By D’Arce McMillan, markets editor
and Reuters News
A late session rally lifted oilseeds and corn, pulling canola a little higher after the previous two sessions when prices fell.
The rise was mostly prompted by technical factors and short covering.
Soy meal remains supported by tight supply.
Soy oil fell for a third straight session.
The rise in soybeans and corn was impressive given the strong increase in the U.S. dollar today, lifted by the mid term elections in the U.S. yesterday that saw the Republicans gain control of the Senate. They now control both houses of Congress.
Wheat futures fell 1.1 percent to their lowest in more than a week on poor export demand for U.S. supplies and pressure from the firm U.S. dollar.
Egypt, the world’s top buyer of wheat, on Wednesday again bypassed U.S. offerings in its latest tender in favour of cheaper supplies from France and Ukraine.
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U.S. corn futures hit a two-week low on Monday and soybeans also fell as market players continued to brace for large crops and forecasts called for milder, non-threatening weather in the Midwest production belt.
“We have kind of priced ourselves out of the global market,” said Karl Setzer, analyst at MaxYield Cooperative.
The strong U.S. dollar is a negative for wheat
“Wheat is being pulled down in the general market weakness and is also suffering from strong competition to U.S. supplies in export markets from the Black Sea region and European Union, which the dollar strength will make worse,” said Frank Rijkers, agrifood economist at ABN AMRO Bank.
Light crude oil nearby futures in New York rose $1.49 at US$78.68 per barrel.
The Canadian dollar at noon was US87.90 cents, up from 87.74 cents the previous trading day. The U.S. dollar at noon was C$1.1377.
American stock markets reacted positively to the Republican Senate win.
Near the close of trade the Dow Jones and the S&P 500 are up about a half percent and the Toronto Stock Exchange composite is trading up 1.23 percent
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014 450.50 +4.70 +1.05%
Canola Jan 2015 434.80 +3.70 +0.86%
Canola Mar 2015 430.90 +1.80 +0.42%
Canola May 2015 430.80 +1.40 +0.33%
Canola Jul 2015 430.30 +1.50 +0.35%
Milling Wheat Dec 2014 219.00 -3.00 -1.35%
Milling Wheat Mar 2015 226.00 -2.00 -0.88%
Milling Wheat May 2015 230.00 -2.00 -0.86%
Durum Wheat Dec 2014 356.50 unch 0.00%
Durum Wheat Mar 2015 357.50 unch 0.00%
Durum Wheat May 2015 357.50 unch 0.00%
Barley Dec 2014 140.00 unch 0.00%
Barley Mar 2015 143.00 unch 0.00%
Barley May 2015 143.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2014 1020.5 +10.5 +1.04%
Soybeans Jan 2015 1019.25 +9.5 +0.94%
Soybeans Mar 2015 1024.25 +9.75 +0.96%
Soybeans May 2015 1029.25 +9.75 +0.96%
Soybeans Jul 2015 1033 +9 +0.88%
Soybeans Aug 2015 1033.25 +8.75 +0.85%
Soybean Meal Dec 2014 375.3 +2.8 +0.75%
Soybean Meal Jan 2015 358 +3.6 +1.02%
Soybean Meal Mar 2015 343.3 +6.1 +1.81%
Soybean Oil Dec 2014 32.72 -0.35 -1.06%
Soybean Oil Jan 2015 32.9 -0.37 -1.11%
Soybean Oil Mar 2015 33.11 -0.38 -1.13%
Corn Dec 2014 370.25 +5.75 +1.58%
Corn Mar 2015 383 +5.75 +1.52%
Corn May 2015 391.75 +5.75 +1.49%
Corn Jul 2015 398.5 +5.75 +1.46%
Corn Sep 2015 404.75 +6 +1.50%
Oats Dec 2014 340.5 -2 -0.58%
Oats Mar 2015 334 -2 -0.60%
Oats May 2015 331.25 +0.25 +0.08%
Oats Jul 2015 326 +2 +0.62%
Oats Sep 2015 327.75 +1.25 +0.38%
Wheat Dec 2014 524.75 -5.75 -1.08%
Wheat Mar 2015 536.25 -5.75 -1.06%
Wheat May 2015 543 -5 -0.91%
Wheat Jul 2015 550 -4.75 -0.86%
Wheat Sep 2015 559.75 -5 -0.89%
Minneapolis
Spring Wheat Dec 2014 559.75 -9.25 -1.63%
Spring Wheat Mar 2015 571.75 -7.75 -1.34%
Spring Wheat May 2015 581.5 -6.75 -1.15%
Spring Wheat Jul 2015 591.25 -6.5 -1.09%
Spring Wheat Sep 2015 600.5 -5.5 -0.91%
Kansas City
Hard Red Wheat Dec 2014 584.5 -5.75 -0.97%
Hard Red Wheat Mar 2015 587.75 -6.25 -1.05%
Hard Red Wheat May 2015 589.75 -5.75 -0.97%
Hard Red Wheat Jul 2015 586 -5.25 -0.89%
Hard Red Wheat Sep 2015 597 -4.75 -0.79%
