -0.22%
Hard Red Wheat Jul 2017 461.75 -1.00 -0.22%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Oct 2016 101.15 +2.13 +2.15%
Live Cattle (P) Dec 2016 101.88 +1.76 +1.76%
Live Cattle (P) Feb 2017 102.80 +1.55 +1.53%
Feeder Cattle (P) Oct 2016 121.88 +0.13 +0.11%
Feeder Cattle (P) Nov 2016 119.70 +0.85 +0.72%
Feeder Cattle (P) Jan 2017 115.50 +1.25 +1.09%
Lean Hogs (P) Dec 2016 41.85 +0.75 +1.82%
Lean Hogs (P) Feb 2017 48.72 +0.70 +1.46%
Lean Hogs (P) Apr 2017 56.72 +0.70 +1.25%
