Canola closed up a penny or two per bushel on Thursday but off the highs of the day.
The leading news today was wheat, which enjoyed a slightly stronger rally on a blast of cold weather hitting the U.S. that has the potential to harm pockets of winter wheat. Also supporting wheat was a series of wheat purchases and tenders this week as Saudi Arabia, Iraq, Algeria, Japan and others snap up bargain-priced supply.
The stronger wheat price lent support to corn.
The Canadian dollar continued its nosedive, falling another half cent and at noon dropping below the 90 cent US mark.
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U.S. grains: Soybeans retreat after one-month high; corn, wheat sag
Chicago Board of Trade soybean futures turned lower on Tuesday on profit-taking after the benchmark contract touched a one-month high in early moves, while market players continued to monitor U.S.-China trade relations, analysts said.
That helped support canola a little but the logistics problems are muting the effect of the exchange rate. Crusher buying also provided support.
Canola basis bids are improving from the awful level of the last few weeks.
Palm oil rallied a little today, mostly in response to a weaker Malaysian currency. The Malaysian Palm Oil Board forecasted that palm oil stocks at the end of year would drop from the 1.99 million tonnes at the end of 2013.
The Buenos Aires Grains Exchange today pegged Argentina’s soy crop at 53 million tonnes. That compares the U.S. Department of Agriculture forecast of 54.5 million.
USDA’s figure for Argentina’s cop last year is 49.3 million tonnes.
Harvest has begun in parts of Brazil and early results are promising for a record crop.
Today the U.S. National Grain and Feed Association and North American Export Grain Association wrote to Syngenta, asking the company to hold back on its genetically altered Agrisure Viptera and Duracade corn varieties until China and other U.S. export markets have granted regulatory approval.
The U.S. has had major problems exporting corn to China because of the presence of a GM variety not approved by Beijing.
In markets generally investors were concerned about a report that measures manufacturing in China, which showed activity fell in January from December.
Friday morning will have the weekly U.S. jobless claims data. Expectations call for 326,000 claims, equal to the prior week.
There will also be data on U.S. existing home sales data for December. Analysts expect a slight increase.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2014Â Â Â Â Â Â 428.20Â Â Â Â Â Â +0.30Â Â Â Â Â Â +0.07%
Canola May 2014Â Â Â Â Â Â 437.90Â Â Â Â Â Â +0.50Â Â Â Â Â Â +0.11%
Canola Jul 2014Â Â Â Â Â Â 446.80Â Â Â Â Â Â +1.10Â Â Â Â Â Â +0.25%
Canola Nov 2014Â Â Â Â Â Â 462.30Â Â Â Â Â Â +1.90Â Â Â Â Â Â +0.41%
Canola Jan 2015Â Â Â Â Â Â 467.90Â Â Â Â Â Â +1.40Â Â Â Â Â Â +0.30%
Milling Wheat Mar 2014Â Â Â Â Â Â 184.00Â Â Â Â Â Â +3.00
Milling Wheat May 2014Â Â Â Â Â Â 189.00Â Â Â Â Â Â +3.00
Milling Wheat Jul 2014Â Â Â Â Â Â 192.00Â Â Â Â Â Â +3.00
Durum Wheat Mar 2014      245.00      unch      0.00%
Durum Wheat May 2014      249.00      unch      0.00%
Durum Wheat Jul 2014      250.00      unch      0.00%
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Barley Mar 2014      127.00      unch      0.00%
Barley May 2014      129.00      unch      0.00%
Barley Jul 2014      129.00      unch      0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2014Â Â Â Â Â Â 1277Â Â Â Â Â Â -2.5Â Â Â Â Â Â -0.20%
Soybeans May 2014Â Â Â Â Â Â 1262.5Â Â Â Â Â Â -2.5Â Â Â Â Â Â -0.20%
Soybeans Jul 2014Â Â Â Â Â Â 1250.25Â Â Â Â Â Â -2Â Â Â Â Â Â -0.16%
Soybeans Aug 2014Â Â Â Â Â Â 1212.75Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.35%
Soybeans Sep 2014Â Â Â Â Â Â 1149Â Â Â Â Â Â -4.75Â Â Â Â Â Â -0.41%
Soybeans Nov 2014Â Â Â Â Â Â 1108.75Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.38%
Soybean Meal Mar 2014Â Â Â Â Â Â 418.7Â Â Â Â Â Â -0.7Â Â Â Â Â Â -0.17%
Soybean Meal May 2014Â Â Â Â Â Â 404.8Â Â Â Â Â Â -1.2Â Â Â Â Â Â -0.30%
Soybean Meal Jul 2014Â Â Â Â Â Â 396.5Â Â Â Â Â Â -1.6Â Â Â Â Â Â -0.40%
Soybean Oil Mar 2014Â Â Â Â Â Â 37.86Â Â Â Â Â Â +0.02Â Â Â Â Â Â +0.05%
Soybean Oil May 2014Â Â Â Â Â Â 38.2Â Â Â Â Â Â +0.03Â Â Â Â Â Â +0.08%
Soybean Oil Jul 2014Â Â Â Â Â Â 38.56Â Â Â Â Â Â +0.05Â Â Â Â Â Â +0.13%
Corn Mar 2014Â Â Â Â Â Â 429Â Â Â Â Â Â +2.75Â Â Â Â Â Â +0.65%
Corn May 2014Â Â Â Â Â Â 435.25Â Â Â Â Â Â +2.25Â Â Â Â Â Â +0.52%
Corn Jul 2014Â Â Â Â Â Â 441.25Â Â Â Â Â Â +2.25Â Â Â Â Â Â +0.51%
Corn Sep 2014Â Â Â Â Â Â 444.5Â Â Â Â Â Â +2Â Â Â Â Â Â +0.45%
Corn Dec 2014Â Â Â Â Â Â 449.25Â Â Â Â Â Â +1.75Â Â Â Â Â Â +0.39%
Oats Mar 2014Â Â Â Â Â Â 389.25Â Â Â Â Â Â -10.25Â Â Â Â Â Â -2.57%
Oats May 2014Â Â Â Â Â Â 354Â Â Â Â Â Â -5.25Â Â Â Â Â Â -1.46%
Oats Jul 2014Â Â Â Â Â Â 328Â Â Â Â Â Â -2.25Â Â Â Â Â Â -0.68%
Oats Sep 2014Â Â Â Â Â Â 304.5Â Â Â Â Â Â -4.75Â Â Â Â Â Â -1.54%
Oats Dec 2014Â Â Â Â Â Â 288.25Â Â Â Â Â Â -7.25Â Â Â Â Â Â -2.45%
Wheat Mar 2014Â Â Â Â Â Â 570Â Â Â Â Â Â +8.75Â Â Â Â Â Â +1.56%
Wheat May 2014Â Â Â Â Â Â 576.25Â Â Â Â Â Â +8.25Â Â Â Â Â Â +1.45%
Wheat Jul 2014Â Â Â Â Â Â 582.25Â Â Â Â Â Â +8.25Â Â Â Â Â Â +1.44%
Wheat Sep 2014Â Â Â Â Â Â 590.5Â Â Â Â Â Â +7.75Â Â Â Â Â Â +1.33%
Wheat Dec 2014Â Â Â Â Â Â 603.25Â Â Â Â Â Â +7.5Â Â Â Â Â Â +1.26%
Minneapolis
Spring Wheat Mar 2014Â Â Â Â Â Â 617.25Â Â Â Â Â Â +0.5Â Â Â Â Â Â +0.08%
Spring Wheat May 2014Â Â Â Â Â Â 618.25Â Â Â Â Â Â +2Â Â Â Â Â Â +0.32%
Spring Wheat Jul 2014Â Â Â Â Â Â 626Â Â Â Â Â Â +2.75Â Â Â Â Â Â +0.44%
Spring Wheat Sep 2014Â Â Â Â Â Â 633.5Â Â Â Â Â Â +2.25Â Â Â Â Â Â +0.36%
Spring Wheat Dec 2014Â Â Â Â Â Â 646.75Â Â Â Â Â Â +2Â Â Â Â Â Â +0.31%
Kansas City
KCBT Red Wheat Mar 2014Â Â Â Â Â Â 632.25Â Â Â Â Â Â +7.5Â Â Â Â Â Â +1.20%
KCBT Red Wheat May 2014Â Â Â Â Â Â 630Â Â Â Â Â Â +8Â Â Â Â Â Â +1.29%
KCBT Red Wheat Jul 2014Â Â Â Â Â Â 623.5Â Â Â Â Â Â +7Â Â Â Â Â Â +1.14%
KCBT Red Wheat Sep 2014Â Â Â Â Â Â 633.5Â Â Â Â Â Â +6.25Â Â Â Â Â Â +1.00%
KCBT Red Wheat Dec 2014Â Â Â Â Â Â 645.25Â Â Â Â Â Â +5.25Â Â Â Â Â Â +0.82%
Light crude oil nearby futures in New York rose 59 cents at $97.32 US per barrel.
The Canadian dollar at noon was 89.85 cents US, down from 90.34 cents the previous trading day. The U.S. dollar at noon was $1.1130 Cdn.
