Canola little changed as market assess effect of rain

Canola was almost unchanged on Wednesday, enjoying a bit of support from soybeans.
The market will try to assess the effect of the heavy rains and storms early this week in Saskatchewan and Manitoba.
In some cases moderate rain helped the crop but in the areas with heaviest downpours and strong winds crops could have suffered from lodging and other damage.
November canola closed at $493.30, up 50 cents or 0.1 percent.
Reuters reported U.S. soybeans rose for a second straight day, recovering some recent losses ahead of a critical development period for the oilseed, while corn and wheat resumed their slides on a favourable U.S. weather.

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With soybean yields largely determined in August and questions about the size of planted area, there is still uncertainty about the crop, said Terry Linn, analyst at The Linn Group in Chicago.
“Conditions are on the upswing right now, but … it wasn’t three weeks ago that the focus was on the acreage questions and the rough start to the crop,” he told Reuters. “That hasn’t gone away.”
Bull-spreading, in which traders buy the nearby month and sell a deferred contract, and tight cash markets also lifted Chicago Board of Trade August soybeans, traders said.
The contract rose 8 ¼ cents or 0.9 percent to $9.83 a bushel.
September corn fell 7 ¼ cents or 2.1 percent.
It could fall to $3.60 next week if weather remains good, said Kaname Gokon of brokerage Okato Shoji in Tokyo.
“Fundamentals are bearish for U.S. corn and we could see some more downside before the market stabilizes,” said Gokon.
The favourable harvest outlook suggests ample supplies ahead, said Frank Rijkers, agrifood economist at ABN AMRO Bank.
Forecasts for scattered showers in the U.S. grain belt over the next 10 days are seen boosting the corn and soybean crops.
Wheat fell on winter crop harvest pressure and expectations for a good spring wheat crop in the U.S.
Light crude oil nearby futures in New York were up 81 cents to US$48.79 per barrel.
The Canadian dollar at noon was US77.56 cents, up from 77.32 cents the previous trading day. The U.S. dollar at noon was C$1.2893.
The U.S. Federal Reserve statement today left the door open for a September interest rate hike.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 224.44 points, or 1.59 percent, at 14,301.80.
The Dow Jones industrial average rose 0.69 percent to end at 17,751.39. The S&P 500 gained 0.73 percent to 2,108.57 and the Nasdaq Composite added 0.44 percent to finish at 5,111.73.

Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 493.30 +0.50 +0.10%
Canola Jan 2016 492.10 -0.70 -0.14%
Canola Mar 2016 491.20 -1.20 -0.24%
Canola May 2016 487.20 -1.20 -0.25%
Canola Jul 2016 481.60 -0.90 -0.19%

Milling Wheat Oct 2015 218.00 -4.00 -1.80%
Milling Wheat Dec 2015 218.00 -4.00 -1.80%
Milling Wheat Mar 2016 222.00 -4.00 -1.77%

Durum Wheat Oct 2015 335.00 unch 0.00%
Durum Wheat Dec 2015 345.00 unch 0.00%
Durum Wheat Mar 2016 360.00 unch 0.00%

Barley Oct 2015 208.10 unch 0.00%
Barley Dec 2015 208.10 unch 0.00%
Barley Mar 2016 210.10 unch 0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago
Soybeans Aug 2015 983 +8.25 +0.85%
Soybeans Sep 2015 957 +3 +0.31%
Soybeans Nov 2015 943.25 -1.5 -0.16%
Soybeans Jan 2016 948.75 -2 -0.21%
Soybeans Mar 2016 947.25 -2.25 -0.24%
Soybeans May 2016 944 -1.5 -0.16%

Soybean Meal Aug 2015 350 +4.8 +1.39%

Soybean Meal Sep 2015 338.1 +2 +0.60%
Soybean Meal Oct 2015 328.2 +1.5 +0.46%

Soybean Oil Aug 2015 30.21 -0.45 -1.47%
Soybean Oil Sep 2015 30.32 -0.44 -1.43%
Soybean Oil Oct 2015 30.42 -0.44 -1.43%

Corn Sep 2015 367.75 -7.25 -1.93%
Corn Dec 2015 378.25 -7.25 -1.88%
Corn Mar 2016 389 -7.5 -1.89%
Corn May 2016 395.5 -7 -1.74%
Corn Jul 2016 401 -7 -1.72%

Oats Sep 2015 228.5 -2 -0.87%
Oats Dec 2015 240 -2.25 -0.93%
Oats Mar 2016 251.5 -2.25 -0.89%
Oats May 2016 256.25 -2.25 -0.87%
Oats Jul 2016 257.25 -2.25 -0.87%

Wheat Sep 2015 496.25 -14.5 -2.84%
Wheat Dec 2015 505.25 -15 -2.88%
Wheat Mar 2016 513 -15.25 -2.89%
Wheat May 2016 517.75 -15 -2.82%
Wheat Jul 2016 521.25 -13.75 -2.57%

Minneapolis
Spring Wheat Sep 2015 529.5 -10.75 -1.99%
Spring Wheat Dec 2015 546.5 -11 -1.97%
Spring Wheat Mar 2016 563.25 -10.75 -1.87%
Spring Wheat May 2016 574.25 -10 -1.71%
Spring Wheat Jul 2016 583.75 -10 -1.68%

Kansas City

Hard Red Wheat Sep 2015 495.25 -9.5 -1.88%
Hard Red Wheat Dec 2015 514.75 -9.75 -1.86%
Hard Red Wheat Mar 2016 529 -9.5 -1.76%
Hard Red Wheat May 2016 538.5 -9.25 -1.69%
Hard Red Wheat Jul 2016 546.75 -8.75 -1.58%