By D’Arce McMillan
Saskatoon newsroom
Canola closed little changed on Wednesday while U.S. soybeans and wheat were slightly higher as prices bounced off the long term lows that has been set in recent days.
Corn was slightly lower after rising slightly the last couple of days.
The Canadian loonie rose about one third of a cent.
Some newly harvested canola is moving into elevators and that is generating commercial hedging that weighed on canola’s price.
There was little new news to change the thinking in the market that expects a massive U.S. crop and ample world stocks. Better harvest weather this week in North America is advancing the percentage of the crop in the bin and that too is a weight on the market.
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Pulse weekly: Large U.S. pea/lentil crops expected
Lentil production in the United States hit its largest level in nearly a decade, while the dry edible pea crop reached levels not seen in over five years, said updated production estimates from the U.S. Department of Agriculture.
Lanworth, a unit of Thomson Reuters, today raised its U.S. corn yield estimate to 174.5 bushels per acre from 173.7 on Sept. 3. The firm pegged U.S. corn production at 14.564 billion bu., still a record high if realized, but down from its previous forecast of 14.649 billion, Reuters reported.
Lanworth, in a research note, projected the harvested area for corn at 83.471 million acres, below its previous figure of 84.328 million, Reuters reported.
The figure compared with the U.S. Department of Agriculture’s current estimate of 83.839 million acres.
ICE Futures Canada, dollars per tonne
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Canola Nov 2014Â Â Â Â Â Â 412.20Â Â Â Â Â Â -3.80Â Â Â Â Â Â -0.91%
Canola Jan 2015Â Â Â Â Â Â 416.90Â Â Â Â Â Â -3.50Â Â Â Â Â Â -0.83%
Canola Mar 2015Â Â Â Â Â Â 422.60Â Â Â Â Â Â -3.70Â Â Â Â Â Â -0.87%
Canola May 2015Â Â Â Â Â Â 426.50Â Â Â Â Â Â -3.40Â Â Â Â Â Â -0.79%
Canola Jul 2015Â Â Â Â Â Â 429.90Â Â Â Â Â Â -3.30Â Â Â Â Â Â -0.76%
Milling Wheat Oct 2014Â Â Â Â Â Â 191.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.52%
Milling Wheat Dec 2014Â Â Â Â Â Â 198.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.50%
Milling Wheat Mar 2015Â Â Â Â Â Â 207.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.48%
Durum Wheat Oct 2014      288.80      unch      0.00%
Durum Wheat Dec 2014      294.80      unch      0.00%
Durum Wheat Mar 2015      295.80      unch      0.00%
Barley Oct 2014      123.50      unch      0.00%
Barley Dec 2014      125.50      unch      0.00%
Barley Mar 2015      126.50      unch      0.00%
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American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
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Chicago
Soybeans Nov 2014Â Â Â Â Â Â 980.75Â Â Â Â Â Â -8.75Â Â Â Â Â Â -0.88%
Soybeans Jan 2015Â Â Â Â Â Â 989.25Â Â Â Â Â Â -8.25Â Â Â Â Â Â -0.83%
Soybeans Mar 2015Â Â Â Â Â Â 997Â Â Â Â Â Â -7.25Â Â Â Â Â Â -0.72%
Soybeans May 2015Â Â Â Â Â Â 1004.75Â Â Â Â Â Â -6.5Â Â Â Â Â Â -0.64%
Soybeans Jul 2015Â Â Â Â Â Â 1010.5Â Â Â Â Â Â -5.75Â Â Â Â Â Â -0.57%
Soybeans Aug 2015Â Â Â Â Â Â 1012.5Â Â Â Â Â Â -5.5Â Â Â Â Â Â -0.54%
Soybean Meal Oct 2014Â Â Â Â Â Â 338.3Â Â Â Â Â Â -0.5Â Â Â Â Â Â -0.15%
Soybean Meal Dec 2014Â Â Â Â Â Â 326.1Â Â Â Â Â Â -0.9Â Â Â Â Â Â -0.28%
Soybean Meal Jan 2015Â Â Â Â Â Â 322.7Â Â Â Â Â Â -0.8Â Â Â Â Â Â -0.25%
Soybean Oil Oct 2014Â Â Â Â Â Â 32.81Â Â Â Â Â Â -0.46Â Â Â Â Â Â -1.38%
Soybean Oil Dec 2014Â Â Â Â Â Â 33Â Â Â Â Â Â -0.47Â Â Â Â Â Â -1.40%
Soybean Oil Jan 2015Â Â Â Â Â Â 33.27Â Â Â Â Â Â -0.46Â Â Â Â Â Â -1.36%
Corn Dec 2014Â Â Â Â Â Â 343.75Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.22%
Corn Mar 2015Â Â Â Â Â Â 355.5Â Â Â Â Â Â +0.5Â Â Â Â Â Â +0.14%
Corn May 2015Â Â Â Â Â Â 364.25Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.21%
Corn Jul 2015Â Â Â Â Â Â 371.25Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.20%
Corn Sep 2015Â Â Â Â Â Â 379.25Â Â Â Â Â Â +1Â Â Â Â Â Â +0.26%
Oats Dec 2014Â Â Â Â Â Â 350.75Â Â Â Â Â Â -3.75Â Â Â Â Â Â -1.06%
Oats Mar 2015Â Â Â Â Â Â 333.75Â Â Â Â Â Â -3Â Â Â Â Â Â -0.89%
Oats May 2015Â Â Â Â Â Â 327.25Â Â Â Â Â Â -2.25Â Â Â Â Â Â -0.68%
Oats Jul 2015Â Â Â Â Â Â 320Â Â Â Â Â Â -4Â Â Â Â Â Â -1.23%
Oats Sep 2015Â Â Â Â Â Â 327.25Â Â Â Â Â Â -3.25Â Â Â Â Â Â -0.98%
Wheat Dec 2014Â Â Â Â Â Â 496.25Â Â Â Â Â Â -4.5Â Â Â Â Â Â -0.90%
Wheat Mar 2015Â Â Â Â Â Â 512.75Â Â Â Â Â Â -5.5Â Â Â Â Â Â -1.06%
Wheat May 2015Â Â Â Â Â Â 524Â Â Â Â Â Â -5.25Â Â Â Â Â Â -0.99%
Wheat Jul 2015Â Â Â Â Â Â 533Â Â Â Â Â Â -5.25Â Â Â Â Â Â -0.98%
Wheat Sep 2015Â Â Â Â Â Â 544.75Â Â Â Â Â Â -4.5Â Â Â Â Â Â -0.82%
Minneapolis
Spring Wheat Dec 2014Â Â Â Â Â Â 565.5Â Â Â Â Â Â -3Â Â Â Â Â Â -0.53%
Spring Wheat Mar 2015Â Â Â Â Â Â 581.75Â Â Â Â Â Â -2.75Â Â Â Â Â Â -0.47%
Spring Wheat May 2015Â Â Â Â Â Â 593.5Â Â Â Â Â Â -2.5Â Â Â Â Â Â -0.42%
Spring Wheat Jul 2015Â Â Â Â Â Â 604.5Â Â Â Â Â Â -2Â Â Â Â Â Â -0.33%
Spring Wheat Sep 2015Â Â Â Â Â Â 614Â Â Â Â Â Â -2.5Â Â Â Â Â Â -0.41%
Kansas City
Hard Red Wheat Dec 2014Â Â Â Â Â Â 583.25Â Â Â Â Â Â -3Â Â Â Â Â Â -0.51%
Hard Red Wheat Mar 2015Â Â Â Â Â Â 591Â Â Â Â Â Â -3.75Â Â Â Â Â Â -0.63%
Hard Red Wheat May 2015Â Â Â Â Â Â 595.25Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.71%
Hard Red Wheat Jul 2015Â Â Â Â Â Â 586.75Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.72%
Hard Red Wheat Sep 2015Â Â Â Â Â Â 597.75Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.71%
Light crude oil nearby futures in New York rose $1.96 at $94.88 US per barrel.
The Bank of Canada noon rate for the loonie was 90.99 cents US, up from 90.49 cents the previous trading day. The U.S. dollar at noon was $1.0990 Cdn.
U.S. stock markets were up in afternoon trade Wednesday, as traders liked comments from U.S. Federal Reserve that it still intends to keep interest rates near zero as long as the labour market is fairly weak.
