Canola futures edged higher on Wednesday, recovering partly from the big decline on Tuesday.
Buying on technical signals provided support as did talk of new canola export sales.
Also soy oil edged higher, even as soybeans fell again.
Temperatures got up into the double digits in southern Alberta and southeastern Saskatchewan today.
The warmer temperatures and sunny skies are expected to continue east, setting up a great weekend.
The forecast for the coming week is also dry so finally some harvest progress should be logged in Western Canada.
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Alberta Crop Report: Rains in the south, dryness in the north
Rain fell onto the southern half of Alberta last week, while hot and dry conditions persisted in the northern half, according to the province’s crop report released on July 18.
In the U.S., the advance of harvest and profit taking in advance of Wednesday’s USDA month supply and demand report weighed down soybeans and corn.
Markets generally are a little rattled today as the U.S. presidential election race gets tighter. Voting day is Tuesday.
ICE Futures Canada adjusted the prices on its milling wheat and durum contracts. There was no trade.
Light crude oil nearby futures in New York were sharply down $1.33 to US$45.34 per barrel. The weekly read of U.S. crude stocks rose showed a surprising strong increase in stocks. Indeed it was record large weekly increase, and underlined the surplus of oil production capacity in the world.
This comes as the market increasingly does not think OPEC will be able to agree to reduce the cartel’s production.
Crude has fallen about 10 percent in the past five trading sessions.
The Canadian dollar at noon was US74.68 cents, down from 74.74 cents the previous trading day. The U.S. dollar at noon was C$1.3390.
The Toronto Stock Exchange’s S&P/TSX composite index ended down 183.21 points, or 1.24 percent, at 14,595.11.
The Dow Jones industrial average fell 77.46 points, or 0.43 percent, to 17,959.64, the S&P 500 lost 13.78 points, or 0.65 percent, to 2,097.94 and the Nasdaq Composite dropped 48.01 points, or 0.93 percent, to 5,105.57.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 16 510.20s +6.30 +1.25%
Canola Jan 17 515.80s +2.40 +0.47%
Canola Mar 17 520.30s +2.20 +0.42%
Canola May 17 522.50s +2.60 +0.50%
Canola Jul 17 521.90s +3.00 +0.58%
Milling Wheat Dec 16 227.00s -8.00 -3.40%
Milling Wheat Mar 17 231.00s -9.00 -3.75%
Milling Wheat May 17 235.00s -9.00 -3.69%
Durum Wheat Dec 16 320.00s +7.00 +2.24%
Durum Wheat May 17 328.00s +6.00 +1.86%
Barley Dec 16 132.50s unch unch
Barley Mar 17 134.50s unch unch
Barley May 17 135.50s unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2016 976.75 -7.50 -0.76%
Soybeans Jan 2017 986.50 -6.75 -0.68%
Soybeans Mar 2017 993.50 -6.50 -0.65%
Soybeans May 2017 1000.25 -6.25 -0.62%
Soybeans Jul 2017 1005.50 -6.00 -0.59%
Soybeans Aug 2017 1004.00 -5.75 -0.57%
Soybean Meal Dec 2016 306.70 -2.80 -0.90%
Soybean Meal Jan 2017 308.30 -3.00 -0.96%
Soybean Meal Mar 2017 309.70 -3.40 -1.09%
Soybean Oil Dec 2016 34.98 +0.13 +0.37%
Soybean Oil Jan 2017 35.21 +0.12 +0.34%
Soybean Oil Mar 2017 35.40 +0.13 +0.37%
Corn Dec 2016 346.25 -2.75 -0.79%
Corn Mar 2017 355.50 -2.25 -0.63%
Corn May 2017 363.00 -2.00 -0.55%
Corn Jul 2017 370.00 -1.75 -0.47%
Corn Sep 2017 376.50 -2.00 -0.53%
Oats Dec 2016 224.50 +5.00 +2.28%
Oats Mar 2017 218.00 +1.50 +0.69%
Oats May 2017 218.50 +2.25 +1.04%
Oats Jul 2017 222.00 +4.50 +2.07%
Oats Sep 2017 217.25 +4.50 +2.12%
Wheat Dec 2016 417.75 +3.50 +0.84%
Wheat Mar 2017 434.50 +3.00 +0.70%
Wheat May 2017 449.00 +3.00 +0.67%
Wheat Jul 2017 462.00 +2.50 +0.54%
Wheat Sep 2017 476.50 +1.75 +0.37%
Minneapolis
Spring Wheat Dec 2016 517.25 -2.25 -0.43%
Spring Wheat Mar 2017 524.25 -1.50 -0.29%
Spring Wheat May 2017 532.25 -0.50 -0.09%
Spring Wheat Jul 2017 539.00 unch 0.00%
Spring Wheat Sep 2017 547.00 +0.50 +0.09%
Kansas City
Hard Red Wheat Dec 2016 415.50 +1.75 +0.42%
Hard Red Wheat Mar 2017 433.25 +1.75 +0.41%
Hard Red Wheat May 2017 445.25 +1.75 +0.39%
Hard Red Wheat Jul 2017 456.75 +1.75 +0.38%
Hard Red Wheat Sep 2017 471.25 +2.00 +0.43%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Dec 2016 105.38 -0.15 -0.14%
Live Cattle (P) Feb 2017 106.30 -0.15 -0.14%
Live Cattle (P) Apr 2017 106.12 +0.37 +0.35%
Feeder Cattle (P) Nov 2016 126.58 +0.41 +0.32%
Feeder Cattle (P) Jan 2017 120.92 +0.50 +0.42%
Feeder Cattle (P) Mar 2017 117.92 +1.25 +1.07%
Lean Hogs (P) Dec 2016 47.82 +1.37 +2.95%
Lean Hogs (P) Feb 2017 54.00 +1.30 +2.47%
Lean Hogs (P) Apr 2017 61.12 +0.92 +1.53%
