Weaker loonie lifts canola futures

Canola futures rose largely on the impact of the falling Canadian dollar.

The Bank of Canada kept interest rates steady at its meeting today and bank officials left the impression that uncertainty in the Canadian economy lessens the possibility of another rate hike this year.

There was no fundamental news in the grain market today.

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Rain, wet snow and high winds are spreading across the Canadian Prairies today with accumulations of four to eight centimetres of snow north of the Yellowhead Highway in Saskatchewan. Larger accumulations were expected at higher elevations in Manitoba.

A cold day is expected Thursday.

PALM OIL

Forecasts for global palm oil production for the current year are falling as plantations in Indonesia and Malaysia recover more slowly from drought than expected.

That is helping to support veg oil prices.

Also U.S. biofuel policy and limits on biodiesel imports from Argentina and Indonesia are also supporting veg oil values.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 29 cents at US$52.18 per barrel.

In the afternoon, the Canadian dollar was trading around US78.06 cents, down from 78.99 cents the previous trading day. The U.S. dollar was C$1.281.

The Toronto Stock Exchange’s S&P/TSX composite index fell 50.37 points, or 0.32 percent, to finish at 15,854.77.

The Dow Jones Industrial Average fell 112.3 points, or 0.48 percent, to end at 23,329.46, the S&P 500 lost 11.98 points, or 0.47 percent, to 2,557.15 and the Nasdaq Composite dropped 34.54 points, or 0.52 percent, to 6,563.89. Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 17 505.70s +4.10 +0.82%

Canola Jan 18 514.10s +4.80 +0.94%

Canola Mar 18 520.30s +5.30 +1.03%

Canola May 18 522.90s +5.00 +0.97%

Canola Jul 18 524.20s +5.10 +0.98%

 

Milling Wheat Dec 17 238.00s +1.00 +0.42%

Milling Wheat Mar 18 243.00s +1.00 +0.41%

Milling Wheat May 18 248.00s +1.00 +0.40%

 

Durum Wheat Dec 17 278.00s unch unch

Durum Wheat Mar 18 283.00s unch unch

Durum Wheat May 18 285.00s unch unch

 

Barley Dec 17 148.00s unch unch

Barley Mar 18 151.00s unch unch

Barley May 18 151.00s unch unch

 

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.

Chicago

Soybeans Nov 17 975-4s unch unch

Soybeans Jan 18 986-2s +0-4 +0.05%

Soybeans Mar 18 996-6s +0-6 +0.08%

Soybeans May 18 1006-2s +0-6 +0.07%

Soybeans Jul 18 1014-2s +0-4 +0.05%

 

Soybean Meal Dec 17 315.4s +1.2 +0.38%

Soybean Meal Jan 18 317.5s +1.1 +0.35%

Soybean Meal Mar 18 320.4s +1.0 +0.31%

 

Soybean Oil Dec 17 34.26s -0.08 -0.23%

Soybean Oil Jan 18 34.43s -0.04 -0.12%

Soybean Oil Mar 18 34.64s -0.04 -0.12%

 

Corn Dec 17 351-0s -1-6 -0.50%

Corn Mar 18 365-2s -1-4 -0.41%

Corn May 18 373-6s -1-6 -0.47%

Corn Jul 18 381-0s -1-4 -0.39%

Corn Sep 18 387-4s -1-4 -0.39%

 

Oats Dec 17 276-2s -0-6 -0.27%

Oats Mar 18 276-4s +0-2 +0.09%

Oats May 18 278-6s -0-4 -0.18%

Oats Jul 18 276-6s +1-0 +0.36%

Oats Sep 18 276-6s +1-0 +0.36%

 

Wheat Dec 17 435-4s -2-4 -0.57%

Wheat Mar 18 453-6s -2-2 -0.49%

Wheat May 18 467-6s -1-6 -0.37%

Wheat Jul 18 481-2s -0-6 -0.16%

Wheat Sep 18 496-6s -0-6 -0.15%

 

Minneapolis

Spring Wheat Dec 17 621-4s +1-6 +0.28%

Spring Wheat Mar 18 633-2s +1-2 +0.20%

Spring Wheat May 18 640-0s +1-0 +0.16%

Spring Wheat Jul 18 642-6s +1-4 +0.23%

Spring Wheat Sep 18 637-4s +1-0 +0.16%

 

Kansas

Hard Red Wheat Dec 17 433-4s -0-4 -0.12%

Hard Red Wheat Mar 18 451-2s -0-4 -0.11%

Hard Red Wheat May 18 465-4s -0-4 -0.11%

Hard Red Wheat Jul 18 483-2s -0-6 -0.15%

Hard Red Wheat Sep 18 501-4s -1-0 -0.20%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle (Pit) Oct 17 113.025s -0.600 -0.53%

Live Cattle (Pit) Dec 17 119.075s -0.450 -0.38%

Live Cattle (Pit) Feb 18 124.725s +0.200 +0.16%

 

Feeder Cattle (Pit) Oct 17 154.850s -0.275 -0.18%

Feeder Cattle (Pit) Nov 17 156.175s +0.050 +0.03%

Feeder Cattle (Pit) Jan 18 155.600s +0.600 +0.39%

 

Lean Hogs (Pit) Dec 17 64.475s +0.450 +0.70%

Lean Hogs (Pit) Feb 18 69.600s +0.950 +1.38%

Lean Hogs (Pit) Apr 18 73.675s +0.325 +0.44%

 

 

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