Oilseeds, corn and spring wheat ended higher Friday after the U.S. Department of Agriculture released a report that was bullish for corn and soybean prices.
In oilseeds, traders focused on the world year-end stocks number. USDA forecast that by the end of the crop year there would be 70.23 million tonnes of soybeans in stocks, down from the September forecast of 71.54 million.
That, in the end, supported canola futures, which closed the day at $495.70, up $5.60 for January. The canola market shook off early negative pressure from weaker soy oil.
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This year’s soft wheat crop in France, the European Union’s biggest producer, is expected to rise to 33.40 million metric tons, up 30 per cent from a rain-hit harvest last year, Argus Media said on Tuesday.
The January contract gained $4.30 on the week.
Soy oil was under pressure because of speculation that a proposal from the U.S. Food and Drug Administration to ban trans fats would hurt demand for soy oil.
The USDA supply and demand report lifted corn and it stayed up the rest of the day.
USDA pegged U.S. corn production at 13.989 billion bu., below analysts’ expectation for 14.003 billion.
Corn year-end stocks were pegged at 1.887 billion bu. Analysts expected 2.029 billion.
However some analysts say the picture for corn remains bearishly overstocked as the U.S. corn crop shatters its previous record high. Corn yields are remarkable given the late season heat stress that they faced.
Also the global ending stocks forecast rose to 164.33 million tonnes from 151.42 million in USDA’s September forecast.
Chicago wheat drifted lower as the report’s global ending stocks number was a bit bearish for that grain, but Minneapolis posted a modest gain, as demand for high protein wheat remains good.
The Canadian Oilseeds Processors Association said members crushed 150,055 tonnes of canola in the week ending Nov. 6, up 3.4 percent from the week before.
That represented a crush capacity of almost 86 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2013 488.10 +6.50 +1.35%
Canola Jan 2014 495.70 +5.60 +1.14%
Canola Mar 2014 504.10 +5.60 +1.12%
Canola May 2014 510.90 +6.10 +1.21%
Canola Jul 2014 516.50 +6.10 +1.20%
Milling Wheat Dec 2013 219.00 unch 0.00%
Milling Wheat Mar 2014 230.00 unch 0.00%
Milling Wheat May 2014 238.00 unch 0.00%
Durum Wheat Dec 2013 247.00 unch 0.00%
Durum Wheat Mar 2014 253.00 unch 0.00%
Durum Wheat May 2014 257.00 unch 0.00%
Barley Dec 2013 152.00 unch 0.00%
Barley Mar 2014 154.00 unch 0.00%
Barley May 2014 155.00 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 2013 1306 +27.25 +2.13%
Soybeans Jan 2014 1296 +29.5 +2.33%
Soybeans Mar 2014 1276.75 +28.75 +2.30%
Soybeans May 2014 1258 +23.75 +1.92%
Soybeans Jul 2014 1253.25 +23 +1.87%
Soybeans Aug 2014 1235.25 +19.75 +1.62%
Soybean Meal Dec 2013 422.3 +18.5 +4.58%
Soybean Meal Jan 2014 414.9 +17.8 +4.48%
Soybean Meal Mar 2014 402.8 +16.6 +4.30%
Soybean Oil Dec 2013 40.24 -0.5 -1.23%
Soybean Oil Jan 2014 40.55 -0.5 -1.22%
Soybean Oil Mar 2014 40.98 -0.47 -1.13%
Corn Dec 2013 426.75 +6.25 +1.49%
Corn Mar 2014 438.5 +7 +1.62%
Corn May 2014 447 +7 +1.59%
Corn Jul 2014 453.75 +7 +1.57%
Corn Sep 2014 459.5 +6.75 +1.49%
Oats Dec 2013 334.5 -4.5 -1.33%
Oats Mar 2014 313.75 -0.75 -0.24%
Oats May 2014 307.25 -0.75 -0.24%
Oats Jul 2014 306 unch 0.00%
Oats Sep 2014 306.75 unch 0.00%
Wheat Dec 2013 649.75 -3.25 -0.50%
Wheat Mar 2014 661.5 -2.25 -0.34%
Wheat May 2014 668 -1.75 -0.26%
Wheat Jul 2014 668.5 -0.25 -0.04%
Wheat Sep 2014 677.5 -0.25 -0.04%
Minneapolis
Spring Wheat Dec 2013 708 -1.5 -0.21%
Spring Wheat Mar 2014 719.5 -0.75 -0.10%
Spring Wheat May 2014 726.75 -0.25 -0.03%
Spring Wheat Jul 2014 732.75 unch 0.00%
Spring Wheat Sep 2014 736.5 +1.25 +0.17%
Kansas City
KCBT Red Wheat Dec 2013 708.5 -4 -0.56%
KCBT Red Wheat Mar 2014 711.25 -4 -0.56%
KCBT Red Wheat May 2014 711.5 -3 -0.42%
KCBT Red Wheat Jul 2014 706.5 -0.25 -0.04%
KCBT Red Wheat Sep 2014 715.25 -0.25 -0.03%
Light crude oil nearby futures in New York rose 40 cents at $94.60 US per barrel.
The Canadian dollar at noon was 95.36 cents US, down from 95.77 cents the previous trading day. The U.S. dollar at noon was $1.0487 Cdn.
The U.S. issued a strong jobs report – 204,000 new jobs were created last month, much more than the expected 125,000 — leading to thoughts that the world’s largest economy is on the mend.
Canada’s unemployment rate stayed at 6.9 percent in October but government furloughs caused the U.S. rate to rise to 7.3 percent despite the better than expected job creation.
In unofficial tallies —
The Toronto Stock Exchange’s S&P/TSX composite index closed up 84.13 points, or 0.63 percent, at 13,378.33.
The Dow Jones industrial average was up 167.80 points, or 1.08 percent, at 15,761.78.
The Standard & Poor’s 500 Index was up 23.46 points, or 1.34 percent, at 1,770.61.
The Nasdaq Composite Index was up 61.90 points, or 1.60 percent, at 3,919.23.
For the week, the TSX was up 0.3 percent, the Dow rose 0.9 percent, the S&P 500 rose 0.5 percent and the Nasdaq fell 0.1 percent.
