Canola soared higher Friday with continuing support from the bullish Statistics Canada report Thursday and on a report that Pakistan had bought about 100,000 tonnes of the oilseed.
May canola ended Friday at $471.70 up $19.30 or 4.27 percent.
Over the week May was up $2 or 0.4 percent.
Although the StatsCan numbers were for new crop, the nearby contracts are rising faster than new crop.
November closed at $485.20, up $11.60 or 2.45 percent
On the week, November fell $8.90 or 1.8 percent.
Reuters reported that one shipment to Pakistan of 55,000 tonnes was bought at $589 a tonne on a cost and freight basis for shipment in May.
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Prairie wheat bids fall with U.S. futures
Hard red spring wheat bids in Western Canada dropped with the U.S. futures during the week ended July 17, as the advancing U.S. winter wheat harvest and a lack of major concerns for North American spring wheat weighed on values.
The other shipment for 46,000 tonnes was at a price of about $575 a tonne for shipment in August.
The increased tension between Russia and Ukraine pushed wheat higher. Also the rain in the U.S. plains this week did not reach the driest parts of the western hard red winter wheat region.
Spring wheat futures rose about two percent this week.
Corn rose again as concern rises about the slow start to seeding in the U.S. Midwest. A lot of rain is expected there over the next few days.
Over the week, corn rose 2.5 percent and both nearby and new crop December futures are above $5 per bushel.
Soybeans rose Friday on thoughts that declines earlier in the week were overdone.
U.S. processors were still scrambling to find soy to crush, lifting soymeal and soybeans, traders told Reuters.
“The reality is that the basis level is above the futures market on the meal, and that’s still driving us gangbusters,” said Jerry Gidel, chief feed grains analyst for Rice Dairy.
Early in the week, soybeans fell on word that China was defaulting on deals and that shipments of Brazilian soybeans were being diverted to the U.S.
May soybeans closed at $14.98 a bushel, down 16 cents or just over one percent on the week.
The International Grains Council said on Friday it had cut its 2014-15 global corn and wheat production forecasts, Reuters reported
World corn production was projected at 950 million tonnes, down 11 million from last month’s forecast, and below the prior season’s 965 million.
For wheat, global production was trimmed by three million tonnes from the March forecast to 697 million, below last season’s 709 million tonnes.
Global consumption of wheat was pegged at 701 million tonnes, up one million tonnes from the previous month and higher than the previous year’s 691 million tonnes.
Corn consumption was forecast at 945 million tonnes, unchanged from a month earlier and up from 935 million tonnes the previous year.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2014 471.70 +19.30 +4.27%
Canola Jul 2014 474.30 +14.20 +3.09%
Canola Nov 2014 485.20 +11.60 +2.45%
Canola Jan 2015 491.70 +11.30 +2.35%
Canola Mar 2015 497.90 +11.20 +2.30%
Milling Wheat May 2014 225.00 +3.00 +1.35%
Milling Wheat Jul 2014 224.00 +3.00 +1.36%
Milling Wheat Oct 2014 226.00 +3.00 +1.35%
Durum Wheat May 2014 250.00 unch 0.00%
Durum Wheat Jul 2014 250.00 unch 0.00%
Durum Wheat Oct 2014 252.00 unch 0.00%
Barley May 2014 139.50 unch 0.00%
Barley Jul 2014 140.50 unch 0.00%
Barley Oct 2014 140.50 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2014 1498 +26 +1.77%
Soybeans Jul 2014 1494.25 +24.25 +1.65%
Soybeans Aug 2014 1428.25 +18.75 +1.33%
Soybeans Sep 2014 1302 +11.75 +0.91%
Soybeans Nov 2014 1239.75 +8.75 +0.71%
Soybeans Jan 2015 1245 +8.25 +0.67%
Soybean Meal May 2014 490.6 +10.4 +2.17%
Soybean Meal Jul 2014 481.4 +10.7 +2.27%
Soybean Meal Aug 2014 454.1 +7.7 +1.72%
Soybean Oil May 2014 42.92 +0.33 +0.77%
Soybean Oil Jul 2014 43.15 +0.29 +0.68%
Soybean Oil Aug 2014 43 +0.2 +0.47%
Corn May 2014 507 +5.75 +1.15%
Corn Jul 2014 512.75 +5.5 +1.08%
Corn Sep 2014 509.25 +4.25 +0.84%
Corn Dec 2014 506.25 +3.5 +0.70%
Corn Mar 2015 514.25 +3.5 +0.69%
Oats May 2014 402.5 +0.75 +0.19%
Oats Jul 2014 358 +2.5 +0.70%
Oats Sep 2014 349.75 +2.75 +0.79%
Oats Dec 2014 338.5 +2 +0.59%
Oats Mar 2015 336.25 unch 0.00%
Wheat May 2014 700.25 +11.25 +1.63%
Wheat Jul 2014 708.25 +11.75 +1.69%
Wheat Sep 2014 716.5 +11 +1.56%
Wheat Dec 2014 730.5 +10.75 +1.49%
Wheat Mar 2015 742.75 +10 +1.36%
Minneapolis
Spring Wheat May 2014 747.5 +11.25 +1.53%
Spring Wheat Jul 2014 749.5 +10 +1.35%
Spring Wheat Sep 2014 755.75 +9.25 +1.24%
Spring Wheat Dec 2014 766.5 +9.5 +1.25%
Spring Wheat Mar 2015 773.5 +7.5 +0.98%
Kansas City
KC HRW Wheat May 2014 775.75 +16.25 +2.14%
KC HRW Wheat Jul 2014 779.5 +14 +1.83%
KC HRW Wheat Sep 2014 785.5 +13.75 +1.78%
KC HRW Wheat Dec 2014 795.75 +13.75 +1.76%
KC HRW Wheat Mar 2015 798.25 +12.5 +1.59%
Light crude oil nearby futures in New York dropped $1.34 at $100.60 US per barrel.
The Canadian dollar at noon was 90.56 cents US, down from 90.69 cents the previous trading day. The U.S. dollar at noon was $1.1042 Cdn.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 20.68 points, or 0.14 percent, at 14,533.57.
The index gained 0.2 percent on the week.
Weaker than expected reports from Amazon and Ford pressured U.s. indexes lower.
The Dow Jones industrial average fell 140.19 points or 0.85 percent, to end at 16,361.46.
The S&P 500 dropped 15.21 points or 0.81 percent, to 1,863.40.
The Nasdaq Composite tumbled 72.777 points or 1.75 percent, to 4,075.561.
For the week, the Dow fell 0.3 percent, the S&P 500 dipped 0.1 percent and the Nasdaq lost 0.5 percent.
