Labour unrest over legislation to modernize Brazil’s ports disrupted soy shipments from that country and supported oilseed prices on Thursday.
Old crop canola was higher through most of the day but fell into the close on profit taking after prices reached to the high end of recent ranges and on unwinding of July-November spreads. July post a $1 per tonne loss on the day. New crop closed slightly higher.
Rain forecast Friday in southeastern Saskatchewan and Manitoba will delay seeding. The rain could continue into the weekend in Manitoba, but the outlook for the rest of Saskatchewan and Alberta looks dryer than it did earlier this week and seeding should be able to progress.
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Heavy amounts of rain are forecast for North Dakota and the Midwest for the weekend, and that should delay seeding for several days after good progress this week.
July soybeans rose about one percent on very strong basis bids and on a slow down in Brazilian exports.
U.S. crushers are struggling to get the last supplies of soybeans from farmers, leading to the strong basis bids.
In Brazil, the lower house passed legislation for a multi billion dollar upgrade of port infrastructure and changes to port labour rules that would weaken unions. Workers at the port of Santos staged a two-day protest. The legislation goes to the upper house later today and is expected to pass. It is not yet clear how port unions will react and if more disruptions can be expected.
Corn fell on rapid U.S. seeding progress and weekly exports that were below expectations.
Chicago and Kansas wheat fell on the approaching winter wheat harvest, showers in dry parts of the Black Sea exporting region and slow export sales. Old crop Minneapolis wheat edged higher on strong cash markets.
While rain fell in Russia, grains consultancy Agritel told Reuters it expects Russian exports will be only about 10.4 million tonnes, well short of current USDA forecast of 18 million. Dry weather is trimming yields. Also, Russia will want to rebuild domestic stocks so not so much will be available for export, the Agritel spokesperson said.
Most commodity markets slipped Thursday, after a slew of U.S. economic readings, from new housing starts to factory activity, showed slower than expected activity.
But inflation remains under control, meaning there is little pressure on the Federal Reserve to stop its stimulus efforts. However, stock markets fell late after a Fed official said the central bank could begin reducing its monetary stimulus this summer.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2013 626.10 -1.90 -0.30%
Canola Nov 2013 545.20 +1.00 +0.18%
Canola Jan 2014 546.30 -0.20 -0.04%
Canola Mar 2014 543.10 -0.20 -0.04%
Canola May 2014 537.70 -0.20 -0.04%
Milling Wheat Jul 2013 294.00 unch 0.00%
Milling Wheat Oct 2013 294.00 unch 0.00%
Milling Wheat Dec 2013 294.00 unch 0.00%
Durum Wheat Jul 2013 301.90 unch 0.00%
Durum Wheat Oct 2013 294.90 unch 0.00%
Durum Wheat Dec 2013 299.40 unch 0.00%
Barley Jul 2013 244.00 unch 0.00%
Barley Oct 2013 194.00 unch 0.00%
Barley Dec 2013 199.00 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 2013 1427.5 +14.75 +1.04%
Soybeans Aug 2013 1354 +12 +0.89%
Soybeans Sep 2013 1271.5 +9 +0.71%
Soybeans Nov 2013 1217.5 +7.75 +0.64%
Soybeans Jan 2014 1224.75 +7.5 +0.62%
Soybeans Mar 2014 1229.75 +6.75 +0.55%
Soybean Meal Jul 2013 414.9 +4.4 +1.07%
Soybean Meal Aug 2013 391.7 +3.8 +0.98%
Soybean Meal Sep 2013 366 +3.3 +0.91%
Soybean Oil Jul 2013 49.52 +0.17 +0.34%
Soybean Oil Aug 2013 49.3 +0.17 +0.35%
Soybean Oil Sep 2013 49.09 +0.19 +0.39%
Corn Jul 2013 641.5 -9.25 -1.42%
Corn Sep 2013 553.75 -9.75 -1.73%
Corn Dec 2013 524 -7.75 -1.46%
Corn Mar 2014 534.25 -8 -1.48%
Corn May 2014 541.75 -8.25 -1.50%
Oats Jul 2013 377.75 -1.75 -0.46%
Oats Sep 2013 369.5 -0.75 -0.20%
Oats Dec 2013 362 -0.25 -0.07%
Oats Mar 2014 367 +0.75 +0.20%
Oats May 2014 369.25 +0.75 +0.20%
Wheat Jul 2013 687.75 -6 -0.86%
Wheat Sep 2013 696 -6.25 -0.89%
Wheat Dec 2013 713 -5.5 -0.77%
Wheat Mar 2014 730 -5.25 -0.71%
Wheat May 2014 736.25 -4.5 -0.61%
Minneapolis
Spring Wheat Jul 2013 804 +0.25 +0.03%
Spring Wheat Sep 2013 796.5 -2 -0.25%
Spring Wheat Dec 2013 802.25 -3.75 -0.47%
Spring Wheat Mar 2014 814.5 -4.5 -0.55%
Spring Wheat May 2014 820.5 -4 -0.49%
Kansas City
KCBT Red Wheat Jul 2013 743.5 -8.25 -1.10%
KCBT Red Wheat Dec 2013 768.25 -6.75 -0.87%
KCBT Red Wheat Mar 2014 782 -6.75 -0.86%
KCBT Red Wheat May 2014 786.25 -6 -0.76%
Light crude oil nearby futures in New York rose 86 cents at $95.16 US per barrel.
The Canadian dollar at noon was 98.40 cents US, up from 98.30 cents the previous trading day. The U.S. dollar at noon was $1.0163 Cdn.
In early tallies –
Canada’s main stock index advanced on Thursday, boosted by stronger financial stocks and a move by Telus Corp. to acquire a smaller wireless carrier, Reuters said.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 33.95 points, or 0.27 percent, at 12,507.60.
The Dow Jones industrial average fell 42.47 points, or 0.28 percent, to closed at 15,233.22.
The Standard & Poor’s 500 Index slipped 8.31 points, or 0.50 percent, to finish at 1,650.47.
The Nasdaq Composite Index declined 6.37 points, or 0.18 percent, to close at 3,465.24.
