Canola futures fell a little on Thursday, pressured by profit taking, weaker soybeans and crude oil as well as worries about the slowing Chinese and European economies.
May canola closed at $588.60, down 90 cents.
November closed at $549.10, down 50 cents.
• The CWB today released its March 2012 Pool Return Outlook (PRO) for the 2011-12 crop year. Wheat values increased from last month’s PRO, ranging from up $7 to up $11 per tonne, depending on class, grade and protein level. Milling durum values are unchanged, while No. 5 CWAD is up $7 per tonne. Malting barley values have declined by $2 per tonne since last month.
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• Argentina’s truck drivers continue on strike, disrupting soybean and corn movement.
• Earlier this week Oil World lowered its Brazil soybean output forecast by 1.5 million tonnes to 66.5 million tonnes against 75.3 million tonnes last year as drought and fungus ravaged the crop. It pegged Argentina’s soybean crop at 2012 crop at 46.5 million tonnes, down 500,000 tonnes from the last forecast. Last year it produced 49.2 million tonnes. Oil World estimated Paraguay’s crop at four million tonnes, down from 8.4 million tonnes in 2011.
• Wheat on U.S. exchanges rose on short covering and on better than expected week sales of U.S. wheat and corn. Limiting gains was news that dry southwest Kansas got as much as two inches of rain on Wednesday.
WINNIPEG (PER TONNE)
Canola May 12 $588.60, down $0.90 -0.15%
Canola Jul 12 $586.90, down $1.10 -0.19%
Canola Nov 12 $549.10, down $0.50 -0.09%
Canola Jan 13 $553.00, down $0.50 -0.09%
The previous day’s best canola basis was 60 cents over the May contract, according to ICE Futures Canada in Winnipeg.
The 14-day relative strength index was 65.
Western Barley May 12 $224.00, unchanged
Western Barley Jul 12 $227.00, unchanged
Milling Wht Oct 12 $259.60, down $1.00 -0.38%
Milling Wht Dec 12 $264.60, down $1.00 -0.38%
Milling Wht Mar 13 $269.60, down $1.00 -0.37%
Durum Wht Oct 12 $270.00, unchanged
Durum Wht Dec 12 $274.50, unchanged
Durum Wht Mar 13 $281.10, unchanged
Barley Oct 12 $185.00, unchanged
Barley Dec 12 $188.50, unchanged
Barley Mar 13 $190.00, unchanged
CHICAGO (PER BUSHEL)
Soybeans May 12 $13.495, down 5.5 -0.41%
Soybeans Jul 12 $13.5675, down 5.25 -0.39%
Soybeans Nov 12 $13.1175, down 6.0 -0.46%
Corn May 12 $6.445, up 2.5 +0.39%
Corn Jul 12 $6.4275, up 1.5 +0.23%
Corn Dec 12 $5.55-6, down 0.25 -0.04%
Oats Jul 12 $3.2175, up 1.5 +0.47%
Oats Dec 12 $3.2375, up 0.5 +0.15%
MINNEAPOLIS (PER BUSHEL)
Spring Wht May 12 $8.07, up 8.25 +1.03%
Spring Wht Jul 12 $8.0175, up 9.25 +1.17%
Spring Wht Sep 12 $7.855, up 8.75 +1.13%
Spring Wht Dec 12 $7.88, up 8.5 +1.09%
The nearby New York light sweet crude contract fell $1.92 to $105.35.
The Canadian dollar at noon was 99.97 cents US, down from $1.0069 the previous trading day. The U.S. dollar at noon was $1.0003 Cdn.
In a preliminary tally, the Toronto Stock Exchange’s S&P/TSX closed down 74.68 points, or 0.60 percent, at 12,361.81.
The Dow Jones industrial average dropped 56.38 points, or 0.43 percent, to 13,068.24. The Standard & Poor’s 500 Index lost 8.31 points, or 0.59 percent, to 1,394.58. The Nasdaq Composite Index fell 15.22 points, or 0.49 percent, to 3,060.10.
• Argentina’s truck drivers continue on strike, disrupting soybean and corn movement.
• Earlier this week Oil World lowered its Brazil soybean output forecast by 1.5 million tonnes to 66.5 million tonnes against 75.3 million tonnes last year as drought and fungus ravaged the crop. It pegged Argentina’s soybean crop at 2012 crop at 46.5 million tonnes, down 500,000 tonnes from the last forecast. Last year it produced 49.2 million tonnes. Oil World estimated Paraguay’s crop at four million tonnes, down from 8.4 million tonnes in 2011.
• Wheat on U.S. exchanges rose on short covering and on better than expected week sales of U.S. wheat and corn. Limiting gains was news that dry southwest Kansas got as much as two inches of rain on Wednesday.
WINNIPEG (PER TONNE)
Canola May 12 $588.60, down $0.90 -0.15%
Canola Jul 12 $586.90, down $1.10 -0.19%
Canola Nov 12 $549.10, down $0.50 -0.09%
Canola Jan 13 $553.00, down $0.50 -0.09%
The previous day’s best canola basis was 60 cents over the May contract, according to ICE Futures Canada in Winnipeg.
The 14-day relative strength index was 65.
Western Barley May 12 $224.00, unchanged
Western Barley Jul 12 $227.00, unchanged
Milling Wht Oct 12 $259.60, down $1.00 -0.38%
Milling Wht Dec 12 $264.60, down $1.00 -0.38%
Milling Wht Mar 13 $269.60, down $1.00 -0.37%
Durum Wht Oct 12 $270.00, unchanged
Durum Wht Dec 12 $274.50, unchanged
Durum Wht Mar 13 $281.10, unchanged
Barley Oct 12 $185.00, unchanged
Barley Dec 12 $188.50, unchanged
Barley Mar 13 $190.00, unchanged
CHICAGO (PER BUSHEL)
Soybeans May 12 $13.495, down 5.5 -0.41%
Soybeans Jul 12 $13.5675, down 5.25 -0.39%
Soybeans Nov 12 $13.1175, down 6.0 -0.46%
Corn May 12 $6.445, up 2.5 +0.39%
Corn Jul 12 $6.4275, up 1.5 +0.23%
Corn Dec 12 $5.55-6, down 0.25 -0.04%
Oats May 12 $3.2825, up 2.75 +0.84%
Oats Jul 12 $3.2175, up 1.5 +0.47%
Oats Dec 12 $3.2375, up 0.5 +0.15%
MINNEAPOLIS (PER BUSHEL)
Spring Wht May 12 $8.07, up 8.25 +1.03%
Spring Wht Jul 12 $8.0175, up 9.25 +1.17%
Spring Wht Sep 12 $7.855, up 8.75 +1.13%
Spring Wht Dec 12 $7.88, up 8.5 +1.09%
The nearby New York light sweet crude contract fell $1.92 to $105.35.
The Canadian dollar at noon was 99.97 cents US, down from $1.0069 the previous trading day. The U.S. dollar at noon was $1.0003 Cdn.
