Canola was down Thursday in light trade. U.S. markets were closed for the Independence Day holiday.
Although farmers are keeping a close watch and spraying for sclerotinia, weather is generally good for canola growth. Cooler temperatures are in the forecast for Friday and Saturday in Saskatchewan and Alberta. The cooler weather arrives in Manitoba Monday. Showers and thundershowers will accompany the shift to cooler weather.
Temperatures start to climb again next week but at this point highs are expected to remain in the mid to high 20s C over much of the Prairies.
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Louis Dreyfus at Yorkton, Sask. quotes July canola delivery at $72 over the November contract for a net price of $606.60 or $13.76.
October delivery is quoted at $15 under the November futures at $519.60 or $11.78 per bushel.
The Alberta Canola Producers Commission says the average elevator bid for barley at Lethbridge, Alta. July 3 was $245.13, down from $248.42 on June 28.
The Commission of the European Union today increased its forecast of the soft wheat and corn crops in the 27-country bloc. EU forecasts soft wheat at 128.9 million tonnes up from 127.9 million in May. In 2012 the crop was 123.8 million tonnes.
For corn it forecast 69.7 million tonnes up from 66.2 million in May. In 2012 the crop was 58.3 million.
Weather in the Midwest U.S. is much better for crop growth than at this time last year when drought was settling over the region. Today, Des Moines, Iowa, is expecting a high of 84 F. Last year it reached 101 F. The Weather Network forecasts temperatures in the mid 80s out to July 18, which will be good as the crop starts its critical tasseling stage.
The European Central Bank and Britain’s central bank both said they would stick with low interest rates for an extended period and might even lower them. It was designed to offset the U.S. Federal Reserve’s announced plan to start scaling back its stimulus later this year if the economy continues to show improvement.
The U.S. releases employment data for June on Friday. Analysts expect the report will show a steady pace of hiring in June, with the jobless rate probably dipping.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2013 605.10 -5.50 -0.90%
Canola Nov 2013 534.60 -4.50 -0.83%
Canola Jan 2014 539.60 -4.40 -0.81%
Canola Mar 2014 542.50 -3.30 -0.60%
Canola May 2014 542.00 -3.30 -0.61%
Milling Wheat Jul 2013 294.00 unch 0.00%
Milling Wheat Oct 2013 294.00 unch 0.00%
Milling Wheat Dec 2013 294.00 unch 0.00%
Durum Wheat Jul 2013 301.90 unch 0.00%
Durum Wheat Oct 2013 294.90 unch 0.00%
Durum Wheat Dec 2013 299.40 unch 0.00%
Barley Jul 2013 244.00 unch 0.00%
Barley Oct 2013 194.00 unch 0.00%
Barley Dec 2013 199.00 unch 0.00%
U.S. markets were closed.
The Canadian dollar at noon was 95.12 cents US, up from 95.03 cents the previous trading day. The U.S. dollar at noon was $1.0513 Cdn.
U.S. oil did not trade, but Brent Crude dipped 42 cents to $105.34 per barrel. Traders gained some relief as Egypt’s army overthrew and detained president Mohamed Morsi. Some believe this will lower the risk of prolonged unrest in the country.
In very light trade near the market close, the Toronto Stock Exchange composite was at 12,166.66, up 20.98 points or 0.17 percent.
