Canola closed higher on Wednesday, supported by tight stocks and stronger soybean futures.
The weaker Canadian dollar also lent support to canola, as did concerns about the late start to seeding in Western Canada.
While old crop soybeans rose on steady cash market, new crop months did not rise because there are worries that delayed seeding in the Midwest might cause farmers to switch out of corn and into soybeans.
Wheat was up early on concerns about another cold front moving through U.S. hard red winter wheat country later this week. The cold could further damage the wheat crop, but on the other hand it is expected to drop moisture that would be beneficial in areas that do not get too cold.
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Chicago cattle and lean hog futures continued to climb on Wednesday.
Wheat closed off its highs after it failed to break through technical resistance.
Gains in crop futures were limited by a mainly down day in other markets — stocks, oil and gold.
The loonie fell after the Bank of Canada today said it would hold its main interest rate at one percent, where it has been since September 2010. It also cut its 2013 growth outlook to 1.5 percent from the January outlook of two percent. It forecasts 2.8 percent growth for 2014.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2013 626.50 +4.00 +0.64%
Canola Jul 2013 614.10 +3.80 +0.62%
Canola Nov 2013 558.50 +1.70 +0.31%
Canola Jan 2014 558.10 +2.90 +0.52%
Canola Mar 2014 552.80 +4.20 +0.77%
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 310.80 unch 0.00%
Durum Wheat Jul 2013 313.80 unch 0.00%
Durum Wheat Oct 2013 299.10 unch 0.00%
Barley May 2013 243.50 unch 0.00%
Barley Jul 2013 244.00 unch 0.00%
Barley Oct 2013 204.00 -10.00 -4.67%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2013 1422.25 +10.75 +0.76%
Soybeans Jul 2013 1380 +4.75 +0.35%
Soybeans Aug 2013 1331.75 +3.5 +0.26%
Soybeans Sep 2013 1262 +1.75 +0.14%
Soybeans Nov 2013 1218 -0.5 -0.04%
Soybeans Jan 2014 1225.5 -0.25 -0.02%
Soybean Meal May 2013 407.3 +6 +1.50%
Soybean Meal Jul 2013 399.3 +3.3 +0.83%
Soybean Meal Aug 2013 380.8 +0.7 +0.18%
Soybean Oil May 2013 49.39 +0.41 +0.84%
Soybean Oil Jul 2013 49.44 +0.37 +0.75%
Soybean Oil Aug 2013 49.35 +0.33 +0.67%
Corn May 2013 660.5 -2.75 -0.41%
Corn Jul 2013 641.25 +0.5 +0.08%
Corn Sep 2013 574 +6.5 +1.15%
Corn Dec 2013 547.25 +6.5 +1.20%
Corn Mar 2014 557.25 +6.25 +1.13%
Oats May 2013 386.5 +11.75 +3.14%
Oats Jul 2013 378 +11.75 +3.21%
Oats Sep 2013 369.25 +7.75 +2.14%
Oats Dec 2013 365.5 +8 +2.24%
Oats Mar 2014 367.25 +8 +2.23%
Chicago soft red winter
Wheat May 2013 703.75 +0.25 +0.04%
Wheat Jul 2013 707.25 -0.5 -0.07%
Wheat Sep 2013 713.75 +0.25 +0.04%
Wheat Dec 2013 727.5 +0.5 +0.07%
Wheat Mar 2014 741 +0.5 +0.07%
Minneapolis hard red spring
Spring Wheat May 2013 808.25 -1.5 -0.19%
Spring Wheat Jul 2013 798.75 -3.25 -0.41%
Spring Wheat Sep 2013 794.5 -3.5 -0.44%
Spring Wheat Dec 2013 802.75 -3 -0.37%
Spring Wheat Mar 2014 816.25 -3.25 -0.40%
Kansas City hard red winter
KCBT Red Wheat May 2013 742 +0.25 +0.03%
KCBT Red Wheat Jul 2013 747.5 -0.25 -0.03%
KCBT Red Wheat Sep 2013 759 -0.75 -0.10%
KCBT Red Wheat Dec 2013 775.25 -1.25 -0.16%
KCBT Red Wheat Mar 2014 788.25 -1.5 -0.19%
Light crude oil nearby futures in New York down $2.04 at $88.68 US per barrel.
The Canadian dollar at noon was 97.45 cents US, down from 97.75 cents the previous trading day. The U.S. dollar at noon was $1.0262 Cdn.
In early tallies:
The TSX composite closed down 172.76 points or 1.43 percent to close at 11,947.16.
The Dow Jones industrial average fell 121.22 points, or 0.82 percent, at 14,635.56.
The Standard & Poor’s 500 Index dropped 21.22 points, or 1.35 percent, at 1,553.35.
The Nasdaq Composite Index was down 57.22 points, or 1.75 percent, at 3,207.40.
