Canola futures moved modestly higher Thursday as traders wrapped up their year-end positions, shifting from January futures into subsequent contract months.
March canola in Winnipeg gained 20 cents to settle at $585.60 per tonne. July canola futures, though, fell $2.90 to sit at $577.80.
Soybean futures also traded sideways Thursday, with March contracts in Chicago sinking 4.5 cents to finish at $14.14 per bushel. Soybeans have fallen about 70 cents per bu. since the middle of December. Analysts expect prices to recover in anticipation of the U.S. Department of Agriculture crop production and grain stocks report Jan. 12.
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While canola and soybeans were relatively quiet, March palm oil climbed 2.1 percent overnight to hit $811 US a tonne, the highest level in nearly two months on Malaysian markets. Palm oil has gained more than 10 percent since the beginning of December.
Market mavens attributed the gains to robust exports from Malaysia, the world’s second largest palm oil producer after Indonesia.
Minneapolis wheat futures sank for the second consecutive day following Christmas, with March futures declining 4.25 cents Thursday to finish at $8.6475. U.S. wheat exports have been weaker than expected because wheat-importing countries continue to buy wheat from other exporting nations like Australia, putting pressure on American prices.
Corn was also quiet on the day as nearby future contracts lost 1.75 cents to settle at $6.9175 per bu.
Winnipeg (per tonne)
Canola Jan 13 $591.30, up $0.90
Canola Mar 13 $585.60, up $0.20
Canola May 13 $581.20, down $1.10
Canola Jul 13 $577.80, down $2.90
Milling Wheat Mar 13 $290.50, unchanged
Milling Wheat May 13 $293.50, unchanged
Milling Wheat Jul 13 $295.50, unchanged
Durum Wheat Mar 13 $312.40, unchanged
Durum Wheat May 13 $316.40, unchanged
Durum Wheat Jul 13 $319.40, unchanged
Barley Mar 13 $247.00, unchanged
Barley May 13 $248.00, unchanged
Barley Jul 13 $248.50, unchanged
Chicago (per bushel)
Soybeans (P) Jan 13 $14.1875, down 5.75 cents
Soybeans (P) Mar 13 $14.14, down 4.5
Soybeans (P) May 13 $14.05, down 4.25
Soybeans (P) Jul 13 $14.015, down 2.5
Corn (P) Mar 13 $6.915, down 1.75 cents
Corn (P) May 13 $6.945, down 2
Corn (P) Jul 13 $6.92, down 2.25
Oats (P) Mar 13 $3.53, down 7.0 cents
Oats (P) May 13 $3.605, down 7.25
Oats (P) Jul 13 $3.6175, down 7
Minneapolis (per bushel)
Spring Wheat Mar 13 $8.6475, down 4.25 cents
Spring Wheat May 13 $8.765, down 4.25
Spring Wheat Jul 13 $8.845, down 3.75
Spring Wheat Sep 13 $8.8275, down 6.5
The Canadian dollar edged closer to parity, trading at $1.0051 US Wednesday, down from $1.0088 Dec. 24. The U.S. greenback was worth $0.9949 Cdn.
Nearby crude oil in New York fell 11 cents to $90.87 per barrel.
