Canola futures again fell on Friday, pressured by falling soy and soy oil futures.
The pressure from soybeans more than offset worries about wet fields in Alberta that might not be seeded, or else seeded to short season crops.
Alberta canola planting is 49 percent complete, and overall seeding is well behind the normal pace, according to Alberta Agriculture’s weekly crop report.
Alberta and Saskatchewan should be mostly dry for the next seven days. Manitoba is forecast to get small accumulations of rain.
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For the week, July canola fell $6.40, closing Friday at $516.80 per tonne.
November for the week fell $10.10, finishing on Friday at $489.90 per tonne.
CANOLA CRUSH
The Canadian Oilseed Processors Association said 159,098 tonnes of canola were crushed in the week to May 24, up 6.2 percent from the week before.
That was still a slow pace compared to the experience for most of this year. It represented 74.4 percent of capacity, down from the average for the year of just over 89 percent.
For the year, 7.54 million tonnes have been crushed.
EXPORTS
Only 93,800 tonnes of canola were shipped in week 42, down from 323,500 tonnes the week before.
But it was a good week for wheat exports at 452,200 tonnes, up from 230,300 tonnes the week before
U.S. MARKETS
Corn and wheat rose and soybeans fell on Friday, before the three-day Memorial Day weekend in the United States.
Wet weather in the Midwest has traders thinking that for some farmers it is getting to late to seed corn and so they might put in more acres of soybeans.
That helped lift corn futures and weighed down soybeans.
Also, the wet weather is putting the hard red winter wheat crop at risk of more disease and quality damage so that lifted wheat futures.
Much of the buying in corn and wheat was investors taking profits on earlier short positions, the traders said.
Thursday’s weekly U.S. government export sales report showed U.S. weekly soybean exports for 2016-17 exceeded market estimates, but traders expect U.S. shipments to tail off in the coming weeks, Reuters reported.
Western Europe saw summer-style temperatures this week, which could again dry out crop belts that were recovering from parched conditions earlier in spring. But traders said storms expected this weekend should ease water stress, Reuters reported.
OUTSIDE MARKETS
Light crude oil nearby futures in New York rose 90 cents to US$49.80 per barrel, partly recovering from Thursday’s sharp drop.
In the afternoon, the Canadian dollar was trading around US74.33 cents, up from 74.19 cents the previous trading day. The U.S. dollar was C$1.3445.
This week’s weaker crude oil prices weighed down the Toronto market. Strong quarterly profits at retailers lifted U.S. stocks.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 6.20 points, or 0.04 percent, at 15,416.93.
The Dow Jones Industrial Average ended down 2.67 points, or 0.01 percent, to 21,080.28, the S&P 500 gained 0.75 points, or 0.03 percent, to 2,415.82 and the Nasdaq Composite added 4.94 points, or 0.08 percent, to 6,210.19.
For the week, the TSX composite fell 0.3 percent, the Dow rose 1.3 percent, the S&P 500 gained 1.4 percent and the Nasdaq added 2.1 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 17 516.80 -3.60 -0.69%
Canola Nov 17 489.80 -4.10 -0.83%
Canola Jan 18 495.30 -3.90 -0.78%
Canola Mar 18 499.60 -4.10 -0.81%
Canola May 18 502.50 -4.10 -0.81%
Milling Wheat Jul 17 245.00 +3.00 +1.24%
Milling Wheat Oct 17 242.00 +2.00 +0.83%
Milling Wheat Dec 17 244.00 +2.00 +0.83%
Durum Wheat Jul 17 279.00 unch unch
Durum Wheat Oct 17 267.00 unch unch
Durum Wheat Dec 17 267.00 unch unch
Barley Jul 17 138.00 unch unch
Barley Oct 17 140.00 unch unch
Barley Dec 17 140.00 unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2017 926.50 -13.00 -1.38%
Soybeans Aug 2017 929.50 -12.00 -1.27%
Soybeans Sep 2017 927.75 -11.00 -1.17%
Soybeans Nov 2017 929.25 -10.00 -1.06%
Soybeans Jan 2018 936.75 -10.00 -1.06%
Soybeans Mar 2018 942.50 -8.50 -0.89%
Soybean Meal Jul 2017 301.80 -2.90 -0.95%
Soybean Meal Aug 2017 302.90 -2.90 -0.95%
Soybean Meal Sep 2017 304.20 -2.80 -0.91%
Soybean Oil Jul 2017 31.60 -0.44 -1.37%
Soybean Oil Aug 2017 31.71 -0.44 -1.37%
Soybean Oil Sep 2017 31.84 -0.43 -1.33%
Corn Jul 2017 374.25 +5.00 +1.35%
Corn Sep 2017 381.75 +4.75 +1.26%
Corn Dec 2017 392.50 +5.00 +1.29%
Corn Mar 2018 402.25 +4.75 +1.19%
Corn May 2018 408.50 +5.00 +1.24%
Oats Jul 2017 244.25 +2.25 +0.93%
Oats Sep 2017 237.00 +3.00 +1.28%
Oats Dec 2017 227.75 +2.50 +1.11%
Oats Mar 2018 226.00 +1.50 +0.67%
Oats May 2018 226.00 +1.50 +0.67%
Wheat Jul 2017 438.25 +7.50 +1.74%
Wheat Sep 2017 451.25 +7.00 +1.58%
Wheat Dec 2017 473.50 +7.00 +1.50%
Wheat Mar 2018 491.25 +6.25 +1.29%
Wheat May 2018 502.75 +5.25 +1.06%
Minneapolis
Spring Wheat Jul 2017 568.75 +6.50 +1.16%
Spring Wheat Sep 2017 573.25 +5.50 +0.97%
Spring Wheat Dec 2017 577.75 +4.00 +0.70%
Spring Wheat Mar 2018 583.00 +2.25 +0.39%
Spring Wheat May 2018 586.00 +1.50 +0.26%
Kansas City
Hard Red Wheat Jul 2017 437.50 +6.25 +1.45%
Hard Red Wheat Sep 2017 455.25 +6.25 +1.39%
Hard Red Wheat Dec 2017 480.00 +5.75 +1.21%
Hard Red Wheat Mar 2018 495.00 +5.50 +1.12%
Hard Red Wheat May 2018 505.00 +5.25 +1.05%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Jun 2017 122.70 -1.22 -0.98%
Live Cattle (P) Aug 2017 118.95 -2.45 -2.02%
Live Cattle (P) Oct 2017 115.10 -2.85 -2.42%
Feeder Cattle (P) Aug 2017 146.95 -4.18 -2.77%
Feeder Cattle (P) Sep 2017 146.75 -4.22 -2.80%
Feeder Cattle (P) Oct 2017 145.78 -4.27 -2.85%
Lean Hogs (P) Jun 2017 81.82 +0.87 +1.07%
Lean Hogs (P) Jul 2017 81.90 +1.33 +1.65%
Lean Hogs (P) Aug 2017 81.30 +0.75 +0.93%
