Wittal: Canadian dollar slips, nudges canola upward

Jan. 19 — With U.S. markets back in business, things seemed to get off to a more positive start as gold, crude oil and financial indexes led the way and closed out the day with gains across the board.

U.S. grains were lower, as the U.S. dollar index rose slightly. Also, inventories are not dropping very fast, with slower-than-expected sales and shipments. Corn and wheat weekly numbers were again below weekly targets while beans were slightly above weekly targets.

Canola values showed small gains on the day, mainly due to the falling Canadian dollar, which helped to prop canola values up for the day.

The U.S. dollar index rose 17-100ths of a cent today, while gold closed up $9.60 at $1,139.70.

The Canadian dollar fell 0.52 cents to close at US96.98 cents today.

The Dow Jones March contract closed up 107 points at 10,670 today.

In the energy sector crude oil closed up $1.02 at US$79.02 per barrel.

Corn closed down 1.6-2.2 cents a bushel today, while beans closed down 2.4-10.4 cents a bushel.

Wheat markets closed down 5.6-9.4 cents a bushel today; Minneapolis March futures closed down seven cents a bushel today.

Canola closed up $1.90-$2.20 per tonne today. Western barley closed unchanged at $150 per tonne.

That’s all for today. — 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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