July canola closed up $1.40 a tonne today and posted a 2.4 percent increase on the week thanks mostly to the big gain on Monday.
Through the rest of the week, the canola price barely changed with the slight variations due to changes in the loonie and shifts in the soy complex.
Most-traded July closed at $458.10 per tonne.
New crop November closed at $450 per tonne Friday and gained 4.6 percent over the week.
Wheat rose a little today on results from the Kansas crop tour that showed scouts expect below average hard red winter wheat yields in the state that is the biggest producer of that class in America. The strength in wheat helped lift corn.
Read Also
Feed Grains Weekly: Price likely to keep stepping back
As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
In Canada, slow farmer selling as seeding picks up pace is supporting old crop canola prices, but the rapid progress of seeding could weigh on new crop prices.
Saskatchewan Agriculture said that as of May 3 seeding in the province was 14 percent complete, up from the five-year average of two percent.
Alberta canola planting as of May 5 was 14.4 percent complete, the provincial government said.
Growers in southern Alberta are a little concerned about the lack of moisture and warm, windy conditions drying out soil.
No moisture is expected in the Prairies over the next several days. The forecast for the May 16-17 weekend shows the chance for showers in southern Alberta.
The next chance for a shift in the market is Tuesday when the USDA will issue its monthly supply and demand report. For the first time this year it will include its detailed forecasts for the 2015-16 crop year.
Our reporter Sean Pratt spoke with Arlan Suderman, senior market analyst with Water Street Advisory about the coming USDA report. Here is his story: U.S. soybean estimate expected to be misleading
In wheat, scouts on the Wheat Quality Council’s annual tour projected yields in Kansas at 35.9 bushels per acre, below the five-year crop tour average of 40.3 bu. per acre.
Scouts projected wheat production at 288.5 million bu., above last year’s official output of 246.4 million bu. but below the five-year crop tour average of 313.6 million bu.
The Oklahoma Grain and Feed Association projected the yield of Oklahoma’s 2015 winter wheat crop at 29.4 bu. per acre, up from the actual yield of 17 bu. last year.
That would produce a crop of 111.7 million bu., based on harvested acreage of 3.8 million acres. Last year, drought pushed the crop down to just 47.6 million bu.
For the week, CBOT July wheat, the most actively traded contract, rose 1.8 percent, snapping a streak of four straight weekly declines. K.C. July hard red winter wheat rose 1.7 percent and MGEX July spring wheat gained 1.5 percent.
CBOT July soybeans over the week rose 1.1 percent.
July corn rose 0.3 percent this week.
Light crude oil nearby futures today in New York rose 45 cents to US$59.39 per barrel.
The Canadian dollar at noon was US82.73 cents, up from 82.38 cents the previous trading day. The U.S. dollar at noon was C$1.2088.
Strong job gains in April in the United States indicated the U.S. economy is rolling along, but Canada lost jobs in April.
The jobless rate in Canada stayed at 6.8 percent. The rate in the U.S. fell to 5.4 percent, near a seven year low.
The TSX composite rose 81.20 points or 0.54 percent to 15,170.02.
The Dow Jones industrial average rose 266.59 points, or 1.49 percent, to 18,190.65, the S&P 500 gained 28.04 points, or 1.34 percent, to 2,116.04 and the Nasdaq Composite added 58.00 points, or 1.17 percent, to 5,003.55.
Over the week, the TSX fell 1.1 percent, the Dow rose 0.9 percent, the S&P 500 rose 0.4 percent and the Nasdaq was flat.
ICE Futures Canada, dollars per tonne
Canola May 2015 466.10 +0.30 +0.06%
Canola Jul 2015 458.10 +1.40 +0.31%
Canola Nov 2015 450.00 +2.10 +0.47%
Canola Jan 2016 451.50 +2.90 +0.65%
Canola Mar 2016 451.00 +2.50 +0.56%
Milling Wheat May 2015 199.00 +3.00 +1.53%
Milling Wheat Jul 2015 202.00 +3.00 +1.51%
Milling Wheat Oct 2015 209.00 +4.00 +1.95%
Durum Wheat May 2015 313.00 unch 0.00%
Durum Wheat Jul 2015 303.00 unch 0.00%
Durum Wheat Oct 2015 308.00 unch 0.00%
Barley May 2015 195.00 -5.00 -2.50%
Barley Jul 2015 197.00 -5.00 -2.48%
Barley Oct 2015 180.00 -7.00 -3.74%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2015 984.5 +3 +0.31%
Soybeans Jul 2015 976.25 +1.25 +0.13%
Soybeans Aug 2015 969.5 +1 +0.10%
Soybeans Sep 2015 957 +0.25 +0.03%
Soybeans Nov 2015 952 +1 +0.11%
Soybeans Jan 2016 958 +0.75 +0.08%
Soybean Meal May 2015 315.2 -2.2 -0.69%
Soybean Meal Jul 2015 313.4 -1 -0.32%
Soybean Meal Aug 2015 310.8 -1.1 -0.35%
Soybean Oil May 2015 32.8 +0.49 +1.52%
Soybean Oil Aug 2015 32.98 +0.47 +1.45%
Corn May 2015 358.5 +0.75 +0.21%
Corn Jul 2015 363 +1.5 +0.41%
Corn Sep 2015 368.5 +1.25 +0.34%
Corn Dec 2015 378.25 +1.25 +0.33%
Corn Mar 2016 389.5 +0.75 +0.19%
Oats May 2015 236.25 +6.75 +2.94%
Oats Jul 2015 239.5 +7 +3.01%
Oats Sep 2015 245.75 +6.75 +2.82%
Oats Dec 2015 252.75 +5.75 +2.33%
Oats Mar 2016 261 +6 +2.35%
Wheat May 2015 476.5 +10.75 +2.31%
Wheat Jul 2015 481.5 +8.75 +1.85%
Wheat Sep 2015 489.25 +8.5 +1.77%
Wheat Dec 2015 506.25 +8.5 +1.71%
Wheat Mar 2016 522.25 +7.75 +1.51%
Minneapolis
Spring Wheat May 2015 528.5 +10.5 +2.03%
Spring Wheat Jul 2015 541 +10.25 +1.93%
Spring Wheat Sep 2015 552.75 +10.25 +1.89%
Spring Wheat Dec 2015 567.5 +10.75 +1.93%
Spring Wheat Mar 2016 581.75 +10.5 +1.84%
Kansas City
Hard Red Wheat May 2015 510.5 +11.75 +2.36%
Hard Red Wheat Jul 2015 508.5 +8.75 +1.75%
Hard Red Wheat Sep 2015 518 +9 +1.77%
Hard Red Wheat Dec 2015 534.5 +8 +1.52%
Hard Red Wheat Mar 2016 547.5 +7.5 +1.39%
