By D’Arce McMillan
Markets editor
Twitter @ darcemcmillan
Canola futures played catch up to the U.S. market on Wednesday, rising more than two percent.
There was good support from rising soybeans early, with the nearby contract hitting a one-month high, but there was a late sell off in a round of profit taking.
Canola might also have been supported by light rain in central and northeastern Saskatchewan and southern Manitoba today that will again set back harvest.
Some Canadian crushers have improved their basis or are bidding what they call special offers to get canola supplies.
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U.S. market gains Tuesday and early today were related to the slow pace of harvest in the U.S. Midwest.
From the early week’s trade late Sunday night to the peak today, November soybeans had risen about five percent.
By the close today, after the sell off, the gain was reduced to 2.7 percent.
Soy oil showed a little life today after hitting a more than one month low on Tuesday. The nearby soyoil contract closed up 1.2 percent on unwinding of long soymeal-short soyoil spreads.
Corn retreated late on profit taking after the gains Tuesday and early today. December closed down three cents a bushel or a little less than one percent.
The rally was hard to feed when better weather has spread across the Midwest, reviving the pace of harvest.
One analyst told Reuters he expects basis levels in the U.S. to crash soon as on-farm storage is filling up and farmers will soon be forced to move more grain to elevators to free up space.
The slow harvest and slow pace of farmer selling had driven soybean basis higher recently as crushers and exporters sought supply.
Another Reuters story though noted that the delayed harvest has lessened the overall storage problem in the U.S.
Livestock feeders, millers and exporters have been drawing down old crop stocks for the last month, freeing up storage for the crop now coming off.
Chicago and Kansas wheat today rose about a half percent. Chicago soft winter wheat was supported by the slow pace of seeding that crop in the Midwest. Minneapolis spring wheat was little changed.
The Toronto Stock Exchange and Wall Street gave back Tuesday’s gains. The shootings in Ottawa today and fear of domestic terrorism shook investors. Also, some corporate quarterly profit reports were less than expected.
China reports monthly manufacturing statistics overnight. If weaker than expected that could weigh on commodity prices tomorrow.
The Toronto Stock Exchange composite fell 235.64 points or 1.62 percent to 14,312.07.
The Dow Jones industrial average fell 151.05 points, or 0.91 percent, to 16,463.76, the S&P 500 lost 14.04 points, or 0.72 percent, to 1,927.24 and the Nasdaq Composite dropped 36.63 points, or 0.83 percent, to 4,382.85.
Light crude oil nearby futures in New York dropped $1.97 at $80.52 US per barrel.
The Canadian dollar at noon was 89.13 cents US, unchanged from the previous trading day. The U.S. dollar at noon was $1.1219 Cdn.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014Â Â Â Â Â Â Â Â 414.90Â Â Â Â Â Â Â Â +10.90Â Â Â Â Â Â Â Â +2.70%
Canola Jan 2015Â Â Â Â Â Â Â Â 417.10Â Â Â Â Â Â Â Â +10.00Â Â Â Â Â Â Â Â +2.46%
Canola Mar 2015Â Â Â Â Â Â Â Â 421.90Â Â Â Â Â Â Â Â +10.00Â Â Â Â Â Â Â Â +2.43%
Canola May 2015Â Â Â Â Â Â Â Â 425.00Â Â Â Â Â Â Â Â +10.10Â Â Â Â Â Â Â Â +2.43%
Canola Jul 2015Â Â Â Â Â Â Â Â 426.10Â Â Â Â Â Â Â Â +10.10Â Â Â Â Â Â Â Â +2.43%
Milling Wheat Dec 2014        225.00        unch        0.00%
Milling Wheat Mar 2015Â Â Â Â Â Â Â Â 230.00Â Â Â Â Â Â Â Â -1.00Â Â Â Â Â Â Â Â -0.43%
Milling Wheat May 2015Â Â Â Â Â Â Â Â 233.00Â Â Â Â Â Â Â Â -1.00Â Â Â Â Â Â Â Â -0.43%
Durum Wheat Dec 2014        356.50        unch        0.00%
Durum Wheat Mar 2015        357.50        unch        0.00%
Durum Wheat May 2015        357.50        unch        0.00%
Barley Dec 2014Â Â Â Â Â Â Â Â 130.00Â Â Â Â Â Â Â Â +3.00Â Â Â Â Â Â Â Â +2.36%
Barley Mar 2015Â Â Â Â Â Â Â Â 133.00Â Â Â Â Â Â Â Â +5.00Â Â Â Â Â Â Â Â +3.91%
Barley May 2015Â Â Â Â Â Â Â Â 133.00Â Â Â Â Â Â Â Â +5.00Â Â Â Â Â Â Â Â +3.91%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2014Â Â Â Â Â Â Â Â 962.75Â Â Â Â Â Â Â Â -1.5Â Â Â Â Â Â Â Â -0.16%
Soybeans Jan 2015Â Â Â Â Â Â Â Â 969.75Â Â Â Â Â Â Â Â -2Â Â Â Â Â Â Â Â -0.21%
Soybeans Mar 2015Â Â Â Â Â Â Â Â 977Â Â Â Â Â Â Â Â -2Â Â Â Â Â Â Â Â -0.20%
Soybeans May 2015Â Â Â Â Â Â Â Â 984.75Â Â Â Â Â Â Â Â -2.25Â Â Â Â Â Â Â Â -0.23%
Soybeans Jul 2015Â Â Â Â Â Â Â Â 991Â Â Â Â Â Â Â Â -1.75Â Â Â Â Â Â Â Â -0.18%
Soybeans Aug 2015Â Â Â Â Â Â Â Â 992.25Â Â Â Â Â Â Â Â -1.75Â Â Â Â Â Â Â Â -0.18%
Soybean Meal Dec 2014Â Â Â Â Â Â Â Â 338Â Â Â Â Â Â Â Â -4.9Â Â Â Â Â Â Â Â -1.43%
Soybean Meal Jan 2015Â Â Â Â Â Â Â Â 330Â Â Â Â Â Â Â Â -4.2Â Â Â Â Â Â Â Â -1.26%
Soybean Meal Mar 2015Â Â Â Â Â Â Â Â 321.5Â Â Â Â Â Â Â Â -3.5Â Â Â Â Â Â Â Â -1.08%
Soybean Oil Dec 2014Â Â Â Â Â Â Â Â 32.14Â Â Â Â Â Â Â Â +0.38Â Â Â Â Â Â Â Â +1.20%
Soybean Oil Jan 2015Â Â Â Â Â Â Â Â 32.4Â Â Â Â Â Â Â Â +0.37Â Â Â Â Â Â Â Â +1.16%
Soybean Oil Mar 2015Â Â Â Â Â Â Â Â 32.66Â Â Â Â Â Â Â Â +0.36Â Â Â Â Â Â Â Â +1.11%
Corn Dec 2014Â Â Â Â Â Â Â Â 353Â Â Â Â Â Â Â Â -3Â Â Â Â Â Â Â Â -0.84%
Corn Mar 2015Â Â Â Â Â Â Â Â 367Â Â Â Â Â Â Â Â -2.5Â Â Â Â Â Â Â Â -0.68%
Corn May 2015Â Â Â Â Â Â Â Â 376Â Â Â Â Â Â Â Â -2.5Â Â Â Â Â Â Â Â -0.66%
Corn Jul 2015Â Â Â Â Â Â Â Â 383.25Â Â Â Â Â Â Â Â -2.25Â Â Â Â Â Â Â Â -0.58%
Corn Sep 2015Â Â Â Â Â Â Â Â 390.25Â Â Â Â Â Â Â Â -2.5Â Â Â Â Â Â Â Â -0.64%
Oats Dec 2014Â Â Â Â Â Â Â Â 354Â Â Â Â Â Â Â Â +3Â Â Â Â Â Â Â Â +0.85%
Oats Mar 2015Â Â Â Â Â Â Â Â 340.5Â Â Â Â Â Â Â Â +1.5Â Â Â Â Â Â Â Â +0.44%
Oats May 2015Â Â Â Â Â Â Â Â 333.5Â Â Â Â Â Â Â Â -0.25Â Â Â Â Â Â Â Â -0.07%
Oats Jul 2015Â Â Â Â Â Â Â Â 325.75Â Â Â Â Â Â Â Â +2.25Â Â Â Â Â Â Â Â +0.70%
Oats Sep 2015Â Â Â Â Â Â Â Â 328.75Â Â Â Â Â Â Â Â +2Â Â Â Â Â Â Â Â +0.61%
Wheat Dec 2014Â Â Â Â Â Â Â Â 522.25Â Â Â Â Â Â Â Â +3Â Â Â Â Â Â Â Â +0.58%
Wheat Mar 2015Â Â Â Â Â Â Â Â 536Â Â Â Â Â Â Â Â +3Â Â Â Â Â Â Â Â +0.56%
Wheat May 2015Â Â Â Â Â Â Â Â 543.75Â Â Â Â Â Â Â Â +3.25Â Â Â Â Â Â Â Â +0.60%
Wheat Jul 2015Â Â Â Â Â Â Â Â 549.75Â Â Â Â Â Â Â Â +2.5Â Â Â Â Â Â Â Â +0.46%
Wheat Sep 2015Â Â Â Â Â Â Â Â 559.5Â Â Â Â Â Â Â Â +2.75Â Â Â Â Â Â Â Â +0.49%
Minneapolis
Spring Wheat Dec 2014Â Â Â Â Â Â Â Â 568.75Â Â Â Â Â Â Â Â -0.25Â Â Â Â Â Â Â Â -0.04%
Spring Wheat Mar 2015        578.25        unch        0.00%
Spring Wheat May 2015Â Â Â Â Â Â Â Â 585.5Â Â Â Â Â Â Â Â -0.5Â Â Â Â Â Â Â Â -0.09%
Spring Wheat Jul 2015Â Â Â Â Â Â Â Â 593.5Â Â Â Â Â Â Â Â -0.25Â Â Â Â Â Â Â Â -0.04%
Spring Wheat Sep 2015Â Â Â Â Â Â Â Â 601Â Â Â Â Â Â Â Â -0.75Â Â Â Â Â Â Â Â -0.12%
Kansas City
Hard Red Wheat Dec 2014Â Â Â Â Â Â Â Â 605.25Â Â Â Â Â Â Â Â +3Â Â Â Â Â Â Â Â +0.50%
Hard Red Wheat Mar 2015Â Â Â Â Â Â Â Â 606.25Â Â Â Â Â Â Â Â +2.5Â Â Â Â Â Â Â Â +0.41%
Hard Red Wheat May 2015Â Â Â Â Â Â Â Â 605Â Â Â Â Â Â Â Â +2.5Â Â Â Â Â Â Â Â +0.41%
Hard Red Wheat Jul 2015Â Â Â Â Â Â Â Â 597Â Â Â Â Â Â Â Â +1.25Â Â Â Â Â Â Â Â +0.21%
Hard Red Wheat Sep 2015Â Â Â Â Â Â Â Â 608.5Â Â Â Â Â Â Â Â +2Â Â Â Â Â Â Â Â +0.33%
