By D’Arce McMillan, markets editor
Twiiter @ darcemcmillan
Soy meal again dominated the oilseed trade on Wednesday, dragging down canola and soybeans after rumours circulated that American meal users were planning to import soybean meal from Argentina.
Canola rose in overnight and morning trade, trying to catch up with the big gains seen in U.S. soybeans and soy meal on Tuesday, when markets were closed here for Remembrance Day.
Soy meal futures rose more than five percent Tuesday and soybeans climbed three percent on a shortage of soybeans in the cash market. Farmers are not delivering enough soybeans to meet the demand from soy crushers and exporters.
But once the talk circulated today that Argentine product could soon arrive, the price dropped and then the fall escalated as traders liquidated to lock in the profit from the previous day’s run up. Canola, soybeans, meal and oil all closed lower.
It was a good day for wheat futures today, with Chicago climbing more than three percent on concerns about what the cold snap would do to newly seeded winter wheat in the U.S. Midwest.
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Also, concerns about dry weather in Australia and Russia are also supporting wheat futures.
Corn edged higher on slow U.S. farmer selling, early support from soybeans and ideas that the delay in soybean seeding in Brazil will lead to a smaller corn crop, which is seeded into soybean stubble immediately after the soy harvest.
The trade is also keeping an eye on long range forecasts that see less rain than previously forecast in central Brazil in December and January.
Light crude oil nearby futures in New York dropped 76 cents at US$77.18 per barrel.
The Canadian dollar at noon was US88.62 cents, up from 88.14 cents the previous trading day. The U.S. dollar at noon was C$1.1284.
Most major North American stock indexes were trading fractionally higher on Wednesday afternoon
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014Â Â Â Â Â Â 445.00Â Â Â Â Â Â -7.60Â Â Â Â Â Â -1.68%
Canola Jan 2015Â Â Â Â Â Â 429.60Â Â Â Â Â Â -7.00Â Â Â Â Â Â -1.60%
Canola Mar 2015Â Â Â Â Â Â 430.50Â Â Â Â Â Â -4.80Â Â Â Â Â Â -1.10%
Canola May 2015Â Â Â Â Â Â 430.90Â Â Â Â Â Â -3.50Â Â Â Â Â Â -0.81%
Canola Jul 2015Â Â Â Â Â Â 431.60Â Â Â Â Â Â -2.70Â Â Â Â Â Â -0.62%
Milling Wheat Dec 2014Â Â Â Â Â Â 227.00Â Â Â Â Â Â +8.00Â Â Â Â Â Â +3.65%
Milling Wheat Mar 2015Â Â Â Â Â Â 234.00Â Â Â Â Â Â +8.00Â Â Â Â Â Â +3.54%
Milling Wheat May 2015Â Â Â Â Â Â 237.00Â Â Â Â Â Â +7.00Â Â Â Â Â Â +3.04%
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 2014Â Â Â Â Â Â 158.00Â Â Â Â Â Â +3.00Â Â Â Â Â Â +1.94%
Barley Mar 2015Â Â Â Â Â Â 161.00Â Â Â Â Â Â +2.00Â Â Â Â Â Â +1.26%
Barley May 2015Â Â Â Â Â Â 161.00Â Â Â Â Â Â +2.00Â Â Â Â Â Â +1.26%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2014Â Â Â Â Â Â 1048.25Â Â Â Â Â Â -18.25Â Â Â Â Â Â -1.71%
Soybeans Jan 2015Â Â Â Â Â Â 1047.75Â Â Â Â Â Â -16.25Â Â Â Â Â Â -1.53%
Soybeans Mar 2015Â Â Â Â Â Â 1053.5Â Â Â Â Â Â -14Â Â Â Â Â Â -1.31%
Soybeans May 2015Â Â Â Â Â Â 1058.25Â Â Â Â Â Â -12.75Â Â Â Â Â Â -1.19%
Soybeans Jul 2015Â Â Â Â Â Â 1062.75Â Â Â Â Â Â -12.75Â Â Â Â Â Â -1.19%
Soybeans Aug 2015Â Â Â Â Â Â 1063.25Â Â Â Â Â Â -12Â Â Â Â Â Â -1.12%
Soybean Meal Dec 2014Â Â Â Â Â Â 395Â Â Â Â Â Â -5.6Â Â Â Â Â Â -1.40%
Soybean Meal Jan 2015Â Â Â Â Â Â 380.7Â Â Â Â Â Â -3.4Â Â Â Â Â Â -0.89%
Soybean Meal Mar 2015Â Â Â Â Â Â 365.8Â Â Â Â Â Â -1Â Â Â Â Â Â -0.27%
Soybean Oil Dec 2014Â Â Â Â Â Â 32.22Â Â Â Â Â Â -0.65Â Â Â Â Â Â -1.98%
Soybean Oil Jan 2015Â Â Â Â Â Â 32.37Â Â Â Â Â Â -0.67Â Â Â Â Â Â -2.03%
Soybean Oil Mar 2015Â Â Â Â Â Â 32.56Â Â Â Â Â Â -0.7Â Â Â Â Â Â -2.10%
Corn Dec 2014Â Â Â Â Â Â 377.75Â Â Â Â Â Â +4Â Â Â Â Â Â +1.07%
Corn Mar 2015Â Â Â Â Â Â 390.5Â Â Â Â Â Â +4Â Â Â Â Â Â +1.03%
Corn May 2015Â Â Â Â Â Â 399Â Â Â Â Â Â +3.5Â Â Â Â Â Â +0.88%
Corn Jul 2015Â Â Â Â Â Â 406.75Â Â Â Â Â Â +4Â Â Â Â Â Â +0.99%
Corn Sep 2015Â Â Â Â Â Â 413.5Â Â Â Â Â Â +3.75Â Â Â Â Â Â +0.92%
Oats Dec 2014Â Â Â Â Â Â 338Â Â Â Â Â Â +2Â Â Â Â Â Â +0.60%
Oats Mar 2015Â Â Â Â Â Â 338.25Â Â Â Â Â Â +2.5Â Â Â Â Â Â +0.74%
Oats May 2015Â Â Â Â Â Â 337.5Â Â Â Â Â Â +3Â Â Â Â Â Â +0.90%
Oats Jul 2015Â Â Â Â Â Â 332Â Â Â Â Â Â +2.75Â Â Â Â Â Â +0.84%
Oats Sep 2015Â Â Â Â Â Â 334.5Â Â Â Â Â Â +2.5Â Â Â Â Â Â +0.75%
Wheat Dec 2014Â Â Â Â Â Â 542.75Â Â Â Â Â Â +17.5Â Â Â Â Â Â +3.33%
Wheat Mar 2015Â Â Â Â Â Â 548Â Â Â Â Â Â +17.25Â Â Â Â Â Â +3.25%
Wheat May 2015Â Â Â Â Â Â 555.25Â Â Â Â Â Â +17Â Â Â Â Â Â +3.16%
Wheat Jul 2015Â Â Â Â Â Â 561.5Â Â Â Â Â Â +16.75Â Â Â Â Â Â +3.07%
Wheat Sep 2015Â Â Â Â Â Â 570.25Â Â Â Â Â Â +16.25Â Â Â Â Â Â +2.93%
Minneapolis
Spring Wheat Dec 2014Â Â Â Â Â Â 581.25Â Â Â Â Â Â +14.5Â Â Â Â Â Â +2.56%
Spring Wheat Mar 2015Â Â Â Â Â Â 590.5Â Â Â Â Â Â +12Â Â Â Â Â Â +2.07%
Spring Wheat May 2015Â Â Â Â Â Â 598.5Â Â Â Â Â Â +11Â Â Â Â Â Â +1.87%
Spring Wheat Jul 2015Â Â Â Â Â Â 606.5Â Â Â Â Â Â +10Â Â Â Â Â Â +1.68%
Spring Wheat Sep 2015Â Â Â Â Â Â 614.5Â Â Â Â Â Â +8.75Â Â Â Â Â Â +1.44%
Kansas City
Hard Red Wheat Dec 2014Â Â Â Â Â Â 599.25Â Â Â Â Â Â +20.75Â Â Â Â Â Â +3.59%
Hard Red Wheat Mar 2015Â Â Â Â Â Â 599Â Â Â Â Â Â +19Â Â Â Â Â Â +3.28%
Hard Red Wheat May 2015Â Â Â Â Â Â 601Â Â Â Â Â Â +17.75Â Â Â Â Â Â +3.04%
Hard Red Wheat Jul 2015Â Â Â Â Â Â 598Â Â Â Â Â Â +19.5Â Â Â Â Â Â +3.37%
Hard Red Wheat Sep 2015Â Â Â Â Â Â 609.25Â Â Â Â Â Â +19.25Â Â Â Â Â Â +3.26%
