By D’Arce McMillan, Markets editor
Twitter @ darcemcmillan
Wheat futures were the only crop to rise on Friday, nearing a five-month high.
December Minneapolis wheat rose the most today, climbing 3.8 percent. Chicago and Kansas City December contracts both rose more than 2.5 percent.
Reuters said Russia’s Veterinary and Phytosanitary Surveillance Service said it was toughening rules for grain exports, a move that could lead to a drop in exports.
Russia’s deputy agriculture minister said on Thursday there was no need to consider any grain export regulation for now. The official added Moscow may consider imposing a floating tariff on grain exports as a measure of last resort in 2015.
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Dry cold weather has stressed Russia’s winter wheat crop and analyst SovEcon think the harvest of all grain crops could fall to 86 million tonnes in 2015 from 104 million tonnes this year. It does not have an official estimate for just wheat.
For the week, CBOT March wheat rose 25 cents per bushel, or 4.5 percent. Kansas hard red winter March wheat rose 33 cents or 5.4 percent. MGEX March spring wheat rose 24 1/4 cents or four percent.
USDA reported export sales of U.S. wheat in the latest week at 431,500 tonnes, in line with trade expectations.
The rest of the crop market fell today.
Oilseeds, including canola, were down on weakening soy meal values, chart based selling and talk that U.S. soybean cash markets were lower.
The falling price of crude oil also weighed on oilseeds. Soy oil fell four percent today.
January canola closed today at $425.50 per tonne down $1.60 or 0.37 percent. The decline Thursday when the American market was closed and the sharply weaker loonie meant it did not fall as much as soybeans did today.
January soybeans were down almost three percent today.
For the week, canola fell $5.50 or 1.3 percent.
For the week, January soybeans fell 2.2 percent. January soymeal fell 0.2 percent. January soyoil fell 1.6 percent.
USDA today reported weekly export sales of U.S. soybeans at 1,485,400 tonnes, above a range of trade expectations.
USDA’s attaché in Brazil lowered its forecast of the country’s 2014-15 soybean production to 92 million tonnes, from USDA’s official forecast of 94 million.
The Canadian Oilseed Processors Association said members crushed 124,304 tonnes of canola in the week ending Nov. 26, up 2.1 percent from the week before. That represented 69 percent of the industry’s crush capacity.
Total crush so far this crop year is about 2.27 million tonnes, up from 2.11 million at the same time last year.
The weakness in oilseeds and the falling crude oil price also weighed on corn, but the loss was offset by the stronger wheat prices and stronger than expected weekly corn export sales.
December corn fell 0.33 percent today. On the week corn gained about one percent.
The International Grains Council on Thursday cut its forecast for 2014-15 world wheat production by one million tonnes to 717 million tonnes, a still record. The IGC also projected that 2015-16 wheat area would rise by one percent.
ICE Futures Canada adjusted its milling wheat futures contract higher.
Light crude oil nearby futures in New York plunged $7.54 since the close Wednesday to settle today at US$66.15 per barrel.
Oil is down because the Organization of Petroleum Exporting Countries voted to maintain current production despite the surplus of product on the market.
The Canadian dollar at noon was US87.51 cents, down from 88.24 cents the previous trading day. The U.S. dollar at noon was C$1.1427.
The energy-heavy TSX fell heavily for a second day, dropping 177.73 points or 1.19 percent to 14,744.70.
The Dow Jones industrial average rose 0.49 points to 17,828.24, the S&P 500 lost 5.27 points, or 0.25 percent, to 2,067.56 and the Nasdaq Composite added 4.31 points, or 0.09 percent, to 4,791.63.
For the week, the TSX fell 2.4 percent.
Major U.S. indexes rose for a sixth straight week, the S&P’s longest streak since November 2013. For the week, the Dow was up 0.1 percent, the S&P climbed 0.2 percent and the Nasdaq rose 1.7 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2015 425.30 -1.80 -0.42%
Canola Mar 2015 425.70 -2.60 -0.61%
Canola May 2015 427.40 -2.90 -0.67%
Canola Jul 2015 427.90 -3.30 -0.77%
Canola Nov 2015 423.50 -4.40 -1.03%
Milling Wheat Dec 2014 236.00 +6.00 +2.61%
Milling Wheat Mar 2015 243.00 +5.00 +2.10%
Milling Wheat May 2015 246.00 +5.00 +2.07%
Durum Wheat Dec 2014 356.50 unch 0.00%
Durum Wheat Mar 2015 357.50 unch 0.00%
Durum Wheat May 2015 357.50 unch 0.00%
Barley Dec 2014 174.00 unch 0.00%
Barley Mar 2015 177.00 unch 0.00%
Barley May 2015 177.00 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 2015 1016 -31 -2.96%
Soybeans Mar 2015 1022.5 -30.25 -2.87%
Soybeans May 2015 1029.25 -29.5 -2.79%
Soybeans Jul 2015 1033.25 -29.75 -2.80%
Soybeans Aug 2015 1032.75 -29.25 -2.75%
Soybeans Sep 2015 1011.5 -26.5 -2.55%
Soybean Meal Dec 2014 391.1 -10.5 -2.61%
Soybean Meal Jan 2015 366.3 -10.4 -2.76%
Soybean Meal Mar 2015 351.1 -7 -1.95%
Soybean Oil Dec 2014 32.18 -1.3 -3.88%
Soybean Oil Jan 2015 32.29 -1.32 -3.93%
Soybean Oil Mar 2015 32.41 -1.36 -4.03%
Corn Dec 2014 375.75 -2.5 -0.66%
Corn Mar 2015 388.75 -2.75 -0.70%
Corn May 2015 397 -3.25 -0.81%
Corn Jul 2015 403.75 -3.25 -0.80%
Corn Sep 2015 409 -3.5 -0.85%
Oats Dec 2014 294.5 -0.5 -0.17%
Oats Mar 2015 306.5 -2 -0.65%
Oats May 2015 310.75 -2.5 -0.80%
Oats Jul 2015 314 -0.75 -0.24%
Oats Sep 2015 309 -0.75 -0.24%
Wheat Dec 2014 577.25 +15.25 +2.71%
Wheat Mar 2015 578.5 +15.75 +2.80%
Wheat May 2015 584.5 +15.25 +2.68%
Wheat Jul 2015 589 +14.5 +2.52%
Wheat Sep 2015 596.5 +14.75 +2.54%
Minneapolis
Spring Wheat Dec 2014 621 +22.5 +3.76%
Spring Wheat Mar 2015 616.25 +13.5 +2.24%
Spring Wheat May 2015 623.5 +12.75 +2.09%
Spring Wheat Jul 2015 630.25 +11.5 +1.86%
Spring Wheat Sep 2015 638 +11 +1.75%
Kansas City
Hard Red Wheat Dec 2014 637 +16 +2.58%
Hard Red Wheat Mar 2015 640 +16.75 +2.69%
Hard Red Wheat May 2015 641 +16.75 +2.68%
Hard Red Wheat Jul 2015 635.5 +14.5 +2.33%
Hard Red Wheat Sep 2015 645.5 +14.75 +2.34%
