By D’Arce McMillan
Saskatoon newsroom
Canola closed little changed on Wednesday while U.S. soybeans and wheat were slightly higher as prices bounced off the long term lows that has been set in recent days.
Corn was slightly lower after rising slightly the last couple of days.
The Canadian loonie rose about one third of a cent.
Some newly harvested canola is moving into elevators and that is generating commercial hedging that weighed on canola’s price.
There was little new news to change the thinking in the market that expects a massive U.S. crop and ample world stocks. Better harvest weather this week in North America is advancing the percentage of the crop in the bin and that too is a weight on the market.
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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.
Lanworth, a unit of Thomson Reuters, today raised its U.S. corn yield estimate to 174.5 bushels per acre from 173.7 on Sept. 3. The firm pegged U.S. corn production at 14.564 billion bu., still a record high if realized, but down from its previous forecast of 14.649 billion, Reuters reported.
Lanworth, in a research note, projected the harvested area for corn at 83.471 million acres, below its previous figure of 84.328 million, Reuters reported.
The figure compared with the U.S. Department of Agriculture’s current estimate of 83.839 million acres.
ICE Futures Canada, dollars per tonne
Canola Nov 2014 412.20 -3.80 -0.91%
Canola Jan 2015 416.90 -3.50 -0.83%
Canola Mar 2015 422.60 -3.70 -0.87%
Canola May 2015 426.50 -3.40 -0.79%
Canola Jul 2015 429.90 -3.30 -0.76%
Milling Wheat Oct 2014 191.00 -1.00 -0.52%
Milling Wheat Dec 2014 198.00 -1.00 -0.50%
Milling Wheat Mar 2015 207.00 -1.00 -0.48%
Durum Wheat Oct 2014 288.80 unch 0.00%
Durum Wheat Dec 2014 294.80 unch 0.00%
Durum Wheat Mar 2015 295.80 unch 0.00%
Barley Oct 2014 123.50 unch 0.00%
Barley Dec 2014 125.50 unch 0.00%
Barley Mar 2015 126.50 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2014 980.75 -8.75 -0.88%
Soybeans Jan 2015 989.25 -8.25 -0.83%
Soybeans Mar 2015 997 -7.25 -0.72%
Soybeans May 2015 1004.75 -6.5 -0.64%
Soybeans Jul 2015 1010.5 -5.75 -0.57%
Soybeans Aug 2015 1012.5 -5.5 -0.54%
Soybean Meal Oct 2014 338.3 -0.5 -0.15%
Soybean Meal Dec 2014 326.1 -0.9 -0.28%
Soybean Meal Jan 2015 322.7 -0.8 -0.25%
Soybean Oil Oct 2014 32.81 -0.46 -1.38%
Soybean Oil Dec 2014 33 -0.47 -1.40%
Soybean Oil Jan 2015 33.27 -0.46 -1.36%
Corn Dec 2014 343.75 +0.75 +0.22%
Corn Mar 2015 355.5 +0.5 +0.14%
Corn May 2015 364.25 +0.75 +0.21%
Corn Jul 2015 371.25 +0.75 +0.20%
Corn Sep 2015 379.25 +1 +0.26%
Oats Dec 2014 350.75 -3.75 -1.06%
Oats Mar 2015 333.75 -3 -0.89%
Oats May 2015 327.25 -2.25 -0.68%
Oats Jul 2015 320 -4 -1.23%
Oats Sep 2015 327.25 -3.25 -0.98%
Wheat Dec 2014 496.25 -4.5 -0.90%
Wheat Mar 2015 512.75 -5.5 -1.06%
Wheat May 2015 524 -5.25 -0.99%
Wheat Jul 2015 533 -5.25 -0.98%
Wheat Sep 2015 544.75 -4.5 -0.82%
Minneapolis
Spring Wheat Dec 2014 565.5 -3 -0.53%
Spring Wheat Mar 2015 581.75 -2.75 -0.47%
Spring Wheat May 2015 593.5 -2.5 -0.42%
Spring Wheat Jul 2015 604.5 -2 -0.33%
Spring Wheat Sep 2015 614 -2.5 -0.41%
Kansas City
Hard Red Wheat Dec 2014 583.25 -3 -0.51%
Hard Red Wheat Mar 2015 591 -3.75 -0.63%
Hard Red Wheat May 2015 595.25 -4.25 -0.71%
Hard Red Wheat Jul 2015 586.75 -4.25 -0.72%
Hard Red Wheat Sep 2015 597.75 -4.25 -0.71%
Light crude oil nearby futures in New York rose $1.96 at $94.88 US per barrel.
The Bank of Canada noon rate for the loonie was 90.99 cents US, up from 90.49 cents the previous trading day. The U.S. dollar at noon was $1.0990 Cdn.
U.S. stock markets were up in afternoon trade Wednesday, as traders liked comments from U.S. Federal Reserve that it still intends to keep interest rates near zero as long as the labour market is fairly weak.
