Canola eeks out slight gain, wheat falls on ample supply

Canola futures edged slightly higher on Wednesday, with support from soy oil and solid canola demand.

Based on soybean prices and the value of the Canadian dollar, it is still very profitable to crush canola so there is strong support for the oilseed.

Soybeans edged higher on good demand and on concern about dry, warm weather in Argentina. Conditions in Brazil are good.

Wheat futures fell on ample supply. Corn dipped on profit taking after hitting a four-week high on Tuesday.

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Traders were also adjusting their positions ahead of the USDA’s monthly supply-demand report for December, due Friday. Analysts surveyed by Reuters on average expect the government to lower its forecast of U.S. 2016-17 soybean ending stocks and leave its figures for corn and wheat ending stocks nearly unchanged.

Markets generally are also preparing for the meeting of the U.S. Federal Reserve Dec. 13-14. The trade expects the central bank will increase U.S. interest rates.

Light crude oil nearby futures in New York Wednesday were down $1.16 to US$49.77 per barrel.

The Canadian dollar at noon was US75.46 cents, up from 75.30 cents the previous trading day. The U.S. dollar at noon was C$1.3252.

Stock markets rose strongly as buyers hope the U.S. economy will gather steam under a Trump presidency.

The Toronto Stock Exchange’s S&P/TSX composite index closed up 111.95 points, or 0.74 percent, at 15,237.75.

The Dow Jones industrial average rose 297.84 points, or 1.55 percent, to 19,549.62, the S&P 500 gained 29.12 points, or 1.32 percent, to 2,241.35 and the Nasdaq Composite added 60.76 points, or 1.14 percent, to 5,393.76.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Jan 2017   529.30   +0.60   +0.11%

Canola Mar 2017   535.20   +0.50   +0.09%

Canola May 2017   540.20   +0.10   +0.02%

Canola Jul 2017   541.90   +0.70   +0.13%

Canola Nov 2017   506.20   -2.20   -0.43%

 

Milling Wheat Dec 2016   231.00   -2.00   -0.86%

Milling Wheat Mar 2017   237.00   -1.00   -0.42%

Milling Wheat May 2017   239.00   -2.00   -0.83%

 

Durum Wheat Dec 2016   138.00   unch   0.00%

Durum Wheat Mar 2017   142.00   unch   0.00%

Durum Wheat May 2017   144.00   unch   0.00%

 

Barley Dec 2016   138.00   unch   0.00%

Barley Mar 2017   142.00   unch   0.00%

Barley May 2017   144.00   unch   0.00%

 

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

 

Chicago

Soybeans Jan 2017   1049.00   +1.25   +0.12%

Soybeans Mar 2017   1059.50   +1.75   +0.17%

Soybeans May 2017   1066.75   +2.00   +0.19%

Soybeans Jul 2017   1072.00   +2.25   +0.21%

Soybeans Aug 2017   1068.50   +3.00   +0.28%

Soybeans Sep 2017   1049.00   +4.00   +0.38%

 

Soybean Meal Dec 2016   319.20   -1.00   -0.31%

Soybean Meal Jan 2017   320.50   -1.40   -0.43%

Soybean Meal Mar 2017   324.50   -0.60   -0.18%

 

Soybean Oil Dec 2016   37.72   +0.10   +0.27%

Soybean Oil Jan 2017   37.93   +0.11   +0.29%

Soybean Oil Mar 2017   38.21   +0.11   +0.29%

 

Corn Dec 2016   350.50   -0.50   -0.14%

Corn Mar 2017   358.00   -2.50   -0.69%

Corn May 2017   364.75   -2.50   -0.68%

Corn Jul 2017   371.75   -2.50   -0.67%

Corn Sep 2017   378.75   -2.25   -0.59%

 

Oats Dec 2016   213.50   +4.00   +1.91%

Oats Mar 2017   222.75   +4.25   +1.95%

Oats May 2017   226.50   +3.50   +1.57%

Oats Jul 2017   230.00   +2.50   +1.10%

Oats Sep 2017   235.25   +2.50   +1.07%

 

Wheat Dec 2016   386.25   -3.25   -0.83%

Wheat Mar 2017   401.00   -5.75   -1.41%

Wheat May 2017   412.50   -6.75   -1.61%

Wheat Jul 2017   424.75   -7.50   -1.74%

Wheat Sep 2017   438.75   -7.75   -1.74%

 

Minneapolis

Spring Wheat Dec 2016   534.00   -4.75   -0.88%

Spring Wheat Mar 2017   529.00   -5.00   -0.94%

Spring Wheat May 2017   532.25   -5.25   -0.98%

Spring Wheat Jul 2017   535.75   -5.50   -1.02%

Spring Wheat Sep 2017   541.75   -6.25   -1.14%

 

Kansas City

Hard Red Wheat Dec 2016   382.00   -5.00   -1.29%

Hard Red Wheat Mar 2017   400.00   -5.00   -1.23%

Hard Red Wheat May 2017   411.75   -5.00   -1.20%

Hard Red Wheat Jul 2017   423.75   -5.25   -1.22%

Hard Red Wheat Sep 2017   439.00   -5.00   -1.13%

 

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Dec 2016   109.38   -0.47   -0.43%

Live Cattle (P) Feb 2017   110.78   -0.27   -0.24%

Live Cattle (P) Apr 2017   110.80   -0.23   -0.21%

 

Feeder Cattle (P) Jan 2017   126.98   +0.13   +0.10%

Feeder Cattle (P) Mar 2017   123.80   +0.02   +0.02%

Feeder Cattle (P) Apr 2017   123.55   +0.10   +0.08%

 

Lean Hogs (P) Dec 2016   54.70   +1.33   +2.49%

Lean Hogs (P) Feb 2017   59.75   +2.28   +3.97%

Lean Hogs (P) Apr 2017   65.77   +2.15   +3.38%

 

 

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