Canola was down Wednesday, following Chicago soybeans’ lead, while wheat and other cereals rose nicely.
March canola fell $1.60 per tonne to $424.40 and November 2012 fell $1.70 to $430.10.
Soy oil was stronger than soybean meal, but not enough to make vegoil crops avoid losses.
Crops in general benefited from the continuing problems in South America, but cereals benefited most because of the specific impact on the Argentine dryness on crops there. Recent rains in Brazil and Argentina are seen to have given soybeans another shot at good yields, while the damage to many cereal crops has already been done.
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U.S. livestock: Cattle futures continue rally on constrained supply
Chicago Mercantile Exchange cattle futures rose for the fourth session in a row on Wednesday, as a continued tight supply of cattle and resilient consumer demand for beef boosted futures, traders said.
Commercial buyers continue to be active in the futures market placing hedges, while farmers continue to deliver, enjoying the tropical weather and wondering what it will mean for soil moisture and seeding in the spring.
The TSX, crude oil and gold were all up Wednesday, leading to the typical rise in the Loonie. The world’s economic brainiacs continue to meet in snowbound Davos, Switzerland for the World Economic Forum, and so far no consensus has arisen about how to fix the fractured world economic and financial system.
German chancellor Angela Merkel pushed the idea of closer European political integration as the cure to European debt problems in the future, with Teutonic rigor to be imposed upon the other peoples.
The Greek debt anxieties lingered, but didn’t get much worse, so markets generally relaxed.
Winnipeg (per tonne)
Canola Mar 12 $524.40, down $1.60 (-0.30%)
Canola May 12 $530.10, down $1.70 (-0.32%)
Canola Jul 12 $529.20, down $1.90 (-0.36%)
Canola Nov 12 $507.00, down $0.80 (-0.16%)
Western Barley Mar 12 $212.00, unchanged (unch)
Chicago (per bushel)
Soybeans Mar 12 $12.1350, down 6.50 cents (-0.53%)
Soybeans May 12 $12.2275, down 6.00 (-0.49%)
Soybeans Nov 12 $12.1375, up 0.75 (+0.06%)
Corn Mar 12 $6.3450, up 4.25 (+0.67%)
Corn Dec 12 $5.6300, up 0.50 (+0.09%)
Oats Mar 12 $2.9825, up 3.75 (+1.27%)
Oats Dec 12 $3.1500, down 1.75 (-0.55%)
Minneapolis (per bushel)
Spring Wheat Mar 12 $8.1275, up 9.00 cents (+1.12%)
Spring Wheat May 12 $7.9825, up 7.25 (+0.92%)
Spring Wheat Dec 12 $7.7675, up 6.00 (+0.78%)
The previous day’s best canola basis was $11.60 under the March contract according to ICE Futures Canada in Winnipeg.
Light crude oil nearby futures in New York rose 45 cents at $99.40 US per barrel.
The Canadian dollar at noon was $0.9881 US, down from $0.9904 the previous trading day. The U.S. dollar at noon was $1.0120 Cdn.
