Soybean meal roared higher, soybean oil stumbled lower, while canola split the difference and moved slightly higher Friday to close the week atop a nice nearby top.
Since the beginning of March, canola has been rallying, and the surge has been remarkably steady, other than a couple of days early this month when July canola briefly shot above $540 per tonne.
However, one analyst thinks canola might have trouble rising beyond Friday’s $526 for July and almost $525 for November.
“To me that’s a resistance area,” said Errol Anderson of Pro Market.
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“If we pull back we could drop back down $20.”
Soybean meal has been an exciting part of the futures market recently, since early April rocketing higher from around $270 per short ton to above $392 on Friday.
Canola rose despite soybean oil weakness, but Anderson didn’t expect that strength to continue if good rains hit a substantial part of the Canadian Prairies.
“In the near term I think we’re at the top of the zone,” said Anderson.
Soybean oil has been weak and got weaker Friday, hitting prices not seen since the beginning of March.
Corn rose Friday, while most other crops moved little.
North American crops are mostly in the field now, so weather factors are paramount. Western Canadian crops are generally too dry, but much of Alberta was getting rain Thursday and today and showers could continue into the weekend.
Farmers almost everywhere on the Prairies need a rain after seeding into dry soils that generally have not received substantial moisture since winter.
ed.white@producer.com
Over the week July canola gained $10.20 a tonne while November climbed $11.90.
The week’s canola crush was 162,508 tonnes, up almost 17 percent from the week before, according to the Canadian Oilseed Processors Association.
That represented almost 79 percent of capacity, getting back closer to the average for the year after a few weeks of slow processing.
The week’s canola exports to May 15 also jumped higher, climbing to 328,800 tonnes, up from just 133,800 tonnes the week before.
Light crude oil nearby futures in New York were down 41 cents to US$47.75 per barrel.
The Canadian dollar at noon was US76.13 cents, down from 76.24 cents the previous trading day. The U.S. dollar at noon was C$1.3136.
The Toronto Stock Exchange’s S&P/TSX composite index . closed up 102.26 points, or 0.74 percent, at 13,919.58.
The Dow Jones industrial average rose 65.54 points, or 0.38 percent, to 17,500.94, the S&P 500 gained 12.28 points, or 0.6 percent, to 2,052.32 and the Nasdaq Composite added 57.03 points, or 1.21 percent, to 4,769.56.
For the week the TSX composite rose 1.2 percent, Dow edged down by 0.2 percent, the Nasdaq jumped by 1.1 percent and the S&P 500 rose by 0.3 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2016 526.00 +2.90 +0.55%
Canola Nov 2016 524.80 +5.10 +0.98%
Canola Jan 2017 527.60 +4.40 +0.84%
Canola Mar 2017 527.70 +4.00 +0.76%
Canola May 2017 527.70 +3.40 +0.65%
Milling Wheat Jul 2016 239.00 +2.00 +0.84%
Milling Wheat Oct 2016 234.00 +3.00 +1.30%
Milling Wheat Dec 2016 239.00 +3.00 +1.27%
Durum Wheat Jul 2016 303.00 +3.00 +1.00%
Durum Wheat Oct 2016 294.00 +3.00 +1.03%
Durum Wheat Dec 2016 296.00 +3.00 +1.02%
Barley Jul 2016 171.00 unch 0.00%
Barley Oct 2016 171.00 unch 0.00%
Barley Dec 2016 171.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2016 1074.25 +2.75 +0.26%
Soybeans Aug 2016 1073.5 +0.5 +0.05%
Soybeans Sep 2016 1060.25 -1.75 -0.16%
Soybeans Nov 2016 1049.5 -4 -0.38%
Soybeans Jan 2017 1047.5 -3.75 -0.36%
Soybeans Mar 2017 1027.5 -4.5 -0.44%
Soybean Meal Jul 2016 392.7 +14.6 +3.86%
Soybean Meal Aug 2016 380.8 +9 +2.42%
Soybean Meal Sep 2016 373.7 +5.4 +1.47%
Soybean Oil Jul 2016 31.27 -0.64 -2.01%
Soybean Oil Aug 2016 31.38 -0.65 -2.03%
Soybean Oil Sep 2016 31.5 -0.65 -2.02%
Corn Jul 2016 394.5 +4.5 +1.15%
Corn Sep 2016 396.75 +4.25 +1.08%
Corn Dec 2016 399.75 +2.5 +0.63%
Corn Mar 2017 406.5 +1.5 +0.37%
Corn May 2017 410.25 +1 +0.24%
Oats Jul 2016 189.5 +1.25 +0.66%
Oats Sep 2016 201 +1 +0.50%
Oats Dec 2016 215.75 +0.75 +0.35%
Oats Mar 2017 225 +1 +0.45%
Oats May 2017 225 +1 +0.45%
Wheat Jul 2016 467.75 -1 -0.21%
Wheat Sep 2016 478.75 -0.75 -0.16%
Wheat Dec 2016 496.5 -1 -0.20%
Wheat Mar 2017 513.5 -0.75 -0.15%
Wheat May 2017 522.5 -0.25 -0.05%
Minneapolis
Spring Wheat Jul 2016 527.75 -0.75 -0.14%
Spring Wheat Dec 2016 547.25 unch 0.00%
Spring Wheat Mar 2017 558 +0.75 +0.13%
Spring Wheat May 2017 563.75 +0.25 +0.04%
Kansas City
Hard Red Wheat Jul 2016 449 +1 +0.22%
Hard Red Wheat Sep 2016 465 +1 +0.22%
Hard Red Wheat Dec 2016 489.25 +1 +0.20%
Hard Red Wheat Mar 2017 505.5 +1 +0.20%
Hard Red Wheat May 2017 515.75 +1 +0.19%
