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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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.
