Canola futures rallied again Tuesday, lifted by talk of new export demand from China.
Reuters reported China was in the market ahead of its New Year holiday.
A rally in soy meal, fueled by commercial buying, helped lift soybeans, which also supported canola futures. Also, the data from the National Oilseed Processors Association showed near-record domestic U.S. soybean crushing in January.
March canola rose $5.40 a tonne or 1.16 percent while May climbed $2.90 or 0.63 percent.
March has a $6.80 premium over May.
Wheat closed higher, supported by cold weather in the United States, which threatens any exposed winter wheat, however it closed well off the day’s high as concerns remain about large global supplies and the competitiveness of American wheat.
Read Also
U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
U.S. wheat exports are running 30 percent behind last year’s pace.
The Russian tax on wheat exports sharply reduced its weekly export numbers. However, the farmers’ lobby there has noted that Russian grain exporters have one million tonnes of wheat consigned under contracts signed before the government brought in export restrictions.
The cease fire in Ukraine seems all but officially ended as clashes between pro-Russian rebels and government forces intensify.
Corn edged higher on technical factors.
Stock markets remained on edge over whether Greece would be able to work out a deal with its euro zone partners on its debt repayment.
Light crude oil nearby futures in New York rose 75 cents to US$53.53 per barrel.
The Canadian dollar at noon was US80.63 cents, up from 80.33 cents the previous trading day. The U.S. dollar at noon was C$1.2403.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 19.80 points, or 0.13 percent, at 15,284.61.
The Dow Jones industrial average rose 28.23 points, or 0.16 percent, to 18,047.58, the S&P 500 gained 3.35 points, or 0.16 percent, to 2,100.34, a record high.
The Nasdaq Composite added 5.43 points, or 0.11 percent, to 4,899.27.
ICE Futures Canada, dollars per tonne
Canola Mar 2015 472.80 +5.40 +1.16%
Canola May 2015 466.00 +2.90 +0.63%
Canola Jul 2015 461.40 +2.60 +0.57%
Canola Nov 2015 450.40 +2.00 +0.45%
Canola Jan 2016 452.30 +1.00 +0.22%
Milling Wheat Mar 2015 228.00 +1.00 +0.44%
Milling Wheat May 2015 237.00 +1.00 +0.42%
Milling Wheat Jul 2015 239.00 +1.00 +0.42%
Durum Wheat Mar 2015 333.00 unch 0.00%
Durum Wheat May 2015 323.00 unch 0.00%
Durum Wheat Jul 2015 313.00 unch 0.00%
Barley Mar 2015 185.00 -10.00 -5.13%
Barley May 2015 187.00 -10.00 -5.08%
Barley Jul 2015 189.00 -10.00 -5.03%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2015 1007.75 +17.25 +1.74%
Soybeans May 2015 1011.75 +17 +1.71%
Soybeans Jul 2015 1016.75 +16.75 +1.68%
Soybeans Aug 2015 1016 +16.75 +1.68%
Soybeans Sep 2015 999.25 +16.25 +1.65%
Soybeans Nov 2015 986.25 +15.25 +1.57%
Soybean Meal Mar 2015 342.3 +10 +3.01%
Soybean Meal May 2015 335.2 +9.2 +2.82%
Soybean Meal Jul 2015 332.4 +8.8 +2.72%
Soybean Oil Mar 2015 32.32 -0.08 -0.25%
Soybean Oil May 2015 32.52 -0.07 -0.21%
Soybean Oil Jul 2015 32.69 -0.07 -0.21%
Corn Mar 2015 389.5 +2.25 +0.58%
Corn May 2015 397.75 +2.5 +0.63%
Corn Jul 2015 405.5 +2.75 +0.68%
Corn Sep 2015 412.25 +3 +0.73%
Corn Dec 2015 420.5 +3 +0.72%
Oats Mar 2015 278 -0.5 -0.18%
Oats May 2015 276.25 -1.75 -0.63%
Oats Jul 2015 279.5 +0.25 +0.09%
Oats Sep 2015 284.5 +0.5 +0.18%
Oats Dec 2015 286.75 -0.5 -0.17%
Wheat Mar 2015 534.75 +1.75 +0.33%
Wheat May 2015 531.75 +2.5 +0.47%
Wheat Jul 2015 535 +2.75 +0.52%
Wheat Sep 2015 543 +3.25 +0.60%
Wheat Dec 2015 555.75 +3.25 +0.59%
Minneapolis
Spring Wheat Mar 2015 588.75 +1.75 +0.30%
Spring Wheat May 2015 587.5 +2.5 +0.43%
Spring Wheat Jul 2015 589 +2 +0.34%
Spring Wheat Sep 2015 595.5 +2.25 +0.38%
Spring Wheat Dec 2015 605.5 +2.25 +0.37%
Kansas City
Hard Red Wheat Mar 2015 562.25 -0.5 -0.09%
Hard Red Wheat May 2015 562.75 -1 -0.18%
Hard Red Wheat Jul 2015 568.25 -0.25 -0.04%
Hard Red Wheat Sep 2015 578.75 -0.25 -0.04%
Hard Red Wheat Dec 2015 592.75 +0.25 +0.04%
