May canola gains $9.60 on the week; corn has bad week

May Canola on Friday closed at its highest level since Feb. 4, supported by solid demand and a stronger soy complex, following word that American farmers plan fewer than expected soybean acres.

May canola crept above $480 at one point but closed at $479.10 per tonne, up $3.30 on the day or 0.69 percent.

The Canadian dollar was down almost a half cent.

Over the week, the May contract rose $9.60 or two percent.

Watch our weekly markets video

The Canadian Oilseed Processors Association said members crushed 161,312 tonnes of canola this week, down 6.5 percent from the week before and only 78.1 percent of industry capacity, down from the year’s average of 82.6 percent.

The crush total to date was 5.46 million tonnes, up from 4.84 million last year.

While domestic crush faded a little, the export pace is picking up.

Canola exports in week 34 of the crop year were 320,000 tonnes, up from 261,800 the week before, figures from the Canadian Grain Commission showed.

Wheat exports for the week were also strong, at 328,900 tonnes, up from 151,000 the week before.

The U.S. market was still digesting the USDA prospective planting survey issued Thursday.

USDA reported that U.S. farmers planned to boost corn seedings by 6.4 percent to 93.601 million acres, the third-highest level since 1944.

The planned acreage for soybeans and wheat were smaller than the trade expected.

The report put soybean seedings at 82.236 million acres, which would be the third-highest ever. Planned all-wheat seedings were 49.559 million acres. The spring wheat area would be the smallest since 1972.

The survey was conducted in the first half of March and corn prices have fallen relative to soybeans since then so by the time tractors are in the fields, the corn acreage increase might not be as much as this report said.

Extended weather outlooks showed a chance for needed rain in dry portions of the southern plains winter wheat region.

Corn fell more than four percent on Thursday and was lower early in this morning but by the close finished up by a couple of pennies a bushel.

Soybeans closed up a little less than one percent

Wheat contracts were up less than a half percent on Friday.

Over the week, Minneapolis spring wheat gained 17 cent a bushel or 3.3 percent.

Over the week corn fell 4.3 percent, its biggest loss since July.

Light crude oil nearby futures in New York were down $1.55 to US$36.79 per barrel.

The Canadian dollar at noon was US76.65 cents, down from 77.10 cents the previous trading day. The U.S. dollar at noon was C$1.3047.

Canada’s gross domestic product rose by a surprisingly strong 0.6 percent in January, double the expected increase. The economy has now grown for four consecutive months and manufacturing is gathering momentum thanks to the weak loonie.

Just a month ago as the stock market was falling, some were nervous about growth prospects and were speculating on the need for a Bank of Canada interest rate cut, but this report has taken that off the table.

The U.S. monthly jobs report showed that the American economy created 215,000 jobs, a respectable number. The unemployment rate edged up to five percent from 4.9 percent last month as more people entered the job market.

Even with the strong GDP report, the TSX fell on Friday weighed down by weaker energy stocks and by a poor quarterly financial report from BlackBerry.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 53.92 points, or 0.40 percent, at 13,440.44.

The Dow Jones industrial average was up 108.14 points, or 0.61 percent, to 17,793.23, the S&P 500 gained 13.15 points, or 0.64 percent, to 2,072.89 and the Nasdaq Composite added 44.70 points, or 0.92 percent, to 4,914.54.

For the week, the TSX closed index closed 0.6 percent higher, the S&P climbed 1.8 percent, the Dow added 1.6 percent and the Nasdaq jumped 3 percent.

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2016 479.10 +2.90 +0.61%

Canola Jul 2016 485.00 +3.10 +0.64%

Canola Nov 2016 484.20 +4.10 +0.85%

Canola Jan 2017 486.80 +3.60 +0.75%

Canola Mar 2017 487.80 +3.20 +0.66%

Milling Wheat May 2016 240.00 unch 0.00%

Milling Wheat Jul 2016 240.00 unch 0.00%

Milling Wheat Oct 2016 238.00 +1.00 +0.42%

Durum Wheat May 2016 295.00 unch 0.00%

Durum Wheat Jul 2016 286.00 unch 0.00%

Durum Wheat Oct 2016 279.00 -1.00 -0.36%

Barley May 2016 172.00 -4.00 -2.27%

Barley Jul 2016 174.00 -4.00 -2.25%

Barley Oct 2016 174.00 -4.00 -2.25%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago

Soybeans May 2016 918.25 +7.5 +0.82%

Soybeans Jul 2016 926 +8.25 +0.90%

Soybeans Aug 2016 928.5 +8 +0.87%

Soybeans Sep 2016 928.5 +7.75 +0.84%

Soybeans Nov 2016 932.25 +7.5 +0.81%

Soybeans Jan 2017 936.5 +8 +0.86%

Soybean Meal May 2016 272.3 +2 +0.74%

Soybean Meal Jul 2016 275.1 +2 +0.73%

Soybean Meal Aug 2016 276.3 +1.9 +0.69%

Soybean Oil May 2016 34.45 +0.23 +0.67%

Soybean Oil Jul 2016 34.67 +0.23 +0.67%

Soybean Oil Aug 2016 34.78 +0.25 +0.72%

Corn May 2016 354 +2.5 +0.71%

Corn Jul 2016 357.75 +2 +0.56%

Corn Sep 2016 361.75 +1.25 +0.35%

Corn Dec 2016 369.75 +1 +0.27%

Corn Mar 2017 379.5 +1.25 +0.33%

Oats May 2016 185 -0.5 -0.27%

Oats Jul 2016 195 -1.25 -0.64%

Oats Sep 2016 203.75 -1.5 -0.73%

Oats Dec 2016 212.5 -2 -0.93%

Oats Mar 2017 217.25 -2 -0.91%

Wheat May 2016 475.75 +2.25 +0.48%

Wheat Jul 2016 483 +2.25 +0.47%

Wheat Sep 2016 492.5 +2.25 +0.46%

Wheat Dec 2016 506.75 +2.75 +0.55%

Wheat Mar 2017 520 +2.75 +0.53%

Minneapolis

Spring Wheat May 2016 529 -0.5 -0.09%

Spring Wheat Jul 2016 538 +0.25 +0.05%

Spring Wheat Sep 2016 547 unch 0.00%

Spring Wheat Dec 2016 559.25 -0.25 -0.04%

Spring Wheat Mar 2017 571.25 -0.5 -0.09%

Kansas City

Hard Red Wheat May 2016 477.75 +1.5 +0.31%

Hard Red Wheat Jul 2016 488.5 +1.5 +0.31%

Hard Red Wheat Sep 2016 502.5 +1.5 +0.30%

Hard Red Wheat Dec 2016 523 +2 +0.38%

Hard Red Wheat Mar 2017 535.75 +2.5 +0.47%

Your reading list