Weaker loonie lifts canola again as US buck jumps

The Canadian dollar fell again on Thursday, helping to lift canola futures by about a half percent.

The loonie rose as the American currency gained against most of its competitors following the Federal Reserve announcement Wednesday of a quarter percentage point increase in interest rates and a slightly more aggressive timeline for further increases in 2017. The U.S. dollar index, a measurement against a basket of currencies is the strongest since 20

The stronger American dollar weighed down Chicago wheat and corn as it will make U.S. grain appear more expensive on the world market.

Read Also

Moe to go to China to discuss canola tariffs

Saskatchewan Premier Scott Moe said on Thursday that he would travel to China soon for talks on persuading Beijing to drop its new tariffs on canola.

But soybeans and soy meal were up a little. Soy oil slipped.

Soybeans were supported by strong weekly exports and mixed signs for rain in dry areas of Argentina.

The USDA reported export sales of U.S. 2016-17 soybeans in the latest week at just over two million tonnes, above a range of trade forecasts for 1.1 million to 1.5 million tonnes.

The seven day forecast for Argentina shows rain on the country’s border with Uruguay but none farther south where it is experiencing record dryness for this time of year. Brazil is getting adequate rainfall.

U.S. corn export sales were 1.516 tonnes for 2016-17, which exceeded trade estimates.

Light crude oil nearby futures in New York were down 14 cents to US$50.90 per barrel.

The Canadian dollar at noon was US74.64 cents, down from 76.20 cents the previous trading day. The U.S. dollar at noon was C$1.3397.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jan 2017 518.60 +2.40 +0.46%

Canola Mar 2017 525.60 +3.00 +0.57%

Canola May 2017 530.10 +3.00 +0.57%

Canola Jul 2017 532.40 +3.00 +0.57%

Canola Nov 2017 503.20 +2.80 +0.56%

Milling Wheat Mar 2017 236.00 unch 0.00%

Milling Wheat May 2017 238.00 -1.00 -0.42%

Milling Wheat Jul 2017 238.00 -1.00 -0.42%

Durum Wheat Mar 2017 319.00 unch 0.00%

Durum Wheat May 2017 322.00 unch 0.00%

Durum Wheat Jul 2017 327.00 unch 0.00%

Barley Mar 2017 142.00 unch 0.00%

Barley May 2017 144.00 unch 0.00%

Barley Jul 2017 145.00 unch 0.00%

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

Chicago

Soybeans Jan 2017 1029.00 +5.25 +0.51%

Soybeans Mar 2017 1039.25 +4.75 +0.46%

Soybeans May 2017 1046.50 +4.00 +0.38%

Soybeans Jul 2017 1051.50 +3.50 +0.33%

Soybeans Aug 2017 1048.50 +3.00 +0.29%

Soybeans Sep 2017 1031.25 +2.00 +0.19%

Soybean Meal Jan 2017 314.00 +1.20 +0.38%

Soybean Meal Mar 2017 318.40 +1.20 +0.38%

Soybean Meal May 2017 321.00 +1.30 +0.41%

Soybean Oil Jan 2017 36.74 -0.18 -0.49%

Soybean Oil Mar 2017 37.01 -0.16 -0.43%

Soybean Oil May 2017 37.18 -0.16 -0.43%

Corn Mar 2017 356.50 -5.50 -1.52%

Corn May 2017 363.25 -5.25 -1.42%

Corn Jul 2017 370.75 -4.75 -1.26%

Corn Sep 2017 377.50 -4.50 -1.18%

Corn Dec 2017 386.00 -4.00 -1.03%

Oats Mar 2017 225.25 -4.50 -1.96%

Oats May 2017 225.75 -6.00 -2.59%

Oats Jul 2017 228.25 -6.25 -2.67%

Oats Sep 2017 233.50 -6.25 -2.61%

Oats Dec 2017 233.00 -1.00 -0.43%

Wheat Mar 2017 409.25 -8.75 -2.09%

Wheat May 2017 421.25 -7.75 -1.81%

Wheat Jul 2017 433.75 -7.25 -1.64%

Wheat Sep 2017 446.50 -7.50 -1.65%

Wheat Dec 2017 462.25 -8.00 -1.70%

Minneapolis

Spring Wheat Mar 2017 538.00 -3.25 -0.60%

Spring Wheat May 2017 534.25 -6.50 -1.20%

Spring Wheat Jul 2017 537.75 -6.00 -1.10%

Spring Wheat Sep 2017 543.50 -5.75 -1.05%

Spring Wheat Dec 2017 550.25 -5.50 -0.99%

Kansas City

Hard Red Wheat Mar 2017 412.75 -7.25 -1.73%

Hard Red Wheat May 2017 424.25 -7.00 -1.62%

Hard Red Wheat Jul 2017 436.25 -6.75 -1.52%

Hard Red Wheat Sep 2017 451.00 -6.25 -1.37%

Hard Red Wheat Dec 2017 469.25 -6.50 -1.37%

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

Live Cattle (P) Dec 2016 110.72 -0.38 -0.34%

Live Cattle (P) Feb 2017 113.28 -0.42 -0.37%

Live Cattle (P) Apr 2017 112.35 -0.40 -0.35%

Feeder Cattle (P) Jan 2017 127.70 unch 0.00%

Feeder Cattle (P) Mar 2017 124.75 +0.13 +0.10%

Feeder Cattle (P) Apr 2017 124.22 unch 0.00%

Lean Hogs (P) Feb 2017 62.40 +0.63 +1.02%

Lean Hogs (P) Apr 2017 67.48 +0.53 +0.79%

Lean Hogs (P) May 2017 73.20 +0.50 +0.69%

Your reading list