Rain in the western Midwest and forecasts for more moisture in coming weeks lifted most crop futures on Friday.
The additional rain in the western Midwest would delay the harvest there just as Western Canada’s harvested has been delayed by rain in recent weeks.
The rising U.S. crop market helped lift futures for canola, a crop that is suffering its own cropping delays.
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Rain on Thursday and today in Manitoba stopped combines.
Saskatchewan Agriculture said Thursday that 38 percent of all crops in the province were combined as of Sept. 12, down from the five year average of 44 percent.
Only 25 percent of canola was in the bin in Saskatchewan.
It was a similar story in Alberta with only about nine percent of canola in the bin as of Sept. 13.
Across all major crops in Alberta, only 20.5 percent had been combined, versus the five year average of 37.7 percent.
Saskatchewan and Alberta should have made much better progress by the time next week’s reports are issued. Warm, sunny weather has prevailed over the western Prairies in recent days and it should carry on into early next week.
More unsettled weather is expected beginning later on Tuesday.
Futures market gains today were kept in check by harvest and the expectation of big production.
November canola closed at $457, up $1.30 or 0.29 percent on the day, but over the week it fell 2.5 percent.
Canola demand is a mixed bag with good domestic use, but slow exports.
The weekly crush was strong at 179,296 tonnes, up six percent from week before. That represented 84 percent of capacty.
To date, 986,175 tones have been crushed, up 10 percent over last year at the same point.
But the weekly canola export number was weak at only 86,000 tonnes, down from 167,500 the week before.
In the first six weeks of the crop year, 698,100 tonnes of canola have been exported. That is down 170,700 or almost 20 percent from last year.
In U.S. markets, corn led the way higher today on the concerns about the rainy weather.
December corn today gained 2.12 percent but over the week it lost 1.4 percent.
Data from the U.S. Commodity Futures Trading Commission showed funds held large net short positions in CBOT corn and wheat as of Sept. 6, leaving those markets vulnerable to bouts of short-covering, Reuters reported.
Chicago and Minneapolis wheat contracts wound up virtually unchanged over the week.
In addition to large global supplies, the wheat market is under pressure from Egypt’s revived restrictions on grain containing ergot.
Egypt is one of the world’s top buyers of wheat.
It has been wavering over a desire by some in its administration to have zero tolerance for ergot. The international standard is 0.05 percent.
It dropped the ban earlier this summer but has brought it back now and international traders will not bid on its tenders while the uncertainty continues.
Light crude oil nearby futures in New York were down 88 cents to US$43.03 per barrel.
The Canadian dollar at noon was US75.68 cents, down from 76.07 cents the previous trading day. The U.S. dollar at noon was C$1.3213.
The stock markets will be on edge going into the U.S. Federal Reserve’s meeting next Tuesday and Wednesday and the uncertainty over whether the committee will raise interest rates.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 52.74 points, or 0.36 percent, at 14,450.93.
It fell 0.6 percent on the week.
The Dow Jones industrial average fell 89.3 points, or 0.49 percent, to 18,123.18, the S&P 500 lost 8.17 points, or 0.38 percent, to 2,139.09 and the Nasdaq Composite dropped 5.12 points, or 0.1 percent, to 5,244.57.
On the week, the Dow rose 0.2 percent, the S&P 500 rose 0.5 percent and the Nasdaq rose 2.3 percent thanks to the Apple rally.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 16 457.00 +1.30 +0.29%
Canola Jan 17 463.20 +1.00 +0.22%
Canola Mar 17 467.60 +1.20 +0.26%
Canola May 17 471.80 +1.20 +0.25%
Canola Jul 17 474.80 +1.50 +0.32%
Milling Wheat Oct 16 211.00 -1.00 -0.47%
Milling Wheat Dec 16 214.00 -1.00 -0.47%
Milling Wheat Mar 17 218.00 -1.00 -0.46%
Durum Wheat Oct 16 271.00 +5.00 +1.88%
Durum Wheat Dec 16 272.00 +5.00 +1.87%
Durum Wheat Mar 17 277.00 +6.00 +2.21%
Barley Oct 16 135.00 unch unch
Barley Dec 16 135.00 unch unch
Barley Mar 17 137.00 unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2016 966.00 +15.50 +1.63%
Soybeans Jan 2017 971.25 +15.50 +1.62%
Soybeans Mar 2017 973.75 +15.00 +1.56%
Soybeans May 2017 978.75 +14.25 +1.48%
Soybeans Jul 2017 983.75 +13.75 +1.42%
Soybeans Aug 2017 980.75 +13.75 +1.42%
Soybean Meal Oct 2016 313.70 +5.10 +1.65%
Soybean Meal Dec 2016 312.80 +5.60 +1.82%
Soybean Meal Jan 2017 312.90 +5.80 +1.89%
Soybean Oil Oct 2016 31.98 -0.06 -0.19%
Soybean Oil Dec 2016 32.23 -0.05 -0.15%
Soybean Oil Jan 2017 32.46 -0.05 -0.15%
Corn Dec 2016 337.00 +7.00 +2.12%
Corn Mar 2017 347.25 +7.00 +2.06%
Corn May 2017 354.50 +7.50 +2.16%
Corn Jul 2017 361.00 +7.00 +1.98%
Corn Sep 2017 367.50 +6.75 +1.87%
Oats Dec 2016 175.75 +2.75 +1.59%
Oats Mar 2017 187.50 +1.75 +0.94%
Oats May 2017 193.00 +2.00 +1.05%
Oats Jul 2017 200.25 +1.75 +0.88%
Oats Sep 2017 200.25 +1.75 +0.88%
Wheat Dec 2016 403.25 +3.75 +0.94%
Wheat Mar 2017 425.00 +2.75 +0.65%
Wheat May 2017 439.00 +2.00 +0.46%
Wheat Jul 2017 449.50 +1.25 +0.28%
Wheat Sep 2017 464.75 +0.75 +0.16%
Minneapolis
Spring Wheat Dec 2016 492.75 +1.50 +0.31%
Spring Wheat Mar 2017 502.75 +1.00 +0.20%
Spring Wheat May 2017 511.75 +1.00 +0.20%
Spring Wheat Jul 2017 521.00 +1.25 +0.24%
Spring Wheat Sep 2017 530.75 +1.00 +0.19%
Kansas City
Hard Red Wheat Dec 2016 417.25 +1.25 +0.30%
Hard Red Wheat Mar 2017 433.50 +1.50 +0.35%
Hard Red Wheat May 2017 443.75 +1.25 +0.28%
Hard Red Wheat Jul 2017 454.25 +1.25 +0.28%
Hard Red Wheat Sep 2017 469.50 +1.50 +0.32%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Oct 2016 107.88 +0.93 +0.87%
Live Cattle (P) Dec 2016 108.05 +1.08 +1.01%
Live Cattle (P) Feb 2017 108.28 +1.08 +1.01%
Feeder Cattle (P) Sep 2016 135.50 +1.53 +1.14%
Feeder Cattle (P) Oct 2016 132.95 +1.25 +0.95%
Feeder Cattle (P) Nov 2016 130.70 +1.38 +1.07%
Lean Hogs (P) Oct 2016 55.48 +0.33 +0.60%
Lean Hogs (P) Dec 2016 49.95 +0.50 +1.01%
Lean Hogs (P) Feb 2017 54.38 +0.53 +0.98%
