Weak loonie, slow seeding lift canola futures

Canola rose again on Wednesday and this time new crop contracts also gained ground.

Old crop has been rising on expectations of tight year end stocks. Today there was a little concern about weather-delayed spring field work. Cloudy weather is not helping to dry fields and some light rain is in the forecast for parts of the Prairies.

Canola was also supported by rising soybeans and soy oil as well as a weaker loonie, which fell about a half cent.

The Canadian market is also preparing for the Statistics Canada seeding intentions report Friday morning.

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Soybeans bounced a little higher after two days of losses.

Corn was mostly unchanged and wheat was down a little as recent rains have inproved the conditions of the U.S. winter wheat crop.

Markets will pay close attention to seeding progress in the U.S.

Lots of rain is expected in the southern Midwest but the central area looks like it might get several dry days to advance planting.

European traders have started to register concern about dry weather in France and Spain.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 1.97 cents to US$50.44 per barrel. It was the largest one day fall in six weeks. The weekly report on U.S. gasooline stocks showed a surprise increase.

Also traders focused on increasing bets that the U.S. Federal Reserve will raise interest rates in June and that lifted the American buck.

In the afternoon, the Canadian dollar was trading around US74.17 cents, down from 74.67 cents the previous trading day. The U.S. dollar was C$1.3483.

Poor results at IBM weighed down the Dow, as did the weaker oil price.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 69.69 points, or 0.45 percent, at 15,552.88.

The Dow Jones Industrial Average fell 119.13 points, or 0.58 percent, to 20,404.15, the S&P 500 lost 4.03 points, or 0.17 percent, to 2,338.16 and the Nasdaq Composite added 13.56 points, or 0.23 percent, to 5,863.03.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2017   516.50   +4.30   +0.84%

Canola Jul 2017   512.10   +4.30   +0.85%

Canola Nov 2017   490.10   +4.40   +0.91%

Canola Jan 2018   494.00   +4.70   +0.96%

Canola Mar 2018   497.80   +4.80   +0.97%

 

Milling Wheat May 2017   231.00   +1.00   +0.43%

Milling Wheat Jul 2017   233.00   unch   0.00%

Milling Wheat Oct 2017   227.00   unch   0.00%

 

Durum Wheat May 2017   271.00   unch   0.00%

Durum Wheat Jul 2017   271.00   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   950.25   +4.25   +0.45%

Soybeans Jul 2017   960.50   +4.25   +0.44%

Soybeans Aug 2017   962.00   +3.75   +0.39%

Soybeans Sep 2017   959.50   +2.50   +0.26%

Soybeans Nov 2017   958.25   +1.50   +0.16%

Soybeans Jan 2018   965.25   +1.25   +0.13%

 

Soybean Meal May 2017   310.80   -1.40   -0.45%

Soybean Meal Jul 2017   315.20   -1.40   -0.44%

Soybean Meal Aug 2017   316.30   -1.20   -0.38%

 

Soybean Oil May 2017   31.58   +0.44   +1.41%

Soybean Oil Jul 2017   31.79   +0.41   +1.31%

Soybean Oil Aug 2017   31.90   +0.41   +1.30%

 

Corn May 2017   361.75   unch   0.00%

Corn Jul 2017   368.25   unch   0.00%

Corn Sep 2017   375.75   unch   0.00%

Corn Dec 2017   386.50   +0.25   +0.06%

Corn Mar 2018   396.25   +0.25   +0.06%

 

Oats May 2017   218.25   -0.50   -0.23%

Oats Jul 2017   217.00   -0.75   -0.34%

Oats Sep 2017   214.75   -0.25   -0.12%

Oats Dec 2017   216.50   unch   0.00%

Oats Mar 2018   224.00   unch   0.00%

 

Wheat May 2017   419.00   -3.50   -0.83%

Wheat Jul 2017   434.50   -2.50   -0.57%

Wheat Sep 2017   448.50   -2.25   -0.50%

Wheat Dec 2017   470.50   -1.50   -0.32%

Wheat Mar 2018   488.00   -1.50   -0.31%

 

Minneapolis

Spring Wheat May 2017   537.25   -2.00   -0.37%

Spring Wheat Jul 2017   545.25   -2.00   -0.37%

Spring Wheat Sep 2017   552.00   -2.75   -0.50%

Spring Wheat Dec 2017   560.50   -4.00   -0.71%

Spring Wheat Mar 2018   569.75   -4.25   -0.74%

 

Kansas City

Hard Red Wheat May 2017   416.75   -2.50   -0.60%

Hard Red Wheat Jul 2017   429.50   -2.50   -0.58%

Hard Red Wheat Sep 2017   445.50   -2.50   -0.56%

Hard Red Wheat Dec 2017   472.00   -2.25   -0.47%

Hard Red Wheat Mar 2018   489.75   -2.00   -0.41%

 

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Apr 2017   127.92   +1.15   +0.91%

Live Cattle (P) Jun 2017   115.95   +0.30   +0.26%

Live Cattle (P) Aug 2017   112.28   +0.45   +0.40%

 

Feeder Cattle (P) Apr 2017   138.68   unch   0.00%

Feeder Cattle (P) May 2017   140.33   +0.26   +0.19%

Feeder Cattle (P) Aug 2017   142.95   +0.77   +0.54%

 

Lean Hogs (P) May 2017   65.87   -1.28   -1.91%

Lean Hogs (P) Jun 2017   69.95   -1.55   -2.17%

Lean Hogs (P) Jul 2017   71.50   -1.40   -1.92%

 

 

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