Canola closes a little higher, supported by soybeans

Reading Time: 3 minutes

Published: November 5, 2014

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.

Read Also

Photo: Geralyn Wichers

U.S. livestock: CME cattle futures hit new contract highs as supplies tighten

Chicago Mercantile Exchange live and feeder cattle futures rallied to fresh contract highs on Wednesday, as tight supplies and strong cash market prices continued to send future contracts surging, market analysts said.

“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%

About the author

D'Arce McMillan

Markets editor, Saskatoon newsroom

Markets at a glance

explore

Stories from our other publications