Canola flirts with $480 but closes lower

November canola futures broke through the $480 a tonne mark on Wednesday morning but were unable to maintain the strength and they closed lower.

November settled down $2.40 at $476.10.

The early strength triggered profit taking and some hedge selling as more farmers delivered grain to elevators.

Falling soybeans also weighed on Canola. Soybeans fell from a 7-½ week high on profit taking and ideal harvest weather.

Declines were limited by announcement of a fresh export deal with China.

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Wheat futures were down about two percent on fund-driven technical selling and forecasts for beneficial rains next week in parts of the southern U.S. Plains where it has been dry.

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Some forecasts called for showers next week in dry areas of Ukraine and Russia as well, Reuters reported.

Plentiful global wheat stocks and weak export demand for U.S. supplies continue to serve as a bearish backdrop for the market, Reuters said.

U.S. winter wheat crop was 64 percent as of Sunday, the USDA reported.

Chicago corn futures fell 1.5 percent to the lowest levels in three weeks, weighed down by the progressing U.S. harvest and by falling wheat futures.

Light crude oil nearby futures in New York were down two cents to US$46.64 per barrel.

The Canadian dollar at noon was US77.03 cents, up from 77.01 cents the previous trading day. The U.S. dollar at noon was C$1.2982.

The Toronto Stock Exchange’s S&P/TSX composite index unofficially closed up 30.60 points, or 0.22 percent, at 13,875.33.

The Dow Jones industrial average fell 157.14 points, or 0.92 percent, to 16,924.75, the S&P 500 lost 9.45 points, or 0.47 percent, to 1,994.24 and the Nasdaq Composite dropped 13.76 points, or 0.29 percent, to 4,782.85.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2015   476.10   -2.40   -0.50%

Canola Jan 2016   480.40   -2.50   -0.52%

Canola Mar 2016   483.50   -2.20   -0.45%

Canola May 2016   483.80   -2.30   -0.47%

Canola Jul 2016   483.10   -1.10   -0.23%

 

Milling Wheat Dec 2015   232.00   -4.00   -1.69%

Milling Wheat Mar 2016   237.00   -3.00   -1.25%

Milling Wheat May 2016   240.00   -4.00   -1.64%

 

Durum Wheat Dec 2015   335.00   unch   0.00%

Durum Wheat Mar 2016   340.00   unch   0.00%

Durum Wheat May 2016   345.00   unch   0.00%

 

Barley Dec 2015   185.00   unch   0.00%

Barley Mar 2016   187.00   unch   0.00%

Barley May 2016   188.00   unch   0.00%

 

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

 

Chicago

Soybeans Nov 2015   910.5   -3.5   -0.38%

Soybeans Jan 2016   914.25   -4   -0.44%

Soybeans Mar 2016   917   -4.25   -0.46%

Soybeans May 2016   920.5   -4.75   -0.51%

Soybeans Jul 2016   925.75   -5.25   -0.56%

Soybeans Aug 2016   924.75   -4.75   -0.51%

 

Soybean Meal Dec 2015   315.8   -1.9   -0.60%

Soybean Meal Jan 2016   314.7   -1.9   -0.60%

Soybean Meal Mar 2016   312.2   -1.5   -0.48%

 

Soybean Oil Dec 2015   28.83   +0.04 +0.14%

Soybean Oil Jan 2016   29.12   +0.04   +0.14%

Soybean Oil Mar 2016   29.33   +0.04   +0.14%

 

Corn Dec 2015   379   -5.5   -1.43%

Corn Mar 2016   389.75   -5.75   -1.45%

Corn May 2016   396.25   -5.5   -1.37%

Corn Jul 2016   401.25   -5.5   -1.35%

Corn Sep 2016   398.75   -5   -1.24%

 

Oats Dec 2015   231.75   -0.25   -0.11%

Oats Mar 2016   233.5   +1   +0.43%

Oats May 2016   236   +1.75   +0.75%

Oats Jul 2016   239.5   +1.75   +0.74%

Oats Sep 2016   241.75   +1.75   +0.73%

 

Wheat Dec 2015   508.25   -10.75   -2.07%

Wheat Mar 2016   516.25   -10.75   -2.04%

Wheat May 2016   521.25   -10.75   -2.02%

Wheat Jul 2016   525   -10.5   -1.96%

Wheat Sep 2016   533.75   -10.5   -1.93%

 

Minneapolis

Spring Wheat Dec 2015   526   -10.5   -1.96%

Spring Wheat Mar 2016   539.25   -9.5   -1.73%

Spring Wheat May 2016   548.75   -9.75   -1.75%

Spring Wheat Jul 2016   557.25   -10.25   -1.81%

Spring Wheat Sep 2016   568   -10.75   -1.86%

 

Kansas City

Hard Red Wheat Dec 2015   500.75   -10.25   -2.01%

Hard Red Wheat Mar 2016   515.75   -10   -1.90%

Hard Red Wheat May 2016   525.75   -9.5   -1.77%

Hard Red Wheat Jul 2016   535.75   -9.5   -1.74%

Hard Red Wheat Sep 2016   549   -9.25   -1.66%