Canola edged lower Thursday, pressured by a stronger loonie, thoughts that the oilseed was becoming overpriced and an uptick in farmer selling.
Canola started the day out stronger, lifted by rising soybeans and perhaps lingering support from the Statistics Canada seeding intentions survey that showed farmers planned to seed fewer acres of the oilseed than expected. However, the survey was done mostly in late March and analysts think the acreage will wind up larger than that indicated in the report.
Soybeans rose on the strong cash markets. U.S. crushers are paying substantial premiums over nearby futures to pry beans from farmers’ tight grasp.
Read Also
U.S. grains: Soy, corn futures weaken on harvest pressure, firm dollar
Chicago | Reuters – U.S. soybean and corn futures fell on Thursday on seasonal pressure as the harvest expanded in…
Crop futures generally benefited from the widespread commodities rally today, sparked by a drop in weekly U.S. jobless claims and a weaker U.S. dollar. Crude oil rose on signs of improved U.S. demand.
Prairie high temperatures are expected to get into the double digits though the weekend, which should start to free fields of snow. However, concerns remain about the implications of a slow start to seeding this year’s crop.
Kansas hard red winter wheat jumped 20 cents or more on concerns about freeze damage. The wheat quality tour inspects the hard red winter crop next week. It should provide a better view of the damage caused by freezing and drought.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2013Â Â Â Â Â Â 636.30Â Â Â Â Â Â -1.30Â Â Â Â Â Â -0.20%
Canola Jul 2013Â Â Â Â Â Â 619.40Â Â Â Â Â Â -0.30Â Â Â Â Â Â -0.05%
Canola Nov 2013Â Â Â Â Â Â 551.40Â Â Â Â Â Â -0.30Â Â Â Â Â Â -0.05%
Canola Jan 2014Â Â Â Â Â Â 552.00Â Â Â Â Â Â -0.40Â Â Â Â Â Â -0.07%
Canola Mar 2014Â Â Â Â Â Â 546.10Â Â Â Â Â Â -0.30Â Â Â Â Â Â -0.05%
Milling Wheat May 2013      292.00      unch      0.00%
Milling Wheat Jul 2013      294.00      unch      0.00%
Milling Wheat Oct 2013      294.00      unch      0.00%
Durum Wheat May 2013      303.90      unch      0.00%
Durum Wheat Jul 2013      303.90      unch      0.00%
Durum Wheat Oct 2013      296.90      unch      0.00%
Barley May 2013      243.50      unch      0.00%
Barley Jul 2013      244.00      unch      0.00%
Barley Oct 2013      194.00      unch      0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2013Â Â Â Â Â Â 1423.5Â Â Â Â Â Â +19.5Â Â Â Â Â Â +1.39%
Soybeans Jul 2013Â Â Â Â Â Â 1372.25Â Â Â Â Â Â +27Â Â Â Â Â Â +2.01%
Soybeans Aug 2013Â Â Â Â Â Â 1308.75Â Â Â Â Â Â +23.25Â Â Â Â Â Â +1.81%
Soybeans Sep 2013Â Â Â Â Â Â 1242.75Â Â Â Â Â Â +16.75Â Â Â Â Â Â +1.37%
Soybeans Nov 2013Â Â Â Â Â Â 1206.25Â Â Â Â Â Â +12.5Â Â Â Â Â Â +1.05%
Soybeans Jan 2014Â Â Â Â Â Â 1213.75Â Â Â Â Â Â +12Â Â Â Â Â Â +1.00%
Soybean Meal May 2013Â Â Â Â Â Â 414.3Â Â Â Â Â Â +8.4Â Â Â Â Â Â +2.07%
Soybean Meal Jul 2013Â Â Â Â Â Â 400.1Â Â Â Â Â Â +9.5Â Â Â Â Â Â +2.43%
Soybean Meal Aug 2013Â Â Â Â Â Â 373.9Â Â Â Â Â Â +8.5Â Â Â Â Â Â +2.33%
Soybean Oil May 2013Â Â Â Â Â Â 49.77Â Â Â Â Â Â +0.59Â Â Â Â Â Â +1.20%
Soybean Oil Jul 2013Â Â Â Â Â Â 49.48Â Â Â Â Â Â +0.58Â Â Â Â Â Â +1.19%
Soybean Oil Aug 2013Â Â Â Â Â Â 49.17Â Â Â Â Â Â +0.5Â Â Â Â Â Â +1.03%
Corn May 2013Â Â Â Â Â Â 645.25Â Â Â Â Â Â +5.75Â Â Â Â Â Â +0.90%
Corn Jul 2013Â Â Â Â Â Â 624.5Â Â Â Â Â Â +6.25Â Â Â Â Â Â +1.01%
Corn Sep 2013Â Â Â Â Â Â 550.5Â Â Â Â Â Â +3.75Â Â Â Â Â Â +0.69%
Corn Dec 2013Â Â Â Â Â Â 531.25Â Â Â Â Â Â +3.25Â Â Â Â Â Â +0.62%
Corn Mar 2014Â Â Â Â Â Â 542.25Â Â Â Â Â Â +3.25Â Â Â Â Â Â +0.60%
Oats May 2013Â Â Â Â Â Â 394.5Â Â Â Â Â Â +4.25Â Â Â Â Â Â +1.09%
Oats Jul 2013Â Â Â Â Â Â 388.5Â Â Â Â Â Â +4.25Â Â Â Â Â Â +1.11%
Oats Sep 2013Â Â Â Â Â Â 370Â Â Â Â Â Â +3.25Â Â Â Â Â Â +0.89%
Oats Dec 2013Â Â Â Â Â Â 363Â Â Â Â Â Â +3.75Â Â Â Â Â Â +1.04%
Oats Mar 2014Â Â Â Â Â Â 369.75Â Â Â Â Â Â +3.25Â Â Â Â Â Â +0.89%
Wheat May 2013Â Â Â Â Â Â 701.25Â Â Â Â Â Â +9.5Â Â Â Â Â Â +1.37%
Wheat Jul 2013Â Â Â Â Â Â 703.75Â Â Â Â Â Â +11.75Â Â Â Â Â Â +1.70%
Wheat Sep 2013Â Â Â Â Â Â 711.75Â Â Â Â Â Â +12Â Â Â Â Â Â +1.71%
Wheat Dec 2013Â Â Â Â Â Â 726Â Â Â Â Â Â +12.5Â Â Â Â Â Â +1.75%
Wheat Mar 2014Â Â Â Â Â Â 738.75Â Â Â Â Â Â +12Â Â Â Â Â Â +1.65%
Minneapolis
Spring Wheat May 2013Â Â Â Â Â Â 823.25Â Â Â Â Â Â +5.5Â Â Â Â Â Â +0.67%
Spring Wheat Jul 2013Â Â Â Â Â Â 808.25Â Â Â Â Â Â +6.75Â Â Â Â Â Â +0.84%
Spring Wheat Sep 2013Â Â Â Â Â Â 805.5Â Â Â Â Â Â +12Â Â Â Â Â Â +1.51%
Spring Wheat Dec 2013Â Â Â Â Â Â 812.25Â Â Â Â Â Â +11.75Â Â Â Â Â Â +1.47%
Spring Wheat Mar 2014Â Â Â Â Â Â 823.5Â Â Â Â Â Â +10.75Â Â Â Â Â Â +1.32%
Kansas City
KCBT Red Wheat May 2013Â Â Â Â Â Â 763.75Â Â Â Â Â Â +24.75Â Â Â Â Â Â +3.35%
KCBT Red Wheat Jul 2013Â Â Â Â Â Â 761.5Â Â Â Â Â Â +21.5Â Â Â Â Â Â +2.91%
KCBT Red Wheat Sep 2013Â Â Â Â Â Â 771.75Â Â Â Â Â Â +20.75Â Â Â Â Â Â +2.76%
KCBT Red Wheat Dec 2013Â Â Â Â Â Â 787Â Â Â Â Â Â +20.5Â Â Â Â Â Â +2.67%
KCBT Red Wheat Mar 2014Â Â Â Â Â Â 797.5Â Â Â Â Â Â +19.75Â Â Â Â Â Â +2.54%
Light crude oil nearby futures in New York rose $2.21 at $93.64 US per barrel.
The Canadian dollar at noon was 98.10 cents US, up from 97.37 cents the previous trading day. The U.S. dollar at noon was $1.0194 Cdn.
The bullish U.S. jobless claims report and stronger than expected quarterly profit reports by several companies, including Potash Corp., lifted stocks markets.
In unofficial tallies —
The Toronto Stock Exchange’s S&P/TSX composite index closed up 59.08 points, or 0.48 percent, at 12,329.51.
The Dow Jones industrial average gained 27.41 points, or 0.19 percent, to 14,703.71.
The Standard & Poor’s 500 Index edged up 6.56 points, or 0.42 percent, to 1,585.35.
The Nasdaq Composite Index rose 20.33 points, or 0.62 percent, to 3,289.99.
