Canola futures rose more than one percent Thursday, supported by a rising soy complex and a weaker Canadian dollar.
Oilseeds have been falling lately because of the advancing South American soybean harvest, but this week’s U.S. export sales number showed that not all buyers have turned south yet.
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Weekly U.S. export sales of just over 600,000 tonnes were at the top end of the range of the trade’s expectation.
But the news on corn exports was not good
The USDA reported weekly corn export sales of 346,100 tonnes, well below forecasts for 800,000 to 1.1 million tonnes, Reuters reported.
The weak exports, coupled with the U.S. Energy Information Administration’s report of record ethanol stocks on Wednesday, highlighted the fundamental headwinds facing corn and kept most buyers on the sidelines, Reuters said.
U.S. wheat also faces poor demand from both the domestic and export sectors, and a lack of weather threats to the dormant crop in the northern hemisphere raised the prospects of the coming harvest adding to already abundant supplies.
Crude oil prices dropped sharply again early but rebounded after reports that the United Arab Emirates energy minister said OPEC would be willing to engage in a coordinated production cut if there was total cooperation
Weak quarterly results at insurer Manulife Financial hurt the TSX financials sector.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 98.35 points, or 0.81 percent, at 12,087.37.
The Dow fell 255.24 points, or 1.6 percent, to 15,659.5, the S&P 500 lost 22.91 points, or 1.24 percent, to 1,828.95 and the Nasdaq Composite dropped 16.76 points, or 0.39 percent, to 4,266.84.
Light crude oil nearby futures in New York were down $1.24 to US$26.21 per barrel.
The Canadian dollar at noon was US71.79 cents, up from 71.59 cents the previous trading day. The U.S. dollar at noon was C$1.3930.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2016Â Â 468.80Â Â +6.00Â Â +1.30%
Canola May 2016Â Â 477.30Â Â +5.70Â Â +1.21%
Canola Jul 2016Â Â 482.60Â Â +5.40Â Â +1.13%
Canola Nov 2016Â Â 485.50Â Â +4.40Â Â +0.91%
Canola Jan 2017Â Â 488.00Â Â +4.20Â Â +0.87%
Milling Wheat Mar 2016Â Â 226.00Â Â -1.00Â Â -0.44%
Milling Wheat May 2016Â Â 229.00Â Â -1.00Â Â -0.43%
Milling Wheat Jul 2016Â Â 233.00Â Â -1.00Â Â -0.43%
Durum Wheat Mar 2016  317.00  unch  0.00%
Durum Wheat May 2016  325.00  unch  0.00%
Durum Wheat Jul 2016  310.00  unch  0.00%
Barley Mar 2016Â Â 188.00Â Â -2.00Â Â -1.05%
Barley May 2016Â Â 192.00Â Â -2.00Â Â -1.03%
Barley Jul 2016Â Â 194.00Â Â -2.00Â Â -1.02%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2016Â Â 873.5Â Â +11.25Â Â +1.30%
Soybeans May 2016Â Â 877.75Â Â +10.75Â Â +1.24%
Soybeans Jul 2016Â Â 883Â Â +10.5Â Â +1.20%
Soybeans Aug 2016Â Â 884.75Â Â +10.25Â Â +1.17%
Soybeans Sep 2016Â Â 885Â Â +10.5Â Â +1.20%
Soybeans Nov 2016Â Â 887.75Â Â +10Â Â +1.14%
Soybean Meal Mar 2016Â Â 263.7Â Â +2.7Â Â +1.03%
Soybean Meal May 2016Â Â 266.1Â Â +2.7Â Â +1.03%
Soybean Meal Jul 2016Â Â 268.7Â Â +2.8Â Â +1.05%
Soybean Oil Mar 2016Â Â 31.59Â Â +0.58Â Â +1.87%
Soybean Oil May 2016Â Â 31.81Â Â +0.55Â Â +1.76%
Soybean Oil Jul 2016Â Â 32.04Â Â +0.55Â Â +1.75%
Corn Mar 2016  360.25  unch  0.00%
Corn May 2016Â Â 365Â Â -0.25Â Â -0.07%
Corn Jul 2016Â Â 369.75Â Â -0.5Â Â -0.14%
Corn Sep 2016Â Â 374.5Â Â -1Â Â -0.27%
Corn Dec 2016Â Â 382.75Â Â -0.75Â Â -0.20%
Oats Mar 2016Â Â 191.5Â Â +2.25Â Â +1.19%
Oats May 2016Â Â 196.5Â Â +3Â Â +1.55%
Oats Jul 2016Â Â 205.5Â Â +3.5Â Â +1.73%
Oats Sep 2016Â Â 210.25Â Â +3Â Â +1.45%
Oats Dec 2016Â Â 208.5Â Â +2.25Â Â +1.09%
Wheat Mar 2016Â Â 458.25Â Â -3Â Â -0.65%
Wheat May 2016Â Â 463.5Â Â -1.5Â Â -0.32%
Wheat Jul 2016Â Â 468.75Â Â -0.75Â Â -0.16%
Wheat Sep 2016  478  unch  0.00%
Wheat Dec 2016Â Â 493Â Â +0.5Â Â +0.10%
Minneapolis
Spring Wheat Mar 2016Â Â 486.25Â Â +0.25Â Â +0.05%
Spring Wheat May 2016  490.75  unch  0.00%
Spring Wheat Jul 2016Â Â 499.5Â Â -0.25Â Â -0.05%
Spring Wheat Sep 2016Â Â 510Â Â -0.5Â Â -0.10%
Spring Wheat Dec 2016  525.75  unch  0.00%
Kansas City
Hard Red Wheat Mar 2016Â Â 444Â Â -0.75Â Â -0.17%
Hard Red Wheat May 2016Â Â 453.75Â Â -0.5Â Â -0.11%
Hard Red Wheat Jul 2016Â Â 464.25Â Â -0.25Â Â -0.05%
Hard Red Wheat Sep 2016Â Â 478Â Â -0.75Â Â -0.16%
Hard Red Wheat Dec 2016Â Â 499Â Â -0.5Â Â -0.10%