Market wrap: canola loses $8.40 on the week

Canola futures fell along with soybeans on Friday closing out a losing week.

January canola closed down $1.70 at $511 per tonne.

Compared to the previous Friday, January was down $8.40 or 1.6 percent.

Soybean oil over the week was down 1.45 percent but soybeans edged up slightly.

CANOLA CRUSH

The canola crush was up 11 percent at 197,599 tonnes in the week to Nov. 22.

That was a solid performance at about 89 percent of capacity.

For the year the crush is 2.83 million tonnes, a little less than last year’s 2.87 million at this point.

GRAIN RAIL MOVEMENT

Because of a derailment last week, Canadian Pacific moved only 465,260 tonnes in the week to Nov. 18, down from 584,070 the week before.

The railway had this report on its website:

“Vancouver-destined grain continued to experience delays as the CP network recovered from the British Columbia derailment in Week 15 (on Nov. 12).

“We are now well into the recovery process, and look forward to a return to normal operating conditions.

“Shipments decreased by 20 percent from the previous week, almost entirely due to the derailment and subsequent service interruption.”

Meanwhile, the Ag Transport Coalition daily report noted that volumes in the western rail corridors continue to be impacted by CN’s hopper car rationing policy.

CROP EXPORTS

The total of all Canadian grain and oilseeds exports in week 16 to Nov. 19  fell below a million tonnes for a second week.

The totaled shipped from all ports was 923,000 tonnes, a little better than week 15’s 868,300.

Weeks 13 and 14 were exceptionally strong with more than a million tonnes moved in each of those weeks.

Canola exports in the current week 16 totaled 200,200 tonnes, up from just 133,000 the week before.

Canola exports are still ahead of last year’s pace with 3.19 million tonnes shipped so far, up from 2.87 million last year at the same point.

Wheat exports were 312,600 tonnes, down from 358,300 the week before.

For the year wheat exports are still ahead of last year, with 4.73 million tonnes moved, up from 4.36 million last year.

SOUTH AMERICA

Soy farmers in Brazil have planted 84 percent of the estimated area of the 2017-18 crop, advancing 11 percent on last week’s level, helped by the return of rain, consultancy AgRural said in a statement on Friday.

At this time last year, soy farmers had planted 83 percent of the estimated area while the five-year average is 79 percent, AgRural said.

Dry parts of Argentina are expected to get rain next week.

WHEAT

Chicago wheat futures sank to contract lows as disappointing export data and chart-based selling weighed on prices as the U.S. market resumed trading for a shortened session following Thursday’s closure for Thanksgiving.

Wheat exports at just under 200,000 tonnes were the smallest in six weeks.

OUTSIDE MARKETS

Light crude oil nearby futures in New York rose 93 cents to close at US$58.95 per barrel.

In the afternoon, the Canadian dollar was trading around US78.66 cents, up slightly from 78.63 cents the previous trading day. The U.S. dollar was about C$1.271.

The TSX composite closed at 16,108.09, up 33.79 points of 0.21 percent.

The Dow rose 31.81 points, or 0.14 percent, to 23,557.99, while the S&P gained 5.34 points, or 0.21 percent, to 2,602.42. The Nasdaq added 21.80 points, or 0.32 percent, to 6,889.16.

For the week, the TSX climbed 0.7 percent, the Dow climbed 0.8 percent, the S&P 500 climbed 0.9 percent and the Nasdaq jumped 1.6 percent. All the U.S. indexes were at fresh record highs.

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jan 18 511.00s -1.70 -0.33%

Canola Mar 18 519.40s -1.10 -0.21%

Canola May 18 524.40s -0.90 -0.17%

Canola Jul 18 527.30s -0.70 -0.13%

Canola Nov 18 505.60s +0.70 +0.14%

 

American crop price in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8 and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.

Chicago

Soybeans Jan 18 993-2s -4-0 -0.40%

Soybeans Mar 18 1004-6s -3-6 -0.37%

Soybeans May 18 1014-6s -3-4 -0.34%

Soybeans Jul 18 1022-4s -3-6 -0.37%

Soybeans Aug 18 1023-2s -3-0 -0.29%

 

Soybean Meal Dec 17 323.8s -0.6 -0.18%

Soybean Meal Jan 18 325.9s -0.8 -0.24%

Soybean Meal Mar 18 329.0s -0.8 -0.24%

 

Soybean Oil Dec 17 33.94s -0.11 -0.32%

Soybean Oil Jan 18 34.08s -0.12 -0.35%

Soybean Oil Mar 18 34.32s -0.10 -0.29%

 

Corn Dec 17 342-2s -3-0 -0.87%

Corn Mar 18 355-0s -2-0 -0.56%

Corn May 18 363-2s -2-0 -0.55%

Corn Jul 18 371-2s -2-0 -0.54%

Corn Sep 18 378-4s -2-0 -0.53%

 

Oats Dec 17 249-2s -1-4 -0.60%

Oats Mar 18 266-6s +0-2 +0.09%

Oats May 18 272-6s -0-2 -0.09%

Oats Jul 18 277-6s -0-2 -0.09%

Oats Sep 18 279-6s -0-2 -0.09%

 

Wheat Dec 17 415-6s -7-0 -1.66%

Wheat Mar 18 434-6s -6-0 -1.36%

Wheat May 18 447-4s -6-0 -1.32%

Wheat Jul 18 461-2s -6-2 -1.34%

Wheat Sep 18 476-2s -5-6 -1.19%

 

Minneapolis

Spring Wheat Dec 17 623-4s -3-2 -0.52%

Spring Wheat Mar 18 638-4s -2-6 -0.43%

Spring Wheat May 18 643-4s -3-0 -0.46%

Spring Wheat Jul 18 646-4s -2-2 -0.35%

Spring Wheat Sep 18 633-4s -0-6 -0.12%

 

Kansas

Hard Red Wheat Dec 17 414-4s -6-4 -1.54%

Hard Red Wheat Mar 18 432-0s -6-4 -1.48%

Hard Red Wheat May 18 445-2s -6-2 -1.38%

Hard Red Wheat Jul 18 463-2s -6-2 -1.33%

Hard Red Wheat Sep 18 480-6s -6-2 -1.28%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle (Pit) Dec 17 118.575s -0.475 -0.40%

Live Cattle (Pit) Feb 18 124.575s -0.900 -0.72%

Live Cattle (Pit) Apr 18 125.250s -0.700 -0.56%

 

Feeder Cattle (Pit) Jan 18 153.300s +0.575 +0.38%

Feeder Cattle (Pit) Mar 18 151.775s +0.625 +0.41%

Feeder Cattle (Pit) Apr 18 151.575s +0.650 +0.43%

 

Lean Hogs (Pit) Dec 17 63.250s +0.425 +0.68%

Lean Hogs (Pit) Feb 18 69.400s +0.300 +0.43%

Lean Hogs (Pit) Apr 18 73.575s +0.525 +0.72%

 

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