The rally in the loonie of more than 2.5 cents this week finally caught up with the canola market on Thursday, helping the May contract to fall almost three percent today.
Rising crude oil values and statements by the governor of the Bank of Canada that it may not have to cut interest rates contributed to the loonie’s rally.
Also the U.S. dollar was pressured by weaker-than-expected U.S. housing starts for March and a surprisingly large number of people seeking unemployment aid last week.
Comments from a U.S. Federal Reserve official about “murky” economic data making it difficult to time its expected interest rate increase also weighed on the U.S. buck.
A stronger loonie works against canola exports and reduces the profitability of crushing canola.
Canola was also hammA strongerd selling as the technical picture dimmed. Front-month May canola fell below its 100-day moving average for the first time since Dec. 12.
May canola closed at $441.10, down $13.50 a tonne.
November closed at $436.40, down $11.70 a tonne.
Soybeans were little changed as stronger than expected weekly U.S. export sales provided an offset to the downward pressure caused by competition from the large South American crop.
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U.S. livestock: Cattle futures end lower in profit-taking, technical correction
Chicago Mercantile Exchange cattle futures declined for a second straight session on Wednesday in a profit-taking and technical-selling correction from recent highs.
Hard red spring and winter wheat contracts fell one percent or more on the rain falling in the U.S. southern Plains. Chicago soft wheat edged higher on technical buying.
Minneapolis spring wheat has now blown out the low of last September and is at the lowest level since the summer of 2010.
According to the new Canadian cash price reporting website pdqinfo.ca CWRS cash prices range from $206.65 a tonne to $197.74 in Alberta.
In Saskatchewan CWRS ranges from $191.10 to $198.29 and in Manitoba, which does not have a price range, the bid is $214.03.
CPS wheat in Alberta ranges $164.15 to $172.70.
In Saskatchewan the range is $152.63 to $160.57.
Manitoba was $167.55.
Consultancy Strategie Grains raised its forecast of European Union 2014-15 soft wheat exports by 2.1 million tonnes, to a record 32 million, due to strong demand for milling and feed grades, Reuters reported.
ICE Futures Canada adjusted down its milling wheat price to reflect the falling U.S. markets.
Light crude oil nearby futures in New York were up 32 cents to US$56.71 per barrel.
The Canadian dollar at noon was US81.93 cents, up from 80.78 cents the previous trading day. The U.S. dollar at noon was C$1.2206.
The TSX composite fell 64.10 points or 0.41 percent to 15,386.77. Traders were taking profits after Wednesday’s strong gains in energy stocks.
The Dow Jones industrial average fell 6.44 points, or 0.04 percent, to 18,106.17, the S&P 500 lost 1.61 points, or 0.08 percent, to 2,105.02 and the Nasdaq Composite dropped 3.23 points, or 0.06 percent, to 5,007.79
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2015 441.10 -13.50 -2.97%
Canola Jul 2015 444.30 -12.50 -2.74%
Canola Nov 2015 436.40 -11.70 -2.61%
Canola Jan 2016 438.20 -11.10 -2.47%
Canola Mar 2016 437.20 -11.40 -2.54%
Milling Wheat May 2015 214.00 -2.00 -0.93%
Milling Wheat Jul 2015 218.00 -2.00 -0.91%
Milling Wheat Oct 2015 221.00 -2.00 -0.90%
Durum Wheat May 2015 323.00 unch 0.00%
Durum Wheat Jul 2015 313.00 unch 0.00%
Durum Wheat Oct 2015 318.00 unch 0.00%
Barley May 2015 205.00 unch 0.00%
Barley Oct 2015 190.00 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 2015 966 +1 +0.10%
Soybeans Jul 2015 969 +1.25 +0.13%
Soybeans Aug 2015 967 +1 +0.10%
Soybeans Sep 2015 957.75 +0.75 +0.08%
Soybeans Nov 2015 952.75 +0.25 +0.03%
Soybeans Jan 2016 959 +0.25 +0.03%
Soybean Meal May 2015 312.4 +0.9 +0.29%
Soybean Meal Jul 2015 312.2 +1 +0.32%
Soybean Meal Aug 2015 311.2 +1.2 +0.39%
Soybean Oil May 2015 31.76 -0.04 -0.13%
Soybean Oil Jul 2015 31.97 -0.04 -0.12%
Soybean Oil Aug 2015 32 -0.05 -0.16%
Corn May 2015 376.25 +0.25 +0.07%
Corn Jul 2015 383.25 +0.25 +0.07%
Corn Sep 2015 390.75 unch 0.00%
Corn Dec 2015 400.25 -0.25 -0.06%
Corn Mar 2016 410.5 -0.5 -0.12%
Oats May 2015 258 -3.25 -1.24%
Oats Jul 2015 263.5 -3 -1.13%
Oats Sep 2015 269.5 -3 -1.10%
Oats Dec 2015 275 -2.75 -0.99%
Oats Mar 2016 280 -2.75 -0.97%
Wheat May 2015 494.5 +3.75 +0.76%
Wheat Jul 2015 490.75 +1.75 +0.36%
Wheat Sep 2015 499.25 +1.25 +0.25%
Wheat Dec 2015 514.75 +2 +0.39%
Wheat Mar 2016 529.5 +2.75 +0.52%
Minneapolis
Spring Wheat May 2015 535 -8.25 -1.52%
Spring Wheat Jul 2015 546.5 -7.5 -1.35%
Spring Wheat Sep 2015 556.25 -7 -1.24%
Spring Wheat Dec 2015 568.25 -6 -1.04%
Spring Wheat Mar 2016 582.25 -5.5 -0.94%
Kansas City
Hard Red Wheat May 2015 508.25 -6.25 -1.21%
Hard Red Wheat Jul 2015 514 -4 -0.77%
Hard Red Wheat Sep 2015 526.5 -4.25 -0.80%
Hard Red Wheat Dec 2015 543.75 -4.25 -0.78%
Hard Red Wheat Mar 2016 556.75 -6.25 -1.11%
