A weaker U.S. dollar and new subsidies for Indonesian biodiesel helped oilseeds and other crop futures climb higher on Thursday.
March canola closed at $458.70, up $3.40 or 0.75 percent.
The slow pace of farmer selling also supported canola.
The loonie jumped 8/10ths of a cent, limiting canola’s climb.
The loonie rose as the U.S. buck fell in moves related to crude oil price swings.
After four days of increases tied to ideas that reduced drilling would limit production, crude fell sharply Wednesday on a report of rising U.S. stocks.
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Today it partly bounced back on the weaker buck and continuing ideas that production is about to fall.
Soy oil enjoyed an even bigger boost from the Indonesian news, with March up 3.66 percent on the day.
Malaysian palm climbed more than five percent after plans by Indonesia’s government to ramp up biodiesel subsidies passed a legislative hurdle.
Higher subsidies could boost the use of palm oil for blending into biodiesel, demand for which has dwindled due to falling crude oil prices.
March soybeans rallied almost one percent. Gains were kept in check by the expectation of a bumper South American harvest.
Argentina will produce a record-high soybean crop of 57 million tonnes, the Buenos Aires Grains Exchange said on Thursday, giving its first harvest forecast for this crop year.
The current USDA forecast for the crop is 55 million tonnes.
Wheat futures were up generally between two and three percent on the weaker U.S. dollar and hopes that Egypt might buy American wheat.
Egypt’s state grain buyer could buy U.S. wheat to make use of a $100 million credit line made available to it by the United States.
Wheat was also considered oversold following an almost 15 percent decline in January. That triggered some short covering.
Corn climbed a little less than a half percent, supported by the gains in wheat and the weaker U.S. dollar.
A weaker US currency tends to increase the price of commodities priced in U.S. dollars.
The Chicago Mercantile Exchange said it plans to close most of its Chicago and New York futures trading pits, including crops and livestock on July 3. Read more here.
The trade will then be all electronic.
The move is expected to save the exchange about $10 million a year in expenses.
Durum port prices are rising according to the Agriculture Canada weekly price summary. Read the report here.
Light crude oil nearby futures in New York were up $2.03 to US$50.48 per barrel.
The Canadian dollar at noon was US80.50 cents, up from US79.68 cents the previous trading day. The U.S. dollar at noon was C$1.2422.
The stronger oil price helped lift the Toronto Stock Exchange.
The TSX climbed 126.45 points or 0.84 percent to 15,122.10.
The Dow Jones industrial average rose 205.82 points, or 1.16 percent, to 17,878.84, the S&P 500 gained 20.79 points, or 1.02 percent, to 2,062.3 and the Nasdaq Composite added 48.39 points, or 1.03 percent, to 4,765.10.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2015 458.70 +3.40 +0.75%
Canola May 2015 454.70 +3.20 +0.71%
Canola Jul 2015 451.60 +2.20 +0.49%
Canola Nov 2015 441.20 +2.10 +0.48%
Canola Jan 2016 442.90 +2.20 +0.50%
Milling Wheat Mar 2015 228.00 +5.00 +2.24%
Milling Wheat May 2015 238.00 +5.00 +2.15%
Milling Wheat Jul 2015 241.00 +5.00 +2.12%
Durum Wheat Mar 2015 349.00 unch 0.00%
Durum Wheat May 2015 339.00 unch 0.00%
Durum Wheat Jul 2015 329.00 unch 0.00%
Barley Mar 2015 195.00 unch 0.00%
Barley May 2015 197.00 unch 0.00%
Barley Jul 2015 199.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2015 981.25 +9.25 +0.95%
Soybeans May 2015 987.75 +9 +0.92%
Soybeans Jul 2015 992.75 +9 +0.91%
Soybeans Aug 2015 992.25 +9.5 +0.97%
Soybeans Sep 2015 976.25 +9.25 +0.96%
Soybeans Nov 2015 964.75 +9.75 +1.02%
Soybean Meal Mar 2015 331.4 -1.3 -0.39%
Soybean Meal May 2015 325.3 -0.4 -0.12%
Soybean Meal Jul 2015 323.2 -0.6 -0.19%
Soybean Oil Mar 2015 31.71 +1.12 +3.66%
Soybean Oil May 2015 31.92 +1.1 +3.57%
Soybean Oil Jul 2015 32.11 +1.08 +3.48%
Corn Mar 2015 385.25 +1.75 +0.46%
Corn May 2015 393.25 +1.75 +0.45%
Corn Jul 2015 400.5 +1.5 +0.38%
Corn Sep 2015 407.5 +1.75 +0.43%
Corn Dec 2015 416 +1.75 +0.42%
Oats Mar 2015 287.75 +6.75 +2.40%
Oats May 2015 285.5 +2.75 +0.97%
Oats Jul 2015 286.5 +1 +0.35%
Oats Sep 2015 291.25 +0.75 +0.26%
Oats Dec 2015 292.25 +3 +1.04%
Wheat Mar 2015 525.75 +14.75 +2.89%
Wheat May 2015 527.25 +13.25 +2.58%
Wheat Jul 2015 528.5 +10.25 +1.98%
Wheat Sep 2015 536.5 +9.5 +1.80%
Wheat Dec 2015 549 +9.5 +1.76%
Minneapolis
Spring Wheat Mar 2015 579 +13 +2.30%
Spring Wheat May 2015 583 +13.75 +2.42%
Spring Wheat Jul 2015 589 +13.25 +2.30%
Spring Wheat Sep 2015 596.75 +13 +2.23%
Spring Wheat Dec 2015 606.5 +13 +2.19%
Kansas City
Hard Red Wheat Mar 2015 564 +11.25 +2.04%
Hard Red Wheat May 2015 566.25 +10.25 +1.84%
Hard Red Wheat Jul 2015 567 +9 +1.61%
Hard Red Wheat Sep 2015 578.75 +9 +1.58%
Hard Red Wheat Dec 2015 593.5 +8.25 +1.41%
