Canola halted its long fall on Friday, closing a little higher on bargain buying but still posting a loss for the week.
Minneapolis spring wheat rallied again on concerns about dry weather in the U.S. northern plains and in the southern Canadian Prairies. July MGEX wheat rose 2.6 percent on the week.
July canola closed Friday up $5.30 at $499.90 per tonne. November rose $2.60 to close at $481.40.
For the week, July fell $16.90 or 3.2 percent while November fell $8.40 or 1.7 percent.
ALBERTA SEEDING PROGRESS
The Alberta crop report today said canola planting in the province is only 72 percent complete as of May 30 because of wet conditions this spring in northern areas. Last year at the same time 97 percent had been seeded.
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In the Peace area only 53 percent of canola has been seeded. In the northwest 66 percent of canola is in the ground while in the northeast 61 percent is done.
Overall, only 52 percent of oats are in the ground.
The government said five to 10 percent of cropland in some areas may remain unseeded.
On Thursday, the Saskatchewan government crop report said that about 76 percent of the canola crop was seeded in the province as of May 29. It was also suffering delays in the north.
Thunderstorms were popping up around the Prairies on Friday, but the weekend was expected to be mostly dry. Rain is forecast to appear in southern Alberta on Monday. Most farmers there will welcome the moisture.
CRUSH SLOWS
One of the reasons for the weakness in canola is a slow down in demand.
The weekly crush to May 31 was 139,069 tonnes, down almost 13 percent from the week before. That represented oly 65 percent of crush capacity.
For the year the crush stands at 7.68 million tonnes, up from 6.8 million at the same time last year.
EXPORTS
The amount of canola exported in week 43 to May 28 improved a little but was still slow compared to the average this year.
The Canadian Grain Commission said 158,700 tonnes were exported, up from just 93,800 tonnes the week before.
Total exports to date are 9.27 million tonnes, up from 8.49 million at the same time last year.
Wheat exports were fairly good during the week at 445,200 tonnes, down slightly from 452,200 in the week before.
The total to date is 11.69 million tonnes, down from 13.57 million last year at the same point.
COMMERCIAL STOCKS DOWN
The amount of canola stocks in commercial positions in week 43 was the lowest in nearly three years at 702,700 tonnes. Weekly producer deliveries were the lowest since August 2016.
OUTSIDE MARKETS
Light crude oil nearby futures in New York fell 70 cents to US$47.66 per barrel.
In the afternoon, the Canadian dollar was trading around US74.10 cents, up from 73.93 cents the previous trading day. The U.S. dollar was C$1.349.
The Toronto Stock Exchange’s S&P/TSX composite index closed 27.16 points down, or 0.2 percent, at 15,442.75.
The U.S. unemployment rate dropped to 4.3 percent but job creation in May was weaker than expected.
The Dow Jones Industrial Average rose 62.11 points, or 0.29 percent, to 21,206.29, the S&P 500 gained 9.01 points, or 0.37 percent, to 2,439.07 and the Nasdaq Composite added 58.97 points, or 0.94 percent, to 6,305.80.
For the week, the TSX composite gained 0.17 percent, the S&P rose 0.95 percent, the Dow added 0.59 percent and the Nasdaq gained 1.54 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2017 499.90 +5.30 +1.07%
Canola Nov 2017 481.40 +2.60 +0.54%
Canola Jan 2018 487.00 +2.40 +0.50%
Canola Mar 2018 491.80 +2.50 +0.51%
Canola May 2018 494.90 unch 0.00%
Milling Wheat Jul 2017 252.00 +1.00 +0.40%
Milling Wheat Oct 2017 249.00 +1.00 +0.40%
Milling Wheat Dec 2017 252.00 +1.00 +0.40%
Durum Wheat Jul 2017 279.00 -1.00 -0.36%
Durum Wheat Oct 2017 269.00 +1.00 +0.37%
Durum Wheat Dec 2017 269.00 +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 921.25 +9.00 +0.99%
Soybeans Aug 2017 923.75 +8.50 +0.93%
Soybeans Sep 2017 923.75 +8.50 +0.93%
Soybeans Nov 2017 925.50 +7.75 +0.84%
Soybeans Jan 2018 933.25 +7.75 +0.84%
Soybeans Mar 2018 938.25 +6.50 +0.70%
Soybean Meal Jul 2017 301.90 +4.40 +1.48%
Soybean Meal Aug 2017 303.50 +4.40 +1.47%
Soybean Meal Sep 2017 304.60 +4.20 +1.40%
Soybean Oil Jul 2017 31.01 -0.24 -0.77%
Soybean Oil Aug 2017 31.15 -0.23 -0.73%
Soybean Oil Sep 2017 31.28 -0.23 -0.73%
Corn Jul 2017 372.75 +2.25 +0.61%
Corn Sep 2017 380.75 +2.25 +0.59%
Corn Dec 2017 391.00 +1.75 +0.45%
Corn Mar 2018 400.75 +1.75 +0.44%
Corn May 2018 407.00 +2.00 +0.49%
Oats Jul 2017 246.00 -9.00 -3.53%
Oats Sep 2017 240.00 -6.50 -2.64%
Oats Dec 2017 231.00 -2.00 -0.86%
Oats Mar 2018 226.50 -3.25 -1.41%
Oats May 2018 226.50 -3.25 -1.41%
Wheat Jul 2017 429.50 +0.50 +0.12%
Wheat Sep 2017 443.75 +0.25 +0.06%
Wheat Dec 2017 465.00 -1.00 -0.21%
Wheat Mar 2018 482.75 -1.25 -0.26%
Wheat May 2018 494.25 -1.00 -0.20%
Minneapolis
Spring Wheat Jul 2017 583.75 +5.00 +0.86%
Spring Wheat Sep 2017 587.00 +4.50 +0.77%
Spring Wheat Dec 2017 588.50 +2.75 +0.47%
Spring Wheat Mar 2018 591.75 +2.25 +0.38%
Spring Wheat May 2018 594.50 +3.00 +0.51%
Kansas City
Hard Red Wheat Jul 2017 433.25 +2.50 +0.58%
Hard Red Wheat Sep 2017 451.50 +2.25 +0.50%
Hard Red Wheat Dec 2017 476.75 +2.25 +0.47%
Hard Red Wheat Mar 2018 491.00 +1.75 +0.36%
Hard Red Wheat May 2018 503.00 +2.00 +0.40%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Jun 2017 130.82 +3.40 +2.67%
Live Cattle (P) Aug 2017 126.05 +1.35 +1.08%
Live Cattle (P) Oct 2017 121.10 -0.05 -0.04%
Feeder Cattle (P) Aug 2017 158.72 +1.65 +1.05%
Feeder Cattle (P) Sep 2017 157.82 +1.50 +0.96%
Feeder Cattle (P) Oct 2017 155.70 +1.05 +0.68%
Lean Hogs (P) Jun 2017 81.22 +0.30 +0.37%
Lean Hogs (P) Jul 2017 81.98 -0.14 -0.17%
Lean Hogs (P) Aug 2017 81.70 -0.30 -0.37%
