Canola closed a little lower Thursday, the first loss since the rally began on Oct. 3, weighed down by falling U.S. crop markets and weaker crude oil values.
In the morning the November contract climbed as high as $508.80 per tonne before reversing and closing at $501.70.
The Saskatchewan crop report said there was almost no progress in the past week but the forecast is moving toward drier weather and warmer temperatures although showers are still possible.
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U.S. crop futures were down as the American buck rose against a basket of currencies. It gained strength from comments from the European Central Bank president about leaving the door open to more monetary stimulus.
Such stimulus would weigh down on the euro even as expectations rise that the U.S. Federal Reserve will increase interest rates in December.
Hedge pressure at the American harvest progresses also weighed on U.S. crop futures.
Limiting the losses were weekly U.S. crop export sale numbers that came in stronger than expected.
Crude oil fell on profit taking and the stronger U.S. dollar after jumping higher on Wednesday on tighter than expected weekly U.S. oil stocks.
Stock markets were lower on disappointing results from telecom Verizon.
Light crude oil nearby futures in New York were down $1.17 to US$50.43 per barrel.
The Canadian dollar at noon was US75.77 cents, down from 76.30 cents the previous trading day. The U.S. dollar at noon was C$1.3198.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 16 501.70s -2.70 -0.54%
Canola Jan 17 505.40s -6.00 -1.17%
Canola Mar 17 509.00s -6.50 -1.26%
Canola May 17 510.20s -6.70 -1.30%
Canola Jul 17 507.80s -6.40 -1.24%
Milling Wheat Dec 16 236.00s +1.00 +0.43%
Milling Wheat Mar 17 241.00s unch unch
Milling Wheat May 17 245.00s unch unch
Durum Wheat Dec 16 304.00s +3.00 +1.00%
Durum Wheat Mar 17 311.00s +3.00 +0.97%
Durum Wheat May 17 315.00s +3.00 +0.96%
Barley Dec 16 132.50s unch unch
Barley Mar 17 134.50s unch unch
Barley May 17 135.50s unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 16 975-4s -6-0 -0.61%
Soybeans Jan 17 984-6s -5-6 -0.58%
Soybeans Mar 17 991-0s -5-6 -0.58%
Soybeans May 17 997-6s -5-6 -0.57%
Soybeans Jul 17 1003-4s -5-6 -0.57%
Soybean Meal Dec 16 304.6s -1.8 -0.59%
Soybean Meal Jan 17 306.1s -1.7 -0.55%
Soybean Meal Mar 17 307.5s -1.7 -0.55%
Soybean Oil Dec 16 35.05s -0.35 -0.99%
Soybean Oil Jan 17 35.32s -0.35 -0.98%
Soybean Oil Mar 17 35.53s -0.36 -1.00%
Corn Dec 16 351-0s -6-4 -1.82%
Corn Mar 17 360-6s -6-4 -1.77%
Corn May 17 367-4s -6-4 -1.74%
Corn Jul 17 373-6s -6-2 -1.64%
Corn Sep 17 380-2s -6-0 -1.55%
Oats Dec 16 210-4s +1-4 +0.72%
Oats Mar 17 206-2s -0-2 -0.12%
Oats May 17 206-2s -0-2 -0.12%
Oats Jul 17 208-2s -0-2 -0.12%
Oats Sep 17 217-2s -0-2 -0.11%
Wheat Dec 16 417-0s -3-2 -0.77%
Wheat Mar 17 437-4s -3-2 -0.74%
Wheat May 17 452-6s -2-4 -0.55%
Wheat Jul 17 465-0s -2-0 -0.43%
Wheat Sep 17 479-4s -1-4 -0.31%
Minneapolis
Spring Wheat Dec 16 531-2s +0-4 +0.09%
Spring Wheat Mar 17 534-6s +0-6 +0.14%
Spring Wheat May 17 540-4s +0-6 +0.14%
Spring Wheat Jul 17 546-6s unch unch
Spring Wheat Sep 17 553-2s -1-0 -0.18%
Kansas City
Hard Red Wheat Dec 16 423-0s -2-2 -0.53%
Hard Red Wheat Mar 17 440-4s -2-0 -0.45%
Hard Red Wheat May 17 452-0s -2-0 -0.44%
Hard Red Wheat Jul 17 462-6s -2-0 -0.43%
Hard Red Wheat Sep 17 476-6s -2-2 -0.47%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Oct 16 99.025s +3.000 +3.12%
Live Cattle (P) Dec 16 100.125s +3.000 +3.09%
Live Cattle (P) Feb 17 101.250s +2.800 +2.84%
Feeder Cattle (P) Oct 16 121.750s +2.725 +2.29%
Feeder Cattle (P) Nov 16 118.850s +4.025 +3.51%
Feeder Cattle (P) Jan 17 114.250s +3.400 +3.07%
Lean Hogs (P) Dec 16 41.100s -0.075 -0.18%
Lean Hogs (P) Feb 17 48.025s -0.125 -0.26%
Lean Hogs (P) Apr 17 56.025s -0.175 -0.31%
