Canola gains $7.80 on week to highest level since July

It was a positive day across the boards in North American crop futures, but canola lagged most in uninspiring trade.

With few of its own fundamentals changing, canola played piggyback.

“There was nothing special going on,” said P.I. Financial broker Ken Ball.

“Soy markets were firm, and canola was able to tag along.”

Soybean oil rose 1.22 percent and soybeans rose 0.69 percent still riding hearty export sales announced Thursday.

Canola tends to follow soybean oil prices more closely than soybeans because its price is based mostly on its oil content.

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Still March canola rose 0.91 percent on the day and reached its highest levsince July 2014.

There was talk of new export sales to China and Pakistan.

Wheat prices rose the most of the crops, with Minneapolis spring wheat up more than two percent.

The Chicago and Minneapolis wheat markets are in an inverse, with March stronger than May.

Traders are already hedging bets and anticipating the coming U.S. Department of Agriculture annual outlook conference late this month.

Over the week, March canola rose $7.80 to $467.40 ad May climbed $7.10 to$463.10.

The Canadian Oilseed Processors Association said members crushed 136,218 tonnes of canola in the week ending Feb. 11, down six percent from the week before.

That represented a capacity use of 74.5 percent, down from the crop average to date of 81.5 percent.

Crop futures markets in Canada and the U.S. will be closed on Monday.

Oil rose Friday, taking stocks higher. The S&P 500 hit a record high.

ConAgra weighed on stock index, though, with a poor outlook due to a higher dollar.

Light crude oil nearby futures in New York were up $1.57 to US$52.78 per barrel.

The Canadian dollar at noon was US80.33 cents, up from US80.24 cents the previous trading day. The U.S. dollar at noon was C$1.2449.

The Dow Jones industrial average rose 46.97 points, or 0.26 percent, to close at 18,019.35, the S&P 500 gained 8.51 points, or 0.41 percent, to 2,096.99, a record high. The Nasdaq Composite added 36.22 points, or 0.75 percent, to 4,893.84.

Stronger oil prices, a ceasefire agreement between Ukraine and Russia and apparent progress toward a deal on Greek debt helped raise stock prices during the week.

For the week, the TSX composite rose 1.2 percent, the Dow rose 1.1 percent, the S&P 500 gained two percent to a record high and the Nasdaq added 3.2 percent.

Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2015    467.40    +4.20    +0.91%
Canola May 2015    463.10    +3.50    +0.76%
Canola Jul 2015    458.80    +2.90    +0.64%
Canola Nov 2015    448.40    +2.60    +0.58%
Canola Jan 2016    451.30    +2.80    +0.62%

Milling Wheat Mar 2015    227.00    +3.00    +1.34%
Milling Wheat May 2015    236.00    +3.00    +1.29%
Milling Wheat Jul 2015    238.00    +3.00    +1.28%

Durum Wheat Mar 2015    333.00    unch    0.00%
Durum Wheat May 2015    323.00    unch    0.00%
Durum Wheat Jul 2015    313.00    unch    0.00%

Barley Mar 2015    195.00    unch    0.00%
Barley May 2015    197.00    unch    0.00%
Barley Jul 2015    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 Mar 2015    990.5    +6.75    +0.69%
Soybeans May 2015    994.75    +8    +0.81%
Soybeans Jul 2015    1000    +8.5    +0.86%
Soybeans Aug 2015    999.25    +8.5    +0.86%
Soybeans Sep 2015    983    +7.75    +0.79%
Soybeans Nov 2015    971    +6.75    +0.70%

Soybean Meal Mar 2015    332.3    +1.8    +0.54%
Soybean Meal May 2015    326    +2.3    +0.71%
Soybean Meal Jul 2015    323.6    +2.2    +0.68%

Soybean Oil Mar 2015    32.4    +0.39    +1.22%
Soybean Oil May 2015    32.59    +0.39    +1.21%
Soybean Oil Jul 2015    32.76    +0.38    +1.17%

Corn Mar 2015    387.25    +4.25    +1.11%
Corn May 2015    395.25    +4.25    +1.09%

Corn Jul 2015    402.75    +4.5    +1.13%
Corn Sep 2015    409.25    +4.75    +1.17%
Corn Dec 2015    417.5    +4.5    +1.09%

Oats Mar 2015    278.5    +5.25    +1.92%
Oats May 2015    278    +4.75    +1.74%
Oats Jul 2015    279.25    +3.25    +1.18%
Oats Sep 2015    284    +3.25    +1.16%
Oats Dec 2015    287.25    +4.5    +1.59%

Wheat Mar 2015    533    +11.75    +2.25%
Wheat May 2015    529.25    +9.5    +1.83%
Wheat Jul 2015    532.25    +9.75    +1.87%
Wheat Sep 2015    539.75    +10    +1.89%
Wheat Dec 2015    552.5    +9.25    +1.70%

Minneapolis
Spring Wheat Mar 2015    587    +12.75    +2.22%
Spring Wheat May 2015    585    +10    +1.74%
Spring Wheat Jul 2015    587    +8.5    +1.47%
Spring Wheat Sep 2015    593.25    +8.25    +1.41%
Spring Wheat Dec 2015    603.25    +8.75    +1.47%

Kansas City
Hard Red Wheat Mar 2015    562.75    +8.75    +1.58%
Hard Red Wheat May 2015    563.75    +8.75    +1.58%
Hard Red Wheat Jul 2015    568.5    +9.25    +1.65%
Hard Red Wheat Sep 2015    579    +9.5    +1.67%
Hard Red Wheat Dec 2015    592.5    +9.25    +1.59%