Canola plunges on talk of order cancellations

Canola futures fell sharply Thursday on talk of cancelled orders.

Weakness in the soybean complex contributed to the downturn in canola.

Reuters reported that there was talk in the trade about cancelled canola orders but could not confirm it. For most of the trading day canola was down only slightly. The big drop came just before the close.

May canola fell below the $500 market, setting at $488.30, down $13.30 or 2.65 percent.

New crop November fell less, closing at $489.80, down $6.50 or 1.31 percent.

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Alberta Crop Report: Rains in the south, dryness in the north

Rain fell onto the southern half of Alberta last week, while hot and dry conditions persisted in the northern half, according to the province’s crop report released on July 18.

We will soon be at the point where the snow will be gone in the Prairies and the decision will have to be made about combining canola not harvested in the fall. Temperatures in the Prairies over the coming week are expected to be warmer than normal and the outlook is for little or no moisture.

Oilseeds generally face downward pressure from the large South American harvest and expectations of a big American soybean acreage.

Corn was down about a half percent as was Chicago wheat, while Kansas winter wheat was down 0.9 percent. Rain next week is expected to improve the condition of the winter wheat crop.

Minneapolis wheat however rose three cents in the May contract. Demand is better for high protein wheat.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 34 cents to US$47.73 per barrel.

In the afternoon, the Canadian dollar was trading around US74.90 cents, down from 75.01 cents the previous trading day. The U.S. dollar was C$1.3351.

The Toronto Stock Exchange composite rose 85.15 points or 0.55 percent to close at 15,433.61.

The Dow Jones Industrial Average fell 4.72 points, or 0.02 percent, to 20,656.58, the S&P 500 lost 2.49 points, or 0.11 percent, to 2,345.96 and the Nasdaq Composite dropped 3.95 points, or 0.07 percent, to 5,817.69.

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2017 488.30 -13.30 -2.65%

Canola Jul 2017 494.80 -13.00 -2.56%

Canola Nov 2017 489.80 -6.50 -1.31%

Canola Jan 2018 495.30 -6.40 -1.28%

Canola Mar 2018 499.70 -6.30 -1.25%

Milling Wheat May 2017 232.00 +1.00 +0.43%

Milling Wheat Jul 2017 233.00 +1.00 +0.43%

Milling Wheat Oct 2017 228.00 +2.00 +0.88%

Durum Wheat May 2017 281.00 unch 0.00%

Durum Wheat Jul 2017 280.00 unch 0.00%

Durum Wheat Oct 2017 268.00 unch 0.00%

Barley May 2017 137.00 unch 0.00%

Barley Jul 2017 138.00 unch 0.00%

Barley Oct 2017 140.00 unch 0.00%

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

Chicago

Soybeans May 2017 991.00 -8.75 -0.88%

Soybeans Jul 2017 1001.50 -8.75 -0.87%

Soybeans Aug 2017 1003.75 -8.50 -0.84%

Soybeans Sep 2017 996.75 -8.25 -0.82%

Soybeans Nov 2017 991.25 -7.50 -0.75%

Soybeans Jan 2018 996.75 -7.00 -0.70%

Soybean Meal May 2017 320.70 -2.80 -0.87%

Soybean Meal Jul 2017 324.00 -2.90 -0.89%

Soybean Meal Aug 2017 324.50 -2.50 -0.76%

Soybean Oil May 2017 33.22 -0.30 -0.89%

Soybean Oil Jul 2017 33.48 -0.30 -0.89%

Soybean Oil Aug 2017 33.54 -0.30 -0.89%

Corn May 2017 356.75 -2.00 -0.56%

Corn Jul 2017 364.50 -2.00 -0.55%

Corn Sep 2017 372.00 -2.00 -0.53%

Corn Dec 2017 380.00 -2.00 -0.52%

Corn Mar 2018 389.00 -2.75 -0.70%

Oats May 2017 248.00 -3.50 -1.39%

Oats Jul 2017 237.75 -3.00 -1.25%

Oats Sep 2017 233.50 -1.75 -0.74%

Oats Dec 2017 234.00 -1.25 -0.53%

Oats Mar 2018 235.00 unch 0.00%

Wheat May 2017 421.00 -1.25 -0.30%

Wheat Jul 2017 436.00 -1.50 -0.34%

Wheat Sep 2017 451.00 -2.50 -0.55%

Wheat Dec 2017 470.75 -2.50 -0.53%

Wheat Mar 2018 485.25 -2.25 -0.46%

Minneapolis

Spring Wheat May 2017 540.75 +3.00 +0.56%

Spring Wheat Jul 2017 547.00 +2.75 +0.51%

Spring Wheat Sep 2017 553.50 +3.75 +0.68%

Spring Wheat Dec 2017 562.75 +4.25 +0.76%

Spring Wheat Mar 2018 573.25 +4.00 +0.70%

Kansas City

Hard Red Wheat May 2017 428.00 -4.50 -1.04%

Hard Red Wheat Jul 2017 440.75 -4.00 -0.90%

Hard Red Wheat Sep 2017 455.50 -4.25 -0.92%

Hard Red Wheat Dec 2017 477.00 -4.25 -0.88%

Hard Red Wheat Mar 2018 492.50 -4.00 -0.81%

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Apr 2017 121.78 -0.67 -0.55%

Live Cattle (P) Jun 2017 112.80 -0.98 -0.86%

Live Cattle (P) Aug 2017 107.90 -1.05 -0.96%

Feeder Cattle (P) Mar 2017 133.70 -0.30 -0.22%

Feeder Cattle (P) Apr 2017 135.35 -1.00 -0.73%

Feeder Cattle (P) May 2017 134.02 -1.26 -0.93%

Lean Hogs (P) Apr 2017 69.35 +1.20 +1.76%

Lean Hogs (P) May 2017 73.95 +1.43 +1.97%

Lean Hogs (P) Jun 2017 77.60 +1.85 +2.44%

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