Canola edged higher on Wednesday in another fairly calm day on the grain markets.
Oilseeds enjoyed a little support on a report from Argentina that said dry weather was shrinking the yield prospects for corn and presumably soybeans too.
The support for canola was limited by a slightly stronger loonie, which edged up to US71.2 cents.
March canola closed at $481.20, up $3.10 or 0.65 percent.
Wheat futures dipped for the first time in five sessions on profit-taking and news that Russia might lower wheat export taxes, traders told Reuters.
That was a complete reversal from early this week when there was a news wire story that said Russia was thinking of increasing its wheat export tax because of rising pork prices. The idea was that aggressive exports could lead to a domestic feed shortage.
But today Reuters reported, quoting Russia’s first deputy agriculture minister, that officials is considering removing or cutting the export tax on wheat and imposing one on barley and corn exports.
Chicago corn futures were little changed, continuing a trend that has lasted several days. There is little new market moving news.
It is a bit dry in Argentina and that might trim corn yields.
There is a major drought in South Africa and it might soon inquire about buying white corn from the U.S. and Mexico.
Most of the corn in the U.S. is yellow corn feed grain.
Central India has received light rain in the last couple of weeks, and has been cooler, providing relief to winter crops, including pulses, that had been stressed by dry, warm weather in December. Much will depend on the weather in late February and March.
It has been dry in much of North Africa, which could limit the durum crops in the region. Again, much will depend on February weather.
The U.S. Federal Reserve met today and kept interest rates unchanged. It also noted the downturn in several parts of the economy since it announced in December that it would raise rates gradually this year.
The more dovish tone might mean that rate increases will come later rather than sooner.
Light crude oil nearby futures in New York were up 85 cents to US$32.30 per barrel.
The Canadian dollar at noon was US71.21 cents, up from 71.11 cents the previous trading day. The U.S. dollar at noon was C$1.4043.
U.S. stock markets fell on the announcement from the Federal Reserve but the TSX closed higher.
The TSX composite index rose 46.45 points of 0.38 percent to 12,377.77.
Dow Jones industrial average fell 222.77 points, or 1.38 percent, to 15,944.46, the S&P 500 lost 20.66 points, or 1.09 percent, to 1,882.97 and the Nasdaq Composite dropped 99.51 points, or 2.18 percent, to 4,468.17.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2016 481.20 +3.10 +0.65%
Canola May 2016 490.30 +3.50 +0.72%
Canola Jul 2016 495.80 +3.50 +0.71%
Canola Nov 2016 494.70 +3.00 +0.61%
Canola Jan 2017 496.20 +3.00 +0.61%
Milling Wheat Mar 2016 235.00 -3.00 -1.26%
Milling Wheat May 2016 237.00 -3.00 -1.25%
Milling Wheat Jul 2016 241.00 -3.00 -1.23%
Durum Wheat Mar 2016 322.00 unch 0.00%
Durum Wheat May 2016 330.00 unch 0.00%
Durum Wheat Jul 2016 330.00 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 883 +6.5 +0.74%
Soybeans May 2016 885.25 +6.75 +0.77%
Soybeans Jul 2016 891 +7 +0.79%
Soybeans Aug 2016 892.75 +7 +0.79%
Soybeans Sep 2016 892.25 +7.25 +0.82%
Soybeans Nov 2016 894.25 +6.75 +0.76%
Soybean Meal Mar 2016 272.5 +2.6 +0.96%
Soybean Meal May 2016 274.5 +2.3 +0.84%
Soybean Meal Jul 2016 276.7 +2.2 +0.80%
Soybean Oil Mar 2016 30.87 +0.13 +0.42%
Soybean Oil May 2016 31.07 +0.14 +0.45%
Soybean Oil Jul 2016 31.29 +0.15 +0.48%
Corn Mar 2016 369.25 unch 0.00%
Corn May 2016 374.5 unch 0.00%
Corn Jul 2016 379 -0.75 -0.20%
Corn Sep 2016 383.25 -0.75 -0.20%
Corn Dec 2016 390.5 -1 -0.26%
Oats Mar 2016 201 -0.5 -0.25%
Oats May 2016 207 -0.75 -0.36%
Oats Jul 2016 213.25 -0.5 -0.23%
Oats Sep 2016 219 -0.5 -0.23%
Oats Dec 2016 216.75 -0.25 -0.12%
Wheat Mar 2016 476.5 -8.25 -1.70%
Wheat May 2016 482.25 -7.75 -1.58%
Wheat Jul 2016 488 -7.5 -1.51%
Wheat Sep 2016 496.5 -7.25 -1.44%
Wheat Dec 2016 510.5 -7 -1.35%
Minneapolis
Spring Wheat Mar 2016 496.5 -7 -1.39%
Spring Wheat May 2016 501.25 -7.5 -1.47%
Spring Wheat Jul 2016 507.5 -7.5 -1.46%
Spring Wheat Sep 2016 517.25 -7.25 -1.38%
Spring Wheat Dec 2016 531.75 -7.25 -1.35%
Kansas City
Hard Red Wheat Mar 2016 467.5 -9.25 -1.94%
Hard Red Wheat May 2016 478 -9 -1.85%
Hard Red Wheat Jul 2016 488.5 -9 -1.81%
Hard Red Wheat Sep 2016 502 -8.75 -1.71%
Hard Red Wheat Dec 2016 521.25 -8.5 -1.60%
