July and November canola both edged higher on Wednesday on slow farmer deliveries and mild concern about the slow start to spring seeding.
The soon to expire May contract again featured big moves related to covering short positions in light trade.
There appears to be a wide range of basis bids on the Prairies, so shop around. The Louis Dreyfus website shows the basis at Yorkton is -$10 off the July contract for delivery in May.
Corn edged lower on expectations for better seeding weather in the Midwest.
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There is good moisture in the Midwest to get the crop off to a good start once it is seeded.
Soybeans were mixed, with the nearby up a little but deferred contracts lower on profit taking and concern about weaker demand from China.
Wheat had the most strength, with the Kansas hard red winter wheat climbing 1.5 percent in the May contract, 1.3 percent in the July and 1.1 percent for new crop December. The Kansas hard winter wheat contract helped lift Minneapolis spring wheat and Chicago soft winter wheat.
An industry tour of Kansas wheat is showing the crop will likely yield less than last year in many areas.
Kansas City wheat futures have risen 10.3 percent over seven consecutive positive trading sessions,
The Wheat Quality Council’s annual tour showed yield prospects for the crop in the northern part of the state were the worst in 13 years.
Yields in southwest Kansas fields were roughly in line with a year ago, when drought also lowered yields. Crops are in desperate need of rain to reach their full potential, but warm dry weather is in the forecast into next week.
The tour is scheduled to release a final yield forecast for Kansas on Thursday.
ICE Futures Canada, dollars per tonne
Canola May 2014 484.30 +12.40 +2.63%
Canola Jul 2014 477.40 +0.20 +0.04%
Canola Nov 2014 485.30 +0.80 +0.17%
Canola Jan 2015 491.60 +0.90 +0.18%
Canola Mar 2015 496.60 +0.70 +0.14%
Milling Wheat May 2014 233.00 +3.00 +1.30%
Milling Wheat Jul 2014 238.00 +5.00 +2.15%
Milling Wheat Oct 2014 239.00 +5.00 +2.14%
Durum Wheat May 2014 247.00 unch 0.00%
Durum Wheat Jul 2014 247.00 unch 0.00%
Durum Wheat Oct 2014 242.00 unch 0.00%
Barley May 2014 139.50 unch 0.00%
Barley Jul 2014 140.50 unch 0.00%
Barley Oct 2014 140.50 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 2014 1530.75 +6.75 +0.44%
Soybeans Jul 2014 1512.75 -4.5 -0.30%
Soybeans Aug 2014 1440.75 -2.25 -0.16%
Soybeans Sep 2014 1310.25 -2.75 -0.21%
Soybeans Nov 2014 1246.75 -1.25 -0.10%
Soybeans Jan 2015 1252 -0.75 -0.06%
Soybean Meal May 2014 503.9 +4 +0.80%
Soybean Meal Jul 2014 493.7 +2.5 +0.51%
Soybean Meal Aug 2014 464.5 +2.2 +0.48%
Soybean Oil May 2014 41.88 -0.89 -2.08%
Soybean Oil Jul 2014 42.11 -0.84 -1.96%
Soybean Oil Aug 2014 42.08 -0.74 -1.73%
Corn May 2014 514 -1.75 -0.34%
Corn Jul 2014 519 -2.5 -0.48%
Corn Sep 2014 513.25 -3 -0.58%
Corn Dec 2014 509.25 -3 -0.59%
Corn Mar 2015 516.5 -3.25 -0.63%
Oats May 2014 418.5 -3.5 -0.83%
Oats Jul 2014 360.5 -8.75 -2.37%
Oats Sep 2014 343.25 -9 -2.56%
Oats Dec 2014 337.25 -3.25 -0.95%
Oats Mar 2015 336.5 -3.5 -1.03%
Wheat May 2014 713 +5 +0.71%
Wheat Jul 2014 721.5 +5 +0.70%
Wheat Sep 2014 729.75 +5.75 +0.79%
Wheat Dec 2014 742.75 +6.25 +0.85%
Wheat Mar 2015 754.25 +6 +0.80%
Minneapolis
Spring Wheat May 2014 757 +9.75 +1.30%
Spring Wheat Jul 2014 768.75 +7.5 +0.99%
Spring Wheat Sep 2014 776.25 +7.25 +0.94%
Spring Wheat Dec 2014 787.5 +8.5 +1.09%
Spring Wheat Mar 2015 794.75 +9.25 +1.18%
Kansas City
KC HRW Wheat May 2014 809.75 +12.5 +1.57%
KC HRW Wheat Jul 2014 812.5 +10 +1.25%
KC HRW Wheat Sep 2014 814.5 +8 +0.99%
KC HRW Wheat Dec 2014 821.75 +9 +1.11%
KC HRW Wheat Mar 2015 823 +8.5 +1.04%
Light crude oil nearby futures in New York fell $1.54 at $99.74 US per barrel.
The Bank of Canada noon rate for the loonie was 91.27 cents US, up from 91.22 cents the previous trading day. The U.S. dollar at noon was $1.0957 Cdn.
The severe winter stalled economic growth in the United States. Gross domestic product expanded at a 0.1 percent annual rate, the slowest since the fourth quarter of 2012, the Commerce Department said.
Economists had expected GDP to grow by 1.2 percent growth.
However, comments from the U.S. Federal Reserve today were upbeat. It said that recent signs are that the economic has revived after the winter doldrums. Markets focused on the optimism in the statement.
It also said it would cut its monthly bond buying to $45 billion from $55 billion, as expected.
Stock markets rose. In late session trade the TSX was up about 0.5 percent, the Dow, S&P 500 and Nasdaq were up a little less than 0.3 percent.
