Canola futures edge higher, trading in narrow range

Canola and other crop futures continued their one step forward, one step back trend Wednesday, closing a little higher after a slight retreat on Tuesday.

Canola is moving in a fairly narrow price range between about $465 and $470 per tonne. November closed at $466.30 today, up $1.70.

Technical factors and exchange rates are behind a lot of the minor changes we are seeing.

The pace of Canadian canola exports and domestic demand is running behind the same point last year reflecting poor crush margins and buyer hopes that prices will fall further.

Any hope of a serious rally is limited by the progress of harvest in Canada and the United States Midwest. Weather is conducive to good progress in Western Canada.

Wheat enjoyed slight support from concern about dry weather in Ukraine and Russia which is crimping the progress of fall seeding and could hurt the germination of the crop before it moves into winter dormancy. There are also concerns about frost and dry weather in Australia.

On the other hand, weather is good for seeding winter wheat in the U.S. southern Plains and for seeding soybeans in Brazil.

Light crude oil nearby futures in New York were down $1.88 to US$44.48 per barrel.

The Canadian dollar at noon was US75.10 cents, down from 75.31 cents the previous trading day. The U.S. dollar at noon was C$1.3315.

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2015 466.30 +1.70 +0.37%

Canola Jan 2016 471.20 +1.60 +0.34%

Canola Mar 2016 473.00 +1.20 +0.25%

Canola May 2016 472.80 +0.50 +0.11%

Canola Jul 2016 472.00 -0.70 -0.15%

Milling Wheat Oct 2015 238.00 +3.00 +1.28%

Milling Wheat Dec 2015 242.00 +3.00 +1.26%

Milling Wheat Mar 2016 247.00 +3.00 +1.23%

Durum Wheat Oct 2015 330.00 unch 0.00%

Durum Wheat Dec 2015 330.00 unch 0.00%

Durum Wheat Mar 2016 335.00 unch 0.00%

Barley Oct 2015 184.00 unch 0.00%

Barley Dec 2015 184.00 unch 0.00%

Barley Mar 2016 186.00 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 863.75 +2 +0.23%

Soybeans Jan 2016 868.25 +1.75 +0.20%

Soybeans Mar 2016 872.5 +1.5 +0.17%

Soybeans May 2016 875.5 +1.25 +0.14%

Soybeans Jul 2016 879.75 +0.5 +0.06%

Soybeans Aug 2016 879 +0.25 +0.03%

Soybean Meal Oct 2015 303.1 -1.8 -0.59%

Soybean Meal Dec 2015 302 -1.3 -0.43%

Soybean Meal Jan 2016 300.7 -1.1 -0.36%

Soybean Oil Oct 2015 26.33 +0.2 +0.77%

Soybean Oil Dec 2015 26.54 +0.2 +0.76%

Soybean Oil Jan 2016 26.86 +0.19 +0.71%

Corn Dec 2015 383.25 +2.75 +0.72%

Corn Mar 2016 394.75 +2.5 +0.64%

Corn May 2016 402 +2.5 +0.63%

Corn Jul 2016 407.75 +3 +0.74%

Corn Sep 2016 400.75 +2 +0.50%

Oats Dec 2015 230 +3.5 +1.55%

Oats Mar 2016 233.75 +3.5 +1.52%

Oats May 2016 237.5 +4.5 +1.93%

Oats Jul 2016 238.25 +4.5 +1.93%

Oats Sep 2016 238.25 +4.5 +1.93%

Wheat Dec 2015 507.5 +12 +2.42%

Wheat Mar 2016 515 +12.25 +2.44%

Wheat May 2016 519.5 +12 +2.36%

Wheat Jul 2016 522.75 +11.25 +2.20%

Wheat Sep 2016 530.75 +10.75 +2.07%

Minneapolis

Spring Wheat Dec 2015 527.25 +10.25 +1.98%

Spring Wheat Mar 2016 540.75 +9.75 +1.84%

Spring Wheat May 2016 550.5 +9.5 +1.76%

Spring Wheat Jul 2016 560.25 +9.25 +1.68%

Spring Wheat Sep 2016 570.5 +8.5 +1.51%

Kansas City

Hard Red Wheat Dec 2015 501.75 +13.75 +2.82%

Hard Red Wheat Mar 2016 516 +13.5 +2.69%

Hard Red Wheat May 2016 525.75 +13.5 +2.64%

Hard Red Wheat Jul 2016 535 +13 +2.49%

Hard Red Wheat Sep 2016 549 +13 +2.43%

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