The continuing problem of Canada having more grain than the transportation system can handle weighed canola futures down again Wednesday.
Weakness in soy oil also weighed on canola.
Late session support from soy meal and bargain buying helped lift soybeans, but soy oil was down. Palm oil was also down on profit taking after several days of modest gains tied to thoughts that the weakening Malaysian currency would revive exports, which had weakened early in the month.
Concern continues about the potential for soybean demand to shift to South America once its crop is ready, but it is offset by other concerns that Brazil’s transportation system could get snarled again as it was last year.
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Prairie Wheat Weekly Spring wheat prices decline
Western Canadian spring wheat prices were mostly lower, while those for durum were relatively steady during the week ended Aug. 14, 2025.
The loonie lost 8/10th of a cent against the U.S. buck today as Bank of Canada governor Stephen Poloz spoke about the strong chance that Canadian inflation could remain unusually low into 2016.
It gives weight to belief that the bank won’t increase interest rates anytime soon.
The bank today kept the overnight rate at one percent.
In theory, a weaker loonie should support Canadian grain prices.
Corn edged higher on a strong cash market. Bad winter weather in the U.S. is interfering with transportation causing grain users to bid higher for deliveries.
Some support also came from thoughts that record high cattle prices should encourage feeders to pack on more pounds on slaughter cattle, increasing the demand for corn. On the other hand, the cattle herd remains the smallest in decades.
Chicago wheat dipped but hard winter and spring prices edged higher on signs of improving demand as the world’s importers start buying to take advantage of the low prices.
Iraq announced it had bought 200,000 tonnes of Australian wheat, 100,000 tonnes of Canadian wheat and 50,000 tonnes of U.S. wheat. Prices ranged from $334.78 to $349 US a tonne c&f free out.
Algeria said it bought 500,000 tonnes of milling wheat in a tender. Several observers suggested that France likely got the business.
The cold snap in the U.S. poses a slight threat to about 15 percent of the soft red winter wheat crop, said a Reuters story quoting Joel Widenor, a meteorologist with the Commodity Weather Group.
Confection sunflower acres could climb back to normal amounts this year in Manitoba thanks to a steady price. New crop production contracts of more than 30 cents per pound for confection types are 10 cents higher than oil types.
Speakers at Ag Days in Brandon said lack of seeded acreage last year in Manitoba and North Dakota reduced supply. Seeded area this year in Manitoba could climb to 100,000 acres, from 70,000 last year. See the full story in the daily news section of Producer.com.
The Euronext exchange in Paris said today it plans to launch futures and options for rapeseed meal and oil this year.
It says there should be demand for these products from the food, livestock and biofuel sectors.
Euronext already offers futures on the seed and the contract has become its second-largest agricultural derivatives market in Paris, after milling wheat.
A few years ago Euronext launched a rapeseed oil futures offering, but closed it because of lack of trade.
The exchange said demand across the rapeseed complex was much stronger now, partly because of the much larger biodiesel market in Europe.
Note: We list ICE Futures wheat, durum and barley futures but there is no trade in those contracts. When the price changes it is the exchange altering the price to reflect what is going on in wheat markets that do trade, such as Chicago, Kansas City (which is owned by the Chicago Mercantile Exchange) and Minneapolis.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2014 427.90 -3.20 -0.74%
Canola May 2014 437.40 -3.10 -0.70%
Canola Jul 2014 445.70 -3.30 -0.73%
Canola Nov 2014 460.40 -2.90 -0.63%
Canola Jan 2015 466.50 -2.30 -0.49%
Milling Wheat Mar 2014 181.00 +1.00 +0.56%
Milling Wheat May 2014 186.00 +1.00 +0.54%
Milling Wheat Jul 2014 189.00 +1.00 +0.53%
Durum Wheat Mar 2014 245.00 +2.00 +0.82%
Durum Wheat May 2014 249.00 +2.00 +0.81%
Durum Wheat Jul 2014 250.00 +2.00 +0.81%
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 2014 1279.5 -1 -0.08%
Soybeans May 2014 1265 +1 +0.08%
Soybeans Jul 2014 1252.25 +2.5 +0.20%
Soybeans Aug 2014 1217 +2.25 +0.19%
Soybeans Sep 2014 1153.75 +2 +0.17%
Soybeans Nov 2014 1113 +4 +0.36%
Soybean Meal Mar 2014 419.4 +2.9 +0.70%
Soybean Meal May 2014 406 +2.3 +0.57%
Soybean Meal Jul 2014 398.1 +2.1 +0.53%
Soybean Oil Mar 2014 37.84 -0.26 -0.68%
Soybean Oil May 2014 38.17 -0.24 -0.62%
Soybean Oil Jul 2014 38.51 -0.25 -0.64%
Corn Mar 2014 426.25 +1.25 +0.29%
Corn May 2014 433 +0.75 +0.17%
Corn Jul 2014 439 +0.5 +0.11%
Corn Sep 2014 442.5 unch 0.00%
Corn Dec 2014 447.5 +0.5 +0.11%
Oats Mar 2014 399.5 +0.25 +0.06%
Oats May 2014 359.25 +2.75 +0.77%
Oats Jul 2014 330.25 +4.5 +1.38%
Oats Sep 2014 309.25 -1.75 -0.56%
Oats Dec 2014 295.5 -2.25 -0.76%
Wheat Mar 2014 561.25 -1 -0.18%
Wheat May 2014 568 -1 -0.18%
Wheat Jul 2014 574 -1.5 -0.26%
Wheat Sep 2014 582.75 -2 -0.34%
Wheat Dec 2014 595.75 -1.75 -0.29%
Minneapolis
Spring Wheat Mar 2014 616.75 +3 +0.49%
Spring Wheat May 2014 616.25 +2.25 +0.37%
Spring Wheat Jul 2014 623.25 +1 +0.16%
Spring Wheat Sep 2014 631.25 +1.25 +0.20%
Spring Wheat Dec 2014 644.75 +2.25 +0.35%
Kansas City
KCBT Red Wheat Mar 2014 624.75 +3.5 +0.56%
KCBT Red Wheat May 2014 622 +3 +0.48%
KCBT Red Wheat Jul 2014 616.5 +2.5 +0.41%
KCBT Red Wheat Sep 2014 627.25 +1.25 +0.20%
KCBT Red Wheat Dec 2014 640 +0.75 +0.12%
Light crude oil nearby futures in New York rose $1.76 at $96.73 US per barrel. The rise was partly because TransCanada Corp. began shipping crude oil on its pipeline that flows from Cushing, Oklahoma, the pricing point for the New York Mercantile Exchange’s West Texas Intermediate (WTI) contract, to Gulf Coast refiners. This will help to reduce the bottleneck that has kept West Texas crude price at a discount to the world Brent crude price. Oil is also supported by forecasts showing improved prospects for global economic growth.
The Canadian dollar at noon was 90.34 cents US, down from 91.14 cents the previous trading day. The U.S. dollar at noon was $1.1069 Cdn.
In early, unofficial tallies —
The Toronto Stock Exchange’s S&P/TSX composite index closed up 36.43 points, or 0.26 percent, at 13,988.20.
The Dow Jones industrial average was down 40.58 points, or 0.25 percent, at 16,373.86. IBM missed its revenue target for the quarter causing its share price to fall about a five percent.
The Standard & Poor’s 500 Index was up 1.06 points, or 0.06 percent, at 1,844.86.
The Nasdaq Composite Index was up 17.24 points, or 0.41 percent, at 4,243.00.
