Canola price little changed on week even as crush rate soars

The modest rally in canola ran out of steam Friday but canola processors marked a milestone as the weekly crush soared to top 200,000 tonnes.

January canola slipped $1.20 to settle at $514.50 per tonne.

Over the week, January canola edged up 60 cents.

Farmer deliveries picked up a little, resulting in elevator company hedges that stalled canola’s price today.

The Alberta government issued an updated crop report. It said the overall harvest was at 87 percent as of Nov. 15, up six points on the week.

Rain and snow this week stalled harvest again, but the forecast for the coming week is for sunny weather across most of the Prairies.

WATCH THIS WEEK’S VIDEO CROP MARKETS UPDATE

South Dakota and Minnesota saw blizzard conditions today.

RECORD CRUSH

The Canadian Oilseed Processors Association said members crushed 203,951 tonnes of canola in the week to Nov. 16, that was up 12.5 percent from the week before and represented 95.4 percent of industry capacity.

For the year, the crush stands at 2.677 million tonnes, up 15 percent from last year at the same time.

U.S. MARKET

Wheat rose on short covering and technical factors.

There is slight support from dry weather in the U.S. southern plains and ideas that U.S. wheat acreage for 2017 will be significantly down.

However, rallies are limited by large world stocks of wheat.

Corn edged up about one percent and soybeans climbed less than a half percent, mostly on technical trade.

For the week, Chicago wheat rose 1.2 percent, corn climbed 1.5 percent and soybeans was up about 0.8 percent.

AUSTRALIA FROSTS

Repeated frosts have taken a toll on Western Australia’s grain crop.

ABC Rural reports that the Grains Industry Association of Western Australia pegged the state’s grain crop at a little more than 15 million tonnes, down from an expectation of about 18 million tonnes in early September. Of that, wheat is expected to be nine million tonnes, down 11 percent from the October forecast and barley at 2.7 million tonnes, down 16 percent.

But canola has risen to 1.7 million tonnes, up two percent from the October forecast.

Total production in Australia is expected to be a little above normal.

OUTSIDE MARKETS

The S&P/TSX composite index climbed 37.94 points at 14,864.03.

The Dow Jones industrial average fell 35.89 points, or 0.19 percent, to 18,867.93 while the S&P 500 dropped 5.22 points, or 0.24 percent, to 2,181.9. The Nasdaq Composite slipped 12.46 points, or 0.23 percent, to 5,321.51 after hitting a record of 5346.8 earlier in the day.

For the week, the TSX composite was up 0.8 percent, the Dow rose 0.1 percent, the S&P 500 climbed by 0.8 percent and the Nasdaq jumped 1.6 percent.

Light crude oil nearby futures in New York were up 27 cents to US$45.69 per barrel.

The Canadian dollar at noon was US73.97 cents, down from 74.47 cents the previous trading day. The U.S. dollar at noon was C$1.3519.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Jan 2017   514.50   -1.20   -0.23%

Canola Mar 2017   520.60   -1.70   -0.33%

Canola May 2017   524.00   -1.90   -0.36%

Canola Jul 2017   524.60   -1.70   -0.32%

Canola Nov 2017   504.20   -2.50   -0.49%

 

Milling Wheat Dec 2016   231.00   +2.00   +0.87%

Milling Wheat Mar 2017   235.00   +2.00   +0.86%

Milling Wheat May 2017   237.00   +1.00   +0.42%

 

Durum Wheat Dec 2016   329.00   unch   0.00%

Durum Wheat Mar 2017   340.00   unch   0.00%

Durum Wheat May 2017   343.00   unch   0.00%

 

Barley Dec 2016   132.50   unch   0.00%

Barley Mar 2017   134.50   unch   0.00%

Barley May 2017   135.50   unch   0.00%

 

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

 

Chicago

Soybeans Jan 2017   993.75   +4.25   +0.43%

Soybeans Mar 2017   1002.25   +3.75   +0.38%

Soybeans May 2017   1010.50   +3.25   +0.32%

Soybeans Jul 2017   1016.50   +2.50   +0.25%

Soybeans Aug 2017   1015.75   +2.50   +0.25%

Soybeans Sep 2017   1002.75   +1.00   +0.10%

 

Soybean Meal Dec 2016   310.40   -1.10   -0.35%

Soybean Meal Jan 2017   312.60   -1.20   -0.38%

Soybean Meal Mar 2017   315.10   -1.40   -0.44%

 

Soybean Oil Dec 2016   34.05   +0.35   +1.04%

Soybean Oil Jan 2017   34.31   +0.35   +1.03%

Soybean Oil Mar 2017   34.56   +0.35   +1.02%

 

Corn Dec 2016   345.50   +3.50   +1.02%

Corn Mar 2017   353.50   +3.75   +1.07%

Corn May 2017   360.00   +3.50   +0.98%

Corn Jul 2017   367.25   +3.75   +1.03%

Corn Sep 2017   373.75   +3.50   +0.95%

 

Oats Dec 2016   232.50   -2.50   -1.06%

Oats Mar 2017   238.00   -1.75   -0.73%

Oats May 2017   239.50   -0.75   -0.31%

Oats Jul 2017   239.50   -2.50   -1.03%

Oats Sep 2017   234.75   -2.50   -1.05%

 

Wheat Dec 2016   408.00   +5.00   +1.24%

Wheat Mar 2017   425.25   +5.25   +1.25%

Wheat May 2017   439.00   +5.75   +1.33%

Wheat Jul 2017   453.75   +5.50   +1.23%

Wheat Sep 2017   468.50   +4.50   +0.97%

 

Minneapolis

Spring Wheat Dec 2016   529.25   +2.50   +0.47%

Spring Wheat Mar 2017   526.50   +2.00   +0.38%

Spring Wheat May 2017   530.50   +1.50   +0.28%

Spring Wheat Jul 2017   535.50   +0.50   +0.09%

Spring Wheat Sep 2017   541.50   -0.25   -0.05%

 

Kansas City

Hard Red Wheat Dec 2016   413.75   +5.00   +1.22%

Hard Red Wheat Mar 2017   431.00   +5.25   +1.23%

Hard Red Wheat May 2017   443.00   +5.25   +1.20%

Hard Red Wheat Jul 2017   454.00   +5.00   +1.11%

Hard Red Wheat Sep 2017   467.25   +4.50   +0.97%

 

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

Live Cattle (P) Dec 2016   108.32   +0.09   +0.08%

Live Cattle (P) Feb 2017   108.85   +0.05   +0.05%

Live Cattle (P) Apr 2017   108.90   -0.07   -0.06%

 

Feeder Cattle (P) Jan 2017   124.98   +0.06   +0.05%

Feeder Cattle (P) Mar 2017   120.78   -0.25   -0.21%

Feeder Cattle (P) Apr 2017   120.38   -0.07   -0.06%

 

Lean Hogs (P) Dec 2016   47.80   +0.35   +0.74%

Lean Hogs (P) Feb 2017   54.17   -0.05   -0.09%

Lean Hogs (P) Apr 2017   61.12   -0.18   -0.29%

 

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