Canola fell Tuesday despite support from higher soy oil futures and a weaker loonie, which fell below 90 cents US.
Canola futures were a little higher in the morning but retreated with light commercial and small speculator selling. March closed at $426.40, down $2.40.
There was little new market moving news.
Rail transportation resources in Western Canada’s grain system continue to fall short of demand. Grain supply at country elevators is mostly near capacity and the supply at port terminals is low. The line up of vessels waiting to load at the West Coast remains high.
Read Also
U.S. grains: Corn futures edge up, soybeans sag on improving US crop ratings
Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.
Soybeans were little changed. The prospect of a huge South American crop continues to hang over the market. However, the sharp devaluation of the Argentinean peso has caused farmers there to stop selling because crop in the bin retains its value. That could force users to shift some orders to the United States.
It continues cold in northern parts of the U.S. plains and Midwest presenting a risk for a small percentage of the winter wheat crop. Chicago wheat edged higher but Kansas and Minneapolis wheat dipped
Egypt announced it was buying three cargos of wheat from Russia and one from the United States.
It is quite cold in Ukraine and Russia’s southwestern area but snow has also fallen, providing insulation for the winter wheat crop.
Malaysian palm oil edged lower on thoughts that production in January will exceed demand, leading to a build up in stocks.
Corn edged a fraction of a cent higher on a strong cash market. Cash bids were supported by cold weather in the U.S. that is interfering with deliveries.
The jitters over the emerging market and currency weakness calmed somewhat today.
Investors will follow comments from the U.S. Federal Reserve when it wraps up its two day meeting tomorrow.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2014 426.40 -2.40 -0.56%
Canola May 2014 436.30 -2.30 -0.52%
Canola Jul 2014 445.10 -2.30 -0.51%
Canola Nov 2014 460.70 -2.10 -0.45%
Canola Jan 2015 466.20 -2.30 -0.49%
Milling Wheat Mar 2014 179.00 -1.00 -0.56%
Milling Wheat May 2014 185.00 -1.00 -0.54%
Milling Wheat Jul 2014 189.00 unch 0.00%
Durum Wheat Mar 2014 245.00 unch 0.00%
Durum Wheat May 2014 249.00 unch 0.00%
Durum Wheat Jul 2014 250.00 unch 0.00%
Barley Mar 2014 126.50 unch 0.00%
Barley May 2014 128.50 unch 0.00%
Barley Jul 2014 128.50 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2014 1285.5 -2.25 -0.17%
Soybeans May 2014 1271 unch 0.00%
Soybeans Jul 2014 1256.5 unch 0.00%
Soybeans Aug 2014 1216.5 +1 +0.08%
Soybeans Sep 2014 1149.5 +2.5 +0.22%
Soybeans Nov 2014 1105 +3.5 +0.32%
Soybean Meal Mar 2014 428.6 -2.3 -0.53%
Soybean Meal May 2014 413.4 -0.6 -0.14%
Soybean Meal Jul 2014 403.4 -0.6 -0.15%
Soybean Oil Mar 2014 37.4 +0.34 +0.92%
Soybean Oil May 2014 37.72 +0.31 +0.83%
Soybean Oil Jul 2014 38.06 +0.29 +0.77%
Corn Mar 2014 432 +0.25 +0.06%
Corn May 2014 438 unch 0.00%
Corn Jul 2014 443.25 -0.75 -0.17%
Corn Sep 2014 446 -1.25 -0.28%
Corn Dec 2014 450.75 -1.75 -0.39%
Oats Mar 2014 416.75 +16 +3.99%
Oats May 2014 372.75 +14.75 +4.12%
Oats Jul 2014 350.5 +14.75 +4.39%
Oats Sep 2014 314.5 +8 +2.61%
Oats Dec 2014 296.5 +5.5 +1.89%
Wheat Mar 2014 566 +2.5 +0.44%
Wheat May 2014 571.75 +2 +0.35%
Wheat Jul 2014 576.5 +1.25 +0.22%
Wheat Sep 2014 585 +1.25 +0.21%
Wheat Dec 2014 597.5 +1 +0.17%
Minneapolis
Spring Wheat Mar 2014 605 -1.5 -0.25%
Spring Wheat May 2014 608.25 -1.5 -0.25%
Spring Wheat Jul 2014 617.75 -1.25 -0.20%
Spring Wheat Sep 2014 626.5 -1.25 -0.20%
Spring Wheat Dec 2014 639.25 -2 -0.31%
Kansas City
KCBT Red Wheat Mar 2014 622 -0.5 -0.08%
KCBT Red Wheat May 2014 620 -0.25 -0.04%
KCBT Red Wheat Jul 2014 615.75 -0.25 -0.04%
KCBT Red Wheat Sep 2014 625.5 -0.25 -0.04%
KCBT Red Wheat Dec 2014 638.75 +0.5 +0.08%
Light crude oil nearby futures in New York rose $1.69 at $97.41 US per barrel.
The Canadian dollar at noon was 89.70 cents US, down from 90.11 cents the previous trading day. The U.S. dollar at noon was $1.1148 Cdn.
In unofficial results —
The Toronto Stock Exchange’s S&P/TSX composite index closed up 105.37 points, or 0.78 percent, at 13,687.66. All of the 10 main sectors on the index were higher.
The Dow Jones industrial average rose 90.68 points, or 0.57 percent, to end at 15,928.56.
The Standard & Poor’s 500 Index gained 10.94 points, or 0.61 percent, to finish at 1,792.50.
The Nasdaq Composite Index gained 14.35 points, or 0.35 percent, to close at 4,097.96.
