Canola futures closed little changed with a slightly stronger loonie and weaker soy oil limiting gains.
Also January canola ran into technical resistance as it approaches highs set in July.
The loonie edged higher on technical strength.
U.S. corn, soybeans and wheat all rose.
Bargain buying and short covering lifted corn and wheat after recent declines. There was talk that corn had fallen enough to attract some new export demand.
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Second Harvest redirecting surplus food to those in need
Second Harvest, billed as Canada’s largest food rescuer, was on hand at Ag in Motion in Langham, Saskatchewan, from July 15 to 17 to connect with farmers and raise awareness of their presence on the Prairies.
The trade was also positioning ahead of next week’s USDA monthly report.
Private forecasters have been lifting their U.S. corn yield forecasts and lowering soybean yields.
Today’s weekly U.S. export sales report showed wheat and corn sales were within expectations and soybean sales beat expectations.
NEW FED CHAIR
U.S. President Donald Trump has named a new chair of the Federal Reserve.
Jerome Powell will take over from Janet Yellen when her four-year term ends in February.
Powell is a Republican and has been on the board of the Fed since 2012. Analysts say he will likely favour the same sort of attitude toward interest rate normalization as Yellen.
Interest rates were held low for a long time while the economy recovered from the 2008 melt down.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 24 cents at US$54.54 per barrel.
In the afternoon, the Canadian dollar was trading around US78.08 cents, down from 77.75 cents the previous trading day. The U.S. dollar was C$1.2807.
U.S. House Republicans introduced their tax cut legislation.
The Dow Jones Industrial Average rose 80.29 points, or 0.34 percent, to 23,515.3, the S&P 500 gained 0.45 points, or 0.02 percent, to 2,579.81 and the Nasdaq Composite dropped 1.59 points, or 0.02 percent, to 6,714.94.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 518.40s +3.80 +0.74%
Canola Jan 18 520.90s -0.20 -0.04%
Canola Mar 18 526.60s -1.00 -0.19%
Canola May 18 530.00s -1.50 -0.28%
Canola Jul 18 531.60s -2.40 -0.45%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybeans Nov 17 989-0s +8-0 +0.82%
Soybeans Jan 18 999-2s +8-0 +0.81%
Soybeans Mar 18 1009-4s +8-0 +0.80%
Soybeans May 18 1018-4s +8-0 +0.79%
Soybeans Jul 18 1026-2s +8-2 +0.81%
Soybean Meal Dec 17 317.4s +3.8 +1.21%
Soybean Meal Jan 18 319.4s +3.7 +1.17%
Soybean Meal Mar 18 322.9s +3.6 +1.13%
Soybean Oil Dec 17 34.86s -0.04 -0.11%
Soybean Oil Jan 18 35.02s -0.04 -0.11%
Soybean Oil Mar 18 35.21s -0.02 -0.06%
Corn Dec 17 350-4s +2-2 +0.65%
Corn Mar 18 364-0s +2-2 +0.62%
Corn May 18 372-4s +2-0 +0.54%
Corn Jul 18 379-6s +2-0 +0.53%
Corn Sep 18 386-4s +2-2 +0.59%
Oats Dec 17 264-4s -7-0 -2.58%
Oats Mar 18 269-4s -5-4 -2.00%
Oats May 18 271-4s -5-0 -1.81%
Oats Jul 18 272-0s -5-0 -1.81%
Oats Sep 18 272-0s -5-0 -1.81%
Wheat Dec 17 426-0s +8-0 +1.91%
Wheat Mar 18 444-4s +8-4 +1.95%
Wheat May 18 457-6s +8-4 +1.89%
Wheat Jul 18 472-0s +8-6 +1.89%
Wheat Sep 18 488-0s +9-0 +1.88%
Minneapolis
Spring Wheat Dec 17 622-6s +8-6 +1.43%
Spring Wheat Mar 18 636-4s +8-6 +1.39%
Spring Wheat May 18 644-4s +8-4 +1.34%
Spring Wheat Jul 18 647-6s +7-0 +1.09%
Spring Wheat Sep 18 640-0s +3-6 +0.59%
Kansas City
Hard Red Wheat Dec 17 425-6s +10-0 +2.41%
Hard Red Wheat Mar 18 443-4s +10-0 +2.31%
Hard Red Wheat May 18 457-2s +9-6 +2.18%
Hard Red Wheat Jul 18 474-4s +9-4 +2.04%
Hard Red Wheat Sep 18 491-6s +9-0 +1.86%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 17 124.325s -2.275 -1.80%
Live Cattle Feb 18 128.750s -1.300 -1.00%
Live Cattle Apr 18 127.400s -0.500 -0.39%
Feeder Cattle Nov 17 157.925s -1.775 -1.11%
Feeder Cattle Jan 18 158.225s -2.425 -1.51%
Feeder Cattle Mar 18 155.525s -1.650 -1.05%
Lean Hogs Dec 17 65.800s -0.800 -1.20%
Lean Hogs Feb 18 72.050s -0.100 -0.14%
Lean Hogs Apr 18 75.725s +0.150 +0.20%
