Canola futures drift lower while U.S. market firms a little

Canola futures continued to drift lower on Wednesday even as U.S. crop markets firmed slightly.

Significant accumulations of rain built up in Alberta and western Saskatchewan last night and today.

The rain is expected to drift into eastern Saskatchewan and Manitoba overnight and into Thursday. Environment Canada has watches and warnings out about the rain and potential for severe storms across the Prairies.

Most farmers do not want the moisture at this point as it will contribute to disease and raise the potential for hail storms.

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A negative for canola demand is news that a fire at Bunge’s Nipawin, Sask., facility has knocked that canola crushing plant out of commission for the foreseeable future.

Click here for a story on the fire.

American crop futures rose slightly on bargain buying, short covering and ideas that today’s lower prices could spark exports.

The gains in nearby soybeans and corn were fractional, up just 0.3 percent.

Chicago wheat rose 2.2 percent on a short covering rally

Gains were held in check by the excellent crop conditions in the U.S. and forecasts for favourable weather this month.

Click here for our weekly video analysis of crop markets.

Light crude oil nearby futures in New York were up $1.32 to US$40.83 per barrel.

The Canadian dollar at noon was US76.45 cents, up from 76.40 cents the previous trading day. The U.S. dollar at noon was C$1.3080.

The rally in crude oil back above $40 helped lift the Toronto Stock Exchange’s S&P/TSX composite index up 35.04 points, or 0.24 percent, to close at 14,512.05.

The Dow Jones industrial average rose 41.23 points, or 0.23 percent, to 18,355, the S&P 500 gained 6.75 points, or 0.31 percent, to 2,163.78 and the Nasdaq Composite added 22.01 points, or 0.43 percent, to 5,159.74.

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2016 446.00 -1.50 -0.34%

Canola Jan 2017 452.10 -1.80 -0.40%

Canola Mar 2017 458.70 -1.80 -0.39%

Canola May 2017 464.60 -0.70 -0.15%

Canola Jul 2017 470.00 +0.40 +0.09%

Milling Wheat Oct 2016 206.00 +1.00 +0.49%

Milling Wheat Dec 2016 210.00 +1.00 +0.48%

Durum Wheat Oct 2016 260.00 unch 0.00%

Durum Wheat Dec 2016 263.00 unch 0.00%

Barley Oct 2016 138.00 unch 0.00%

Barley Dec 2016 138.00 unch 0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago

Soybeans Aug 2016 990.50 +5.25 +0.53%

Soybeans Sep 2016 973.50 +2.25 +0.23%

Soybeans Nov 2016 955.50 +2.50 +0.26%

Soybeans Jan 2017 955.50 +1.25 +0.13%

Soybeans Mar 2017 947.75 -0.75 -0.08%

Soybeans May 2017 947.25 -0.25 -0.03%

Soybean Meal Aug 2016 330.50 +2.10 +0.64%

Soybean Meal Sep 2016 329.50 +1.20 +0.37%

Soybean Meal Oct 2016 327.90 +0.20 +0.06%

Soybean Oil Aug 2016 30.30 +0.24 +0.80%

Soybean Oil Sep 2016 30.42 +0.24 +0.80%

Soybean Oil Oct 2016 30.54 +0.25 +0.83%

Corn Sep 2016 325.00 +0.75 +0.23%

Corn Dec 2016 335.00 +1.00 +0.30%

Corn Mar 2017 345.00 +1.25 +0.36%

Corn May 2017 351.75 +1.25 +0.36%

Corn Jul 2017 358.00 +1.25 +0.35%

Oats Sep 2016 196.25 +0.75 +0.38%

Oats Dec 2016 189.00 -1.75 -0.92%

Oats Mar 2017 198.50 -0.50 -0.25%

Oats May 2017 206.00 +0.50 +0.24%

Oats Jul 2017 211.75 +0.50 +0.24%

Wheat Sep 2016 410.25 +9.00 +2.24%

Wheat Dec 2016 436.25 +8.25 +1.93%

Wheat Mar 2017 462.25 +7.75 +1.71%

Wheat May 2017 475.75 +7.00 +1.49%

Wheat Jul 2017 482.50 +6.25 +1.31%

Minneapolis

Spring Wheat Sep 2016 492.50 +6.00 +1.23%

Spring Wheat Dec 2016 505.75 +5.00 +1.00%

Spring Wheat Mar 2017 519.75 +4.25 +0.82%

Spring Wheat May 2017 528.75 +3.75 +0.71%

Spring Wheat Jul 2017 537.75 +3.50 +0.66%

Kansas City

Hard Red Wheat Sep 2016 412.25 +5.75 +1.41%

Hard Red Wheat Dec 2016 438.50 +5.50 +1.27%

Hard Red Wheat Mar 2017 455.25 +5.25 +1.17%

Hard Red Wheat May 2017 465.75 +5.25 +1.14%

Hard Red Wheat Jul 2017 475.50 +5.75 +1.22%

Chicago livestock futures in US¢/pound

Live Cattle (P) Aug 2016 116.75 +0.53 +0.46%

Live Cattle (P) Oct 2016 115.20 +0.63 +0.55%

Live Cattle (P) Dec 2016 115.48 +0.61 +0.53%

Feeder Cattle (P) Aug 2016 147.48 +2.01 +1.38%

Feeder Cattle (P) Sep 2016 145.60 +1.72 +1.20%

Feeder Cattle (P) Oct 2016 143.70 +1.63 +1.15%

Lean Hogs (P) Aug 2016 68.35 -0.58 -0.84%

Lean Hogs (P) Oct 2016 59.50 -1.03 -1.70%

Lean Hogs (P) Dec 2016 55.38 -0.87 -1.55%

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