Wheat climbs, canola steady

January canola climbed as high as $497.30 on Wednesday on a weak loonie and early strong soybeans, but wound up closing slightly lower on profit taking and weaker soy meal and oil.

January canola closed at $493, down 30 cents.

Soybeans were up early on a strong cash market and exports, but then retreated on profit taking.

Chicago and Kansas wheat climbed for the fourth time in five sessions on expectations for improving demand for U.S. wheat, which is now priced more competitively with other sources.

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December Minneapolis wheat was slightly lower but deferred contracts were all up a little.

Several importers indicated they will be in the market for wheat soon.

Also the cold wave washing across the U.S. could stress winter wheat in areas that do no get an insulating blanket of snow first.

Crop forecaster Lanworth today trimmed its forecast of world wheat production by one million tonnes to 706 million tonnes due to lower than expected production in Australia and Argentina.

Corn was narrowly mixed.

U.S. markets will be closed Thursday for their Thanksgiving holiday. The Winnipeg ICE Futures Canada market will be open, but trade will likely be light the next couple of day with U.S. markets closed and many traders taking a long weekend.

The Canadian dollar fell as crude oil prices declined. Oil has fallen since Iran and world powers came to an agreement about limiting that country’s ability to make nuclear weapons. Also U.S. weekly oil supply data came in higher than expected.

Goldman Sachs issued a report today that said it expected the Canadian dollar would fall by as much as seven percent next year. That would support Canadian grain prices but is not so good if you are considering a winter holiday in the U.S.

Reuters reported global equity markets today appeared to like the announcement that German chancellor Angela Merkel had reached  a coalition deal with the Social Democrats about two months after emerging victorious in the country’s general election.

Stock markets also got support from data that showed the number of Americans filing new claims for unemployment benefits fell unexpectedly last week.
Winnipeg ICE Futures Canada dollars per tonne

Canola Jan 2014    493.00    -0.30    -0.06%
Canola Mar 2014    502.40    -0.20    -0.04%
Canola May 2014    509.60    -0.10    -0.02%
Canola Jul 2014    515.00    -0.10    -0.02%

Canola Nov 2014    519.20    +0.90    +0.17%

Milling Wheat Dec 2013    213.00    +1.00    +0.47%
Milling Wheat Mar 2014    224.00    +1.00    +0.45%
Milling Wheat May 2014    234.00    +1.00    +0.43%

Durum Wheat Dec 2013    247.00    unch    0.00%
Durum Wheat Mar 2014    253.00    unch    0.00%
Durum Wheat May 2014    257.00    unch    0.00%

Barley Dec 2013    152.00    unch    0.00%
Barley Mar 2014    154.00    unch    0.00%
Barley May 2014    155.00    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 2014    1320    -9.25    -0.70%
Soybeans Mar 2014    1306.25    -5.75    -0.44%
Soybeans May 2014    1290    -2.75    -0.21%
Soybeans Jul 2014    1282.25    -2.5    -0.19%
Soybeans Aug 2014    1253.25    -5    -0.40%
Soybeans Sep 2014    1192.25    -7    -0.58%

Soybean Meal Dec 2013    445.9    -4.3    -0.96%
Soybean Meal Jan 2014    429.6    -2.3    -0.53%
Soybean Meal Mar 2014    419.5    +0.2    +0.05%

Soybean Oil Dec 2013    40    -0.35    -0.87%
Soybean Oil Jan 2014    40.25    -0.35    -0.86%
Soybean Oil Mar 2014    40.65    -0.35    -0.85%

Corn Dec 2013    417.25    -1.25    -0.30%
Corn Mar 2014    426.5    +1.75    +0.41%
Corn May 2014    434.75    +2    +0.46%

Corn Jul 2014    441.75    +1.75    +0.40%
Corn Sep 2014    448.25    +2    +0.45%

Oats Dec 2013        357.75    -26.25    -6.84%
Oats Mar 2014        329.25    -6    -1.79%
Oats May 2014        317.25    -3    -0.94%
Oats Jul 2014        315.5    -0.5    -0.16%
Oats Sep 2014        322        +4.75    +1.50%

Wheat Dec 2013    651.25    +4.75    +0.73%
Wheat Mar 2014    663.5    +7.5    +1.14%
Wheat May 2014    668    +7.5    +1.14%
Wheat Jul 2014    664.5    +7.25    +1.10%
Wheat Sep 2014    672.25    +7.5    +1.13%

Minneapolis
Spring Wheat Dec 2013    690.25    -5    -0.72%
Spring Wheat Mar 2014    706.75    +3.5    +0.50%
Spring Wheat May 2014    714    +3.5    +0.49%
Spring Wheat Jul 2014    720    +4    +0.56%
Spring Wheat Sep 2014    723    +2.5    +0.35%

Kansas City
KCBT Red Wheat Dec 2013    713    +8.75    +1.24%
KCBT Red Wheat Mar 2014    706.5    +8    +1.15%
KCBT Red Wheat May 2014    705.5    +8    +1.15%
KCBT Red Wheat Jul 2014        696.25    +7    +1.02%

KCBT Red Wheat Sep 2014    705    +5.75    +0.82%

Light crude oil nearby futures in New York dropped $1.38 at $92.30 US per barrel.

The Canadian dollar at noon was 94.38 cents US, down from 94.81 cents the previous trading day. The U.S. dollar at noon was $1.0595 Cdn.

In late afternoon trade the TSX has recovered some of the ground it lost on Tuesday. It was trading at 13,376.46, up 26.69 point or 0.20 percent.
Major U.S. exchanges were also up slightly in the afternoon.