Forecasts for substantial rain in the U.S. southern Plains late next week battered wheat about two percent lower on Friday.
Canola edged higher with a slight decline in the Canadian dollar and slightly stronger soy oil futures, but gains were limited by weaker U.S. soybean futures.
November canola closed at $472.60 per tonne, up $1.10.
Over the week, November canola rose $3.10.
November canola is stuck in a $10 trading range of $470 to $480.
The Canadian election next week is a wild card. If there is a change in power it could have an impact on the loonie, at least temporarily, and that could have an effect on canola prices.
Read Also
U.S. grains: Soy futures top one-week high, US crop outlook limits gains
Chicago Board of Trade soybean futures hit their highest level in more than a week on Thursday as technical buying helped the market recover from a three-month low reached on Monday, analysts said.
Soy oil futures edged higher today, following gains in the crude oil market. Also, weekly U.S. soy oil export sales at 53,200 tonnes, topped a range of trade expectations for zero to 30,000 tonnes.
>>>>>>More Market News: Manitoba, Ontario corn yields through the roof
Soybean export sales were at the top end of the trade’s expectation but the market focused on good harvest progress in the U.S. Midwest, Reuters reported.
November soybeans dipped 0.77 percent today. Over the week soybeans gained 1.4 percent. Soy meal rose 1.9 percent this week while soy oil gained 1.6 percent, its third straight weekly rise.
Palm oil futures dipped as Oct. 1-15 palm oil exports were below the same period last month
Soybean planting in Brazil’s Mato Grosso state, which is responsible for nearly 30 percent of the country’s soy output, was 14.3 percent complete, five percentage points ahead of last year’s harvest, Reuters reported. Dry weather in the state is being monitored closely, while it is too wet in southern growing areas.
Wheat futures fell on a forecast for rain in the dry southern Plains of the U.S. late next week. Also, markets are weighed down by the large surplus of global wheat supplies.
Chicago wheat fell below $5 a bushel.
The U.S. Department of Agriculture forecasts 2015-16 wheat exports at 23.133 million tonnes, the smallest since 1971-72 and similar to 2002-03 when 23.139 tonnes were exported.
Corn edged up by about a penny a bushel today
Weekly US corn export sales were within the range of expectations, Reuters reported.
Gains were held in check by the rapid advance of the U.S. harvest.
For the week, December corn dropped 1.4 percent, its second weekly loss.
Light crude oil nearby futures in New York today were up 88 cents to US$47.26 per barrel.
The Canadian dollar at noon was US77.32 cents, down from 77.50 cents the previous trading day. The U.S. dollar at noon was C$1.2933.
Reuters reported the University of Michigan said its consumer sentiment index rose to 92.1 in early October from a reading of 87.2 September.
In early, unofficial tallies:
The S&P/TSX composite index closed up 9.13 points at 13,838.10.
Over the week it fell 0.9 percent.
The Dow Jones industrial average rose 73.56 points, or 0.43 percent, to 17,215.31, the S&P 500 gained 9.18 points, or 0.45 percent, to 2,033.04 and the Nasdaq Composite added 16.59 points, or 0.34 percent, to 4,886.69.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 472.60 +1.10 +0.23%
Canola Jan 2016 477.10 +2.20 +0.46%
Canola Mar 2016 479.80 +2.00 +0.42%
Canola May 2016 480.50 +2.30 +0.48%
Canola Jul 2016 480.00 +2.20 +0.46%
Milling Wheat Dec 2015 227.00 -5.00 -2.16%
Milling Wheat Mar 2016 232.00 -5.00 -2.11%
Milling Wheat May 2016 236.00 -4.00 -1.67%
Durum Wheat Dec 2015 335.00 unch 0.00%
Durum Wheat Mar 2016 340.00 unch 0.00%
Durum Wheat May 2016 345.00 unch 0.00%
Barley Dec 2015 185.00 unch 0.00%
Barley Mar 2016 187.00 unch 0.00%
Barley May 2016 188.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2015 898.25 -7 -0.77%
Soybeans Jan 2016 902 -7 -0.77%
Soybeans Mar 2016 905.5 -6.75 -0.74%
Soybeans May 2016 909.5 -6.5 -0.71%
Soybeans Jul 2016 915 -7 -0.76%
Soybeans Aug 2016 914 -7 -0.76%
Soybean Meal Dec 2015 312 -2 -0.64%
Soybean Meal Jan 2016 310.4 -2.4 -0.77%
Soybean Meal Mar 2016 308.2 -2.5 -0.80%
Soybean Oil Dec 2015 28.6 +0.02 +0.07%
Soybean Oil Jan 2016 28.89 +0.02 +0.07%
Soybean Oil Mar 2016 29.1 +0.01 +0.03%
Corn Dec 2015 376.75 +1.25 +0.33%
Corn Mar 2016 387.75 +1.25 +0.32%
Corn May 2016 394 +1.25 +0.32%
Corn Jul 2016 399.25 +1.5 +0.38%
Corn Sep 2016 397.25 +1.25 +0.32%
Oats Dec 2015 230.75 -3.75 -1.60%
Oats Mar 2016 232.5 -4 -1.69%
Oats May 2016 234.5 -3.75 -1.57%
Oats Jul 2016 238.25 -3.5 -1.45%
Oats Sep 2016 240.5 -3.5 -1.43%
Wheat Dec 2015 492.25 -10.25 -2.04%
Wheat Mar 2016 500 -10.5 -2.06%
Wheat May 2016 505 -10.25 -1.99%
Wheat Jul 2016 508.5 -10.25 -1.98%
Wheat Sep 2016 517.25 -9.75 -1.85%
Minneapolis
Spring Wheat Dec 2015 512.25 -10 -1.91%
Spring Wheat Mar 2016 525.5 -9.25 -1.73%
Spring Wheat May 2016 535.75 -9 -1.65%
Spring Wheat Jul 2016 546 -8.25 -1.49%
Spring Wheat Sep 2016 557 -6.5 -1.15%
Kansas City
Hard Red Wheat Dec 2015 483.5 -12.75 -2.57%
Hard Red Wheat Mar 2016 498.5 -12.75 -2.49%
Hard Red Wheat May 2016 508.5 -12.5 -2.40%
Hard Red Wheat Jul 2016 518.5 -12.25 -2.31%
Hard Red Wheat Sep 2016 532 -12.25 -2.25%
