Bad weather in Brazil pushes up canola

Adverse weather for South America’s soybean crop pushed oilseed markets higher on Christmas Eve, in a day of light trading.

March canola futures increased $6.70 per tonne to close at $585.40. March soybean contracts were also up, gaining 6.5 cents to settle at $14.3575 per bushel.

Dry weather in parts of Brazil, detrimental to the country’s soybean crop, drove the oilseed complex higher Monday. Speculation on the condition of Brazil’s soy crop has influenced oilseed markets over the last week, particularly since Brazil is expected to replace the U.S. as the largest soybean producer on the globe this year.

In a day with minimal trades, canola posted modest gains. Traders attributed the increase to a market rebound that began Dec. 21, when canola bounced back after several days of losses last week.

Corn also posted its second consecutive day of gains. March corn futures rose 2.25 cents to close at $7.0425 per bu.

Canola trading on the ICE Canada exchange will resume Dec. 27, following Christmas and Boxing Day. The U.S. markets will reopen Dec. 26.

Winnipeg (per tonne)

Canola Jan 13 $590.40, up $8.30

Canola Mar 13 $585.40, up $6.70

Canola May 13 $582.30, up $6.90

Canola Jul 13 $580.70, up $7.30

Milling Wheat Mar 13 $290.50, unchanged

Milling Wheat May 13 $293.50, unchanged

Milling Wheat Jul 13 $295.50, unchanged

Durum Wheat Mar 13 $312.40, unchanged

Durum Wheat May 13 $316.40, unchanged

Durum Wheat Jul 13 $319.40, unchanged

Barley Mar 13 $247.00, unchanged

Barley May 13 $248.00, unchanged

Barley Jul 13 $248.50, unchanged

Chicago (per bushel)

Soybeans (P) Jan 13 $14.3975, up 9.0 cents

Soybeans (P) Mar 13 $14.3575, up 6.5

Soybeans (P) May 13 $14.2675, up 8

Soybeans (P) Jul 13 $14.215, up 8.25

Corn (P) Mar 13 $7.0425, up 2.25 cents

Corn (P) May 13 $7.0675, up 2

Corn (P) Jul 13 $7.0375, up 1.75

Oats (P) Mar 13 $3.65, up 0.25 cents

Oats (P) May 13 $3.725, up 0.25

Oats (P) Jul 13 $3.745, up 0.25

Minneapolis (per bushel) (as of 1:00 p.m.)

Spring Wheat Mar 13 $8.82, up 0.5 cents

Spring Wheat May 13 $8.9175, unchanged

Spring Wheat Jul 13 $8.9925, down 1.0

Spring Wheat Sep 13 $8.995, down 0.5

The Canadian dollar sat at $1.0088 US Thursday, up from $1.0058 Dec. 21. The U.S. greenback was worth $0.9913 Cdn.

Nearby crude oil in New York fell a nickel to $88.61 per barrel.