Canola, wheat futures sag on Thursday

Canola futures held up better than soybeans on Thursday as crop markets gave back the gains they made on Wednesday.

March canola closed at $521.30 per tonne, down $2.80 or 0.53 percent while March soybeans fell 17.5 cents or 1.65 percent to close at US$10.43 ¾ per bushel.

CLICK HERE FOR OUR WEEKLY VIDEO CROP MARKET UPDATE

Oilseed prices are winding down as the soybean harvest in Brazil progresses.

The general market attitude is that there will be big soy crops from South America although there are heavy rains in parts of Argentina and Brazil that could cause problems.

In Brazil the recent rain has stalled what was a very early harvest. Progress on harvest is still ahead of last year at this point but in several areas combines are stalled now because of wet fields.

WHEAT

But the biggest loser today was Minneapolis spring wheat, with the March contract down 3.13 percent. Chicago wheat was down 1.54 percent.

Early in the day wheat rose to fresh multi month highs as the USDA’s weekly export report showed sales at 569,100 tonnes, topping the range of expectations of 300,000-500,000 tonnes.

However the rally stalled out and then technical forces took over generating a reversal.

Weekly U.S. soybean export sales topped expectations but corn sales fell short.

WARM U.S.

The Canadian Prairies have enjoyed well above normal temperatures this week and parts of the U.S. winter wheat area are also warmer than normal.

This is raising ideas that the wheat crop could come out of dormancy early, leaving it at risk if there is another cold snap.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up 25 cents to US$53.36 per barrel.

The Canadian dollar at noon was US76.58 cents, up from 76.43 cents the previous trading day. The U.S. dollar at noon was C$1.3058.

The Toronto Stock Exchange’s S&P/TSX composite index rose 19.22 points, or 0.12 percent, to close at 15,864.17.

The Dow Jones Industrial Average ended up 0.04 percent to close at 20,619.77, its sixth straight record-high close. The S&P 500 had lost 0.09 percent to 2,347.22 and the Nasdaq Composite dropped 0.08 percent to 5,814.90.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Mar 2017   521.30   -2.80   -0.53%

Canola May 2017   528.80   -3.10   -0.58%

Canola Jul 2017   530.70   -3.80   -0.71%

Canola Nov 2017   504.00   -3.00   -0.59%

Canola Jan 2018   509.20   -3.30   -0.64%

 

Milling Wheat Mar 2017   236.00   -6.00   -2.48%

Milling Wheat May 2017   241.00   -5.00   -2.03%

Milling Wheat Jul 2017   243.00   -5.00   -2.02%

 

Durum Wheat Mar 2017   289.00   unch   0.00%

Durum Wheat May 2017   291.00   unch   0.00%

Durum Wheat Jul 2017   287.00   unch   0.00%

 

Barley Mar 2017   135.00   unch   0.00%

Barley May 2017   137.00   unch   0.00%

Barley Jul 2017   138.00   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 2017   1043.75   -17.50   -1.65%

Soybeans May 2017   1054.75   -17.00   -1.59%

Soybeans Jul 2017   1063.25   -16.50   -1.53%

Soybeans Aug 2017   1061.25   -15.75   -1.46%

Soybeans Sep 2017   1042.00   -13.25   -1.26%

Soybeans Nov 2017   1024.00   -10.25   -0.99%

 

Soybean Meal Mar 2017   342.00   -4.90   -1.41%

Soybean Meal May 2017   346.20   -4.90   -1.40%

Soybean Meal Jul 2017   349.10   -4.60   -1.30%

 

Soybean Oil Mar 2017   33.52   -0.42   -1.24%

Soybean Oil May 2017   33.81   -0.41   -1.20%

Soybean Oil Jul 2017   34.05   -0.41   -1.19%

 

Corn Mar 2017   373.50   -5.25   -1.39%

Corn May 2017   381.00   -5.00   -1.30%

Corn Jul 2017   387.75   -4.75   -1.21%

Corn Sep 2017   393.25   -4.00   -1.01%

Corn Dec 2017   399.00   -3.75   -0.93%

 

Oats Mar 2017   255.75   +5.25   +2.10%

Oats May 2017   251.50   +3.00   +1.21%

Oats Jul 2017   249.00   +3.00   +1.22%

Oats Sep 2017   241.50   +2.50   +1.05%

Oats Dec 2017   238.00   -0.50   -0.21%

 

Wheat Mar 2017   447.75   -7.00   -1.54%

Wheat May 2017   461.25   -7.00   -1.49%

Wheat Jul 2017   473.75   -6.25   -1.30%

Wheat Sep 2017   488.50   -5.00   -1.01%

Wheat Dec 2017   506.25   -3.75   -0.74%

 

Minneapolis

Spring Wheat Mar 2017   550.25   -17.75   -3.12%

Spring Wheat May 2017   556.00   -14.00   -2.46%

Spring Wheat Jul 2017   561.00   -13.00   -2.26%

Spring Wheat Sep 2017   566.00   -11.50   -1.99%

Spring Wheat Dec 2017   575.75   -10.50   -1.79%

 

Kansas City

Hard Red Wheat Mar 2017   458.00   -11.25   -2.40%

Hard Red Wheat May 2017   471.00   -11.00   -2.28%

Hard Red Wheat Jul 2017   482.75   -10.25   -2.08%

Hard Red Wheat Sep 2017   496.50   -10.00   -1.97%

Hard Red Wheat Dec 2017   516.00   -10.25   -1.95%

 

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

Live Cattle (P) Feb 2017   116.52   -0.26   -0.22%

Live Cattle (P) Apr 2017   113.25   -0.10   -0.09%

Live Cattle (P) Jun 2017   104.15   -0.15   -0.14%

 

Feeder Cattle (P) Mar 2017   123.82   -0.46   -0.37%

Feeder Cattle (P) Apr 2017   123.75   -0.30   -0.24%

Feeder Cattle (P) May 2017   122.60   -0.28   -0.23%

 

Lean Hogs (P) Apr 2017   69.82   -0.96   -1.36%

Lean Hogs (P) May 2017   74.70   -0.83   -1.10%

Lean Hogs (P) Jun 2017   78.30   -0.73   -0.92%

 

About the author

Comments

explore

Stories from our other publications