Canola futures on Friday closed higher for the fourth time in five days this week, supported by slow farmer selling and stronger soy oil.
May canola closed at $489.10 per tonne, up $3.80 on the day while new crop November closed at $484.30 up $3.30.
Over the week May canola rose $4.70 per tonne.
New crop November rose $7.90 over the week.
Gains were kept in check by new higher forecasts for Brazil’s record large soybean crop.
The ICE Futures Canada canola best basis benchmark today was zero, compared to -$5 a tonne yesterday.
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That is likely a crusher bid.
It looks like it will be cooler than normal on the Prairies Sunday and Monday and next week won’t see temperature high records being broken like they were this week
Long range forecasts, which by their nature are less reliable, indicate the potential for rainy weather in the second half of April in the Canadian Prairies.
There was little reaction in the crop market to the U.S. missile strikes in Syria overnight.
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EXPORTS STRONG
Canada shipped 334,700 tonnes of canola last week (week 35), up from 169,600 the week before. Wheat exports were 346,500 tonnes, up from 291,700 the week before, the Canadian Grain Commission reported.
Total exports of all crops were 981,600 tonnes, up from 823,100 tonnes.
There were 12 vessels cleared from Vancouver and three from Prince Rupert in week 35.
The ship line up at Vancouver rose to 26 vessels from 24, with six at berth, 10 anchored at English Bay, to at Burrard Inlet and eight on the south coast of Vancouver Island.
Prince Rupert line up decreased to three vessels from five.
CRUSH WEAKER
Weekly crush fell 10 percent to 166,807 tonnes, representing only 78 percent of industry capacity and the smallest since early January.
Plants might be engaged in spring maintenance.
VEG OILS
The soy oil market might be hoping that the tax changes that the U.S. Trump administration will proposed to Congress will include switching the biofuel incentive to a producers’ credit from a blenders’ credit.
Currently blenders can apply the incentive to imported biodiesel but if it switched to a producers’ credit it would likely cause imports to almost stop and domestic biodiesel makers increase the amount of vegetable oil they process into fuel.
It could possibly result in U.S. biodiesel makers importing more canola oil.
EMPLOYMENT REPORTS
Canadian employers created 19,400 jobs in March, nearly four times more the number that analysts expected.
With the jobs picture improving, more people joined the search for employment and so the unemployment rate rose to 6.7 percent.
It was the fourth straight improvement in the jobs picture and should cause the Bank of Canada to issue a more positive view of the economy’s recovery from the oil price slump.
But analysts believe the bank won’t yet change its guidance about no interest rate increases in the near term.
The U.S. created 98,000 jobs in March, the weakest showing since last May. But is was enough to pressure the unemployment rate down to 4.5 percent.
The report reinforced expectations for another U.S. Federal Reserve interest rate hike in June.
OUTSIDE MARKETS
The Toronto Stock Exchange composite index fell 30.05 points or 0.19 percent to 15,667.13.
The Dow Jones Industrial Average fell 7.06 points, or 0.03 percent, to 20,655.89, the S&P 500 lost 1.93 points, or 0.08 percent, to 2,355.56 and the Nasdaq Composite dropped 1.14 points, or 0.02 percent, to 5,877.81.
For the week, the TSX rose 0.8 percent, the Dow was almost unchanged, the S&P 500 fell 0.3 percent and the Nasdaq fell 0.6 percent.
Light crude oil nearby futures in New York were up 55 cents on Friday to US$52.24 per barrel.
In the afternoon, the Canadian dollar was trading around US74.53 cents, little changed from 74.52 cents the previous trading day. The U.S. dollar was C$1.3414.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2017 489.10 +3.40 +0.70%
Canola Jul 2017 492.60 +3.00 +0.61%
Canola Nov 2017 484.30 +3.30 +0.69%
Canola Jan 2018 486.60 +3.30 +0.68%
Canola Mar 2018 489.40 +3.40 +0.70%
Milling Wheat May 2017 225.00 -1.00 -0.44%
Milling Wheat Jul 2017 226.00 -1.00 -0.44%
Milling Wheat Oct 2017 222.00 -1.00 -0.45%
Durum Wheat May 2017 273.00 unch 0.00%
Durum Wheat Jul 2017 272.00 unch 0.00%
Durum Wheat Oct 2017 263.00 unch 0.00%
Barley May 2017 137.00 unch 0.00%
Barley Jul 2017 138.00 unch 0.00%
Barley Oct 2017 140.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2017 942.00 +0.50 +0.05%
Soybeans Jul 2017 953.25 +0.50 +0.05%
Soybeans Aug 2017 954.75 unch 0.00%
Soybeans Sep 2017 951.75 -0.50 -0.05%
Soybeans Nov 2017 949.50 -1.25 -0.13%
Soybeans Jan 2018 955.75 -1.00 -0.10%
Soybean Meal May 2017 307.40 -1.30 -0.42%
Soybean Meal Jul 2017 311.40 -1.00 -0.32%
Soybean Meal Aug 2017 312.10 -1.00 -0.32%
Soybean Oil May 2017 31.62 +0.25 +0.80%
Soybean Oil Jul 2017 31.88 +0.23 +0.73%
Soybean Oil Aug 2017 31.98 +0.23 +0.72%
Corn May 2017 359.50 -1.25 -0.35%
Corn Jul 2017 367.25 -1.25 -0.34%
Corn Sep 2017 374.75 -1.50 -0.40%
Corn Dec 2017 384.50 -1.50 -0.39%
Corn Mar 2018 393.50 -1.50 -0.38%
Oats May 2017 216.50 -2.25 -1.03%
Oats Jul 2017 216.00 -1.25 -0.58%
Oats Sep 2017 214.50 -0.50 -0.23%
Oats Dec 2017 215.50 -0.25 -0.12%
Oats Mar 2018 222.50 -0.25 -0.11%
Wheat May 2017 424.00 +0.75 +0.18%
Wheat Jul 2017 436.25 +0.25 +0.06%
Wheat Sep 2017 449.75 -0.50 -0.11%
Wheat Dec 2017 470.00 -0.75 -0.16%
Wheat Mar 2018 486.50 -1.25 -0.26%
Minneapolis
Spring Wheat May 2017 518.25 -3.50 -0.67%
Spring Wheat Jul 2017 526.25 -3.00 -0.57%
Spring Wheat Sep 2017 534.50 -3.00 -0.56%
Spring Wheat Dec 2017 546.50 -2.00 -0.36%
Spring Wheat Mar 2018 557.25 -2.25 -0.40%
Kansas City
Hard Red Wheat May 2017 421.75 +1.75 +0.42%
Hard Red Wheat Jul 2017 434.25 +1.25 +0.29%
Hard Red Wheat Sep 2017 449.75 +1.00 +0.22%
Hard Red Wheat Dec 2017 474.25 +1.25 +0.26%
Hard Red Wheat Mar 2018 491.25 +1.25 +0.26%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Apr 2017 120.05 +1.25 +1.05%
Live Cattle (P) Jun 2017 111.80 +1.68 +1.53%
Live Cattle (P) Aug 2017 107.98 +1.61 +1.51%
Feeder Cattle (P) Apr 2017 133.75 +1.80 +1.36%
Feeder Cattle (P) May 2017 133.88 +1.70 +1.29%
Feeder Cattle (P) Aug 2017 135.65 +1.95 +1.46%
Lean Hogs (P) Apr 2017 63.32 -0.60 -0.94%
Lean Hogs (P) May 2017 69.00 -0.55 -0.79%
Lean Hogs (P) Jun 2017 72.78 -0.92 -1.25%
