Wittal: U.S. beans support canola futures

Nov. 13 — Markets overall fared a lot better than one would expect for a Friday the 13th. Financial markets regained some of Thursday’s losses and ended up with small gains week over week. The energy sector was down today and for the week, as reduced demand seems to be pulling crude values lower.

U.S. grain markets were mixed today but were all up for the week as continued mixed harvest weather supports prices.

Canadian canola futures are up week over week as U.S. beans continue to support canola for the time being.

Gold futures pushed upward again today finishing at $1,116.70 on the December futures.

The U.S. dollar was down a third of a cent today and half a cent for the week. The Canadian dollar closed up 0.28 cents today at US95.08 cents, up 2.15 cents for the week.

The Dow Jones December quote closed up 53 points at 10,242 today, up 264 points over last week’s close. 

Crude oil closed down 59 cents a barrel today at US$76.35, down $1.08 for the week.

Corn closed unchanged to down 1.6 cents a bushel today, up 23 cents a bushel over last week’s close. Beans closed down 1.2-3.4 cents a bushel today, up 32 cents a bushel over last week’s close.

Wheat futures were up five to nine cents a bushel today. Minneapolis December wheat closed up 7.2 cents a bushel today, up 37 cents a bushel over last week’s close.

Canadian canola futures were up $2.70-$4.60 per tonne today, up $4 per tonne from last week.

November Western barley futures closed unchanged at $175.60 today, up 60 cents per tonne this week.

As we wrap up the North American harvest, weather concerns in other grain-growing regions in the world are going to start to become more of a market focus and drive markets in the near term. For the most part, things are in pretty good shape, other than some drought concerns in parts of South America, in Argentina and Uruguay.

The world weather picture can change very quickly, as was very evident this year in North America. 

Now that the grain is in the bin, don’t forget about it. You need to always be aware of what the markets are doing, so if and when a marketing opportunity presents itself you are able to take advantage of it.

That’s all for his week. — Brian

— Brian Wittal has spent over 27 years in the grain industry, including as an elevator manager and producer services representative for Alberta Wheat Pool, a regional sales manager for AgPro Grain and farm business representative for the Canadian Wheat Board, where he helped design some of the new pricing programs. He also operates his own company providing marketing and risk management advice for Prairie grain producers. Brian’s daily commentaries focus on how domestic and world market conditions affect you directly as grain producers.

Brian welcomes feedback and information on market conditions in your area, such as current offering prices, basis levels, trucking premiums and special crops contracts. Contact Brian today.

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Brian Wittal

Brian Wittal has 30 years of grain industry experience and currently offers market planning and marketing advice to farmers through his company Pro Com Marketing Ltd.

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