Canola edged higher Wednesday, keeping its rally going for a fifth consecutive day.
November canola climbed just $1.20 a tonne to $460.90. Over the five days it has climbed about $14.
Support over the period has come from a similarly modest soybean rally fueled by 10 consecutive days of export orders. However, there was no export business today and that helped to nudge down soybeans.
Canola is also supported by concern about excessive rain across Western Canada creating disease and flooded low spots.
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Keeping a lid on canola is uncertainty about the pace of exports to China if it lowers its dockage limit to one percent from 2.5 percent.
Officials from the Canadian Food Inspection Agency, the agriculture and trade ministries and industry representatives are in China this week to try to work out a compromise.
Wet fields and daytime heating will likely continue to brew up local rain storms but as for larger systems we might be moving toward a little drier trend over the next several days.
In the U.S. Midwest rain is expected over the next several days and that should be good for the soybean crop that is setting pods.
While soybeans dipped, soy oil futures rose again.
Chicago soft wheat jumped 4.75 percent on short covering and ideas that export demand might pick up as western Europe struggles with reduced soft wheat crops and poor quality because of excess rain.
Minneapolis December spring wheat rose just one percent and Kansas was up 2.25 percent.
Corn edged up a fraction of a penny as traders adjusted positions ahead of Friday’s production report.
Most of the trade expects the USDA will increase its corn and soybean yield forecasts to near record levels.
However, today Lanworth, a division of Thomson Reuters, projected corn yield at just 165.6 bushels an acre, down from the USDA’s current estimate of 168.
Light crude oil nearby futures in New York were down $1.06 to US$41.71 per barrel.
The Canadian dollar at noon was US76.57 cents, up from 76.24 cents the previous trading day. The U.S. dollar at noon was C$1.3060.
The weaker oil price weighed down stock markets.
The Toronto Stock Exchange’s S&P/TSX composite index ended down 26.19 points, or 0.18 percent, at 14,775.04.
The Dow Jones industrial average declined 0.2 percent to finish at 18,495.66 points and the S&P 500 lost 0.29 percent, to 2,175.49 points.
The Nasdaq Composite dropped 0.4 percent to 5,204.59.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2016 460.90 +1.20 +0.26%
Canola Jan 2017 466.60 +0.70 +0.15%
Canola Mar 2017 472.50 +1.10 +0.23%
Canola May 2017 477.40 +0.70 +0.15%
Canola Jul 2017 481.60 +1.30 +0.27%
Milling Wheat Oct 2016 211.00 unch 0.00%
Milling Wheat Dec 2016 214.00 unch 0.00%
Milling Wheat Mar 2017 219.00 unch 0.00%
Durum Wheat Oct 2016 260.00 unch 0.00%
Durum Wheat Dec 2016 263.00 unch 0.00%
Durum Wheat Mar 2017 268.00 unch 0.00%
Barley Oct 2016 138.00 unch 0.00%
Barley Dec 2016 138.00 unch 0.00%
Barley Mar 2017 140.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Aug 2016 1017.00 -5.00 -0.49%
Soybeans Sep 2016 998.50 -6.50 -0.65%
Soybeans Nov 2016 982.25 -5.75 -0.58%
Soybeans Jan 2017 982.00 -4.75 -0.48%
Soybeans Mar 2017 971.50 -4.50 -0.46%
Soybeans May 2017 969.75 -4.25 -0.44%
Soybean Meal Aug 2016 336.20 -3.00 -0.88%
Soybean Meal Sep 2016 334.00 -2.30 -0.68%
Soybean Meal Oct 2016 331.90 -2.70 -0.81%
Soybean Oil Aug 2016 31.50 +0.33 +1.06%
Soybean Oil Sep 2016 31.57 +0.33 +1.06%
Soybean Oil Oct 2016 31.71 +0.34 +1.08%
Corn Sep 2016 322.50 +0.25 +0.08%
Corn Dec 2016 333.00 +0.50 +0.15%
Corn Mar 2017 343.25 +0.25 +0.07%
Corn May 2017 350.00 +0.25 +0.07%
Corn Jul 2017 356.50 +0.50 +0.14%
Oats Sep 2016 172.00 -3.25 -1.85%
Oats Dec 2016 183.50 -0.50 -0.27%
Oats Mar 2017 193.25 unch 0.00%
Oats May 2017 197.00 unch 0.00%
Oats Jul 2017 203.50 -0.25 -0.12%
Wheat Sep 2016 421.75 +4.75 +1.14%
Wheat Dec 2016 441.50 +4.75 +1.09%
Wheat Mar 2017 462.75 +3.50 +0.76%
Wheat May 2017 474.50 +2.75 +0.58%
Wheat Jul 2017 480.50 +1.50 +0.31%
Minneapolis
Spring Wheat Sep 2016 501.25 +3.00 +0.60%
Spring Wheat Dec 2016 508.50 +1.00 +0.20%
Spring Wheat Mar 2017 522.75 +1.25 +0.24%
Spring Wheat May 2017 531.50 +1.25 +0.24%
Spring Wheat Jul 2017 540.75 +1.00 +0.19%
Kansas City
Hard Red Wheat Sep 2016 411.75 +1.75 +0.43%
Hard Red Wheat Dec 2016 437.75 +2.25 +0.52%
Hard Red Wheat Mar 2017 454.25 +2.00 +0.44%
Hard Red Wheat May 2017 465.00 +1.75 +0.38%
Hard Red Wheat Jul 2017 474.00 +2.00 +0.42%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Aug 2016 116.85 -0.13 -0.11%
Live Cattle (P) Oct 2016 114.93 -0.07 -0.06%
Live Cattle (P) Dec 2016 115.90 -0.07 -0.06%
Feeder Cattle (P) Aug 2016 149.72 -0.46 -0.31%
Feeder Cattle (P) Sep 2016 148.50 -0.35 -0.24%
Feeder Cattle (P) Oct 2016 145.82 -0.21 -0.14%
Lean Hogs (P) Aug 2016 67.12 +0.20 +0.30%
Lean Hogs (P) Oct 2016 58.98 +0.78 +1.34%
Lean Hogs (P) Dec 2016 55.35 +0.95 +1.75%
