Canola futures fell, pressured by falling soybeans as American traders rebalanced positions ahead of Friday’s monthly USDA report.
Wheat edged slightly higher after India dropped its tariff on wheat to make it easier to import needed supply after two short crops.
However, India’s increased imports will be offset by the bigger than expected Australian production so the potential for wheat to climb much higher will likely be limited.
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Soybeans fell as concern about dry weather in Argentina moderated with U.S. and Australian forecasters saying that a La Nina is unlikely to grip the Pacific this winter. La Ninas can cause dry weather in South America and the forecast for a neutral situation lessens the likelihood for drought in Argentina.
Crop conditions are good in Brazil right now
The trade thinks that the U.S. might start penciling in a bumper soy harvest in South America in its monthly reports.
American soybean exports to China this fall have been very strong and that has helped to support oilseed prices.
Some of the buying might be attributed to demand from Chinese hog feeders gearing up production for the annual spring festival, also called the lunar new year holiday.
This year the holiday falls in late January. In some years it can be as late a mid February.
There is also potential that Chinese importers were buying early to mitigate risk of a Donald Trump presidency causing trade friction with China.
The European Central Bank announced today that its stimulus 80 billion euro bond buying program would be cut back to 60 billion but would continue to December 2017 instead of ending in September.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 57.45 points, or 0.38 percent, at 15,295.20.
The Dow Jones industrial average rose 64.37 points, or 0.33 percent, to 19,613.99, the S&P 500 gained 4.76 points, or 0.21 percent, to 2,246.11 and the Nasdaq Composite added 23.59 points, or 0.44 percent, to 5,417.36.
Light crude oil nearby futures in New York were up $1.07 to US$50.84 per barrel.
The Canadian dollar at noon was US75.64 cents, up from 75.46 cents the previous trading day. The U.S. dollar at noon was C$1.3221.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2017 522.20 -7.10 -1.34%
Canola Mar 2017 527.90 -7.30 -1.36%
Canola May 2017 532.20 -8.00 -1.48%
Canola Jul 2017 534.40 -7.50 -1.38%
Canola Nov 2017 502.20 -4.00 -0.79%
Milling Wheat Dec 2016 229.00 -2.00 -0.87%
Milling Wheat Mar 2017 236.00 -1.00 -0.42%
Milling Wheat May 2017 239.00 unch 0.00%
Durum Wheat Dec 2016 315.00 unch 0.00%
Durum Wheat Mar 2017 323.00 unch 0.00%
Durum Wheat May 2017 326.00 unch 0.00%
Barley Dec 2016 138.00 unch 0.00%
Barley Mar 2017 142.00 unch 0.00%
Barley May 2017 144.00 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 2017 1027.00 -22.00 -2.10%
Soybeans Mar 2017 1037.75 -21.75 -2.05%
Soybeans May 2017 1045.25 -21.50 -2.02%
Soybeans Jul 2017 1050.50 -21.50 -2.01%
Soybeans Aug 2017 1047.75 -20.75 -1.94%
Soybeans Sep 2017 1028.75 -20.25 -1.93%
Soybean Meal Dec 2016 312.40 -6.80 -2.13%
Soybean Meal Jan 2017 313.70 -6.80 -2.12%
Soybean Meal Mar 2017 317.80 -6.70 -2.06%
Soybean Oil Dec 2016 37.05 -0.67 -1.78%
Soybean Oil Jan 2017 37.26 -0.67 -1.77%
Soybean Oil Mar 2017 37.54 -0.67 -1.75%
Corn Dec 2016 346.50 -4.00 -1.14%
Corn Mar 2017 353.50 -4.50 -1.26%
Corn May 2017 360.25 -4.50 -1.23%
Corn Jul 2017 367.75 -4.00 -1.08%
Corn Sep 2017 375.00 -3.75 -0.99%
Oats Dec 2016 214.00 +0.50 +0.23%
Oats Mar 2017 223.00 +0.25 +0.11%
Oats May 2017 226.75 +0.25 +0.11%
Oats Jul 2017 230.25 +0.25 +0.11%
Oats Sep 2017 235.50 +0.25 +0.11%
Wheat Dec 2016 390.75 +4.50 +1.17%
Wheat Mar 2017 408.25 +7.25 +1.81%
Wheat May 2017 418.75 +6.25 +1.52%
Wheat Jul 2017 430.25 +5.50 +1.29%
Wheat Sep 2017 444.25 +5.50 +1.25%
Minneapolis
Spring Wheat Dec 2016 535.75 +1.75 +0.33%
Spring Wheat Mar 2017 531.00 +2.00 +0.38%
Spring Wheat May 2017 533.75 +1.50 +0.28%
Spring Wheat Jul 2017 537.25 +1.50 +0.28%
Spring Wheat Sep 2017 543.25 +1.50 +0.28%
Kansas City
Hard Red Wheat Dec 2016 387.00 +5.00 +1.31%
Hard Red Wheat Mar 2017 404.75 +4.75 +1.19%
Hard Red Wheat May 2017 416.25 +4.50 +1.09%
Hard Red Wheat Jul 2017 428.50 +4.75 +1.12%
Hard Red Wheat Sep 2017 444.25 +5.25 +1.20%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Dec 2016 109.05 -0.33 -0.30%
Live Cattle (P) Feb 2017 110.65 -0.13 -0.12%
Live Cattle (P) Apr 2017 110.42 -0.38 -0.34%
Feeder Cattle (P) Jan 2017 126.60 -0.38 -0.30%
Feeder Cattle (P) Mar 2017 123.15 -0.65 -0.53%
Feeder Cattle (P) Apr 2017 122.72 -0.83 -0.67%
Lean Hogs (P) Dec 2016 55.68 +0.98 +1.79%
Lean Hogs (P) Feb 2017 60.82 +1.07 +1.79%
Lean Hogs (P) Apr 2017 66.35 +0.57 +0.87%
