Canola futures fell a little Friday, weighed down by USDA planting intentions and stocks reports that were bearish for soybeans.
Also, canola struggled this week with weaker export and domestic use data.
However, the impact on canola futures when all was said and done was fairly small.
May canola closed at $484.40 per tonne, down $2.80 on the day.
New crop November fell $476.40 down $2.60 on the day.
For the week May actually edged higher, gaining $1.90. But November fell $6.20.
The cash-to-May-futures basis has improved over the past week.
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Canola performed better today than soybeans, with the May soy contract down 1.77 percent compared to canola’s loss of only 0.57 percent.
USDA PLANTING NUMBERS
The USDA planting intentions survey topped expectations, pegging soybean area at a record 89.482 million acres, a seven percent increase over last year.
In a Reuters poll, the trade, on average expected 88.214 million.
USDA put corn area 89.996 million acres, down four percent from last year. The was short of the trade’s expectation for 90.969 million.
May corn futures rose almost 1.9 percent on the day.
March 1 soybean stocks were 1.735 billion bushels, well up from last year and above the trade’s expectation for 1.684 billion
Corn March 1 stocks were a record 8.616 buillion bu., topping the number last year at that time and also exceeding the trade guess of 8.534 billion.
The agency issued the reports after surveying about 83,000 farmers about their seeding plans.
WHEAT
The numbers were mixed for wheat.
All wheat area was 46.059 million acres, the smallest since records began in 1919. That was down eight percent from last year. It was slightly less than the average of trade expectations at 46.139 million.
Of that, winter wheat area was at 32.747 million acres, down nine percent from last year.
Spring wheat area was 11.308 million acres, down three percent from last year and the smallest since 1972. Durum was 2.004 million acres, down 17 percent. Both the spring wheat and durum numbers were a little smaller than the average of trade expectations in the Reuters poll.
Somewhat surprisingly though, Minneapolis spring wheat futures finished down down about one percent, but the Chicago and Kansas winter wheat contracts were up slightly.
All wheat stocks March 1 were 45.05 million tonnes, up from 37.33 million tonnes last year. That was higher than what the trade expected at 44.28 million tonnes.
CANOLA MOVEMENT
Only 169,600 tonnes of canola were exported in the week to March 26, down from 256,000 the week before, according to Canadian Grain Commission figures.
It did not appear to be linked to weather problems at Vancouver.
The overall amount of grain exports was 823,100, up from 799,500 the week before.
Wheat exports were good at 291,700 tonnes, up from 238,600 the week before.
CRUSH
The domestic crush also disappointed one week following the record large crush of 208,000 tonnes.
This week, the crush fell 11 percent to 185,366 tonnes, said the Canadian Oilseed Prodcessors Association. That represented a capacity use of 86.7 percent, a little less than the average to date of 90.3 percent.
VESSEL LINEUP
Quorum Corp. said 11 vessels were cleared from Vancouver, the same as the week before and four were cleared at Prince Rupert.
The line up at Vancouver decreased to 24, down from 31 the week before. The lineup at Prince Rupert fell by one to five vessels
The Manitoulin, the first vessel of the Thunder Bay shipping season loaded on Friday March 24. The Welland Canal and Montreal/Lake Ontario sections of the St. Lawrence Seaway opened on March 20. The Sault Ste. Marie Locks opened March 25.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 25 cents to US$50.60 per barrel.
In the afternoon, the Canadian dollar was trading around US75.13 cents, up from 74.96 cents the previous trading day. The U.S. dollar was C$1.3310.
The Toronto Stock Exchange’s S&P/TSX composite index was down 31.01 points, or 0.2 percent, at 15,547.75.
The Dow Jones Industrial Average fell 0.31 percent to end at 20,663.22 points, while the S&P 500 lost 0.23 percent to 2,362.72. The Nasdaq Composite slipped 0.04 percent to 5,911.74.
For the week, The TSX composite rose 0.7 percent, the Dow rose 0.3 percent, the S&P 500 climbed 0.8 percent and tahe Nasdaq rose 1.4 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2017 484.40 -2.80 -0.57%
Canola Jul 2017 488.50 -3.20 -0.65%
Canola Dec 2017 476.40 -2.60 -0.54%
Canola Jan 2018 480.20 -2.80 -0.58%
Canola Mar 2018 483.60 -3.00 -0.62%
Milling Wheat May 2017 230.00 -4.00 -1.71%
Milling Wheat Jul 2017 231.00 -3.00 -1.28%
Milling Wheat Oct 2017 225.00 -3.00 -1.32%
Durum Wheat May 2017 272.00 -5.00 -1.81%
Durum Wheat Jul 2017 271.00 -6.00 -2.17%
Durum Wheat Oct 2017 262.00 -2.00 -0.76%
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 946.00 -17.00 -1.77%
Soybeans Jul 2017 957.00 -16.25 -1.67%
Soybeans Aug 2017 959.50 -15.75 -1.61%
Soybeans Sep 2017 956.50 -11.75 -1.21%
Soybeans Nov 2017 954.00 -9.25 -0.96%
Soybeans Jan 2018 959.75 -9.00 -0.93%
Soybean Meal May 2017 308.40 -6.50 -2.06%
Soybean Meal Jul 2017 311.80 -6.50 -2.04%
Soybean Meal Aug 2017 312.30 -6.20 -1.95%
Soybean Oil May 2017 31.78 -0.23 -0.72%
Soybean Oil Jul 2017 32.07 -0.22 -0.68%
Soybean Oil Aug 2017 32.17 -0.20 -0.62%
Corn May 2017 364.25 +6.75 +1.89%
Corn Jul 2017 371.75 +6.75 +1.85%
Corn Sep 2017 379.25 +7.00 +1.88%
Corn Dec 2017 388.25 +7.25 +1.90%
Corn Mar 2018 397.25 +7.00 +1.79%
Oats May 2017 224.25 -3.00 -1.32%
Oats Jul 2017 220.75 -0.50 -0.23%
Oats Sep 2017 219.25 -1.75 -0.79%
Oats Dec 2017 219.50 unch 0.00%
Oats Mar 2018 226.50 -5.75 -2.48%
Wheat May 2017 426.50 +5.50 +1.31%
Wheat Jul 2017 439.00 +5.00 +1.15%
Wheat Sep 2017 453.50 +4.25 +0.95%
Wheat Dec 2017 473.75 +4.25 +0.91%
Wheat Mar 2018 488.50 +4.00 +0.83%
Minneapolis
Spring Wheat May 2017 534.25 -9.25 -1.70%
Spring Wheat Jul 2017 542.25 -7.25 -1.32%
Spring Wheat Sep 2017 549.00 -5.75 -1.04%
Spring Wheat Dec 2017 557.75 -5.50 -0.98%
Spring Wheat Mar 2018 566.75 -6.25 -1.09%
Kansas
Hard Red Wheat May 2017 420.50 +3.25 +0.78%
Hard Red Wheat Jul 2017 433.75 +3.50 +0.81%
Hard Red Wheat Sep 2017 449.50 +4.00 +0.90%
Hard Red Wheat Dec 2017 473.25 +4.25 +0.91%
Hard Red Wheat Mar 2018 489.25 +4.00 +0.82%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Apr 2017 119.95 -0.05 -0.04%
Live Cattle (P) Jun 2017 110.87 unch 0.00%
Live Cattle (P) Aug 2017 106.75 +0.03 +0.03%
Feeder Cattle (P) Apr 2017 133.95 +1.40 +1.06%
Feeder Cattle (P) May 2017 132.70 +1.27 +0.97%
Feeder Cattle (P) Aug 2017 133.75 +0.90 +0.68%
Lean Hogs (P) Apr 2017 65.67 +0.05 +0.08%
Lean Hogs (P) May 2017 69.85 -0.65 -0.92%
Lean Hogs (P) Jun 2017 73.85 -0.40 -0.54%
Canadian Dollar Apr 2017 0.7526 +0.0007 +0.09%
