Old crop canola futures edged higher Wednesday, but new crop canola fell along with soybeans, corn and wheat.
May and July canola rose on the buying back of previously sold contracts and a slowdown in elevator cash buying.
New crop futures were still under the influence of Tuesday’s Statistics Canada seeding intentions report that showed Prairie farmers intend to sow a record 19.2 million acres, up from 16.8 million last year.
Wheat futures fell sharply on rain that fell in southwestern Kansas and northern Oklahoma, part of the worst hit parts of the U.S. hard red winter wheat area. Rain forecast for Western Europe also weighed on wheat.
There are also signs that Russia might re-enter the world wheat market this summer after being out for the past year due to the drought last year.
Corn was weakened by forecasts for drier weather in the Midwest, which would allow seeding progress.
U.S. Federal Reserve chairman Ben Bernanke held his first-ever press conference today and confirmed that the bank does not intend to start ratcheting down its stiumulous measures.
He said U.S. growth was still fragile and long run inflation expectations are stable. It intends to keep its interest rate near zero.
Winnipeg (per tonne)
Canola May 11$567.80, up $1.60
Canola Jul 11 $577.20 , up 70 cents
Canola Nov 11 $575.60, down $2.40
Canola Jan 12 $583.40, down $2.00
The previous day’s best basis widened to 30 cents under the May contract according to ICE Futures Canada in Winnipeg.
The May contract’s 14-day Relative Strength Index was 44. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.
Western Barley May 11 $200, unchanged
Chicago (per bushel)
Soybeans May 11 $13.78, down 4.75 cents
Soybeans Jul 11 $13.845, down 4.75
Soybeans Nov 11 $13.685, down 6.25
Corn May 11 $7.5225, down 14.0
Corn Dec 11 $6.6725, down 8.5
Oats May 11 $3.6975, down 20.0
Oats Dec 11 $3.925, down 16.5
Minneapolis (per bushel)
Spring Wheat May 11 $9.475, down 26.0 cents
Spring Wheat Jul 11 $9.5425, down 27.25
Spring Wheat Dec 11 $9.5875, down 34.75
Light crude oil nearby futures in New York rose 55 cents to $112.76 US per barrel.
The Canadian dollar at noon was $1.0472 US, down from $1.0519 the previous trading day. The U.S. dollar at noon was 95.49 cents Cdn.
The Toronto Stock Exchange composite index fell 16.53 points or 0.12 percent to 13,892.57.
The Standard and Poor’s 500 index rose 8.42 points, or 0.62 percent, to 1,355.66.
