Rain in western Canada and an improved forecast for the U.S. Midwest weighed down crop futures on Friday.
Corn notched the biggest decline, sagging 2.7 percent and falling below the key $4 a bushel level.
“Corn was down all day long off of unexpected rains through the center of Iowa and a six-to-ten day model run (for the Midwest) that came in somewhat wetter and less hot than yesterday’s,” Charlie Sernatinger, global head of grain futures at ED&F Man Capital said in a note to clients.
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Feed Grains Weekly: Price likely to keep stepping back
As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
In Canada, the models that showed thunderstorms across the northern and central grain belt of Saskatchewan Thursday night and into Friday proved correct. But the rain so far has mostly stayed north of the TransCanada Highway
For the week, November canola fell $2.50 per tonne.
Also for the week, Minneapolis spring wheat December rallied 13.25 cents per bushel.
CRUSH
The weekly crush rose 6.6 percent to 174,382 tonnes or 81.6 percent of capacity.
The total to date is 8.877 million tonnes, up from 8.015 million at the same point last year.
It appears the crush will hit the Agriculture Canada forecast of nine million tonnes for the crop year.
EXPORTS
Canola exports for week 50 of the crop year to July 16 were 152,900, well down from 288,900 tonnes the week before, according to statistics from the Canadian Grain Commission.
That brings to the total for the year to 10.58 million tonnes, exceeding Agriculture Canada forecast of 10.5 million tonnes, with two weeks left in the crop year.
Wheat exports were 396,000 tonnes, up from 365,500 tonnes the week before.
That brings the total to 14.1 millions, down from 15.46 million last year at the same point.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down $1.15 at US$45.77 per barrel.
In the afternoon, the Canadian dollar was trading around US79.73 cents, up from US79.42 cents the previous trading day. The U.S. dollar was C$1.2591.
The Toronto Stock Exchange’s S&P/TSX composite index lost 81.51 points, or 0.53 percent, to close at 15,183.13.
For the week, it edged 0.05 percent higher.
The Dow Jones Industrial Average fell 31.71 points, or 0.15 percent, to 21,580.07, the S&P 500 lost 0.91 points, or 0.04 percent, to 2,472.54 and the Nasdaq Composite dropped 2.25 points, or 0.04 percent, to 6,387.75.
For the week, the Dow was down 0.3 percent, the S&P 500 rose 0.5 percent and the Nasdaq rose 1.2 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 504.80 -5.60 -1.10%
Canola Jan 18 510.30 -4.60 -0.89%
Canola Mar 18 513.90 -4.00 -0.77%
Canola May 18 514.70 -3.30 -0.64%
Canola Jul 18 518.00 -1.30 -0.25%
Milling Wheat Oct 17 290.00 -4.00 -1.36%
Milling Wheat Dec 17 298.00 -3.00 -1.00%
Milling Wheat Mar 18 302.00 -4.00 -1.31%
Durum Wheat Oct 17 305.00 +21.00 +7.39%
Durum Wheat Dec 17 288.00 +2.00 +0.70%
Durum Wheat Mar 18 291.00 +4.00 +1.39%
Barley Oct 17 140.00 unch unch
Barley Dec 17 140.00 unch unch
Barley Mar 18 140.00 unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybean Aug 17 1009.0 -4.25 -0.42%
Soybean Sep 17 1014.25 -4.0 -0.39%
Soybean Nov 17 1022.25 -4.75 -0.46%
Soybean Jan 18 1030.75 -4.75 -0.46%
Soybean Mar 18 1033.5 -2.75 -0.27%
Soybean Meal Aug 17 329.7 -0.8 -0.24%
Soybean Meal Sep 17 331.7 -0.8 -0.24%
Soybean Meal Oct 17 333.6 -0.9 -0.27%
Soybean Oil Aug 17 33.80 -0.17 -0.50%
Soybean Oil Sep 17 33.93 -0.18 -0.53%
Soybean Oil Oct 17 34.04 -0.18 -0.53%
Corn Sep 17 379.75 -11.25 -2.88%
Corn Dec 17 393.5 -11.25 -2.78%
Corn Mar 18 404.5 -10.75 -2.59%
Corn May 18 409.5 -10.5 -2.50%
Corn Jul 18 414.25 -10.25 -2.41%
Oat Sep 17 295.75 unch unch
Oat Dec 17 296.25 -1.25 -0.42%
Oat Mar 18 294.75 -0.75 -0.25%
Oat May 18 294.0 -0.5 -0.17%
Oat Jul 18 292.75 -0.5 -0.17%
Wheat Sep 17 499.25 -6.5 -1.29%
Wheat Dec 17 522.5 -6.75 -1.28%
Wheat Mar 18 543.0 -6.5 -1.18%
Wheat May 18 553.0 -7.0 -1.25%
Wheat Jul 18 558.0 -6.25 -1.11%
Minneapolis
Spring Wheat ep 17 765.75 -12.25 -1.57%
Spring Wheat Dec 17 773.5 -9.5 -1.21%
Spring Wheat Mar 18 769.75 -9.25 -1.19%
Spring Wheat May 18 758.75 -9.25 -1.20%
Spring Wheat Jul 18 741.0 -8.5 -1.13%
Kansas
Hard Red Wheat ep 17 496.0 -7.75 -1.54%
Hard Red Wheat Dec 17 522.75 -7.5 -1.41%
Hard Red Wheat Mar 18 540.0 -7.25 -1.32%
Hard Red Wheat May 18 552.75 -7.5 -1.34%
Hard Red Wheat Jul 18 564.0 -7.0 -1.23%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (Pit) Aug 17 116.425 +0.550 +0.47%
Live Cattle (Pit) Oct 17 117.400 +0.325 +0.28%
Live Cattle (Pit) Dec 17 118.175 +0.075 +0.06%
Feeder Cattle (Pit) Aug 17 152.950 +0.675 +0.44%
Feeder Cattle (Pit) Sep 17 153.150 +0.825 +0.54%
Feeder Cattle (Pit) Oct 17 151.950 +1.100 +0.73%
Lean Hog (Pit) Aug 17 81.100 unch unch
Lean Hog (Pit) Oct 17 67.225 -0.625 -0.92%
Lean Hog (Pit) Dec 17 61.975 -0.975 -1.55%
