Canola contracts hit fresh lows today, falling $4.10 per tonne on the ICE Futures Canada exchange.
March canola futures settled at $437.90 per tonne on a day with low trading volumes. Market watchers attributed the canola losses to soybean declines from yesterday, when the Winnipeg market was closed for Boxing Day.
Soybeans bounced back today after the U.S. Department of Agriculture announced larger than expected U.S. export sales. Net sales of 720,000 tonnes for the 2013-14 crop year were up 74 percent from the previous weekly report.
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March soybeans in Chicago gained 8.5 cents on the news to close at $13.1375.
Corn exports also beat expectations for the weekly report as the USDA reported net sales of 1.48 million tonnes for 2013-14.
Corn futures gained 1.25 cents on the export data, settling at $4.275.
Corn gains were tempered when news broke that China rejected a 2,000 tonne shipment of dried distillers grain from the United States Dec. 23. After testing the corn byproduct, Chinese inspectors detected the presence of MIR 162, a genetically modified corn variety that is unapproved in China. Earlier this month, China rejected a DDG shipment of approximately 500,000 tonnes.
Industry analysts are speculating that China may purchase more soybean meal as an alternative to DDGs from the U.S.
The USDA said wheat export sales were 596,900 tonnes in its report, beating forecasts. Wheat contracts fell in Minneapolis and Kansas City, despite the positive news.
Wheat continued its December plunge, with hard red spring wheat futures in Minneapolis losing 3.5 cents to settle at $6.3475 per bu. Minneapolis wheat has hit a contract low for 15 of the last 16 trading sessions. The nearby March contract has fallen 10 percent since the beginning of December.
A cold snap is expected to hit the U.S. Plains next week, but snow cover should protect the dormant crop from damage.
Oats gained 3.25 cents on the day to settle at $3.56 per bu. Oat futures have gained about 30 cents per bu. in December.
The loonie fell .69 cents today, which may have provided support for canola futures. Currency analysts are expecting the Bank of Canada to keep interest rates low until the end of 2015. Meanwhile, the Federal Reserve is now tapering its bond-buying program, reducing the amount of money it injects into the U.S. economy.
The loonie closed at 0.9348 US, down from 0.9417 Dec. 24.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2014Â Â Â Â Â Â 427.60Â Â Â Â Â Â -4.80Â Â Â Â Â Â -1.11%
Canola Mar 2014Â Â Â Â Â Â 437.90Â Â Â Â Â Â -4.10Â Â Â Â Â Â -0.93%
Canola May 2014Â Â Â Â Â Â 446.70Â Â Â Â Â Â -4.40Â Â Â Â Â Â -0.98%
Canola Jul 2014Â Â Â Â Â Â 455.10Â Â Â Â Â Â -4.00Â Â Â Â Â Â -0.87%
Canola Nov 2014Â Â Â Â Â Â 468.30Â Â Â Â Â Â -4.00Â Â Â Â Â Â -0.85%
Milling Wheat Mar 2014Â Â Â Â Â Â 184.00Â Â Â Â Â Â -2.00
Milling Wheat May 2014Â Â Â Â Â Â 192.00Â Â Â Â Â Â -2.00
Milling Wheat Jul 2014Â Â Â Â Â Â 196.00Â Â Â Â Â Â -2.00
Â
Durum Wheat Mar 2014      243.00      unch      0.00%
Durum Wheat May 2014      247.00      unch      0.00%
Durum Wheat Jul 2014      248.00      unch      0.00%
Â
Barley Mar 2014      146.00      unch      0.00%
Barley May 2014      148.00      unch      0.00%
Barley Jul 2014      148.00      unch      0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2014Â Â Â Â Â Â 1331.5Â Â Â Â Â Â +12.75Â Â Â Â Â Â +0.97%
Soybeans Mar 2014Â Â Â Â Â Â 1313.75Â Â Â Â Â Â +8.5Â Â Â Â Â Â +0.65%
Soybeans May 2014Â Â Â Â Â Â 1298.75Â Â Â Â Â Â +8.25Â Â Â Â Â Â +0.64%
Soybeans Jul 2014Â Â Â Â Â Â 1286.25Â Â Â Â Â Â +7.5Â Â Â Â Â Â +0.59%
Soybeans Aug 2014Â Â Â Â Â Â 1255.5Â Â Â Â Â Â +5.75Â Â Â Â Â Â +0.46%
Soybeans Sep 2014Â Â Â Â Â Â 1195.25Â Â Â Â Â Â +4.25Â Â Â Â Â Â +0.36%
Soybean Meal Jan 2014Â Â Â Â Â Â 445.7Â Â Â Â Â Â +4.7Â Â Â Â Â Â +1.07%
Soybean Meal Mar 2014Â Â Â Â Â Â 427.2Â Â Â Â Â Â +2.7Â Â Â Â Â Â +0.64%
Soybean Meal May 2014Â Â Â Â Â Â 417.3Â Â Â Â Â Â +2.9Â Â Â Â Â Â +0.70%
Soybean Oil Jan 2014Â Â Â Â Â Â 39.02Â Â Â Â Â Â +0.15Â Â Â Â Â Â +0.39%
Soybean Oil Mar 2014Â Â Â Â Â Â 39.35Â Â Â Â Â Â +0.17Â Â Â Â Â Â +0.43%
Soybean Oil May 2014Â Â Â Â Â Â 39.73Â Â Â Â Â Â +0.19Â Â Â Â Â Â +0.48%
Corn Mar 2014Â Â Â Â Â Â 427.5Â Â Â Â Â Â +1.25Â Â Â Â Â Â +0.29%
Corn May 2014Â Â Â Â Â Â 435.75Â Â Â Â Â Â +1.25Â Â Â Â Â Â +0.29%
Corn Jul 2014Â Â Â Â Â Â 442.75Â Â Â Â Â Â +1Â Â Â Â Â Â +0.23%
Corn Sep 2014Â Â Â Â Â Â 449Â Â Â Â Â Â +1.25Â Â Â Â Â Â +0.28%
Corn Dec 2014Â Â Â Â Â Â 455.25Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.17%
Oats Mar 2014Â Â Â Â Â Â 356Â Â Â Â Â Â +3.25Â Â Â Â Â Â +0.92%
Oats May 2014Â Â Â Â Â Â 328.25Â Â Â Â Â Â +1Â Â Â Â Â Â +0.31%
Oats Jul 2014Â Â Â Â Â Â 321.75Â Â Â Â Â Â +0.5Â Â Â Â Â Â +0.16%
Oats Sep 2014Â Â Â Â Â Â 314Â Â Â Â Â Â +0.5Â Â Â Â Â Â +0.16%
Oats Dec 2014Â Â Â Â Â Â 308.25Â Â Â Â Â Â +1Â Â Â Â Â Â +0.33%
Wheat Mar 2014Â Â Â Â Â Â 609Â Â Â Â Â Â +3Â Â Â Â Â Â +0.50%
Wheat May 2014Â Â Â Â Â Â 616.25Â Â Â Â Â Â +2.75Â Â Â Â Â Â +0.45%
Wheat Jul 2014Â Â Â Â Â Â 621.25Â Â Â Â Â Â +2.5Â Â Â Â Â Â +0.40%
Wheat Sep 2014Â Â Â Â Â Â 631Â Â Â Â Â Â +2.5Â Â Â Â Â Â +0.40%
Wheat Dec 2014Â Â Â Â Â Â 644Â Â Â Â Â Â +2.75Â Â Â Â Â Â +0.43%
Minneapolis
Spring Wheat Mar 2014Â Â Â Â Â Â 634.75Â Â Â Â Â Â -3.5Â Â Â Â Â Â -0.55%
Spring Wheat May 2014Â Â Â Â Â Â 644.75Â Â Â Â Â Â -2.75Â Â Â Â Â Â -0.42%
Spring Wheat Jul 2014Â Â Â Â Â Â 655.5Â Â Â Â Â Â -3.25Â Â Â Â Â Â -0.49%
Spring Wheat Sep 2014Â Â Â Â Â Â 665.25Â Â Â Â Â Â -2Â Â Â Â Â Â -0.30%
Spring Wheat Dec 2014Â Â Â Â Â Â 678.5Â Â Â Â Â Â -1.25Â Â Â Â Â Â -0.18%
Kansas City
KCBT Red Wheat Mar 2014Â Â Â Â Â Â 644.25Â Â Â Â Â Â -0.25Â Â Â Â Â Â -0.04%
KCBT Red Wheat May 2014Â Â Â Â Â Â 646.5Â Â Â Â Â Â -0.5Â Â Â Â Â Â -0.08%
KCBT Red Wheat Jul 2014Â Â Â Â Â Â 648.5Â Â Â Â Â Â +0.5Â Â Â Â Â Â +0.08%
KCBT Red Wheat Sep 2014Â Â Â Â Â Â 660.25Â Â Â Â Â Â -0.5Â Â Â Â Â Â -0.08%
KCBT Red Wheat Dec 2014Â Â Â Â Â Â 673Â Â Â Â Â Â -0.5Â Â Â Â Â Â -0.07%
Light crude oil nearby futures in New York rose 77 cents at $100.32 US per barrel.
The Canadian dollar at noon was 93.48 cents US, down from 94.17 cents the previous trading day. The U.S. dollar at noon was $1.0697 Cdn.
