Old crop canola futures threatened to slip below the $500 per tonne level on Wednesday but new crop November edged slightly higher for the second day.
It looks like the market is trying to keep new crop canola close to the psychologically important $500 level.
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In both canola and soybeans, the May and November contracts are almost the same, with canola very close to $500 a tonne and soybean right around US$10 a bushel.
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WHEAT
Winter wheat contracts fell about one percent but spring wheat was little changed.
Rain expected over the next seven days in the U.S. Plains and Midwest is expected to improve the condition of winter wheat crops.
Crop futures are generally under downward pressure from the record large South American crops and expectations of a record large seeded area of American soybeans.
Reuters reported that soybean crush margins in China have turned negative and that could slow the pace of its imports.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 20 cents to US$48.04 per barrel.
In the afternoon, the Canadian dollar was trading around US75.01 cents, up from 74.93 cents the previous trading day. The U.S. dollar was C$1.3331.
On Wall Street, traders were watching to see if Congress will be able to pass the new health care law.
In Canada, the Liberal government released its annual budget. It made minor changes to some programs and taxes but had no major initiatives.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 35.33 points, or 0.23 percent, at 15,348.46.
The Dow Jones Industrial Average declined 0.03 percent to end at 20,661.3 points, while the S&P 500 gained 0.19 percent to 2,348.45.
The Nasdaq Composite added 0.48 percent to 5,821.64.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2017 501.60 -3.30 -0.65%
Canola Jul 2017 507.80 -2.70 -0.53%
Canola Nov 2017 496.30 +1.40 +0.28%
Canola Jan 2018 501.70 +1.50 +0.30%
Canola Mar 2018 506.00 +1.50 +0.30%
Milling Wheat May 2017 231.00 -1.00 -0.43%
Milling Wheat Jul 2017 232.00 -1.00 -0.43%
Milling Wheat Oct 2017 226.00 -1.00 -0.44%
Durum Wheat May 2017 281.00 unch 0.00%
Durum Wheat Jul 2017 280.00 unch 0.00%
Durum Wheat Oct 2017 268.00 unch 0.00%
Barley May 2017 137.00 unch 0.00%
Barley Jul 2017 138.00 unch 0.00%
Barley Oct 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 May 2017 999.75 -1.75 -0.17%
Soybeans Jul 2017 1010.25 -1.50 -0.15%
Soybeans Aug 2017 1012.25 -1.50 -0.15%
Soybeans Sep 2017 1005.00 -0.25 -0.02%
Soybeans Nov 2017 998.75 +0.50 +0.05%
Soybeans Jan 2018 1003.75 +0.50 +0.05%
Soybean Meal May 2017 323.50 -2.30 -0.71%
Soybean Meal Jul 2017 326.90 -2.30 -0.70%
Soybean Meal Aug 2017 327.00 -2.00 -0.61%
Soybean Oil May 2017 33.52 +0.38 +1.15%
Soybean Oil Jul 2017 33.78 +0.38 +1.14%
Soybean Oil Aug 2017 33.84 +0.36 +1.08%
Corn May 2017 358.75 -2.50 -0.69%
Corn Jul 2017 366.50 -2.25 -0.61%
Corn Sep 2017 374.00 -2.25 -0.60%
Corn Dec 2017 382.00 -2.50 -0.65%
Corn Mar 2018 391.75 -2.25 -0.57%
Oats May 2017 251.50 -2.25 -0.89%
Oats Jul 2017 240.75 -2.50 -1.03%
Oats Sep 2017 235.25 -2.00 -0.84%
Oats Dec 2017 235.25 -1.50 -0.63%
Oats Mar 2018 235.25 unch 0.00%
Wheat May 2017 422.25 -4.25 -1.00%
Wheat Jul 2017 437.50 -4.75 -1.07%
Wheat Sep 2017 453.50 -4.75 -1.04%
Wheat Dec 2017 473.25 -4.25 -0.89%
Wheat Mar 2018 487.50 -4.50 -0.91%
Minneapolis
Spring Wheat May 2017 537.75 -0.50 -0.09%
Spring Wheat Jul 2017 544.25 +0.50 +0.09%
Spring Wheat Sep 2017 549.75 +0.25 +0.05%
Spring Wheat Dec 2017 558.50 -1.00 -0.18%
Spring Wheat Mar 2018 569.25 -1.25 -0.22%
Kansas City
Hard Red Wheat May 2017 432.50 -5.75 -1.31%
Hard Red Wheat Jul 2017 444.75 -5.50 -1.22%
Hard Red Wheat Sep 2017 459.75 -5.00 -1.08%
Hard Red Wheat Dec 2017 481.25 -4.50 -0.93%
Hard Red Wheat Mar 2018 496.50 -4.25 -0.85%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Apr 2017 122.45 +2.55 +2.13%
Live Cattle (P) Jun 2017 113.78 +2.73 +2.46%
Live Cattle (P) Aug 2017 108.95 +2.38 +2.23%
Feeder Cattle (P) Mar 2017 134.00 +2.00 +1.52%
Feeder Cattle (P) Apr 2017 136.35 +3.72 +2.80%
Feeder Cattle (P) May 2017 135.27 +3.77 +2.87%
Lean Hogs (P) Apr 2017 68.15 +0.15 +0.22%
Lean Hogs (P) May 2017 72.52 -0.28 -0.38%
Lean Hogs (P) Jun 2017 75.75 -0.58 -0.76%
