Dry weather in some of the U.S. Northern Plains and in the south of the Canadian Prairies and a concern about wheat protein levels lifted Minneapolis spring wheat Thursday.
Canola futures fell for a seventh straight session, weakened by fund selling and technical weakness despite delays in seeding the crop in parts of the Prairies.
There was not a lot of interest from commercials on the buying side, which added to the downward pressure.
In the last few weeks canola export activity has slowed. In the last weekly report that covered week 42 to May 21 only 93,800 tonnes of canola were shipped, down from 323,500 tonnes the week before.
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In Week 41 only 15 ships were at Vancouver and 16 on week 42. However the lineup for week 43 is rising to 19.
Back in mid April the number of ships in the Vancouver line up was in the mid 20s
SASKATCHEWAN CROP REPORT
The government in its weekly report said that 81 percent of all crops are seeded in the province, only slightly behind the norm. However, the northeast is way behind because of wet soil, with only 43 percent seeded. A large part of northeastern cropland might not be seeded.
The government report said that about 76 percent of the canola across the province had been seeded and only 55 percent of oats.
Last year at this point 94 percent of the crop was in the ground, including 94 percent of canola and 87 percent of oats.
Canola seeded in June is at risk of having its bloom period shortened by the heat of summer. Also it is a risk for late summer frost.
SPRING WHEAT RALLIES
American wheat markets moved in opposite directions with Chicago and Kansas City down and Minneapolis spring wheat up.
The winter wheat contracts were pressured by advancing harvest.
Spring wheat was lifted by the weekly U.S. drought map that showed a very dry area popping up in the Dakotas.
The drought monitor rated almost all of North Dakota “abnormally dry,” up from 44 percent a week earlier. Additionally, 24 percent of the state is in “moderate drought,” up from six percent a week earlier.
It is also dry in a large part of central and southeastern Saskatchewan and southwestern Manitoba.
The forecast for the weekend on the Canadian Prairies turned drier. Temperatures today got up into the low 30s C, promoting drying. The temperature is expected to remain in the mid to upper 20s through the weekend.
WATCH OUR WEEKLY VIDEO MARKET ANALYSIS
Corn and soybeans were down on beneficial weather in the Midwest.
OUTSIDE MARKETS
Light crude oil nearby futures in New York rose four cents to US$48.36 per barrel.
In the afternoon, the Canadian dollar was trading around US73.93 cents, down from 74.06 cents the previous trading day. The U.S. dollar was C$1.353.
Rising BlackBerry Ltd. shares helped lift the Toronto Stock Exchange’s S&P/TSX composite index up 120.00 points, or 0.78 percent, to close at 15,469.91.
The Dow Jones Industrial Average rose 135.53 points, or 0.65 percent, to end at 21,144.18, the S&P 500 gained 18.26 points, or 0.76 percent, to 2,430.06 and the Nasdaq Composite added 48.31 points, or 0.78 percent, to 6,246.83.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2017 494.60 -6.10 -1.22%
Canola Nov 2017 478.80 -3.30 -0.68%
Canola Jan 2018 484.60 -3.30 -0.68%
Canola Mar 2018 489.30 -3.50 -0.71%
Canola May 2018 492.40 unch 0.00%
Milling Wheat Jul 2017 251.00 +4.00 +1.62%
Milling Wheat Oct 2017 248.00 +4.00 +1.64%
Milling Wheat Dec 2017 251.00 +5.00 +2.03%
Durum Wheat Jul 2017 280.00 +1.00 +0.36%
Durum Wheat Oct 2017 268.00 +1.00 +0.37%
Durum Wheat Dec 2017 268.00 +1.00 +0.37%
Barley Jul 2017 138.00 unch 0.00%
Barley Oct 2017 140.00 unch 0.00%
Barley Dec 2017 140.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2017 912.25 -3.75 -0.41%
Soybeans Aug 2017 915.25 -3.00 -0.33%
Soybeans Sep 2017 915.25 -1.75 -0.19%
Soybeans Nov 2017 917.75 -0.50 -0.05%
Soybeans Jan 2018 925.50 -0.75 -0.08%
Soybeans Mar 2018 931.75 -1.00 -0.11%
Soybean Meal Jul 2017 297.50 -0.60 -0.20%
Soybean Meal Aug 2017 299.10 -0.30 -0.10%
Soybean Meal Sep 2017 300.40 -0.20 -0.07%
Soybean Oil Jul 2017 31.25 -0.09 -0.29%
Soybean Oil Aug 2017 31.38 -0.09 -0.29%
Soybean Oil Sep 2017 31.51 -0.09 -0.28%
Corn Jul 2017 370.50 -1.50 -0.40%
Corn Sep 2017 378.50 -1.50 -0.39%
Corn Dec 2017 389.25 -1.75 -0.45%
Corn Mar 2018 399.00 -2.00 -0.50%
Corn May 2018 405.00 -2.00 -0.49%
Oats Jul 2017 255.00 +7.50 +3.03%
Oats Sep 2017 246.50 +5.00 +2.07%
Oats Dec 2017 233.00 +3.50 +1.53%
Oats Mar 2018 229.75 +3.25 +1.43%
Oats May 2018 229.75 +3.25 +1.43%
Wheat Jul 2017 429.00 -0.25 -0.06%
Wheat Sep 2017 443.50 -0.25 -0.06%
Wheat Dec 2017 466.00 -0.50 -0.11%
Wheat Mar 2018 484.00 unch 0.00%
Wheat May 2018 495.25 unch 0.00%
Minneapolis
Spring Wheat Jul 2017 578.75 +6.75 +1.18%
Spring Wheat Sep 2017 582.50 +6.00 +1.04%
Spring Wheat Dec 2017 585.75 +5.00 +0.86%
Spring Wheat Mar 2018 589.50 +4.50 +0.77%
Spring Wheat May 2018 591.50 +3.75 +0.64%
Kansas City
Hard Red Wheat Jul 2017 430.75 -1.00 -0.23%
Hard Red Wheat Sep 2017 449.25 -0.75 -0.17%
Hard Red Wheat Dec 2017 474.50 -0.75 -0.16%
Hard Red Wheat Mar 2018 489.25 -0.75 -0.15%
Hard Red Wheat May 2018 501.00 -0.75 -0.15%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Jun 2017 127.43 +3.01 +2.42%
Live Cattle (P) Aug 2017 124.70 +3.00 +2.47%
Live Cattle (P) Oct 2017 121.15 +3.00 +2.54%
Feeder Cattle (P) Aug 2017 157.08 +4.51 +2.96%
Feeder Cattle (P) Sep 2017 156.32 +4.50 +2.96%
Feeder Cattle (P) Oct 2017 154.65 +4.50 +3.00%
Lean Hogs (P) Jun 2017 80.92 -1.01 -1.23%
Lean Hogs (P) Jul 2017 82.12 -0.91 -1.10%
Lean Hogs (P) Aug 2017 82.00 -0.17 -0.21%
