Old crop canola gains $18.30 on week

Canola rallied more than one percent on Friday, lifted by a weak loonie and stronger soybeans.

Very tight old crop stocks and lack of farmer selling while seeding is in full swing also supported old crop.

For the week, July canola rose $18.30 and new crop November climbed $15.70.

Rain in parts of Manitoba, Alberta and southeastern Saskatchewan today and this weekend will interfere with seeding. Seeding is more advanced in Alberta and the moisture will be welcome in many places.

Tight stocks and lack of farmer selling also supported soybean and old crop corn prices on Friday.

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Wheat fell on the impending start to the U.S. winter wheat harvest.

The loonie fell when the government released its annualized inflation rate for April. It came in at 0.4 percent, down from one percent in March and the lowest since 0.1 percent in October of 2009. Falling gasoline and car prices last month led to the lower rate.

The rate is well below the Bank of Canada’s inflation target and so there is little likelihood that the bank will begin raising interest rates any time soon.

Analytic firm Informa Economics trimmed its forecast of U.S. corn area by to 96.827 million acres, above the USDA estimate of 97.3, but pegged yield at 160.9 bushels per acre, up from USDA’s guess of 158. It forecast total production at 14.398 billion bu., up from USDA’s estimate of 14.14 billion.

It pegged soybean area at 7.286 million acres, compared to USDA’s forecast of 77.1 million. It pegged yield at 43.9 bu. per acres, below USDA’s number of 44.5 bu. for a total crop of 3.388 billion bu., very close to the USDA figure of 3.39 billion

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Winnipeg ICE Futures Canada dollars per tonne

Canola Jul 2013 636.80 +10.70 +1.71%

Canola Nov 2013 551.30 +6.10 +1.12%

Canola Jan 2014 552.50 +6.20 +1.13%

Canola Mar 2014 549.30 +6.20 +1.14%

Canola May 2014 543.90 +6.20 +1.15%

Milling Wheat Jul 2013 294.00 unch 0.00%

Milling Wheat Oct 2013 294.00 unch 0.00%

Milling Wheat Dec 2013 294.00 unch 0.00%

Durum Wheat Jul 2013 301.90 unch 0.00%

Durum Wheat Oct 2013 294.90 unch 0.00%

Durum Wheat Dec 2013 299.40 unch 0.00%

Barley Jul 2013 244.00 unch 0.00%

Barley Oct 2013 194.00 unch 0.00%

Barley Dec 2013 199.00 unch 0.00%

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

Chicago

Soybeans Jul 2013 1448.5 +21 +1.47%

Soybeans Aug 2013 1378.5 +24.5 +1.81%

Soybeans Sep 2013 1289.5 +18 +1.42%

Soybeans Nov 2013 1228.25 +10.75 +0.88%

Soybeans Jan 2014 1235.25 +10.5 +0.86%

Soybeans Mar 2014 1239.5 +9.75 +0.79%

Soybean Meal Jul 2013 425.1 +10.2 +2.46%

Soybean Meal Aug 2013 402 +10.3 +2.63%

Soybean Meal Sep 2013 374 +8 +2.19%

Soybean Oil Jul 2013 49.52 unch 0.00%

Soybean Oil Aug 2013 49.35 +0.05 +0.10%

Soybean Oil Sep 2013 49.13 +0.04 +0.08%

Corn Jul 2013 652.75 +11.25 +1.75%

Corn Sep 2013 556 +2.25 +0.41%

Corn Dec 2013 519.5 -4.5 -0.86%

Corn Mar 2014 530 -4.25 -0.80%

Corn May 2014 537.5 -4.25 -0.78%

Oats Jul 2013 375.5 -2.25 -0.60%

Oats Sep 2013 367 -2.5 -0.68%

Oats Dec 2013 360.25 -1.75 -0.48%

Oats Mar 2014 363.5 -3.5 -0.95%

Oats May 2014 365.75 -3.5 -0.95%

Wheat Jul 2013 683.25 -4.5 -0.65%

Wheat Sep 2013 691 -5 -0.72%

Wheat Dec 2013 707.5 -5.5 -0.77%

Wheat Mar 2014 724.25 -5.75 -0.79%

Wheat May 2014 731.5 -4.75 -0.65%

Minneapolis

Spring Wheat Jul 2013 803.75 -0.25 -0.03%

Spring Wheat Sep 2013 795 -1.5 -0.19%

Spring Wheat Dec 2013 800.5 -1.75 -0.22%

Spring Wheat Mar 2014 811.75 -2.75 -0.34%

Spring Wheat May 2014 816.5 -4 -0.49%

Kansas City

KCBT Red Wheat Jul 2013 737.25 -6.25 -0.84%

KCBT Red Wheat Sep 2013 744.25 -7.25 -0.96%

KCBT Red Wheat Dec 2013 761.25 -7 -0.91%

KCBT Red Wheat Mar 2014 774.75 -7.25 -0.93%

KCBT Red Wheat May 2014 779 -7.25 -0.92%

Light crude oil nearby futures in New York rose 86 cents at $96.02 US per barrel.

The Canadian dollar at noon was 97.38 cents US, down from 98.40 cents the previous trading day. The U.S. dollar at noon was $1.0269 Cdn.

The TSX composite closed up 105.46 points or 0.84 percent at 12,613.05.

The Dow Jones industrial average gained 121.18 points, or 0.80 percent, to close at a record 15,354.40.

The Standard & Poor’s 500 Index rose 15.65 points, or 0.95 percent, to end at a record 1,666.12.

The Nasdaq Composite Index climbed 33.72 points, or 0.97 percent, to finish at 3,498.97, its highest close since October 2000.

The Dow and S&P 500 set new record highs. For the week, the TSX rose 0.2 percent, the Dow rose 1.6 percent, the S&P 500 climbed two percent and the Nasdaq was up 1.8 percent.