Canola futures edged slightly higher Friday on a weaker loonie and talk of modest export business.
Gains were held in check by mostly good harvest weather and ideas that the canola crop will be large.
November canola closed at $469.20, down 70 cents.
STATSCAN FORECASTS
Commodity News Service polled analysts who had a range of canola production forecasts from 15.9 million to 20 million tonnes, with the majority at more than 18 million tonnes.
Last year’s crop was 17.23 million.
Statistics Canada releases its survey on crop production on Aug. 23.
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CHILLY
Temperatures got down to just 4C around Red Deer, Alta., Friday morning.
It should be mostly dry and warmer across the Prairies through the weekend.
But it could be fairly rainy and cool in central Alberta Tuesday-Wednesday with accumulations of up to two inches or more. The system could carry on into the northern grain belt of Saskatchewan and Manitoba delivering up to an inch.
Areas to the south should remain fairly dry next week, although cool by the middle of the week.
The loonie was down today on weaker than expected domestic retail sales data. Canadian inflation in July decreased to 1.3 percent from 1.5 percent in June. That matched expectations.
CANOLA CRUSH
The Canadian Oilseed Processors Association said members crushed 139,197 tonnes of canola in the week to Aug. 17, up 2.4 percent from the week before.
To date this crop year, the crush was at 342,375 tonnes, compared to 358,930 tonnes at the same point last year.
The crush this week was at a fairly slow 65 percent capacity use.
EXPORTS
The Canadian Grain Commission issued its first export report for the new crop year. It said in the first two weeks of the crop year canola exports totaled 338,700 tonnes, down from 381,200 in the same period last year.
Farmers are delivering less grain to elevators in August than they did last year.
Producer delivery in the two weeks of all grains stood at 1.128 million tonnes, down from 1.664 million last year.
For the week, November canola rose $7.80 per tonne or 1.7 percent.
U.S. GRAINS
Soybean futures edged lower on good weather to finish off the U.S. soybean growing season. Declines were checked by good export demand.
Soy oil and meal were also slightly lower today but oil gained on the week.
Soybean futures posted a weekly gain of 2.3 percent, soymeal futures dropped 0.7 percent and soyoil rose 6.3 percent, its strongest one week grain in more than eight months.
Rising crude oil and a rally in palm oil sparked by good exports and limited supply are supporting the soy oil rally.
Wheat was little changed today, with short covering providing a little support but expectations of ample supply capping gains.
For the week, CBOT September soft red winter wheat was up 1.1 percent. Kansas City September hard red winter wheat gained 0.5 percent and MGEX September spring wheat rose 3.4 percent.
The relative strength in Minneapolis hard red spring wheat reflects the interest in high protein wheat.
Corn edged higher for the sixth straight session on short covering.
Overall, corn rose 3.3 percent this week.
OUTSIDE MARKETS
Light crude oil nearby futures in New York rose 30 cents to US$48.52 per barrel.
The Canadian dollar at noon was US77.65 cents, down from 78.28 cents the previous trading day. The U.S. dollar at noon was C$1.2878.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 8.22 points, or 0.06 percent, at 14,687.46.
Over the week, the TSX composite fell 0.4 percent.
The Dow Jones industrial average today fell 45.13 points, or 0.24 percent, to 18,552.57, the S&P 500 lost 3.15 points, or 0.14 percent, to 2,183.87 and the Nasdaq Composite dropped 1.77 points, or 0.03 percent, to 5,238.38.
For the week, the major averages all closed little changed. While the Nasdaq inched up by 0.1 percent, the Dow slipped by 0.1 percent and the S&P 500 edged down less than a tenth of a percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2016 469.20 +0.70 +0.15%
Canola Jan 2017Â Â 475.50 +0.40 +0.08%
Canola Mar 2017Â Â 481.00 +0.10 +0.02%
Canola May 2017 485.00 -0.40 -0.08%
Canola Jul 2017 488.30 -0.60 -0.12%
Milling Wheat Oct 2016 218.00 -1.00 -0.46%
Milling Wheat Dec 2016 221.00 unch 0.00%
Milling Wheat Mar 2017 224.00 -1.00 -0.44%
Durum Wheat Oct 2016 261.00 unch 0.00%
Durum Wheat Dec 2016 264.00 unch 0.00%
Durum Wheat Mar 2017 269.00 unch 0.00%
Barley Oct 2016 138.00 unch 0.00%
Barley Dec 2016 138.00 unch 0.00%
Barley Mar 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 Sep 2016 1027.00 -5.25 -0.51%
Soybeans Nov 2016 1004.50 -10.00 -0.99%
Soybeans Jan 2017 1005.00 -9.50 -0.94%
Soybeans Mar 2017 1000.25 -7.50 -0.74%
Soybeans May 2017 997.75 -5.75 -0.57%
Soybeans Jul 2017 997.25 -5.00 -0.50%
Soybean Meal Sep 2016 330.00 -4.40 -1.32%
Soybean Meal Oct 2016 327.40 -5.10 -1.53%
Soybean Meal Dec 2016 325.50 -5.70 -1.72%
Soybean Oil Sep 2016 34.14 -0.05 -0.15%
Soybean Oil Oct 2016 34.28 -0.05 -0.15%
Soybean Oil Dec 2016 34.56 -0.05 -0.14%
Corn Sep 2016 334.25 +2.25 +0.68%
Corn Dec 2016 343.75 +1.75 +0.51%
Corn Mar 2017 353.50 +1.75 +0.50%
Corn May 2017 360.25 +1.50 +0.42%
Corn Jul 2017 366.75 +1.25 +0.34%
Oats Sep 2016 169.75 -0.25 -0.15%
Oats Dec 2016 184.50 +0.75 +0.41%
Oats Mar 2017 196.25 +1.75 +0.90%
Oats May 2017 199.75 +1.50 +0.76%
Oats Jul 2017 205.00 +0.25 +0.12%
Wheat Sep 2016 427.00 unch 0.00%
Wheat Dec 2016 444.75 +0.50 +0.11%
Wheat Mar 2017 464.00 +1.50 +0.32%
Wheat May 2017 477.25 +2.50 +0.53%
Wheat Jul 2017 485.50 +2.50 +0.52%
Minneapolis
Spring Wheat Sep 2016 530.75 +3.00 +0.57%
Spring Wheat Dec 2016 527.25 +1.25 +0.24%
Spring Wheat Mar 2017 535.50 +0.75 +0.14%
Spring Wheat May 2017 542.75 +1.00 +0.18%
Spring Wheat Jul 2017 551.25 +1.25 +0.23%
Kansas
Hard Red Wheat Sep 2016 418.75 -2.25 -0.53%
Hard Red Wheat Dec 2016 444.75 -2.00 -0.45%
Hard Red Wheat Mar 2017 460.50 -1.75 -0.38%
Hard Red Wheat May 2017 470.25 -2.00 -0.42%
Hard Red Wheat Jul 2017 479.75 -1.75 -0.36%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Aug 2016 113.55 -0.03 -0.03%
Live Cattle (P) Oct 2016 110.25 -0.33 -0.30%
Live Cattle (P) Dec 2016 111.72 -0.33 -0.29%
Feeder Cattle (P) Aug 2016 146.08 +1.06 +0.73%
Feeder Cattle (P) Sep 2016 143.85 +0.70 +0.49%
Feeder Cattle (P) Oct 2016 141.20 +0.57 +0.41%
Lean Hogs (P) Oct 2016 61.92 +1.22 +2.01%
Lean Hogs (P) Dec 2016 57.45 +1.00 +1.77%
Lean Hogs (P) Feb 2017 61.85 +0.80 +1.31%
