Crop markets end week little changed

Canola was under pressure Friday from weaker soy complex and a slightly stronger loonie.

The most-traded January contract today fell $4.10.

On the week, canola fell with most-traded January slipping to $516.80 from $519.20 the Friday before.

The November contract closed at $514.30, almost steady with $514.20 the week before.

Snow was falling across a large part of the Prairies on Friday and the precipitation was expected to continue into Saturday.

Soybeans were down more than one percent. They had risen on Thursday on ideas that the USDA will trim its soy yield estimate in next week’s monthly supply and demand report.

But on the other hand conditions are improving in Brazil thanks to recent and forecasted rain. Consultancy AgRural said today that 43 percent of the soy crop was in the ground, about steady with the five year average but behind last year’s rapid pace of 53 percent.

Also, Brazil’s currency, the real, is falling sharply on worries about the government corruption scandal. The cheaper real will make Brazilian soybeans more competitive on the world market, perhaps pulling market share away from the U.S.

Corn and wheat futures also fell, but not as much as soybeans.

Over the week, January soybean and December corn and Chicago wheat were almost unchanged. Minneapolis spring wheat was up 7.75 cents a bushel.

CANOLA CRUSH

The canola crush stood at 186,758 tonnes for the week to Nov. 1, down five percent from the week before, according to the Canadian Oilseed Processors Association.

That represented a capacity use of 84 percent, a little better than the year-to-date average.

The total crushed to date is 2.55 million tonnes, down only 1.6 percent from last year at the same time.

The crush is slowly catching up to last year after a slow start in August and September.

EXPORT PICTURE

Canadian bulk grain exports topped one million tonnes in the week to Oct 29, Week 13 of the crop year, according to the Canadian Grain Commission.

It was a strong week for wheat movement with 396,800 tonnes exported, up from 271,800 the week before.

Wheat exports total 3.82 million tonnes, up 7.6 percent over last year’s 3.56 million at the same time.

It was a so-so week for canola exports, with 165,200 tonnes shipped, up from just 141,100 tonnes the week before.

However canola exports remain ahead of last year with 2.39 million tonnes shipped, up 15.5 percent over last year at the same time.

In the week there was also strong movement of soybeans at 290,400 tonnes and durum at 119,100 tonnes.

There were almost no exports of peas or lentils during the week and the totals for the crop year are way behind last year at this point.

Indian buyers are not in the market because of large domestic pulse supplies this year.

RUSSIA

Agrimoney.com report that SovEcon now expects fall planted crops to have about the same acres as last year, not more. Rain in the Volga region in the fall slowed planting, but helped with germination and getting the crop off to a good start, SovEcon said.

But in the southern region, that is the area immediately east of the Black Sea, there are dry areas.

EMPLOYMENT

Statistics Canada’s monthly employment report on Friday noted a net gain of 35,300 jobs, all of them due to a boost in full-time positions. The jobless rate had edged up to 6.3 percent as more people sought work.

Analysts in a Reuters poll had forecast 15,000 extra jobs and predicted the unemployment rate would stay at 6.2 percent.

Canada’s trade deficit remained at $3.18 billion in September as imports and exports dropped for the fourth consecutive month, according to today’s Statistics Canada data.

The U.S. created 261,000 jobs, less than expectations for 310,000 as those laid off in the wake of hurricanes returned to work.

The Unemployment rate though fell to 4.1 percent from 4.2 percent largely because the number of people in the labour force fell.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up $1.10 at US$55.64 per barrel.

In the afternoon, the Canadian dollar was trading around US78.34 cents, up from 78.08 cents the previous trading day. The U.S. dollar was C$1.2765.

The TSX composite closed up 5.17 points or 0.03 percent at 16,020.16.

The three major U.S. indexes all closed at new record highs.

The Dow Jones Industrial Average rose 22.93 points, or 0.1 percent, to 23,539.19, the S&P 500 gained 7.99 points, or 0.31 percent, to 2,587.84 and the Nasdaq Composite added 49.49 points, or 0.74 percent, to 6,764.44.

For the week, the TSX composite rose 0.4 percent, the Dow rose 0.45 percent, the S&P gained 0.26 percent and the Nasdaq climbed 0.94 percent.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 17   514.30s   -4.10   -0.79%

Canola Jan 18   516.80s   -4.10   -0.79%

Canola Mar 18   522.70s   -3.90   -0.74%

Canola May 18   526.60s   -3.40   -0.64%

Canola Jul 18   528.80s   -2.80   -0.53%

 

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   977-0s   -12-0   -1.21%

Soybeans Jan 18   986-6s   -12-4   -1.25%

Soybeans Mar 18   997-2s   -12-2   -1.21%

Soybeans May 18   1006-2s   -12-2   -1.20%

Soybeans Jul 18   1014-4s   -11-6   -1.14%

 

Soybean Meal Dec 17   313.9s   -3.5   -1.10%

Soybean Meal Jan 18   316.0s   -3.4   -1.06%

Soybean Meal Mar 18   319.5s   -3.4   -1.05%

 

Soybean Oil Dec 17   34.42s   -0.44   -1.26%

Soybean Oil Jan 18   34.59s   -0.43   -1.23%

Soybean Oil Mar 18   34.81s   -0.40 -1.14%

 

Corn Dec 17   348-2s   -2-2   -0.64%

Corn Mar 18   362-0s   -2-0   -0.55%

Corn May 18   370-6s   -1-6   -0.47%

Corn Jul 18   378-2s   -1-4   -0.39%

Corn Sep 18   384-4s   -2-0   -0.52%

 

Oats Dec 17   263-0s   -1-4   -0.57%

Oats Mar 18   268-4s   -1-0   -0.37%

Oats May 18   270-6s   -0-6   -0.28%

Oats Jul 18   271-2s   -0-6   -0.28%

Oats Sep 18   271-2s   -0-6   -0.28%

 

Wheat Dec 17   425-6s   -0-2   -0.06%

Wheat Mar 18   444-4s   unch   unch

Wheat May 18   457-4s   -0-2   -0.05%

Wheat Jul 18   471-0s   -1-0   -0.21%

Wheat Sep 18   486-6s   -1-2   -0.26%

 

Minneapolis

Spring Wheat Dec 17   624-6s   +2-0   +0.32%

Spring Wheat Mar 18   638-4s   +2-0   +0.31%

Spring Wheat May 18   646-2s   +1-6   +0.27%

Spring Wheat Jul 18   649-2s   +1-4   +0.23%

Spring Wheat Sep 18   641-0s   +1-0   +0.16%

 

Kansas City

Hard Red Wheat Dec 17   426-6s   +1-0   +0.23%

Hard Red Wheat Mar 18   444-4s   +1-0   +0.23%

Hard Red Wheat May 18   458-0s   +0-6   +0.16%

Hard Red Wheat Jul 18   474-6s   +0-2   +0.05%

Hard Red Wheat Sep 18   491-6s   unch   unch

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Dec 17   127.300s   +2.975   +2.39%

Live Cattle Feb 18   131.750s   +3.000   +2.33%

Live Cattle Apr 18   129.800s   +2.400   +1.88%

 

Feeder Cattle Nov 17   160.875s   +2.950   +1.87%

Feeder Cattle Jan 18   161.525s   +3.300   +2.09%

Feeder Cattle Mar 18   158.350s   +2.825   +1.82%

 

Lean Hogs Dec 17   65.100s   -0.700   -1.06%

Lean Hogs Feb 18   71.975s   -0.075   -0.10%

Lean Hogs Apr 18   75.450s   -0.275   -0.36%

 

 

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