Friday gives relief to falling futures prices

Soybean’s price swoon didn’t carry over to Friday, giving relief to crop futures values.

But Friday’s weak rebound still left soybean futures prices below a line of support and a trend line, looking technically weak.

Canola also recovered some of the ground it lost Thursday, rising a few cents per bushel. But November

Wheat contracts rose eight to 12 cents per bushel and were the strongest part of the crops complex Friday, reacting to damaging wind and hail in Kansas and Oklahoma. Harvest is well ahead of normal in parts of the southern plains.

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Thursday’s crop market weakness spread from Brazil’s political crisis, in which claims of corruption are threatening the nation’s stability. The Brazilian currency fell sharply, improving relative returns of soybeans for Brazilian farmers, and traders are expecting those farmers to make more sales to take advantage of the better prices.

Brazilian farmers had been hanging on to crops due to what they saw as weak domestic prices.

Canadian canola crushing is using only about 70 percent of capacity as the industry goes through its slower season. To date domestic crush, capacity use is well above year-ago levels, at 89.5 percent versus 82.5 percent at this time last year.

In the week ended May 17, 149,800 tonnes of canola and 44,287 tonnes of soybeans were crushed.

EXPORTS

While the crush pace was down, canola exports rose.

In the week for May 14 canola exports totaled 353,500 tonnes, up from 286,600 tonnes the week before.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up 98 cents to US$50.33 per barrel.
In the afternoon, the Canadian dollar was trading around US73.98 cents, down from 73.49 cents the previous trading day. The U.S. dollar was C$1.3517.

The Dow Jones Industrial Average was up 141.82 points, or 0.69 percent, to 20,804.84, the S&P 500 gained 16.01 points, or 0.68 percent, to 2,381.73 and the Nasdaq Composite rose 28.57 points, or 0.47 percent, to 6,083.70.

For the week, the TSX composite fell .5 percent, the Nasdaq fell .6 percent and the Dow and the S&P 500 both dropped by .4 percent.

Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2017   523.20   +1.90   +0.36%
Canola Nov 2017   499.90   +1.40   +0.28%
Canola Jan 2018   505.40   +2.10   +0.42%
Canola Mar 2018   510.00   +2.60   +0.51%
Canola May 2018   512.80   unch   0.00%

Milling Wheat Jul 2017   241.00   +4.00   +1.69%
Milling Wheat Oct 2017   240.00   +4.00   +1.69%

Durum Wheat Jul 2017   275.00   +1.00   +0.36%
Durum Wheat Oct 2017   267.00   unch   0.00%
Durum Wheat Dec 2017   267.00   unch   0.00%

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   953.00   +8.25   +0.87%
Soybeans Aug 2017   954.25   +7.50   +0.79%
Soybeans Sep 2017   952.50   +7.50   +0.79%
Soybeans Nov 2017   951.75   +7.00   +0.74%
Soybeans Jan 2018   959.00   +6.75   +0.71%
Soybeans Mar 2018   962.50   +6.00   +0.63%

Soybean Meal Jul 2017   307.00   -0.50   -0.16%
Soybean Meal Aug 2017   308.20   -0.20   -0.06%
Soybean Meal Sep 2017   309.20   -0.10   -0.03%

Soybean Oil Jul 2017   33.04   +0.60   +1.85%
Soybean Oil Aug 2017   33.13   +0.60   +1.84%
Soybean Oil Sep 2017   33.24   +0.59   +1.81%

Corn Jul 2017   372.50   +6.50   +1.78%
Corn Sep 2017   379.75   +6.00   +1.61%
Corn Dec 2017   390.25   +6.25   +1.63%
Corn Mar 2018   400.00   +6.00   +1.52%
Corn May 2018   405.50   +6.00   +1.50%

Oats Jul 2017   241.75   +5.75   +2.44%
Oats Sep 2017   228.25   +4.50   +2.01%
Oats Dec 2017   222.00   +0.50   +0.23%
Oats Mar 2018   224.50   +0.50   +0.22%
Oats May 2018   224.50   +0.50   +0.22%

Wheat Jul 2017   435.25   +9.50   +2.23%
Wheat Sep 2017   448.50   +8.75   +1.99%
Wheat Dec 2017   469.75   +8.25   +1.79%
Wheat Mar 2018   487.50   +8.25   +1.72%

Minneapolis
Spring Wheat Jul 2017   555.75   +11.00   +2.02%
Spring Wheat Sep 2017   562.50   +11.00   +1.99%
Spring Wheat Dec 2017   570.00   +10.75   +1.92%
Spring Wheat Mar 2018   577.50   +10.25   +1.81%
Spring Wheat May 2018   581.75   +9.50   +1.66%

Kansas City
Hard Red Wheat Jul 2017   438.00   +12.00   +2.82%
Hard Red Wheat Sep 2017   455.00   +11.75   +2.65%
Hard Red Wheat Dec 2017   480.25   +12.25   +2.62%
Hard Red Wheat Mar 2018   495.00   +12.25   +2.54%
Hard Red Wheat May 2018   505.25   +12.00   +2.43%

Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Jun 2017   123.45   +0.53   +0.43%
Live Cattle (P) Aug 2017   121.05   +1.40   +1.17%
Live Cattle (P) Oct 2017   116.68   +0.88   +0.76%

Feeder Cattle (P) May 2017   143.35   +1.07   +0.75%
Feeder Cattle (P) Aug 2017   150.45   +1.10   +0.74%
Feeder Cattle (P) Sep 2017   150.22   +0.97   +0.65%

Lean Hogs (P) Jun 2017   79.50   +0.35   +0.44%
Lean Hogs (P) Jul 2017   80.18   +0.91   +1.15%
Lean Hogs (P) Aug 2017   79.22   +0.50   +0.64%

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