Canola futures closed slightly lower Wednesday in light trade ahead of the U.S. Thanksgiving holiday.
There was very little news to trade on.
Soybeans and corn also fell a little, but Minneapolis spring wheat was slightly higher, supported by concerns about the dry U.S. winter wheat crop, production problems in Australia and Argentina and dry weather in some of Russia’s winter wheat areas.
January canola closed at $579.20 down 40 cents or 0.07 percent.
March closed at $576.80, down 30 cents or 0.05 percent.
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The prospect of a record large South American soybean crop continues to weigh on oilseed prices. Excess rain in Argentina and dry pockets in Brazil are shaving some production forecasts, but not enough to endanger the prospect of record large crops.
Canola demand also appears to be moderating a little recently after a strong start to the crop year.
But looking back, 2012 has been a spectacular year for exports to China. Chinese import statistics show in the first 10 months of the calendar year (Jan. to Oct.) imports of Canadian canola seed increased 161 percent to 2.267 million tonnes.
Imports of canola oil from Canada doubled to 798,481 tonnes.
U.S. markets will be closed Thursday for Thanksgiving.
CWB interim payments for 2011-12 were announced today. See “daily news” at Producer.com for details.
Winnipeg (per tonne)
Canola Jan 13 $579.20, down $0.40 -0.07%
Canola Mar 13 $576.80, down $0.30 -0.05%
Canola May 13 $575.30, down $0.30 -0.05%
Canola Jul 13 $572.10, down $0.60 -0.10%
Milling Wheat Dec 12 $297.30, down $2.90 -0.97%
Milling Wheat Mar 13 $306.80, down $2.90 -0.94%
Milling Wheat May 13 $309.80, down $2.90 -0.93%
Durum Wheat Dec 12 $312.00, up $0.20 +0.06%
Durum Wheat Mar 13 $318.60, up $0.20 +0.06%
Durum Wheat May 13 $322.60, up $0.20 +0.06%
Barley Dec 12 $250.00, unchanged
Barley Mar 13 $253.00, unchanged
Barley May 13 $254.00, unchanged
Chicago (per bushel)
Soybeans (P) Jan 13 $14.0825, down 4.5 cents -0.32%
Soybeans (P) Mar 13 $13.9375, down 2.5 -0.18%
Soybeans (P) May 13 $13.745, down 4.5 -0.33%
Soybeans (P) Jul 13 $13.6775, down 4.5 -0.33%
Corn (P) Dec 12 $7.41, down 2.25 (-0.30%)
Corn (P) Mar 13 $7.4525, down 2.0 -0.27%
Corn (P) May 13 $7.42, down 1.0 -0.13%
Oats (P) Dec 12 $3.70, down 6.5 -1.73%
Oats (P) Mar 13 $3.8225, down 5.5 -1.42%
Oats (P) May 13 $3.8425, down 5.0 -1.28%
Minneapolis (per bushel)
Spring Wheat Dec 12 $9.14, up 1.25 cents +0.14%
Spring Wheat Mar 13 $9.25, up 1.25 +0.14%
Spring Wheat May 13 $9.33, up 0.75 +0.08%
Spring Wheat Jul 13 $9.3475, up 0.75 +0.08%
The Bank of Canada noon rate for the loonie was $1.0020 US, down from $1.0030 the day before.
The U.S. buck was 99.80 cents Cdn.
Nearby light crude oil in New York rose 63 cents to $87.38 per barrel.
In early tallies —
The Toronto Stock Exchange’s S&P/TSX composite index rose 53.78 points, or 0.45 percent, to close at 12,100.06.
The Dow Jones industrial average gained 48.38 points, or 0.38 percent, to close at 12,836.89.
The Standard & Poor’s 500 Index added 3.22 points, or 0.23 percent, to 1,391.03.
The Nasdaq Composite Index climbed 9.87 points, or 0.34 percent, to close at 2,926.55.
