Canola futures bounce back a bit with help from weak loonie

Canola futures bounced back a little on Wednesday from the long term low hit Tuesday, with support from a weaker Canadian dollar and bargain buying.

March canola settled at $462.80, up $2.50 and May was at $471.60, up $2.60.

New crop November was at $481.10, up $2.50.

Soybean oil edged higher on unwinding of long soymeal-short soyoil spreads. The USDA this week lowered its forecast of U.S. 2015-16 soyoil ending stocks to 2.065 billion pounds, down 45 million from January.

The palm oil market in Indonesia and Malaysia is stuck between forecasts for smaller production his year, but weak exports.

Generally today a bearish tone remained firmly in place following the U.S. Department or Agriculture’s report that showed weak U.S. exports and mounting year end stocks.

Watch this week’s video markets report for more analysis of exports and stocks – Canada will top the US in wheat exports this year.

Crop markets are also pressured by the advance of the harvest in South America, where crop conditions in Argentina are improving.

Corn futures fell for the sixth session on the USDA’s forecast that the year end carryout will be the largest in a decade.

Chicago wheat edged higher on bargain buying after the price on Tuesday hit the lowest level in nearly six years. Minneapolis spring wheat fell slightly.

Light crude oil nearby futures in New York were down 49 cents to US$27.45 per barrel.

The Canadian dollar at noon was US71.59 cents, down from 72.36 cents the previous trading day. The U.S. dollar at noon was C$1.3968.

Fed chair Janet Yellen, speaking to Congress, noted uncertainty about China’s economy and other financial issues could present challenges to America’s economic growth but she still expects conditions in the U.S. will be good enough to allow the Fed to continue its plan to gradually increase interest rates.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 96.93 points, or 0.79 percent, at 12,185.72. I

The Dow Jones industrial average was down 99.51 points, or 0.62 percent, to 15,914.87, the S&P 500 had lost 0.39 points, or 0.02 percent, to 1,851.82 and the Nasdaq Composite had added 14.83 points, or 0.35 percent, to 4,283.59.

Winnipeg ICE Futures Canada dollars per tonne

Canola Mar 2016 462.80 +2.50 +0.54%

Canola May 2016 471.60 +2.60 +0.55%

Canola Jul 2016 477.20 +2.50 +0.53%

Canola Nov 2016 481.10 +2.50 +0.52%

Canola Jan 2017 483.80 +2.00 +0.42%

Milling Wheat Mar 2016 227.00 unch 0.00%

Milling Wheat May 2016 230.00 unch 0.00%

Milling Wheat Jul 2016 234.00 unch 0.00%

Durum Wheat Mar 2016 317.00 unch 0.00%

Durum Wheat May 2016 325.00 unch 0.00%

Durum Wheat Jul 2016 310.00 unch 0.00%

Barley Mar 2016 190.00 unch 0.00%

Barley May 2016 194.00 unch 0.00%

Barley Jul 2016 196.00 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 2016 862.25 -1 -0.12%

Soybeans May 2016 867 -0.25 -0.03%

Soybeans Jul 2016 872.5 -0.5 -0.06%

Soybeans Aug 2016 874.5 -0.5 -0.06%

Soybeans Sep 2016 874.5 -0.5 -0.06%

Soybeans Nov 2016 877.75 -0.25 -0.03%

Soybean Meal Mar 2016 261 -2.1 -0.80%

Soybean Meal May 2016 263.4 -1.7 -0.64%

Soybean Meal Jul 2016 265.9 -1.9 -0.71%

Soybean Oil Mar 2016 31.01 +0.31 +1.01%

Soybean Oil May 2016 31.26 +0.32 +1.03%

Soybean Oil Jul 2016 31.49 +0.31 +0.99%

Corn Mar 2016 360.25 -0.75 -0.21%

Corn May 2016 365.25 -0.75 -0.20%

Corn Jul 2016 370.25 -0.75 -0.20%

Corn Sep 2016 375.5 -0.75 -0.20%

Corn Dec 2016 383.5 -0.5 -0.13%

Oats Mar 2016 189.25 -6.5 -3.32%

Oats May 2016 193.5 -7.25 -3.61%

Oats Jul 2016 202 -7.25 -3.46%

Oats Sep 2016 207.25 -7 -3.27%

Oats Dec 2016 206.25 -6.25 -2.94%

Wheat Mar 2016 461.25 +3.75 +0.82%

Wheat May 2016 465 +3.25 +0.70%

Wheat Jul 2016 469.5 +3 +0.64%

Wheat Sep 2016 478 +2.75 +0.58%

Wheat Dec 2016 492.5 +3.25 +0.66%

Minneapolis

Spring Wheat Mar 2016 486 -1.5 -0.31%

Spring Wheat May 2016 490.75 -1.75 -0.36%

Spring Wheat Jul 2016 499.75 -2.25 -0.45%

Spring Wheat Sep 2016 510.5 -2 -0.39%

Spring Wheat Dec 2016 525.75 -2 -0.38%

Kansas City

Hard Red Wheat Mar 2016 444.75 -0.25 -0.06%

Hard Red Wheat May 2016 454.25 -0.5 -0.11%

Hard Red Wheat Jul 2016 464.5 -0.25 -0.05%

Hard Red Wheat Sep 2016 478.75 unch 0.00%

Hard Red Wheat Dec 2016 499.5 +0.75 +0.15%

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