Canola futures performed well on Wednesday, doing much better than U.S. soybean and corn futures, which were pressured lower by the monthly USDA supply and demand report.
January canola fell only 0.26 percent while January soybeans fell almost two percent.
Canola was supported by a weaker loonie and talk of export demand.
The surprise win by Donald Trump in yesterday’s American election caused big swings in stock markets, but the crop futures markets were mostly quiet until the bearish USDA report was released late in the morning.
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That weighed on Chicago wheat but Minneapolis spring wheat futures were little changed.
USDA pegged U.S. corn production for the 2016-17 marketing year at 15.226 billion bushels, based on an average yield of 175.3 bu. per acre, up from its October outlook of a 15.057 billion bushel harvest and an average yield of 173.4 bu. per acre, Reuters reported.
Analysts had been expecting corn production of 15.041 billion bu. and a yield of 173.2 bu. per acre, based on the average of forecasts in a Reuters survey. The USDA’s yield and production view matched the high end of the range of analysts’ forecasts.
For soybeans, USDA said the crop would be 4.361 billion bu., 92 million higher than its October outlook. The government’s soy yield view was raised to 52.5 bu. per acre from 51.4.
Analysts in the Reuters survey, had expected a soybean harvest of 4.314 billion bu., based on a yield of 52.0 bu. per acre.
The USDA slightly raised its wheat ending stocks numbers for both the U.S. and the world.
Light crude oil nearby futures in New York closed up 29 cents to US$45.27 per barrel.
The Canadian dollar at noon was US74.58 cents, down from 74.98 cents the previous trading day. The U.S. dollar at noon was C$1.3408.
Stock markets around the world initially fell overnight on the news of Trump’s win but then surged back. In Canada, energy companies rose strongly and in the U.S. pharmaceutical companies and banks rose.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 103.07 points, or 0.70 percent, at 14,759.91.
The Dow Jones industrial average jumped 1.4 percent to end at 18,589.69, just 0.25 percent below its all-time high set in August. The S&P 500 surged 1.11 percent to 2,163.26 and the Nasdaq Composite added 1.11 percent to end at 5,251.07.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 16 502.10s -1.30 -0.26%
Canola Jan 17 509.10s -1.30 -0.25%
Canola Mar 17 516.00s -0.70 -0.14%
Canola May 17 519.80s +0.30 +0.06%
Canola Jul 17 520.20s -0.30 -0.06%
Milling Wheat Dec 16 226.00s +1.00 +0.44%
Milling Wheat Mar 17 230.00s unch unch
Milling Wheat May 17 234.00s unch unch
Durum Wheat Dec 16 327.00s unch unch
Durum Wheat Mar 17 333.00s unch unch
Durum Wheat May 17 337.00s -1.00 -0.30%
Barley Dec 16 132.50s unch unch
Barley Mar 17 134.50s unch unch
Barley May 17 135.50s unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2016 982.00 -19.75 -1.97%
Soybeans Jan 2017 991.00 -20.25 -2.00%
Soybeans Mar 2017 998.50 -19.75 -1.94%
Soybeans May 2017 1005.50 -19.50 -1.90%
Soybeans Aug 2017 1010.25 -17.75 -1.73%
Soybean Meal Dec 2016 311.40 -4.30 -1.36%
Soybean Meal Jan 2017 313.60 -4.00 -1.26%
Soybean Meal Mar 2017 315.40 -3.30 -1.04%
Soybean Oil Dec 2016 34.31 -1.00 -2.83%
Soybean Oil Jan 2017 34.57 -1.00 -2.81%
Soybean Oil Mar 2017 34.81 -0.97 -2.71%
Corn Dec 2016 340.75 -13.50 -3.81%
Corn Mar 2017 349.75 -13.00 -3.58%
Corn May 2017 357.25 -13.00 -3.51%
Corn Jul 2017 364.25 -13.00 -3.45%
Corn Sep 2017 371.50 -12.50 -3.26%
Oats Dec 2016 222.50 -3.25 -1.44%
Oats Mar 2017 225.50 +0.25 +0.11%
Oats May 2017 225.50 -0.75 -0.33%
Oats Jul 2017 227.50 -0.50 -0.22%
Oats Sep 2017 222.75 -0.50 -0.22%
Wheat Dec 2016 406.75 -8.50 -2.05%
Wheat Mar 2017 424.50 -7.50 -1.74%
Wheat May 2017 440.50 -7.50 -1.67%
Wheat Jul 2017 455.75 -7.50 -1.62%
Wheat Sep 2017 471.25 -7.50 -1.57%
Minneapolis
Spring Wheat Dec 2016 514.50 +0.50 +0.10%
Spring Wheat Mar 2017 521.50 unch 0.00%
Spring Wheat May 2017 529.00 -0.25 -0.05%
Spring Wheat Jul 2017 536.50 -0.25 -0.05%
Kansas City
Hard Red Wheat Dec 2016 410.25 -7.25 -1.74%
Hard Red Wheat Mar 2017 427.75 -7.25 -1.67%
Hard Red Wheat May 2017 439.25 -8.00 -1.79%
Hard Red Wheat Jul 2017 450.75 -8.00 -1.74%
Hard Red Wheat Sep 2017 465.50 -7.75 -1.64%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Dec 2016 103.48 +0.88 +0.86%
Live Cattle (P) Feb 2017 104.68 +0.63 +0.61%
Live Cattle (P) Apr 2017 104.72 +0.22 +0.21%
Feeder Cattle (P) Nov 2016 124.55 +0.15 +0.12%
Feeder Cattle (P) Jan 2017 119.72 +0.50 +0.42%
Feeder Cattle (P) Mar 2017 116.28 +0.13 +0.11%
Lean Hogs (P) Dec 2016 46.55 -0.43 -0.92%
Lean Hogs (P) Feb 2017 54.07 -0.43 -0.79%
Lean Hogs (P) Apr 2017 61.55 -0.23 -0.37%
