Canola rose again on Wednesday and this time new crop contracts also gained ground.
Old crop has been rising on expectations of tight year end stocks. Today there was a little concern about weather-delayed spring field work. Cloudy weather is not helping to dry fields and some light rain is in the forecast for parts of the Prairies.
Canola was also supported by rising soybeans and soy oil as well as a weaker loonie, which fell about a half cent.
The Canadian market is also preparing for the Statistics Canada seeding intentions report Friday morning.
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Soybeans bounced a little higher after two days of losses.
Corn was mostly unchanged and wheat was down a little as recent rains have inproved the conditions of the U.S. winter wheat crop.
Markets will pay close attention to seeding progress in the U.S.
Lots of rain is expected in the southern Midwest but the central area looks like it might get several dry days to advance planting.
European traders have started to register concern about dry weather in France and Spain.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 1.97 cents to US$50.44 per barrel. It was the largest one day fall in six weeks. The weekly report on U.S. gasooline stocks showed a surprise increase.
Also traders focused on increasing bets that the U.S. Federal Reserve will raise interest rates in June and that lifted the American buck.
In the afternoon, the Canadian dollar was trading around US74.17 cents, down from 74.67 cents the previous trading day. The U.S. dollar was C$1.3483.
Poor results at IBM weighed down the Dow, as did the weaker oil price.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 69.69 points, or 0.45 percent, at 15,552.88.
The Dow Jones Industrial Average fell 119.13 points, or 0.58 percent, to 20,404.15, the S&P 500 lost 4.03 points, or 0.17 percent, to 2,338.16 and the Nasdaq Composite added 13.56 points, or 0.23 percent, to 5,863.03.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2017 516.50 +4.30 +0.84%
Canola Jul 2017 512.10 +4.30 +0.85%
Canola Nov 2017 490.10 +4.40 +0.91%
Canola Jan 2018 494.00 +4.70 +0.96%
Canola Mar 2018 497.80 +4.80 +0.97%
Milling Wheat May 2017 231.00 +1.00 +0.43%
Milling Wheat Jul 2017 233.00 unch 0.00%
Milling Wheat Oct 2017 227.00 unch 0.00%
Durum Wheat May 2017 271.00 unch 0.00%
Durum Wheat Jul 2017 271.00 unch 0.00%
Durum Wheat Oct 2017 263.00 unch 0.00%
Barley May 2017 137.00 unch 0.00%
Barley Jul 2017 138.00 unch 0.00%
Barley Oct 2017 140.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2017 950.25 +4.25 +0.45%
Soybeans Jul 2017 960.50 +4.25 +0.44%
Soybeans Aug 2017 962.00 +3.75 +0.39%
Soybeans Sep 2017 959.50 +2.50 +0.26%
Soybeans Nov 2017 958.25 +1.50 +0.16%
Soybeans Jan 2018 965.25 +1.25 +0.13%
Soybean Meal May 2017 310.80 -1.40 -0.45%
Soybean Meal Jul 2017 315.20 -1.40 -0.44%
Soybean Meal Aug 2017 316.30 -1.20 -0.38%
Soybean Oil May 2017 31.58 +0.44 +1.41%
Soybean Oil Jul 2017 31.79 +0.41 +1.31%
Soybean Oil Aug 2017 31.90 +0.41 +1.30%
Corn May 2017 361.75 unch 0.00%
Corn Jul 2017 368.25 unch 0.00%
Corn Sep 2017 375.75 unch 0.00%
Corn Dec 2017 386.50 +0.25 +0.06%
Corn Mar 2018 396.25 +0.25 +0.06%
Oats May 2017 218.25 -0.50 -0.23%
Oats Jul 2017 217.00 -0.75 -0.34%
Oats Sep 2017 214.75 -0.25 -0.12%
Oats Dec 2017 216.50 unch 0.00%
Oats Mar 2018 224.00 unch 0.00%
Wheat May 2017 419.00 -3.50 -0.83%
Wheat Jul 2017 434.50 -2.50 -0.57%
Wheat Sep 2017 448.50 -2.25 -0.50%
Wheat Dec 2017 470.50 -1.50 -0.32%
Wheat Mar 2018 488.00 -1.50 -0.31%
Minneapolis
Spring Wheat May 2017 537.25 -2.00 -0.37%
Spring Wheat Jul 2017 545.25 -2.00 -0.37%
Spring Wheat Sep 2017 552.00 -2.75 -0.50%
Spring Wheat Dec 2017 560.50 -4.00 -0.71%
Spring Wheat Mar 2018 569.75 -4.25 -0.74%
Kansas City
Hard Red Wheat May 2017 416.75 -2.50 -0.60%
Hard Red Wheat Jul 2017 429.50 -2.50 -0.58%
Hard Red Wheat Sep 2017 445.50 -2.50 -0.56%
Hard Red Wheat Dec 2017 472.00 -2.25 -0.47%
Hard Red Wheat Mar 2018 489.75 -2.00 -0.41%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Apr 2017 127.92 +1.15 +0.91%
Live Cattle (P) Jun 2017 115.95 +0.30 +0.26%
Live Cattle (P) Aug 2017 112.28 +0.45 +0.40%
Feeder Cattle (P) Apr 2017 138.68 unch 0.00%
Feeder Cattle (P) May 2017 140.33 +0.26 +0.19%
Feeder Cattle (P) Aug 2017 142.95 +0.77 +0.54%
Lean Hogs (P) May 2017 65.87 -1.28 -1.91%
Lean Hogs (P) Jun 2017 69.95 -1.55 -2.17%
Lean Hogs (P) Jul 2017 71.50 -1.40 -1.92%
