Canola futures settled barely changed on Wednesday, as the trade took a cautious approach ahead of Friday’s Statistics Canada report.
January canola settled at $471.40, up 10 cents. March closed at 479.50, down 60 cents.
It was another good day for soy oil futures, which climbed more than 1.5 percent.
Vegetable oil has technical momentum.
Also traders unwound long soymeal/short soyoil spreads following the U.S. Environmental Protection Agency’s announcement this week that it was raising usage requirements for renewable fuels.
Soybeans rose for a third day on short covering and signs of strong export demand.
Funds had a heavy net short position in soybeans so a short covering rally is a posibility.
Chicago wheat fell for the sixth consecutive session, pressured by a stronger American dollar that makes U.S. wheat less competitive on world markets.
Corn fell on the strong dollar and on ideas that low fuel prices will thwart hopes that the Environmental Protection Agency’s higher blending requirements will boost corn demand for ethanol.
Also, Argentina is about to end export taxes on corn and wheat. The expectation is that this will push more corn onto the world market.
Light crude oil nearby futures in New York were down $1.91 to US$39.94 per barrel. The U.S. Energy Information Administration said US. commercial crude oil inventory rose 1.2 million barrels from the week before. That was more than expected and the 10th straight week of inventory increases.
The price fell below $40 for the first time since August. The Organization of Petroleum Exporting Countries meets this week and there is no expectation that it will decide to reduce production.
Saudi Arabia dominates OPEC and it is determined to pump to maintain market share against competitors such as Russia and the United States.
The Canadian dollar at noon was US74.85 cents, up from 74.78 cents the previous trading day. The U.S. dollar at noon was C$1.3360.
The Bank of Canada held its interest rate steady at its meeting today. U.S. Fed chair Janet Yellen today said she was “looking forward” to a rate hike, seen as confirmation of the American economy’s recovery from resession. The Fed meets Dec. 15-16.
The Toronto Stock Exchange composite fell 172.24 points, or 1.26 percent, to close at 13,463.82.
The Dow Jones industrial average fell 158.67 points, or 0.89 percent, to 17,729.68, the S&P 500 lost 23.12 points, or 1.1 percent, to 2,079.51 and the Nasdaq Composite dropped 33.08 points, or 0.64 percent, to 5,123.22.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2016 471.40 +0.10 +0.02%
Canola Mar 2016 479.50 -0.60 -0.12%
Canola May 2016 486.80 +0.90 +0.19%
Canola Jul 2016 491.70 +1.70 +0.35%
Canola Nov 2016 476.60 -1.90 -0.40%
Milling Wheat Dec 2015 236.00 +1.00 +0.43%
Milling Wheat Mar 2016 238.00 +1.00 +0.42%
Milling Wheat May 2016 241.00 +1.00 +0.42%
Durum Wheat Dec 2015 320.00 unch 0.00%
Durum Wheat Mar 2016 325.00 unch 0.00%
Durum Wheat May 2016 335.00 unch 0.00%
Barley Dec 2015 189.00 unch 0.00%
Barley Mar 2016 191.00 unch 0.00%
Barley May 2016 197.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2016 892.25 +3 +0.34%
Soybeans Mar 2016 895 +3.5 +0.39%
Soybeans May 2016 901.25 +3.75 +0.42%
Soybeans Jul 2016 907.5 +4 +0.44%
Soybeans Aug 2016 909.25 +4.25 +0.47%
Soybeans Sep 2016 908.25 +4.25 +0.47%
Soybean Meal Dec 2015 286.3 +0.6 +0.21%
Soybean Meal Jan 2016 286.7 +0.3 +0.10%
Soybean Meal Mar 2016 288.9 +0.3 +0.10%
Soybean Oil Dec 2015 30.27 +0.49 +1.65%
Soybean Oil Jan 2016 30.57 +0.49 +1.63%
Soybean Oil Mar 2016 30.81 +0.47 +1.55%
Corn Dec 2015 364 -3 -0.82%
Corn Mar 2016 370.25 -3.5 -0.94%
Corn May 2016 376 -3.25 -0.86%
Corn Jul 2016 381.5 -3 -0.78%
Corn Sep 2016 385.5 -2.75 -0.71%
Oats Dec 2015 264.25 +6.75 +2.62%
Oats Mar 2016 235.25 -1.5 -0.63%
Oats May 2016 232 -0.75 -0.32%
Oats Jul 2016 232.25 unch 0.00%
Oats Sep 2016 232.5 -1.25 -0.53%
Wheat Dec 2015 452.25 -4.25 -0.93%
Wheat Mar 2016 467.25 -4.25 -0.90%
Wheat May 2016 474.25 -5 -1.04%
Wheat Jul 2016 481.75 -5 -1.03%
Wheat Sep 2016 492.5 -5.25 -1.05%
Minneapolis
Spring Wheat Dec 2015 519.75 -6.5 -1.24%
Spring Wheat Mar 2016 508.75 +1.25 +0.25%
Spring Wheat May 2016 515.75 +1.25 +0.24%
Spring Wheat Jul 2016 524.75 +1.5 +0.29%
Spring Wheat Sep 2016 534.75 +1.25 +0.23%
Kansas City
Hard Red Wheat Dec 2015 448.25 -3.25 -0.72%
Hard Red Wheat Mar 2016 466 -3 -0.64%
Hard Red Wheat May 2016 476.75 -3.25 -0.68%
Hard Red Wheat Jul 2016 487.25 -3.75 -0.76%
Hard Red Wheat Sep 2016 501.5 -3.5 -0.69%
