Canola edges higher on stronger soy oil

Some trade friction between the United States and Argentina over biodiesel lifted soy oil futures on Wednesday and that helped support canola futures.
November canola closed at $508 per tonne, up $1.20.
Corn fell about one percent and hit the lowest level in 2017.
The Farm Journal Midwest Crop Tour late on Tuesday projected above-average corn yield potential in Indiana and Nebraska. Scouts were touring Illinois and western Iowa on Wednesday. The tour wraps up on Friday.
Soybeans drew support from expectations for increased domestic demand for soyoil, after the U.S. government late on Tuesday imposed duties on imports of Argentine and Indonesian biodiesel. Soyoil is the primary feedstock for biodiesel fuel.
Argentina threatened to halt all biodiesel exports to the U.S.
Imports, mostly from Argentina, made up nearly half of U.S. biodiesel consumption of 2 billion US gallons (7.57 billion liters) in 2016, according to government data.
If the feud continues it could cause more soybean crushing in the U.S. to supply the oil needed for the biodiesel business. But that would also increase the amount of soy meal produced and that pushed soy meal futures lower.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 56 cents US$48.41 per barrel.
In the afternoon, the Canadian dollar was trading around US79.70 cents, up from 79.56 cents the previous trading day. The U.S. dollar was C$1.2547.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 78.20 points, or 0.52 percent, at 15,063.16.
President Donald Trump’s threat to hang up the process to raise the U.S. government’s debt ceiling so as to get money to start building the wall on the Mexican border stirred uncertainty that weighed on Wall Street.
The president in a campaign-style speech Tuesday night also said he doubted that his administration would be able to renegotiate NAFTA to its liking, leading it to cancel the pact.
Canada and Mexico chalked it up to a negotiating tactic.
The Dow Jones Industrial Average fell 87.8 points, or 0.4 percent, to 21,812.09, the S&P 500 lost 8.44 points, or 0.34 percent, to 2,444.07 and the Nasdaq Composite dropped 19.07 points, or 0.3 percent, to 6,278.41.

Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 508.00s +1.20 +0.24%
Canola Jan 18 512.70s +1.00 +0.20%
Canola Mar 18 515.70s +1.10 +0.21%
Canola May 18 516.50s +1.20 +0.23%
Canola Jul 18 516.70s +1.00 +0.19%

Milling Wheat Oct 17 247.00s unch unch
Milling Wheat Dec 17 250.00s unch unch
Milling Wheat Mar 18 257.00s unch unch

Durum Wheat Oct 17 306.00s -6.00 -1.92%
Durum Wheat Dec 17 307.00s -6.00 -1.92%
Durum Wheat Mar 18 295.00s unch unch

Barley Oct 17 145.00s unch unch
Barley Dec 17 148.00s unch unch
Barley Mar 18 151.00s unch unch

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.

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Chicago
Soybeans Sep 17 935-0s +1-2 +0.13%
Soybeans Nov 17 938-0s +0-4 +0.05%
Soybeans Jan 18 946-6s +1-0 +0.11%
Soybeans Mar 18 955-4s +1-4 +0.16%
Soybeans May 18 963-4s +2-0 +0.21%

Soybean Meal Sep 17 293.3s -2.0 -0.68%
Soybean Meal Oct 17 294.8s -2.0 -0.67%
Soybean Meal Dec 17 296.5s -2.2 -0.74%

Soybean Oil Sep 17 34.72s +0.66 +1.94%
Soybean Oil Oct 17 34.84s +0.65 +1.90%
Soybean Oil Dec 17 35.06s +0.64 +1.86%

Corn Sep 17 342-0s -4-0 -1.16%
Corn Dec 17 355-6s -4-2 -1.18%
Corn Mar 18 368-2s -4-2 -1.14%
Corn May 18 374-6s -4-0 -1.06%
Corn Jul 18 380-4s -4-4 -1.17%

Oats Sep 17 238-6s -0-2 -0.10%
Oats Dec 17 246-0s +0-4 +0.20%
Oats Mar 18 248-6s +0-2 +0.10%
Oats May 18 250-4s unch unch
Oats Jul 18 249-6s -3-6 -1.48%

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Wheat Sep 17 403-2s +1-0 +0.25%
Wheat Dec 17 430-0s +1-0 +0.23%
Wheat Mar 18 453-0s +0-2 +0.06%
Wheat May 18 467-6s unch unch
Wheat Jul 18 482-0s +0-4 +0.10%

Minneapolis
Spring Wheat Sep 17 639-2s -1-6 -0.27%
Spring Wheat Dec 17 657-0s +0-6 +0.11%
Spring Wheat Mar 18 661-6s +2-2 +0.34%
Spring Wheat May 18 656-4s +3-4 +0.54%
Spring Wheat Jul 18 650-6s +3-6 +0.58%

Kansas City
Hard Red Wheat Sep 17 397-6s -1-2 -0.31%
Hard Red Wheat Dec 17 425-6s -1-2 -0.29%
Hard Red Wheat Mar 18 444-2s -1-2 -0.28%
Hard Red Wheat May 18 458-4s -1-2 -0.27%
Hard Red Wheat Jul 18 476-2s -1-4 -0.31%

Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Aug 17 105.650s -1.075 -1.01%
Live Cattle Oct 17 106.175s -1.550 -1.44%
Live Cattle Dec 17 109.100s -0.975 -0.89%

Feeder Cattle Aug 17 141.625s -0.450 -0.32%
Feeder Cattle Sep 17 141.900s -0.150 -0.11%
Feeder Cattle Oct 17 141.700s -0.575 -0.40%

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Lean Hogs Oct 17 63.550s -0.325 -0.51%
Lean Hogs Dec 17 58.850s -0.200 -0.34%
Lean Hogs Feb 18 63.325s -0.425 -0.67%