Canola futures posted a strong finish to the week, supported by a general upswing in all crop futures.
There is rapid seeding progress across Western Canada, but farmers in large parts of the western Prairies are hoping for rain.
There could be some partial relief early next week with a system expected to deliver rain in southern Saskatchewan. But central areas and much of Alberta it’s expected to remain dry.
It is expected to be cooler next week, near seasonal average temperatures.
The Canadian dollar fell today and is down about 2.5 cents from the peak on May 3.
Chicago soybean futures rallied 2.6 percent on Friday, with the gains underpinned by concerns about the quality of the crop being harvested in Argentina
Weekly canola exports were much improved in week 39, ending May 1.
The Canadian grain commission said 292,300 tonnes of canola were shipped, versus 143,900 the week before.
All crop exports in week 39 were 833,600 tonnes versus 468,100 the week before.
However the domestic crush continues to suffer.
The Canadian Oilseed Processors Association said members crushed 131,251 tonnes in the week to May 4, up 18.3 percent from the week before.
However, that represented only 63.5 percent of capacity, well off the average pace for the year of 81.5 percent.
Click here for a report on today’s Statists Canada March 31 crop stocks
July canola closed at $510.50, up $10.80 on the day.
Today’s strong gain wiped out so-so performance earlier this week, allowing for a weekly gain of $9.50 or 1.9 percent.
November closed at $506.50, up $7 on the day and up $12 on the week, or 2.4 percent.
For the week, CBOT soybeans rose 0.9 percent, the fourth straight weekly gain and ninth in the last 10 weeks. The strength mostly came from soymeal futures, which were up 2.2 percent this week, the fifth straight weekly gain.
Soyoil was up 0.2 percent on the week.
Excellent U.S. winter wheat crop conditions pushed down wheat futures this week.
Chicago soft red winter contract closed down 5.1 percent on the week, the biggest weekly loss for wheat since mid-November.
MGEX spring wheat fell 2.2 percent this week and Kansas City hard red winter wheat dropped four percent.
Wheat will be pressured in coming weeks by impending harvest of the U.S. winter wheat crop.
Corn edged higher today on some bargain buying but for the week corn futures fell 3.8 percent, weighed down by the fast pace of seeding and weakness in wheat.
Light crude oil nearby futures in New York were up 34 cents to US$44.66 per barrel.
The Canadian dollar at noon was US77.39 cents, down from 77.80 cents the previous trading day. The U.S. dollar at noon was C$1.2921.
The Toronto Stock Exchange composite closed up 69.46 points or 0.51 percent at 13,701.47.
The Dow Jones industrial average rose 79.79 points, or 0.45 percent, to 17,740.5, the S&P 500 gained 6.55 points, or 0.32 percent, to 2,057.18 and the Nasdaq Composite added 19.06 points, or 0.4 percent, to 4,736.16.
For the week, the TSX composite fell 1.8 percent, the Dow ended down 0.2 percent, the S&P 500 fell 0.4 percent and the Nasdaq declined 0.8 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2016 505.50 +10.80 +2.18%
Canola Jul 2016 510.50 +10.80 +2.16%
Canola Nov 2016 506.50 +7.00 +1.40%
Canola Jan 2017 509.40 +6.50 +1.29%
Canola Mar 2017 509.70 +6.50 +1.29%
Milling Wheat May 2016 240.00 +2.00 +0.84%
Milling Wheat Jul 2016 239.00 +2.00 +0.84%
Milling Wheat Oct 2016 233.00 +2.00 +0.87%
Durum Wheat May 2016 300.00 +2.00 +0.67%
Durum Wheat Jul 2016 295.00 +1.00 +0.34%
Durum Wheat Oct 2016 289.00 +1.00 +0.35%
Barley May 2016 172.00 unch 0.00%
Barley Jul 2016 174.00 unch 0.00%
Barley Oct 2016 174.00 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 2016 1026.25 +22.75 +2.27%
Soybeans Jul 2016 1034.75 +22.5 +2.22%
Soybeans Aug 2016 1037 +22.25 +2.19%
Soybeans Sep 2016 1027.5 +21 +2.09%
Soybeans Nov 2016 1022 +20.5 +2.05%
Soybeans Jan 2017 1023.25 +20.25 +2.02%
Soybean Meal May 2016 341.2 +6.2 +1.85%
Soybean Meal Jul 2016 342.8 +6 +1.78%
Soybean Meal Aug 2016 341.1 +5.6 +1.67%
Soybean Oil May 2016 32.81 +0.8 +2.50%
Soybean Oil Jul 2016 33.06 +0.8 +2.48%
Soybean Oil Aug 2016 33.18 +0.8 +2.47%
Corn May 2016 376 +4.25 +1.14%
Corn Jul 2016 377.5 +3.75 +1.00%
Corn Sep 2016 379.5 +3.75 +1.00%
Corn Dec 2016 384.75 +3.25 +0.85%
Corn Mar 2017 394.25 +3.5 +0.90%
Oats May 2016 181.25 +0.5 +0.28%
Oats Jul 2016 193 +0.5 +0.26%
Oats Sep 2016 204.5 unch 0.00%
Oats Dec 2016 216.5 +0.5 +0.23%
Oats Mar 2017 226.25 +0.5 +0.22%
Wheat May 2016 453.25 +0.25 +0.06%
Wheat Jul 2016 463.75 +0.5 +0.11%
Wheat Sep 2016 474.5 +1.25 +0.26%
Wheat Dec 2016 492 +1.5 +0.31%
Wheat Mar 2017 509.25 +1.75 +0.34%
Minneapolis
Spring Wheat May 2016 531 unch 0.00%
Spring Wheat Sep 2016 542.75 +3.75 +0.70%
Spring Wheat Dec 2016 553.75 +3.5 +0.64%
Spring Wheat Mar 2017 563.5 +4.25 +0.76%
Kansas City
Hard Red Wheat May 2016 441 +0.75 +0.17%
Hard Red Wheat Jul 2016 453.5 +0.75 +0.17%
Hard Red Wheat Sep 2016 470.25 +1.25 +0.27%
Hard Red Wheat Dec 2016 494.75 +1 +0.20%
Hard Red Wheat Mar 2017 510.5 +0.75 +0.15%
