New crop canola fell $12.30 on the week

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Published: April 26, 2013

Canola drifted lower again Friday, winding up with a loss for the week, with a stronger loonie and ideas the price was oversold behind the decline.

The move toward warmer weather and the hope that the snow will melt quickly to allow seeding to begin in earnest in a few weeks also was negative for canola prices.

May canola closed at $634.10, down $2.20. November closed at $550.20, down $1.20.

May fell $5.90 on the week, while November closed down $12.30 over the week.

Open interest in the May contract was shrinking rapidly with delivery period beginning next Wednesday.

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Photo: JHVEPhoto/Getty Images Plus

U.S. grains: Corn, soybeans extend losses as Midwest weather looks crop-friendly

Chicago Board of Trade corn futures extended session losses on Tuesday, weighed down by forecasts for crop-friendly rain in U.S. grain belts this week.

Old crop canola remains well supported by concerns about tight stocks and good demand. There was a big jump in canola crush last week.

Soybean futures rose on the strong cash market as U.S. soybean crushers struggle to pry seed from farmers.

Wheat futures fell as traders took profits from Thursday’s rally, sparked by concerns that frost had damaged the U.S. hard red winter wheat crop. An industry tour of the region next week will provide a better picture of the condition of the HRW wheat crop.

Corn dropped a little as expectations for warm weather in the U.S. Midwest next week raised hope that farmers will jump into seeding after a slow start.  However showers midweek could again limit the amount of work that gets done.

The Canadian Oilseed Producers Association said members crushed 145,596 tonnes of the oilseed, up 21 percent from the week before.  That represented a capacity use of 87.6 percent, about equal to the average pace for the year.

To date, COPA members have crushed 5.176 million tonnes of canola, up from 5.035 million last year at the same time.

Weekly canola exports to April 21 were 104,200 tonnes, down from 189,800 tonnes the week before. To date, 5.7494 million tonnes have been exported, down from 6.9142 million at the same time last year

China recently bought 50,000 tonnes rapeseed oil from Europe for the first time in two years, as it was cheaper than domestic prices, the China National Grain and Oils Information Centre (CNGOIC) said, as reported by Reuters.

Price was $1,220 to $1,240 per tonne, including cost, insurance and freight, said CNGOIC

China’s first quarter rapeseed oil imports jumped almost 70 percent on the year to 387,234 tonnes. Most came from Canada.

 

Winnipeg $Cdn per tonne

Canola May 2013       634.10       -2.20       -0.35%

Canola Jul 2013       616.50       -2.90       -0.47%

Canola Nov 2013       550.20       -1.20       -0.22%

Canola Jan 2014       550.90       -1.10       -0.20%

Canola Mar 2014       545.20       -0.90       -0.16%

 

Milling Wheat May 2013       292.00       unch       0.00%

Milling Wheat Jul 2013       294.00       unch       0.00%

Milling Wheat Oct 2013       294.00       unch       0.00%

 

Durum Wheat May 2013       301.90       -2.00       -0.66%

Durum Wheat Jul 2013       301.90       -2.00       -0.66%

Durum Wheat Oct 2013       294.90       -2.00       -0.67%

 

Barley May 2013       243.50       unch       0.00%

Barley Jul 2013       244.00       unch       0.00%

Barley Oct 2013       194.00       unch       0.00%

 

 

U.S. crops are in ¢US per bushel. Soybean meal is $US per sort ton. Soybean Oil is ¢US per pound.

Chicago

Soybeans May 2013       1430.75       +7.25       +0.51%

Soybeans Jul 2013       1381       +8.75       +0.64%

Soybeans Aug 2013       1318.5       +9.75       +0.74%

Soybeans Sep 2013       1247.5       +4.75       +0.38%

Soybeans Nov 2013       1210.25       +4       +0.33%

Soybeans Jan 2014       1217.5       +3.75       +0.31%

 

Soybean Meal May 2013       417.9       +3.6       +0.87%

Soybean Meal Jul 2013       404.7       +4.6       +1.15%

Soybean Meal Aug 2013       378.6       +4.7       +1.26%

 

Soybean Oil May 2013       49.66       -0.11       -0.22%

Soybean Oil Jul 2013       49.54       +0.06       +0.12%

Soybean Oil Aug 2013       49.16       -0.01       -0.02%

 

Corn May 2013       644       -1.25       -0.19%

Corn Jul 2013       619.75       -4.75       -0.76%

Corn Sep 2013       544.75       -5.75       -1.04%

Corn Dec 2013       524       -7.25       -1.36%

Corn Mar 2014       535       -7.25       -1.34%

 

Oats May 2013       390.75       -3.75       -0.95%

Oats Jul 2013       384       -4.5       -1.16%

Oats Sep 2013       368.75       -1.25       -0.34%

Oats Dec 2013       361.5       -1.5       -0.41%

Oats Mar 2014       368.25       -1.5       -0.41%

 

Chicago soft red winter

Wheat May 2013       688.75       -12.5       -1.78%

Wheat Jul 2013       692.5       -11.25       -1.60%

Wheat Sep 2013       701       -10.75       -1.51%

Wheat Dec 2013       715.75       -10.25       -1.41%

Wheat Mar 2014       729       -9.75       -1.32%

 

Minneapolis hare red spring

Spring Wheat May 2013       811.25       -12       -1.46%

Spring Wheat Jul 2013       804.5       -3.75       -0.46%

Spring Wheat Sep 2013       800       -5.5       -0.68%

Spring Wheat Dec 2013       807.25       -5       -0.62%

Spring Wheat Mar 2014       817       -6.5       -0.79%

 

Kansas City hard red winter

KCBT Red Wheat May 2013       756.5       -7.25       -0.95%

KCBT Red Wheat Jul 2013       750.5       -11       -1.44%

KCBT Red Wheat Sep 2013       760.25       -11.5       -1.49%

KCBT Red Wheat Dec 2013       775.25       -11.75       -1.49%

KCBT Red Wheat Mar 2014       785       -12.5       -1.57%

 

The Bank of Canada noon rate for the loonie was 98.33, up from 98.10 on Thursday. The U.S. greenback was $1.017.

Nearby crude oil in New York fell 64 cents to settle at $93 per barrel.

The U.S. economy grew at 2.5 percent in the first quarter. That was an improvement over the last year’s fourth quarter, but analysts had expected a three percent gain, so the market reacted with disappointment.

Weak quarterly reports by companies in the energy and gold sectors pressured the Toronto market lower while U.S. markets were nearly flat

In unofficial tallies —

The Toronto Stock Exchange composite index closed down 109.31 points, or 0.89 percent, at 12,220.20.

The Dow Jones industrial average edged up 11.90 points, or 0.08 percent, at 14,712.70.

The Standard & Poor’s 500 Index slipped 2.91 points, or 0.18 percent, to 1,582.25.

The Nasdaq Composite Index fell 10.72 points, or 0.33 percent, to 3,279.26.

The TSX rose 1.3 percent on the week, the Dow rose 1.13 percent, the S&P 500 rose 1.74 percent and the Nasdaq rallied 2.28 percent.

About the author

D'Arce McMillan

Markets editor, Saskatoon newsroom

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