Stronger loonie weighs on canola as trade watches weather

Canola futures dipped Wednesday as the loonie rose about a half cent.

The market was watching weather in the western part of the Prairies where rain and strong wind was delaying seeding.

Chicago wheat futures closed higher on Wednesday on light short covering, one day after the spot contract fell about one percent on better-than-expected U.S. wheat condition ratings, Reuters reported.

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Corn futures firmed while soybeans ended flat after a choppy session

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Commodity funds hold a large net short position in CBOT wheat and corn futures, leaving the market vulnerable to bouts of short covering.

Worrisome weather lent support, with excessive moisture in the U.S. Plains and Midwest raising concerns about yield prospects and grain quality for maturing winter wheat crops, Reuters reported.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 11 cents to US$51.36 per barrel.

In the afternoon, the Canadian dollar was trading around US74.53 cents, up from 74.00 cents the previous trading day. The U.S. dollar was C$1.3417.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE settled down 57.45 points, or 0.37 percent, at 15,419.49.

The Dow Jones Industrial Average was up 74.51 points, or 0.36 percent, to 21,012.42, the S&P 500 gained 5.97 points, or 0.25 percent, to 2,404.39, a new record high close, and the Nasdaq Composite added 24.31 points, or 0.40 percent, to 6,163.02.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jul 2017 523.70 -2.10 -0.40%

Canola Nov 2017 498.30 -2.90 -0.58%

Canola Jan 2018 503.80 -3.20 -0.63%

Canola Mar 2018 508.70 -3.20 -0.63%

Canola May 2018 511.50 unch 0.00%

Milling Wheat Jul 2017 244.00 +5.00 +2.09%

Milling Wheat Oct 2017 242.00 +4.00 +1.68%

Milling Wheat Dec 2017 244.00 +4.00 +1.67%

Durum Wheat Jul 2017 276.00 unch 0.00%

Durum Wheat Oct 2017 267.00 unch 0.00%

Durum Wheat Dec 2017 267.00 unch 0.00%

Barley Jul 2017 138.00 unch 0.00%

Barley Oct 2017 140.00 unch 0.00%

Barley Dec 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 Jul 2017 948.25 unch 0.00%

Soybeans Aug 2017 950.25 unch 0.00%

Soybeans Sep 2017 947.75 -0.25 -0.03%

Soybeans Nov 2017 948.00 -0.50 -0.05%

Soybeans Jan 2018 955.25 -0.50 -0.05%

Soybeans Mar 2018 958.75 -0.50 -0.05%

Soybean Meal Jul 2017 306.40 +0.10 +0.03%

Soybean Meal Aug 2017 307.60 +0.10 +0.03%

Soybean Meal Sep 2017 308.90 +0.10 +0.03%

Soybean Oil Jul 2017 32.28 -0.06 -0.19%

Soybean Oil Aug 2017 32.38 -0.07 -0.22%

Soybean Oil Sep 2017 32.50 -0.07 -0.21%

Corn Jul 2017 371.25 +1.75 +0.47%

Corn Sep 2017 379.00 +2.00 +0.53%

Corn Dec 2017 389.75 +2.00 +0.52%

Corn Mar 2018 399.25 +1.75 +0.44%

Corn May 2018 405.25 +1.50 +0.37%

Oats Jul 2017 238.50 -2.75 -1.14%

Oats Sep 2017 231.25 -1.25 -0.54%

Oats Dec 2017 226.75 +1.50 +0.67%

Oats Mar 2018 229.25 +2.75 +1.21%

Oats May 2018 229.25 +2.75 +1.21%

Wheat Jul 2017 432.50 +3.00 +0.70%

Wheat Sep 2017 446.00 +2.00 +0.45%

Wheat Dec 2017 467.75 +1.50 +0.32%

Wheat Mar 2018 486.00 +1.00 +0.21%

Wheat May 2018 498.50 +1.00 +0.20%

Minneapolis

Spring Wheat Jul 2017 561.00 +6.75 +1.22%

Spring Wheat Sep 2017 566.75 +6.50 +1.16%

Spring Wheat Dec 2017 573.25 +5.50 +0.97%

Spring Wheat Mar 2018 579.50 +4.50 +0.78%

Spring Wheat May 2018 583.25 +4.00 +0.69%

Kansas City

Hard Red Wheat Jul 2017 432.75 +2.25 +0.52%

Hard Red Wheat Sep 2017 450.50 +2.25 +0.50%

Hard Red Wheat Dec 2017 475.75 +1.75 +0.37%

Hard Red Wheat Mar 2018 491.25 +1.50 +0.31%

Hard Red Wheat May 2018 501.50 +1.25 +0.25%

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Jun 2017 122.12 -0.95 -0.77%

Live Cattle (P) Aug 2017 119.92 -1.41 -1.16%

Live Cattle (P) Oct 2017 116.75 -1.30 -1.10%

Feeder Cattle (P) May 2017 144.00 -0.25 -0.17%

Feeder Cattle (P) Aug 2017 148.68 -2.82 -1.86%

Feeder Cattle (P) Sep 2017 148.82 -2.86 -1.89%

Lean Hogs (P) Jun 2017 80.20 +0.05 +0.06%

Lean Hogs (P) Jul 2017 79.85 -0.18 -0.22%

Lean Hogs (P) Aug 2017 79.85 -0.05 -0.06%

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