Canola up again on rising soybeans

Canola futures crept higher on Thursday with support from a 1.6 percent increase in soybean futures.

Corn edged up but wheat was mostly lower.

Soybeans rose after the U.S. Department of Agriculture reported export sales of U.S. soybeans in the latest week at 1.6 million tonnes, topping a range of trade expectations for 1.0 million to 1.3 million tonnes, Reuters reported.

HARVEST WEATHER

It was a cloudy, cool day over most of the Prairies with showers in some parts of Alberta and southeastern Saskatchewan.

Rain on Tuesday-Wednesday was mostly in the Red Deer area and Saskatoon to Humboldt.

Rain is forecast for southern Manitoba Friday and Saturday.

The Saskatchewan crop report today said that that as of Sept. 11, 65 percent of all crops were in the bin and another 22 percent was swathed or ready to straight combine.

As for canola, 50 percent was combined in the province.

BRAZIL

The dry season is going on longer than normal and expectations are that this will slow early seeding of soybeans.

That could delay the start of harvest early next year and put back the seeding of the second corn crop.

ARGENTINA

Excessive rain is the problem in Argentina. The Buenos Aires Grains Exchange today said that continuing problems with heavy rain could in total reduce the wheat area by about 750,000 acres out of a total 13.2 million acres.

CHINA

The government intends to institute an ethanol requirement of 10 percent in gasoline by 2020. This would require a huge investment in ethanol production plants.

It would create surging demand for corn that would draw down the enormous surplus stocks estimated at 200 million tonnes. The government also wants some of the ethanol to come from cellulose to reduce the amount of stubble burning.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up 59 cents at US$49.89 per barrel. At one point crude was above $50 a barrel, supported by report from the U.S. Energy Information Administration that forecast global energy consumption would grow by 28 percent to 2040.

In the afternoon, the Canadian dollar was trading around US82.17 cents, up from 82.10 cents the previous trading day. The U.S. dollar was C$1.2170.

The Toronto Stock Exchange’s S&P/TSX composite index closed up 45.91 points, or 0.3 percent, at 15,172.72.

The Dow rose 0.2 percent to end at 22,203.48 points, the S&P 500 lost 0.11 percent to 2,495.62.

The Nasdaq Composite dropped 0.48 percent to 6,429.08.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 17   488.60s   +1.50   +0.31%

Canola Jan 18   495.00s   +1.20   +0.24%

Canola Mar 18   501.30s   +1.00   +0.20%

Canola May 18   505.20s   +1.10   +0.22%

Canola Jul 18   506.90s   +1.30   +0.26%

 

Milling Wheat Oct 17   228.00s   -4.00   -1.72%

Milling Wheat Dec 17   231.00s   -4.00   -1.70%

Milling Wheat Mar 18   237.00s   -3.00   -1.25%

 

Durum Wheat Oct 17   279.00s   -2.00   -0.71%

Durum Wheat Dec 17   283.00s   -2.00   -0.70%

Durum Wheat Mar 18   286.00s   -3.00   -1.04%

 

Barley Oct 17   145.00s   unch   unch

Barley Dec 17   148.00s   unch   unch

Barley Mar 18   151.00s   unch   unch

 

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.

 

Chicago

Soybeans Nov 17   976-0s   +15-4   +1.61%

Soybeans Jan 18   986-0s   +15-2   +1.57%

Soybeans Mar 18   993-4s   +14-2   +1.46%

Soybeans May 18   1001-6s   +14-0   +1.42%

Soybeans Jul 18   1008-4s   +13-6   +1.38%

 

Soybean Meal Oct 17   309.5s   +7.4   +2.45%

Soybean Meal Dec 17   313.1s   +7.7   +2.52%

Soybean Meal Jan 18   314.4s   +7.4   +2.41%

 

Soybean Oil Oct 17   34.83s   unch   unch

Soybean Oil Dec 17   35.08s   -0.01   -0.03%

Soybean Oil Jan 18   35.23s   -0.03   -0.09%

 

Corn Dec 17   354-2s   +2-6   +0.78%

Corn Mar 18   366-4s   +2-6   +0.76%

Corn May 18   374-6s   +2-6   +0.74%

Corn Jul 18   381-2s   +3-0   +0.79%

Corn Sep 18   387-6s   +3-0   +0.78%

 

Oats Dec 17   238-0s   +0-2   +0.11%

Oats Mar 18   245-4s   +0-2   +0.10%

Oats May 18   244-4s   +0-2   +0.10%

Oats Jul 18   246-0s   +0-4   +0.20%

Oats Sep 18   246-0s   +0-4   +0.20%

 

Wheat Dec 17   443-0s   -0-2   -0.06%

Wheat Mar 18   462-4s   -0-2   -0.05%

Wheat May 18   476-2s   -0-2   -0.05%

Wheat Jul 18   488-2s   -0-4   -0.10%

Wheat Sep 18   502-2s   -0-2   -0.05%

 

Minneapolis

Spring Wheat Dec 17   632-4s   -11-0   -1.71%

Spring Wheat Mar 18   645-2s   -10-0   -1.53%

Spring Wheat May 18   648-2s   -7-6   -1.18%

Spring Wheat Jul 18   648-0s   -7-4   -1.14%

Spring Wheat Sep 18   633-4s   -7-2   -1.13%

 

Kansas City

Hard Red Wheat Dec 17   442-0s   -2-2   -0.51%

Hard Red Wheat Mar 18   459-2s   -2-4   -0.54%

Hard Red Wheat May 18   472-4s   -2-6   -0.58%

Hard Red Wheat Jul 18   488-0s   -3-0 -0.61%

Hard Red Wheat Sep 18   506-6s   -3-0   -0.59%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Oct 17   106.925s   -0.625   -0.58%

Live Cattle Dec 17   111.775s   -1.075   -0.95%

Live Cattle Feb 18   115.750s   -0.400   -0.34%

 

Feeder Cattle Sep 17   148.800s   +0.200   +0.13%

Feeder Cattle Oct 17   149.600s   -0.025   -0.02%

Feeder Cattle Nov 17   149.475s   -0.400   -0.27%

 

Lean Hogs Oct 17   59.025s   -0.550   -0.92%

Lean Hogs Dec 17   56.525s   -0.250   -0.44%

Lean Hogs Feb 18   62.350s   +0.275   +0.44%

 

 

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