March canola futures rose for a seventh straight trading session even as the loonie rose.
Canola enjoyed support from slightly stronger soybeans and soy oil.
March canola closed at $523.40 per tonne, up $3.60.
New crop November closed at $507 per tonne, up $2.10.
Since the rally in the March contract began Jan. 16, it has risen almost $24 a tonne but the new crop November contract has climbed only $15.
Today’s gain in March canola was largely technically driven, but the contract is supported by strong demand from the domestic crush and export sectors.
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NFU says proposed plant breeders’ rights come at farmers’ expense
The National Farmers Union is pushing back against changes to the Plant Breeders’ Rights Act that would narrow the scope of farmers’ right to save seed or propagate crops from cuttings and tubers.
The biggest declines today were in Chicago corn, which saw a round of profit taking. Weakness in corn trickled into wheat and it too fell.
The U.S. crop market was generally on edge about the new Trump administration’s trade actions. Trump formally severed America’s connection to the TransPacific Partnership agreement, killing it.
Several U.S. farm groups said they want to hear the new administration’s alternative vision for increasing trade to Pacific Rim countries, which are major customers for American agricultural goods.
Trump also wants to renegotiate the North American Free Trade Agreement. U.S. agricultural groups have generally viewed NAFTA favourably. Mexico is the number one or two buyer of American corn, accounting for more than 25 percent of the export total.
PLANTING FORECAST
Private analytical firm Informa Economics raised its projection of U.S. 2017 corn plantings to 90.489 million acres, from 90.151 million last month.
Informa trimmed its 2017 soybean plantings forecast to 88.647 million acres, from 88.862 million previously.
PALM OIL FORECAST
Reuters reported that analyst Thomas Mielke of Oil World believes palm oil prices will fall this year by 20 percent or more as production in Indonesia and Malaysia recovers from last year’s drought.
Light crude oil nearby futures in New York were up 43 cents to US$53.18 per barrel.
The Canadian dollar at noon was US76.03 cents, up from 75.25 cents the previous trading day. The U.S. dollar at noon was C$1.3152.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2017Â Â Â Â Â Â 523.40Â Â Â Â Â Â +3.60Â Â Â Â Â Â +0.69%
Canola May 2017Â Â Â Â Â Â 530.40Â Â Â Â Â Â +3.60Â Â Â Â Â Â +0.68%
Canola Jul 2017Â Â Â Â Â Â 534.70Â Â Â Â Â Â +4.10Â Â Â Â Â Â +0.77%
Canola Nov 2017Â Â Â Â Â Â 507.00Â Â Â Â Â Â +2.10Â Â Â Â Â Â +0.42%
Canola Jan 2018Â Â Â Â Â Â 509.70Â Â Â Â Â Â +2.60Â Â Â Â Â Â +0.51%
Milling Wheat Mar 2017Â Â Â Â Â Â 238.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.42%
Milling Wheat May 2017      242.00      unch      0.00%
Milling Wheat Jul 2017      243.00      unch      0.00%
Durum Wheat Mar 2017Â Â Â Â Â Â 306.00Â Â Â Â Â Â -4.00Â Â Â Â Â Â -1.29%
Durum Wheat May 2017Â Â Â Â Â Â 309.00Â Â Â Â Â Â -4.00Â Â Â Â Â Â -1.28%
Durum Wheat Jul 2017Â Â Â Â Â Â 314.00Â Â Â Â Â Â -6.00Â Â Â Â Â Â -1.88%
Barley Dec 2017      132.50      unch      0.00%
Barley Mar 2018      134.50      unch      0.00%
Barley May 2018      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 Mar 2017Â Â Â Â Â Â 1058.50Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.07%
Soybeans May 2017Â Â Â Â Â Â 1068.00Â Â Â Â Â Â +1.25Â Â Â Â Â Â +0.12%
Soybeans Jul 2017Â Â Â Â Â Â 1073.75Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.07%
Soybeans Aug 2017Â Â Â Â Â Â 1069.25Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.07%
Soybeans Sep 2017Â Â Â Â Â Â 1047.25Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.07%
Soybeans Nov 2017Â Â Â Â Â Â 1026.00Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.07%
Soybean Meal Mar 2017Â Â Â Â Â Â 343.00Â Â Â Â Â Â -0.50Â Â Â Â Â Â -0.15%
Soybean Meal May 2017Â Â Â Â Â Â 346.10Â Â Â Â Â Â -0.50Â Â Â Â Â Â -0.14%
Soybean Meal Jul 2017Â Â Â Â Â Â 348.00Â Â Â Â Â Â -0.40Â Â Â Â Â Â -0.11%
Soybean Oil Mar 2017Â Â Â Â Â Â 35.28Â Â Â Â Â Â +0.15Â Â Â Â Â Â +0.43%
Soybean Oil May 2017Â Â Â Â Â Â 35.53Â Â Â Â Â Â +0.15Â Â Â Â Â Â +0.42%
Soybean Oil Jul 2017Â Â Â Â Â Â 35.75Â Â Â Â Â Â +0.13Â Â Â Â Â Â +0.36%
Corn Mar 2017Â Â Â Â Â Â 363.25Â Â Â Â Â Â -6.25Â Â Â Â Â Â -1.69%
Corn May 2017Â Â Â Â Â Â 370.50Â Â Â Â Â Â -6.00Â Â Â Â Â Â -1.59%
Corn Jul 2017Â Â Â Â Â Â 377.50Â Â Â Â Â Â -5.75Â Â Â Â Â Â -1.50%
Corn Sep 2017Â Â Â Â Â Â 384.00Â Â Â Â Â Â -5.50Â Â Â Â Â Â -1.41%
Corn Dec 2017Â Â Â Â Â Â 391.00Â Â Â Â Â Â -5.00Â Â Â Â Â Â -1.26%
Oats Mar 2017Â Â Â Â Â Â 256.75Â Â Â Â Â Â -3.25Â Â Â Â Â Â -1.25%
Oats May 2017Â Â Â Â Â Â 247.25Â Â Â Â Â Â -1.25Â Â Â Â Â Â -0.50%
Oats Jul 2017Â Â Â Â Â Â 243.50Â Â Â Â Â Â -2.50Â Â Â Â Â Â -1.02%
Oats Sep 2017Â Â Â Â Â Â 238.50Â Â Â Â Â Â -2.25Â Â Â Â Â Â -0.93%
Oats Dec 2017Â Â Â Â Â Â 232.00Â Â Â Â Â Â -4.00Â Â Â Â Â Â -1.69%
Wheat Mar 2017Â Â Â Â Â Â 426.75Â Â Â Â Â Â -6.50Â Â Â Â Â Â -1.50%
Wheat May 2017Â Â Â Â Â Â 441.00Â Â Â Â Â Â -6.00Â Â Â Â Â Â -1.34%
Wheat Jul 2017Â Â Â Â Â Â 456.00Â Â Â Â Â Â -5.50Â Â Â Â Â Â -1.19%
Wheat Sep 2017Â Â Â Â Â Â 471.00Â Â Â Â Â Â -4.75Â Â Â Â Â Â -1.00%
Wheat Dec 2017Â Â Â Â Â Â 488.75Â Â Â Â Â Â -4.50Â Â Â Â Â Â -0.91%
Minneapolis
Spring Wheat Mar 2017Â Â Â Â Â Â 560.75Â Â Â Â Â Â -3.50Â Â Â Â Â Â -0.62%
Spring Wheat May 2017Â Â Â Â Â Â 556.75Â Â Â Â Â Â -0.50Â Â Â Â Â Â -0.09%
Spring Wheat Jul 2017      555.75      unch      0.00%
Spring Wheat Sep 2017Â Â Â Â Â Â 556.75Â Â Â Â Â Â +0.50Â Â Â Â Â Â +0.09%
Spring Wheat Dec 2017      563.25      unch      0.00%
Kansas City
Hard Red Wheat Mar 2017Â Â Â Â Â Â 441.75Â Â Â Â Â Â -3.00Â Â Â Â Â Â -0.67%
Hard Red Wheat May 2017Â Â Â Â Â Â 453.75Â Â Â Â Â Â -3.25Â Â Â Â Â Â -0.71%
Hard Red Wheat Jul 2017Â Â Â Â Â Â 465.50Â Â Â Â Â Â -3.00Â Â Â Â Â Â -0.64%
Hard Red Wheat Sep 2017Â Â Â Â Â Â 480.00Â Â Â Â Â Â -2.25Â Â Â Â Â Â -0.47%
Hard Red Wheat Dec 2017Â Â Â Â Â Â 500.00Â Â Â Â Â Â -2.75Â Â Â Â Â Â -0.55%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Feb 2017Â Â Â Â Â Â 119.68Â Â Â Â Â Â -0.57Â Â Â Â Â Â -0.47%
Live Cattle (P) Apr 2017Â Â Â Â Â Â 118.40Â Â Â Â Â Â -0.77Â Â Â Â Â Â -0.65%
Live Cattle (P) Jun 2017Â Â Â Â Â Â 108.15Â Â Â Â Â Â -0.45Â Â Â Â Â Â -0.41%
Feeder Cattle (P) Jan 2017Â Â Â Â Â Â 132.42Â Â Â Â Â Â -0.36Â Â Â Â Â Â -0.27%
Feeder Cattle (P) Mar 2017Â Â Â Â Â Â 130.18Â Â Â Â Â Â -0.50Â Â Â Â Â Â -0.38%
Feeder Cattle (P) Apr 2017Â Â Â Â Â Â 129.60Â Â Â Â Â Â -0.33Â Â Â Â Â Â -0.25%
Lean Hogs (P) Feb 2017Â Â Â Â Â Â 65.22Â Â Â Â Â Â +0.22Â Â Â Â Â Â +0.34%
Lean Hogs (P) Apr 2017Â Â Â Â Â Â 67.62Â Â Â Â Â Â -0.16Â Â Â Â Â Â -0.24%
Lean Hogs (P) May 2017Â Â Â Â Â Â 73.05Â Â Â Â Â Â +0.08Â Â Â Â Â Â +0.11%
