Canola futures rose Wednesday, even with headwinds from a falling soy complex.
A weaker Canadian dollar and talk of new export business lifted canola late in the trading session.
The May contract rose $3.60 to $527.20.
New crop November rose $4 to $507.20.
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The weaker loonie will make canola more attractively priced for overseas buyers.
Also, the recent cold snap and snow could push back the time when farmers with canola remaining in the field will be able to start their spring harvest.
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Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
Canola generally is supported by expectations of tight supplies when the crop year heads into the fourth quarter.
US MARKETS
Crop prices on U.S. exchanges drifted lower as the market expects the USDA tomorrow will increase its forecast for Brazil’s soybean crop.
Also, the U.S. dollar rose against most world currencies, making American crops more expensive for food importers.
WHEAT
The biggest declines today were in winter wheat. Welcome rain is expected in eastern areas of the hard red winter wheat belt and also in soft wheat areas of the southern Midwest.
However, the western hard red winter wheat region is expected to remain dry.
Dry conditions and strong winds have sparked serious wildfires in Kansas, Texas and Oklahoma.
Winter crops in Europe and the Black Sea region are in good shape coming out of winter.
OUTSIDE MARKETS
Light crude oil nearby futures in New York plunged five percent or $2.86 to US$50.28 per barrel. A weekly report said stocks of crude oil in the United States rose much more than expected. It appears U.S. domestic oil production is ramping up, offsetting the cuts that OPEC has made.
In the afternoon, the Canadian dollar was trading around US74.11 cents, down from 74.53 cents the previous trading day. The U.S. dollar was C$1.3493.
The drop in oil prices weighed down major stock indexes.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 111.80 points, or 0.72 percent, at 15,496.98.
The Dow Jones Industrial Average was down 69.14 points, or 0.33 percent, to 20,855.62, the S&P 500 had lost 5.4 points, or 0.23 percent, to 2,362.99 and the Nasdaq Composite had added 3.62 points, or 0.06 percent, to 5,837.55.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2017 527.20 +3.60 +0.69%
Canola Jul 2017 529.40 +4.00 +0.76%
Canola Nov 2017 507.20 +4.00 +0.79%
Canola Jan 2018 512.90 +4.00 +0.79%
Canola Mar 2018 517.00 +4.00 +0.78%
Milling Wheat May 2017 232.00 -2.00 -0.85%
Milling Wheat Jul 2017 235.00 -2.00 -0.84%
Milling Wheat Oct 2017 227.00 -3.00 -1.30%
Durum Wheat May 2017 282.00 unch 0.00%
Durum Wheat Jul 2017 281.00 unch 0.00%
Durum Wheat Oct 2017 268.00 unch 0.00%
Barley May 2017 137.00 unch 0.00%
Barley Jul 2017 138.00 unch 0.00%
Barley Oct 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 1011.00 -3.75 -0.37%
Soybeans May 2017 1021.75 -3.50 -0.34%
Soybeans Jul 2017 1031.25 -3.50 -0.34%
Soybeans Aug 2017 1031.75 -3.50 -0.34%
Soybeans Sep 2017 1018.50 -3.50 -0.34%
Soybeans Nov 2017 1010.25 -3.25 -0.32%
Soybean Meal Mar 2017 326.50 -0.40 -0.12%
Soybean Meal May 2017 331.10 -0.20 -0.06%
Soybean Oil Mar 2017 33.29 -0.18 -0.54%
Soybean Oil May 2017 33.54 -0.19 -0.56%
Soybean Oil Jul 2017 33.81 -0.19 -0.56%
Corn Mar 2017 365.25 -4.25 -1.15%
Corn May 2017 372.25 -3.75 -1.00%
Corn Jul 2017 379.75 -3.50 -0.91%
Corn Sep 2017 386.25 -3.25 -0.83%
Corn Dec 2017 392.75 -3.25 -0.82%
Oats Mar 2017 267.25 +1.75 +0.66%
Oats May 2017 243.75 +3.75 +1.56%
Oats Jul 2017 236.25 +2.00 +0.85%
Oats Sep 2017 233.00 +4.00 +1.75%
Oats Dec 2017 233.00 +5.75 +2.53%
Wheat Mar 2017 427.50 -8.50 -1.95%
Wheat May 2017 447.00 -9.50 -2.08%
Wheat Jul 2017 462.75 -8.75 -1.86%
Wheat Sep 2017 477.75 -8.50 -1.75%
Wheat Dec 2017 495.50 -8.75 -1.74%
Minneapolis
Spring Wheat Mar 2017 526.50 -3.00 -0.57%
Spring Wheat May 2017 534.50 -5.00 -0.93%
Spring Wheat Jul 2017 542.50 -5.75 -1.05%
Spring Wheat Sep 2017 550.25 -6.00 -1.08%
Spring Wheat Dec 2017 560.75 -6.25 -1.10%
Kansas City
Hard Red Wheat Mar 2017 457.00 -6.25 -1.35%
Hard Red Wheat Jul 2017 477.75 -6.75 -1.39%
Hard Red Wheat Sep 2017 491.75 -6.25 -1.26%
Hard Red Wheat Dec 2017 510.25 -6.00 -1.16%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Apr 2017 115.98 +0.63 +0.55%
Live Cattle (P) Jun 2017 106.25 +0.63 +0.60%
Live Cattle (P) Aug 2017 102.05 +0.58 +0.57%
Feeder Cattle (P) Mar 2017 124.38 +0.43 +0.35%
Feeder Cattle (P) Apr 2017 122.77 +0.42 +0.34%
Feeder Cattle (P) May 2017 122.30 +0.40 +0.33%
Lean Hogs (P) Apr 2017 68.42 +0.37 +0.54%
Lean Hogs (P) May 2017 73.35 -0.25 -0.34%
Lean Hogs (P) Jun 2017 77.32 -0.11 -0.14%
