Canola futures continued their gradual rise, supported Friday by news that the U.S. government will leave biofuel policy alone.
November canola closed at $502.20 per tonnes up $1 on the day.
Over the week, November gained $3.20 a tonne.
January closed at $510.50, up $1.90 on the day and up $4.60 on the week.
Canola was also supported by an almost one cent drop in the Canadian dollar, pressured lower by a monthly retail sales report that was weaker than expected, causing the market to think that the Bank of Canada will not raise interest rates at its next meeting.
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ALBERTA HARVEST
Today’s Alberta crop report said about 73 percent of the canola crop was in the bin as of Oct. 17. The northwest area continues to have less than 50 percent of canola combined.
The northeast is 69 percent done and the Peace is at 81 percent.
Crops in northern regions were flattened by snow in areas.
AMERICAN MARKETS
Corn, soybean and wheat markets fell, pressured lower by the advancing harvest. Declines were limited by good weekly export sales of corn and wheat. Soybean weekly sales were less than expected.
Chicago soyoil futures climbed for a second straight session on expectations of demand for soy-based biodiesel fuel Reuters reported.
The soyoil rally followed news that the Environmental Protection Agency will keep volume mandates for renewable fuel, including corn-based ethanol and soy-based biodiesel, for next year at or above proposed levels, reversing a previous move to open the door to cuts.
BRAZIL PLANTING
Brazilian farmers have planted 20 percent of the expected soy area compared with 12 percent a week ago, consultancy AgRural said on Friday, Reuters reported.
Planting is roughly in line with a five-year average of 19 percent for this period of the year, but behind last year’s level of 29 percent due to weather factors, the consultancy said.
Southern regions that have good moisture are seeing good seeding progress while central regions, incluidng Mato Grosso, the largest producing state, are behind because of dry weather.
But although Mato Grosso at 27 percent is behind last year’s 47 percent, it is only slightly off the five-year average of 28 percent planted.
CANADA EXPORTS AND DELIVERIES
Canola exports for the week were 283,400 tonnes, down from 368,800 the week before, according for data to Oct. 15 week 11 from the Canadian Grain Commission.
The total to date was 2.05 million tonnes, up from last year’s 1.668 million.
Deliveries into the elevator system were 411,300 tonnes, down from 451,400 the week before. The total to date is 4.475 million tonnes, up from 4.087 million last year
Wheat exports were 232,200 tonnes, up from 179.900 tonnes the week before. The total to date is 3.138 million tonnes, up from 2.964 million last year.
Wheat deliveries to primary elevators were 311,900 tonnes, also up from the previous week.
The total wheat deliveries to date were 3.887 million tonnes, up from 3.595 million last year.
CANOLA CRUSH
Weekly canola crush slipped to 187,047 tonnes, down almost nine percent from the week before, according to the Canadian Oilseed Processors Association.
That represented a capacity use of 84.3 percent, which was still better than the average pace to date.
The total crush so far is 1.873 million tonnes, down from 1.924 million last year.
Although the crush is a bit behind last year, because canola exports are well ahead, the total disappearance of canola is running ahead of last year.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 47 cents at US$51.97 per barrel.
In the afternoon, the Canadian dollar was trading around US79.23 cents, down from 80.14 cents the previous trading day. The U.S. dollar was C$1.2621.
The Toronto Stock Exchange’s S&P/TSX composite index rose 39.22 points, or 0.25 percent, to finish at 15,857.22, its sixth weekly gain.
The U.S. Senate passed a budget resolution raising hopes that the proposed tax cuts might advance.
The Dow Jones Industrial Average rose 165.32 points, or 0.71 percent, to 23,328.36, the S&P 500 gained 13.07 points, or 0.51 percent, to 2,575.17 and the Nasdaq Composite added 23.99 points, or 0.36 percent, to 6,629.05
For the week, the TSX rose 0.3 percent, the S&P rose 0.86 percent, the Dow added two percent and the Nasdaq gained 0.35 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 502.20s +1.00 +0.20%
Canola Jan 18 510.50s +1.90 +0.37%
Canola Mar 18 516.40s +3.40 +0.66%
Canola May 18 519.00s +3.60 +0.70%
Canola Jul 18 519.70s +3.40 +0.66%
Milling Wheat Dec 17 231.00s -1.00 -0.43%
Milling Wheat Mar 18 235.00s -2.00 -0.84%
Milling Wheat May 18 241.00s -2.00 -0.82%
Durum Wheat Dec 17 279.00s unch unch
Durum Wheat Mar 18 284.00s unch unch
Durum Wheat May 18 286.00s unch unch
Barley Dec 17 148.00s unch unch
Barley Mar 18 151.00s unch unch
Barley May 18 151.00s unch unch
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 17 978-6s -7-6 -0.79%
Soybeans Jan 18 989-2s -7-6 -0.78%
Soybeans Mar 18 999-2s -7-6 -0.77%
Soybeans May 18 1008-4s -7-4 -0.74%
Soybeans Jul 18 1016-6s -7-2 -0.71%
Soybean Meal Dec 17 317.1s -4.3 -1.34%
Soybean Meal Jan 18 319.3s -4.4 -1.36%
Soybean Meal Mar 18 322.3s -4.6 -1.41%
Soybean Oil Dec 17 34.16s +0.33 +0.98%
Soybean Oil Jan 18 34.31s +0.32 +0.94%
Soybean Oil Mar 18 34.53s +0.31 +0.91%
Corn Dec 17 344-4s -4-4 -1.29%
Corn Mar 18 358-4s -4-2 -1.17%
Corn May 18 367-2s -4-0 -1.08%
Corn Jul 18 374-6s -3-4 -0.93%
Corn Sep 18 381-6s -3-4 -0.91%
Oats Dec 17 269-6s +0-2 +0.09%
Oats Mar 18 271-2s -1-0 -0.37%
Oats May 18 275-2s -0-6 -0.27%
Oats Jul 18 272-2s -0-6 -0.27%
Oats Sep 18 272-2s -0-6 -0.27%
Wheat Dec 17 426-0s -6-6 -1.56%
Wheat Mar 18 444-4s -6-6 -1.50%
Wheat May 18 458-6s -6-4 -1.40%
Wheat Jul 18 472-4s -5-6 -1.20%
Wheat Sep 18 488-0s -6-0 -1.21%
Minneapolis
Spring Wheat Dec 17 611-2s -4-4 -0.73%
Spring Wheat Mar 18 624-2s -5-2 -0.83%
Spring Wheat May 18 631-6s -4-6 -0.75%
Spring Wheat Jul 18 634-0s -5-6 -0.90%
Spring Wheat Sep 18 629-4s -5-0 -0.79%
Kansas
Hard Red Wheat Dec 17 422-6s -6-4 -1.51%
Hard Red Wheat Mar 18 440-6s -6-4 -1.45%
Hard Red Wheat May 18 455-0s -6-2 -1.36%
Hard Red Wheat Jul 18 472-6s -6-4 -1.36%
Hard Red Wheat Sep 18 491-4s -6-2 -1.26%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle (Pit) Oct 17 111.675s +0.475 +0.43%
Live Cattle (Pit) Dec 17 116.600s +0.450 +0.39%
Live Cattle (Pit) Feb 18 121.275s +0.625 +0.52%
Feeder Cattle (Pit) Oct 17 153.625s +0.475 +0.31%
Feeder Cattle (Pit) Nov 17 153.075s +0.300 +0.20%
Feeder Cattle (Pit) Jan 18 151.325s +0.125 +0.08%
Lean Hogs (Pit) Dec 17 64.850s +0.600 +0.93%
Lean Hogs (Pit) Feb 18 69.100s +0.625 +0.91%
Lean Hogs (Pit) Apr 18 72.900s +0.475 +0.66%
