Canola rallied to close higher Wednesday with bargain buying and support from soy oil.
Wheat also rose on thoughts that recent declines were overdone.
Old crop soybeans were up slightly but new crop dipped on good Midwest growing weather.
Corn fell on good growing conditions in the U.S. Midwest.
Crusher buying and a slightly weaker loonie also supported canola. The Canadian dollar is down more than a half cent from where it was late last week.
Canola had dropped about 9.5 percent since mid May on seeding progress. Soy oil had also fallen sharply and is bouncing back a bit with unwinding of some long soymeal/short soyoil spreads.
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Another factor that might be at work is the forecast for cool mornings on Friday and Saturday particularly in the western Prairies, leading to the potential for frost in some places.
Also, southwestern Manitoba and southeastern Saskatchewan continue to struggle with the weather. Rain today made it hard to make progress and more rain is expected as the week progresses.
There were reports of an exceptionally heavy thunderstorm last night creating local flooding west of Assiniboia, Sask.
Heavy rain and storms in central and southern parts of the Midwest yesterday did some damage to young corn plants, but mostly the moisture was expected to benefit the crop.
It looks to be wet over the next three days in the southern part of the Midwest and eastern part of the U.S. Plains. The market generally thinks rain makes grain, but I wonder if it could increase disease pressure and hurt the quality of the red winter wheat crop?
Most reports from Russia and Ukraine say they expect excellent crops but some analysts continue to note that it has been dry in the western parts of Russia
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2014Â Â Â Â Â Â 460.60Â Â Â Â Â Â +6.70Â Â Â Â Â Â +1.48%
Canola Nov 2014Â Â Â Â Â Â 463.20Â Â Â Â Â Â +4.40Â Â Â Â Â Â +0.96%
Canola Jan 2015Â Â Â Â Â Â 469.10Â Â Â Â Â Â +4.20Â Â Â Â Â Â +0.90%
Canola Mar 2015Â Â Â Â Â Â 471.50Â Â Â Â Â Â +4.20Â Â Â Â Â Â +0.90%
Canola May 2015Â Â Â Â Â Â 473.30Â Â Â Â Â Â +4.20Â Â Â Â Â Â +0.90%
Milling Wheat Jul 2014Â Â Â Â Â Â 204.00Â Â Â Â Â Â +2.00Â Â Â Â Â Â +0.99%
Milling Wheat Oct 2014Â Â Â Â Â Â 205.00Â Â Â Â Â Â +2.00Â Â Â Â Â Â +0.99%
Milling Wheat Dec 2014Â Â Â Â Â Â 208.00Â Â Â Â Â Â +1.00Â Â Â Â Â Â +0.48%
Durum Wheat Jul 2014      251.00      unch      0.00%
Durum Wheat Oct 2014      242.00      unch      0.00%
Durum Wheat Dec 2014      244.00      unch      0.00%
Barley Jul 2014      145.00      unch      0.00%
Barley Oct 2014      145.00      unch      0.00%
Barley Dec 2014      147.00      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 2014Â Â Â Â Â Â 1482.5Â Â Â Â Â Â +1.25Â Â Â Â Â Â +0.08%
Soybeans Aug 2014Â Â Â Â Â Â 1416.75Â Â Â Â Â Â +2.25Â Â Â Â Â Â +0.16%
Soybeans Sep 2014Â Â Â Â Â Â 1269.5Â Â Â Â Â Â -3.75Â Â Â Â Â Â -0.29%
Soybeans Nov 2014Â Â Â Â Â Â 1217.25Â Â Â Â Â Â -4.5Â Â Â Â Â Â -0.37%
Soybeans Jan 2015Â Â Â Â Â Â 1223.25Â Â Â Â Â Â -4.5Â Â Â Â Â Â -0.37%
Soybeans Mar 2015Â Â Â Â Â Â 1227.5Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.35%
Soybean Meal Jul 2014Â Â Â Â Â Â 496.5Â Â Â Â Â Â -3.1Â Â Â Â Â Â -0.62%
Soybean Meal Aug 2014Â Â Â Â Â Â 467.5Â Â Â Â Â Â -3.2Â Â Â Â Â Â -0.68%
Soybean Meal Sep 2014Â Â Â Â Â Â 425.4Â Â Â Â Â Â -5.4Â Â Â Â Â Â -1.25%
Soybean Oil Jul 2014Â Â Â Â Â Â 39.25Â Â Â Â Â Â +0.9Â Â Â Â Â Â +2.35%
Soybean Oil Aug 2014Â Â Â Â Â Â 39.36Â Â Â Â Â Â +0.9Â Â Â Â Â Â +2.34%
Soybean Oil Sep 2014Â Â Â Â Â Â 39.38Â Â Â Â Â Â +0.85Â Â Â Â Â Â +2.21%
Corn Jul 2014Â Â Â Â Â Â 456.25Â Â Â Â Â Â -2Â Â Â Â Â Â -0.44%
Corn Sep 2014Â Â Â Â Â Â 452.25Â Â Â Â Â Â -1.75Â Â Â Â Â Â -0.39%
Corn Dec 2014Â Â Â Â Â Â 453.5Â Â Â Â Â Â -0.75Â Â Â Â Â Â -0.17%
Corn Mar 2015Â Â Â Â Â Â 463.25Â Â Â Â Â Â -0.25Â Â Â Â Â Â -0.05%
Corn May 2015Â Â Â Â Â Â 469.5Â Â Â Â Â Â -0.75Â Â Â Â Â Â -0.16%
Oats Jul 2014Â Â Â Â Â Â 360.75Â Â Â Â Â Â +1.75Â Â Â Â Â Â +0.49%
Oats Sep 2014Â Â Â Â Â Â 340.75Â Â Â Â Â Â -2.25Â Â Â Â Â Â -0.66%
Oats Dec 2014Â Â Â Â Â Â 327.75Â Â Â Â Â Â -5Â Â Â Â Â Â -1.50%
Oats Mar 2015Â Â Â Â Â Â 320.5Â Â Â Â Â Â -3.5Â Â Â Â Â Â -1.08%
Oats May 2015Â Â Â Â Â Â 319.25Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.47%
Wheat Jul 2014Â Â Â Â Â Â 614.5Â Â Â Â Â Â +2Â Â Â Â Â Â +0.33%
Wheat Sep 2014Â Â Â Â Â Â 625Â Â Â Â Â Â +2Â Â Â Â Â Â +0.32%
Wheat Dec 2014Â Â Â Â Â Â 646.5Â Â Â Â Â Â +1.25Â Â Â Â Â Â +0.19%
Wheat Mar 2015Â Â Â Â Â Â 664Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.11%
Wheat May 2015Â Â Â Â Â Â 673.75Â Â Â Â Â Â +1.25Â Â Â Â Â Â +0.19%
Minneapolis
Spring Wheat Jul 2014Â Â Â Â Â Â 689.5Â Â Â Â Â Â +5Â Â Â Â Â Â +0.73%
Spring Wheat Sep 2014Â Â Â Â Â Â 697.75Â Â Â Â Â Â +4.5Â Â Â Â Â Â +0.65%
Spring Wheat Dec 2014Â Â Â Â Â Â 709Â Â Â Â Â Â +4Â Â Â Â Â Â +0.57%
Spring Wheat Mar 2015Â Â Â Â Â Â 717.5Â Â Â Â Â Â +3Â Â Â Â Â Â +0.42%
Spring Wheat May 2015Â Â Â Â Â Â 722Â Â Â Â Â Â +3.25Â Â Â Â Â Â +0.45%
Kansas City
KC HRW Wheat Jul 2014Â Â Â Â Â Â 713.5Â Â Â Â Â Â +5.75Â Â Â Â Â Â +0.81%
KC HRW Wheat Sep 2014Â Â Â Â Â Â 720.5Â Â Â Â Â Â +4.75Â Â Â Â Â Â +0.66%
KC HRW Wheat Dec 2014Â Â Â Â Â Â 732.25Â Â Â Â Â Â +5.5Â Â Â Â Â Â +0.76%
KC HRW Wheat Mar 2015Â Â Â Â Â Â 737.5Â Â Â Â Â Â +5.25Â Â Â Â Â Â +0.72%
KC HRW Wheat May 2015Â Â Â Â Â Â 736.5Â Â Â Â Â Â +4Â Â Â Â Â Â +0.55%
Light crude oil nearby futures in New York dropped 2 cents at $102.64 US per barrel.
The Canadian dollar at noon was 91.43 cents US, down from 91.62 cents the previous trading day. The U.S. dollar at noon was $1.0937 Cdn.
The Toronto Stock Exchange composite and major U.S indexes were higher at the close of trade. The closing index levels will be posted later.
