Canola futures ended the week on an up note, posting a small gain but over the week they fell.
Today’s positive showing was mostly simply an adjustment after the decline, but canola did get support from slightly stronger soy oil and a small decline in the Canadian dollar.
Over the week, July fell $4.50 a tonne or 0.9 percent and the November contract fell $13 or 2.7 percent.
Spring wheat rose again, hitting a fresh 2 ½ year high on concerns about dry weather in the Dakotas and Montana.
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Concerns about the wheat crop in France following a week of hot weather also supported wheat futures.
While July Minneapolis spring wheat closed higher at $6.60 per bushel, it was well down from the day’s high of $6.73. Chicago and Kansas wheat closed lower.
Over the week, Minneapolis July rose 17.25 cents a bushel or 2.7 percent.
CANOLA CRUSH
The weekly canola crush was 173,417 tonnes, about steady with the week before. At just over 81 percent of capacity, that was still shy of the year’s average of 88.6 percent, said the Canadian Oilseed Processors Association
For the year, the crush stands at 8.18 million tonnes up from 7.28 million last year at the same time.
EXPORTS
The pace of exports picked up in week 45 of the crop year, with overall movement at 866,200 tonnes, up from 659,400 the week before, said the Canadian Grain Commission weekly report.
Canola exports were 206,000 tonnes, up from only 164,100 tonnes the week before.
For the year, canola exports are running 9.6 percent ahead of last year at the same time.
While canola exports and domestic crush are off the breakneck pace of much of the year, they are still strong enough that supply by the end of the crop year should be much tighter than normal.
The week’s wheat exports were strong at 374,800 tonnes, up from 333,700 tonnes the week before.
For the year, wheat exports are at 12.7 million tonnes down almost 13 percent from 14.33 million last year at the same point.
REPORTS COMING
The trade next week will be positioning ahead of seeded acreage reports from Statistics Canada on June 29 and the USDA on June 30. The USDA will also have a quarterly stocks report.
WEATHER
A dry weekend is expected over most of the Canadian Prairies and temperatures should start to rise to more seasonal levels after cool weather this week.
It should also be mostly dry in the U.S. Northern Plains and western corn belt, but by the middle of next week and into the start of July the cornbelt should start to get rain, maintaining a good production outlook for corn and soybeans.
However, little rain is expected over the next seven days in the areas of the western Dakotas and Montana that are already suffering from drought. The area in south central Saskatchewan that missed recent rain will also, alas, remain dry over the next seven days, according to maps from the U.S. Weather Service.
OUTSIDE MARKETS
Canada’s inflation rate in May was lower than expected at 1.3 percent. It decreased the expectation for an interest rate hike in Canada in July although one might be possible at the Bank of Canada’s meeting in October.
Light crude oil nearby futures in New York were up 27 cents to US$43.01 per barrel.
In the afternoon, the Canadian dollar was trading around US75.38 cents, down from 75.56 cents the previous trading day. The U.S. dollar was C$1.327.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 99.66 points, or 0.65 percent, at 15,319.56.
The Dow Jones Industrial Average fell 2.53 points, or 0.01 percent, to 21,394.76, the S&P 500 gained 3.8 points, or 0.16 percent, to 2,438.3 and the Nasdaq Composite added 28.57 points, or 0.46 percent, to 6,265.25.
For the week, the TSX composite rose 0.8 percent, the Dow added 0.05 percent, the S&P rose 0.21 percent and the Nasdaq gained 1.84 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 17 509.60 +4.60 +0.91%
Canola Nov 17 475.20 +1.80 +0.38%
Canola Jan 18 481.00 +1.80 +0.38%
Canola Mar 18 486.60 +1.90 +0.39%
Canola May 18 490.30 +3.30 +0.68%
Milling Wheat Jul 17 276.00 +1.00 +0.36%
Milling Wheat Oct 17 270.00 +1.00 +0.37%
Milling Wheat Dec 17 272.00 +1.00 +0.37%
Durum Wheat Jul 17 277.00 unch unch
Durum Wheat Oct 17 267.00 unch unch
Durum Wheat Dec 17 270.00 unch unch
Barley Jul 17 138.00 unch unch
Barley Oct 17 140.00 unch unch
Barley Dec 17 140.00 unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2017 904.50 +0.50 +0.06%
Soybeans Aug 2017 908.50 unch 0.00%
Soybeans Sep 2017 909.00 -0.75 -0.08%
Soybeans Nov 2017 911.00 -2.25 -0.25%
Soybeans Jan 2018 919.00 -2.25 -0.24%
Soybeans Mar 2018 925.75 -1.75 -0.19%
Soybean Meal Jul 2017 293.60 -0.20 -0.07%
Soybean Meal Aug 2017 295.10 -0.30 -0.10%
Soybean Meal Sep 2017 295.90 -0.60 -0.20%
Soybean Oil Jul 2017 31.61 +0.06 +0.19%
Soybean Oil Aug 2017 31.73 +0.07 +0.22%
Soybean Oil Sep 2017 31.85 +0.06 +0.19%
Corn Jul 2017 357.75 -5.00 -1.38%
Corn Sep 2017 365.50 -5.25 -1.42%
Corn Dec 2017 375.25 -5.50 -1.44%
Corn Mar 2018 385.00 -5.50 -1.41%
Corn May 2018 391.25 -5.25 -1.32%
Oats Jul 2017 254.50 -2.75 -1.07%
Oats Sep 2017 260.25 +3.25 +1.26%
Oats Dec 2017 260.50 +3.25 +1.26%
Oats Mar 2018 258.00 +5.25 +2.08%
Oats May 2018 258.00 +5.25 +2.08%
Wheat Jul 2017 459.75 -1.50 -0.33%
Wheat Sep 2017 473.50 -1.75 -0.37%
Wheat Dec 2017 495.25 -2.25 -0.45%
Wheat Mar 2018 511.75 -2.50 -0.49%
Wheat May 2018 523.25 -2.75 -0.52%
Minneapolis
Spring Wheat Jul 2017 661.25 +5.00 +0.76%
Spring Wheat Sep 2017 666.25 +5.00 +0.76%
Spring Wheat Dec 2017 664.25 +4.00 +0.61%
Spring Wheat Mar 2018 660.75 +3.00 +0.46%
Spring Wheat May 2018 656.50 +3.00 +0.46%
Kansas
Hard Red Wheat Jul 2017 464.25 -3.50 -0.75%
Hard Red Wheat Sep 2017 482.50 -3.25 -0.67%
Hard Red Wheat Dec 2017 507.75 -3.00 -0.59%
Hard Red Wheat Mar 2018 522.25 -3.00 -0.57%
Hard Red Wheat May 2018 531.25 -3.25 -0.61%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Jun 2017 119.20 +0.58 +0.49%
Live Cattle (P) Aug 2017 115.28 +1.01 +0.88%
Live Cattle (P) Oct 2017 112.42 +0.42 +0.38%
Feeder Cattle (P) Aug 2017 144.95 +1.50 +1.05%
Feeder Cattle (P) Sep 2017 144.40 +1.43 +1.00%
Feeder Cattle (P) Oct 2017 142.70 +1.25 +0.88%
Lean Hogs (P) Jul 2017 85.30 +0.27 +0.32%
Lean Hogs (P) Aug 2017 78.65 -1.22 -1.53%
Lean Hogs (P) Oct 2017 68.20 -0.67 -0.97%
