Oilseeds, including canola, were supported Thursday by strong weekly U.S. exports and a commitment from China to buy more than 13 million tonnes of soybeans.
In a pre arranged signing ceremony associated with the visit of China’s President Xi Jinping to the United States, several Chinese companies signed 24 contracts for sales in the current crop year and next year.
The total value is US$5.3 billion.
U.S. soybean sales to China for the 2015-16 (Sep-Aug) season are off to the slowest start in seven years amid abundant global supplies and declining prices.
Soybean futures on the Chicago Board of Trade are hovering near 6 ½ year lows.
November canola closed at $471.70, up $5.40.
The Canadian dollar edged below US75 cents and that also supported canola prices as did talk of fresh canola export business.
Saskatchewan’s weekly crop report today said 48 percent of the canola crop was in the bin.
Counting all crops, 60 percent of the 2015 harvest is now complete and 28 percent has been swathed or is ready to straight-cut.
Those numbers exceed the five-year average of 56 percent combined and 27 percent swathed.
Soybeans edged higher on the export news in the U.S. and a technical bounce after hitting its lowest point since March 2009 in overnight trade.
Soy oil climbed more than two percent on technical signals.
Wheat and corn closed lower.
December spring wheat fell about 2.5 percent and Chicago was down about two percent on ideas that American prices are too high relative to other international sellers.
Russian officials are talking about relaxing their wheat export tax as of Oct. 1 because of a good harvest this year. They might eliminate the tax on durum.
That would further increase already brisk competition in the wheat market.
The International Grains Council raised its forecast of 2015-16 world wheat production to a record 727 million tonnes, from 720 million previously.
Weekly U.S. wheat export sales were below expectation.
Corn fell largely in sympathy with wheat.
Light crude oil nearby futures in New York were up 43 cents to US$44.91 per barrel.
The Bank of Canada’s Canadian dollar rate at noon was US74.90 cents, down from 75.10 cents the previous trading day. The U.S. dollar at noon was C$1.3351.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 471.70 +5.40 +1.16%
Canola Jan 2016 476.70 +5.50 +1.17%
Canola Mar 2016 478.40 +5.40 +1.14%
Canola May 2016 478.20 +5.40 +1.14%
Canola Jul 2016 477.00 +5.00 +1.06%
Milling Wheat Oct 2015 234.00 -4.00 -1.68%
Milling Wheat Dec 2015 238.00 -4.00 -1.65%
Milling Wheat Mar 2016 243.00 -4.00 -1.62%
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
Soybeans Nov 2015 868 +4.25 +0.49%
Soybeans Jan 2016 872.5 +4.25 +0.49%
Soybeans Mar 2016 876.75 +4.25 +0.49%
Soybeans May 2016 879.5 +4 +0.46%
Soybeans Jul 2016 884.25 +4.5 +0.51%
Soybeans Aug 2016 883.75 +4.75 +0.54%
Soybean Meal Oct 2015 302.4 -0.7 -0.23%
Soybean Meal Dec 2015 301.9 -0.1 -0.03%
Soybean Meal Jan 2016 300.9 +0.2 +0.07%
Soybean Oil Oct 2015 26.98 +0.65 +2.47%
Soybean Oil Dec 2015 27.18 +0.64 +2.41%
Soybean Oil Jan 2016 27.49 +0.63 +2.35%
Corn Dec 2015 381.5 -1.75 -0.46%
Corn Mar 2016 392.75 -2 -0.51%
Corn May 2016 400 -2 -0.50%
Corn Jul 2016 405.5 -2.25 -0.55%
Corn Sep 2016 398.5 -2.25 -0.56%
Oats Dec 2015 226.25 -3.75 -1.63%
Oats Mar 2016 230.25 -3.5 -1.50%
Oats May 2016 234.5 -3 -1.26%
Oats Jul 2016 235.25 -3 -1.26%
Oats Sep 2016 235.25 -3 -1.26%
Wheat Dec 2015 497.25 -10.25 -2.02%
Wheat Mar 2016 504.25 -10.75 -2.09%
Wheat May 2016 508.75 -10.75 -2.07%
Wheat Jul 2016 512 -10.75 -2.06%
Wheat Sep 2016 520.25 -10.5 -1.98%
Minneapolis
Spring Wheat Dec 2015 514 -12.75 -2.42%
Spring Wheat Mar 2016 527.75 -12.25 -2.27%
Spring Wheat May 2016 538 -12.25 -2.23%
Spring Wheat Jul 2016 548 -12.25 -2.19%
Spring Wheat Sep 2016 559 -11.25 -1.97%
Kansas City
Hard Red Wheat Dec 2015 490 -11.75 -2.34%
Hard Red Wheat Mar 2016 504.5 -11.5 -2.23%
Hard Red Wheat May 2016 514.5 -11.25 -2.14%
Hard Red Wheat Jul 2016 523.5 -11.5 -2.15%
Hard Red Wheat Sep 2016 537 -12 -2.19%
