Canola closed higher on Wednesday, supported by talk of exporter demand and support from rising wheat and soybeans.
Rain in large arts of the Prairie has stalled harvest. Here is a map of today’s expected rain fall.
Gains were limited by expectations of a record shattering Canadian canola crop and general weakness in global veg oil market.
Wheat posted strong gains, supported by overnight frost yesterday and today in Argentina that is expected to do some damage to the newly planted wheat crop there. However, Reuters reports that farmers there say the damage is not serious.
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U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
USDA’s forecast for the Argentine wheat crop is 12 million tonnes, up from 10 million tonnes the previous season. Planting intentions increased this year thanks to a local price surge caused by high early-season exports.
Wheat was also supported by Chinese domestic prices have hit record highs due to the damage that late rains did to its harvest a few months back. China is already expected to be the world’s largest wheat importer this year and some analysts think current forecasts for its imports might have to be revised upward.
Crop forecaster Lanworth raised its forecast of the 2013-14 global soybean harvest to 284 million tonnes, up three million tonnes from last week.
Winnipeg ICE Futures Canada in $Cdn per tonne
Canola Nov 13 484.90s +4.80
Canola Jan 14 494.60s +4.80
Canola Mar 14 502.30s +4.70
Canola May 14 508.40s +4.30
Canola Jul 14 514.40s +4.10
Milling Wheat Oct 13 233.00s +4.00
Milling Wheat Dec 13 237.00s +4.00
Milling Wheat Mar 14 244.00s +4.00
Durum Wheat Oct 13 259.00s unch
Durum Wheat Dec 13 267.00s unch
Durum Wheat Mar 14 273.00s unch
Barley Oct 13 158.30s unch
Barley Dec 13 161.30s unch
Barley Mar 14 163.30s unch
Soybeans Nov 13 1321-6s +9-2
Soybeans Jan 14 1324-0s +9-2
Soybeans Mar 14 1305-4s +7-0
Soybeans May 14 1283-4s +4-4
Soybeans Jul 14 1274-6s +3-2
Soybean Meal Oct 13 418.6s +4.5
Soybean Meal Dec 13 417.1s +4.8
Soybean Meal Jan 14 ` 415.9s +4.7
Soybean Oil Oct 13 41.82s -0.02
Soybean Oil Dec 13 42.09s unch
Soybean Oil Jan 14 42.37s unch
Corn Dec 13 454-6s +6-0
Corn Mar 14 467-2s +5-6
Corn May 14 475-4s +5-6
Corn Jul 14 481-6s +5-6
Corn Sep 14 484-0s +5-0
Oats Dec 13 313-6s +3-2
Oats Mar 14 310-4s +1-0
Oats May 14 312-0s +3-0
Oats Jul 14 307-2s +3-0
Oats Sep 14 312-2s +2-4
Wheat Dec 13 670-4s +12-2
Wheat Mar 14 680-6s +12-2
Wheat May 14 685-4s +11-6
Wheat Jul 14 677-0s +10-4
Wheat Sep 14 682-0s +10-4
Spring Wheat Dec 13 718-2s +13-2
Spring Wheat Mar 14 727-2s +12-4
Spring Wheat May 14 732-6s +11-0
Spring Wheat Jul 14 737-6s +10-2
Spring Wheat Sep 14 740-0s +10-0
KCBT Red Wheat Dec 13 718-2s +13-2
KCBT Red Wheat May 14 719-4s +11-4
KCBT Red Wheat Jul 14 705-0s +11-0
KCBT Red Wheat Sep 14 713-2s +10-2
Light crude oil nearby futures in New York dropped 47 cents at $102.66 US per barrel.
The Canadian dollar at noon was 97.13 cents US, unchanged from the previous trading day. The U.S. dollar at noon was $1.0295 Cdn.
The U.S. government is back to battling over whether to lift the debt ceiling and over funding to continue to run federal agencies. That uncertainty weighed on stock markets.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 12.18 points, or 0.09 percent, at 12,836.71.
The Dow Jones industrial average was down 61.33 points, or 0.40 percent, at 15,273.26.
The Standard & Poor’s 500 Index was down 4.65 points, or 0.27 percent, at 1,692.77.
The Nasdaq Composite Index was down 7.16 points, or 0.19 percent, at 3,761.10.
