Canola edges higher, corn and wheat fall

Canola futures edged higher for the fifth day on speculator buying and support from rising vegetable oil prices.

Farmer selling limited the gains, but not a lot of product is being delivered as grain companies have widened their basis so the stronger futures is not reflected in the cash price.

Soybeans, wheat and corn futures were lower. The strong U.S. dollar could be hurting American exports.

Canola futures were supported by rising soy oil, which climbed on good weekly U.S. exports and ideas that falling soy meal values and reduced meal demand will cause crushers to process fewer soybeans and in turn create less soy oil.

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Weekly soyoil sales totaled 30,200 tonnes, above a range of forecasts for 5,000 to 20,000 tonnes.

Veg oils also got a boost from rising Malaysian palm oil values as a forecast of another heavy monsoon rain for the end of this week could cause flooding that again disrupts transportation.

Soybean futures fell on pressure from lower soymeal futures as well as profit taking following a three-day rally.

U.S. soybean weekly export sales were larger than expected, however the trade focused on slower than expected weekly meal export sales and weak domestic end user demand.

Soymeal export sales were 37,300 tonnes, below trade expectations for 50,000 to 200,000 tonnes.

Soy meal futures fell two percent.

Chicago wheat fell two percent, mostly on poor weekly export sales, that at 151,000 tonnes were below the expectation for 200,000 to 400,000 tonnes.

Also the hype about cold weather hurting winter wheat seedlings is starting to fade.

Egypt’s GASC bought 180,000 tonnes of French wheat in its latest tender, indicating that U.S. wheat prices are uncompetitive on the world market.

Corn futures fell for the seventh time in eight session, weighed down by technical factors and weaker than expected weekly export sales.

Stock markets rose on ideas that the recent sharp declines caused by the falling price of crude oil were overdone. There are signs the U.S. economy is getting stronger and that the European central bank will take more aggressive measures to kick start its moribund economy.

Also crude oil rose for the second straight day.

Light crude oil nearby futures in New York rose 14 cents to US$48.79 per barrel.

The Canadian dollar at noon was US84.66 cents, up from 84.38 cents the previous trading day. The U.S. dollar at noon was C$1.1812.

The Toronto Stock Exchange’s S&P/TSX composite index closed up 172.72 points, or 1.21 percent, at 14,457.72.

The Dow Jones industrial average rose 316.28 points, or 1.8 percent, to 17,900.8.

The S&P 500 gained 36.11 points, or 1.78 percent, to 2,062.01.

The Nasdaq Composite added 85.72 points, or 1.84 percent, to 4,736.19

Winnipeg ICE Futures Canada dollars per tonne

Canola Jan 2015 465.70 +2.50 +0.54%

Canola Mar 2015 451.70 +2.50 +0.56%

Canola May 2015 449.60 +3.80 +0.85%

Canola Jul 2015 448.10 +4.40 +0.99%

Canola Nov 2015 437.20 +4.00 +0.92%

Milling Wheat Mar 2015 221.00 -3.00 -1.34%

Milling Wheat May 2015 224.00 -3.00 -1.32%

Milling Wheat Jul 2015 226.00 -3.00 -1.31%

Durum Wheat Mar 2015 365.00 unch 0.00%

Durum Wheat May 2015 355.00 unch 0.00%

Durum Wheat Jul 2015 345.00 unch 0.00%

Barley Mar 2015 177.00 unch 0.00%

Barley May 2015 179.00 unch 0.00%

Barley Jul 2015 181.00 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 2015 1045 -7.75 -0.74%

Soybeans Mar 2015 1048.25 -8 -0.76%

Soybeans May 2015 1053.75 -7.75 -0.73%

Soybeans Jul 2015 1058.75 -7 -0.66%

Soybeans Aug 2015 1056.25 -6.5 -0.61%

Soybeans Sep 2015 1034.75 -2.25 -0.22%

Soybean Meal Jan 2015 361.3 -7.2 -1.95%

Soybean Meal Mar 2015 347.2 -6.8 -1.92%

Soybean Meal May 2015 342.2 -5.8 -1.67%

Soybean Oil Jan 2015 33.58 +0.6 +1.82%

Soybean Oil Mar 2015 33.76 +0.6 +1.81%

Soybean Oil May 2015 33.91 +0.59 +1.77%

Corn Mar 2015 394.25 -2 -0.50%

Corn May 2015 402.75 -2 -0.49%

Corn Jul 2015 409.5 -2 -0.49%

Corn Sep 2015 412.25 -2.25 -0.54%

Corn Dec 2015 417.25 -3 -0.71%

Oats Mar 2015 302.25 +0.5 +0.17%

Oats May 2015 304.25 +0.25 +0.08%

Oats Jul 2015 307.75 unch 0.00%

Oats Sep 2015 306.25 +0.25 +0.08%

Oats Dec 2015 304.25 -0.5 -0.16%

Wheat Mar 2015 567 -12.5 -2.16%

Wheat May 2015 572 -12 -2.05%

Wheat Jul 2015 576.75 -11 -1.87%

Wheat Sep 2015 583.25 -11.5 -1.93%

Wheat Dec 2015 594.25 -10.75 -1.78%

Minneapolis

Spring Wheat Mar 2015 608.5 -7.25 -1.18%

Spring Wheat May 2015 615.25 -7 -1.12%

Spring Wheat Jul 2015 622.25 -7 -1.11%

Spring Wheat Sep 2015 628.25 -6.5 -1.02%

Spring Wheat Dec 2015 637.25 -6.75 -1.05%

Kansas City

Hard Red Wheat Mar 2015 607.75 -12.25 -1.98%

Hard Red Wheat May 2015 612.25 -11.25 -1.80%

Hard Red Wheat Jul 2015 615.5 -9.5 -1.52%

Hard Red Wheat Sep 2015 626 -9.25 -1.46%

Hard Red Wheat Dec 2015 640 -9 -1.39%

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