Canola gains $9.80 Wednesday on strong domestic demand

Canola and soybean futures regained some of the ground lost since Friday’s bearish USDA report.

January canola closed at $584.60, up $9.80, up 1.70 percent.

March closed at $582.90, up $10, or 1.75 percent.

Canola was supported by strong demand from domestic crushers and rising soybeans, which were supported by strong U.S. crusher demand. American crushers in October processed the most soybeans in nearly three years.

Rising palm oil also lent support. Malaysian January crude palm jumped 4.4 percent, the most since October 2010, as the build up of inventory slowed and prospects for demand improved.

Corn also rebounded on a technical bounce.

Surprisingly, Chicago wheat closed down a little but Minneapolis spring wheat was up a little.

On Tuesday the USDA said the percentage of the crop rated good-to-excellent fell to 36 percent, down from 39 percent the week before.

However, the weakness in wheat was attributed to slow U.S. wheat exports.

 

Winnipeg (per tonne)

Canola Jan 13  $584.60, up $9.80       +1.70%

Canola Mar 13  $582.90, up $10.00       +1.75%

Canola May 13  $581.30, up $10.80       +1.89%

Canola Jul 13  $578.20, up $11.00       +1.94%

 

Milling Wheat Dec 12  $307.00, unchanged

Milling Wheat Mar 13  $316.50, unchanged

Milling Wheat May 13  $319.50, unchanged

 

Durum Wheat Dec 12  $312.40, unchanged

Durum Wheat Mar 13  $319.00, unchanged

Durum Wheat May 13  $323.00, unchanged

 

Barley Dec 12  $250.00, unchanged

Barley Mar 13  $253.00, unchanged

Barley May 13  $254.00, unchanged

 

Chicago (per bushel)

Soybeans (P) Jan 13  $14.19, up 11.0 cents       +0.78%

Soybeans (P) Mar 13  $13.9875, up 13.0       +0.94%

Soybeans (P) May 13  $13.7725, up 4.75       +0.35%

Soybeans (P) Jul 13  $13.6625, up 3.25  +0.24%

 

Corn (P) Dec 12  $7.2575, up 2.25 +0.31%

Corn (P) Mar 13  $7.2925, up 3.0 +0.41%

Corn (P) May 13  $7.25, up 2.5       +0.35%

 

Oats (P) Dec 12  $3.675, up 3.75       +1.03%

Oats (P) Mar 13  $3.765, up 4.0       +1.07%

Oats (P) May 13  $3.7725, up 2.5       +0.67%

 

Minneapolis (per bushel)

Spring Wheat Dec 12  $9.235, up 1.25 cents       +0.14%

Spring Wheat Mar 13  $9.3325, up 1.75       +0.19%

Spring Wheat May 13  $9.405, down 0.25       -0.03%

Spring Wheat Jul 13  $9.4075, up 2.75       +0.29%

 

The Bank of Canada noon rate for the loonie was 99.82 cents US, down slightly from 99.84 the day before.

The U.S. buck was $1.0018 Cdn.

Nearby light crude in New York rose 94 cents to $86.32 per barrel.

In early unofficial tallies:

The Toronto Stock Exchange’s S&P/TSX composite index fell 204.87 points, or 1.7 percent, to close at 11,929.79.

The Dow Jones industrial average slid 184.92 points, or 1.45 percent, to end at 12,571.26.

The Standard & Poor’s 500 Index dropped fell 19.03 points, or 1.38 percent, to finish at 1,355.49.

The Nasdaq Composite Index fell 37.08 points, or 1.29 percent, to close at 2,846.81.

Respond





You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>