Canola edged higher again on Wednesday, supported by the export-fuelled rally in soybeans.
Rising soy oil and palm oil also supported canola.
Gains were kept in check by expectations of a large canola harvest.
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The U.S. agriculture department said on Wednesday morning that private exporters reported the sale of 381,000 tonnes of soybeans to China for delivery during the 2016-17 marketing year.
“Soybeans are providing at least a little lift to the grain market today, with concerns over a big crop muted by strong demand,” Bryce Knorr, senior grain market analyst at Farm Futures, said in a note.
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“There is market talk that U.S. soybean shipments to China in August will reach a hefty 1.8 million tonnes, which along with big shipments from Argentina and Brazil, could bring shipments to China in August to a massive 5 million tonnes,” a European trader said. “China’s economic slowdown is not braking soybean imports.”
Spillover strength from a 1.7 percent gain in soyoil futures , which have rallied to a four-month high on the back of surging palm oil prices, lent additional support to soybeans. Soyoil futures have risen for six straight sessions.
Palm oil is supported by stronger than expected exports.
Corn edged higher on short covering. Corn has crept higher for four days after it hit a seven year low.
Wheat also edged higher with short covering. Minneapolis spring wheat did better than Chicago, reflecting the shortage of quality, higher protein wheat.
Light crude oil nearby futures in New York were up 21 cents to US$46.79 per barrel.
The Canadian dollar at noon was US77.61 cents, down from 77.75 cents the previous trading day. The U.S. dollar at noon was C$1.2885.
Minutes from the U.S. Federal Reserve’s last policy meeting showed voting members divided over whether to raise interest rates soon.
The Toronto Stock Exchange’s S&P/TSX composite index ended down 5.84 points, or 0.04 percent, at 14,697.60.
The Dow Jones industrial average closed up 21.92 points, or 0.12 percent, to 18,573.94, the S&P 500 had gained 4.07 points, or 0.19 percent, to 2,182.22 and the Nasdaq Composite had added 1.55 points, or 0.03 percent, to 5,228.66.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 16 468.90 +3.30 +0.71%
Canola Jan 17 475.70 +3.70 +0.78%
Canola Mar 17 481.60 +3.70 +0.77%
Canola May 17 486.50 +3.80 +0.79%
Canola Jul 17 490.60 +3.80 +0.78%
Milling Wheat Oct 16 216.00 +3.00 +1.41%
Milling Wheat Dec 16 218.00 +2.00 +0.93%
Milling Wheat Mar 17 221.00 unch unch
Durum Wheat Oct 16 262.00 unch unch
Durum Wheat Dec 16 265.00 unch unch
Durum Wheat Mar 17 269.00 unch unch
Barley Oct 16 138.00 unch unch
Barley Dec 16 138.00 unch unch
Barley Mar 17 140.00 unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Sep 2016 1030.50 +11.00 +1.08%
Soybeans Nov 2016 1016.00 +8.75 +0.87%
Soybeans Jan 2017 1015.50 +8.50 +0.84%
Soybeans Mar 2017 1007.25 +8.50 +0.85%
Soybeans May 2017 1002.75 +7.75 +0.78%
Soybeans Jul 2017 1002.00 +6.75 +0.68%
Soybean Meal Sep 2016 336.70 unch 0.00%
Soybean Meal Oct 2016 334.30 +0.10 +0.03%
Soybean Meal Dec 2016 332.40 +0.10 +0.03%
Soybean Oil Sep 2016 34.01 +0.63 +1.89%
Soybean Oil Oct 2016 34.16 +0.64 +1.91%
Soybean Oil Dec 2016 34.44 +0.62 +1.83%
Corn Sep 2016 330.25 +2.75 +0.84%
Corn Dec 2016 339.75 +2.50 +0.74%
Corn Mar 2017 349.75 +2.50 +0.72%
Corn May 2017 356.00 +2.25 +0.64%
Corn Jul 2017 362.75 +2.50 +0.69%
Oats Sep 2016 170.50 -2.00 -1.16%
Oats Dec 2016 185.75 -1.50 -0.80%
Oats Mar 2017 197.50 -0.25 -0.13%
Oats May 2017 200.50 -2.25 -1.11%
Oats Jul 2017 207.25 +1.50 +0.73%
Wheat Sep 2016 426.00 +2.50 +0.59%
Wheat Dec 2016 443.00 +3.50 +0.80%
Wheat Mar 2017 461.25 +3.50 +0.76%
Wheat May 2017 473.50 +4.00 +0.85%
Wheat Jul 2017 481.75 +4.25 +0.89%
Spring Wheat Sep 2016 524.25 +7.75 +1.50%
Spring Wheat Dec 2016 524.00 +7.50 +1.45%
Spring Wheat Mar 2017 533.25 +5.50 +1.04%
Spring Wheat May 2017 541.25 +5.50 +1.03%
Spring Wheat Jul 2017 550.00 +5.25 +0.96%
Hard Red Wheat Sep 2016 418.25 +7.00 +1.70%
Hard Red Wheat Dec 2016 444.00 +6.75 +1.54%
Hard Red Wheat Mar 2017 459.50 +6.50 +1.43%
Hard Red Wheat May 2017 469.75 +6.75 +1.46%
Hard Red Wheat Jul 2017 479.00 +6.50 +1.38%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Aug 2016 114.75 -0.75 -0.65%
Live Cattle (P) Oct 2016 112.40 -1.00 -0.88%
Live Cattle (P) Dec 2016 113.60 -0.65 -0.57%
Feeder Cattle (P) Aug 2016 146.72 -0.41 -0.28%
Feeder Cattle (P) Sep 2016 144.92 -0.66 -0.45%
Feeder Cattle (P) Oct 2016 142.42 -0.36 -0.25%
Lean Hogs (P) Oct 2016 61.00 +1.15 +1.92%
Lean Hogs (P) Dec 2016 56.75 +1.30 +2.34%
Lean Hogs (P) Feb 2017 61.38 +1.26 +2.10%
