Old crop canola futures traded in a narrow range Wednesday and closed a little lower but new crop made gains.
There is a stand off between farmers who think very tight stocks should push the price of old crop higher and buyers who think canola is overpriced.
May closed at $623.30, down 60 cents while November closed at $558.90, up $4.
The oilseed complex got early support from rising palm oil after Malaysian palm export data for the first 20 days of March was higher than expected, raising hopes that still huge palm oil stocks will be whittled down.
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China’s appetite for soybeans is likely to weaken during the peak U.S. marketing season later this year, as record imports earlier in 2025 and tepid demand from animal feed producers have pushed up soymeal inventories at home, trade sources said.
Support also came from concerns about tight old crop U.S. soybean supplies and talk that Chinese buyers have cancelled orders from Brazil because of port congestion. Some business might switch to the U.S.
New crop soybean gains were limited by a report from private crop forecaster Lanworth that put the 2013-14 U.S. soybean area at 81.3 million acres, well above the USDA forecast for 77.5 million and Allendale’s forecast of 78.324 million.
Wheat was supported by concerns freezing temperatures in the U.S. Plains this weekend could harm some winter wheat fields that have recently come out of dormancy. Just last week, the area experienced much warmer than normal temperatures. Dodge City Kansas hit 28 C on March 15. Lows of -5 to -6 C are expected Saturday-Monday.
Lanworth expects U.S. farmers will seed 96.5 million acres of corn, producing a crop of 13.64 billion bu.
USDA’s forecast is 96.5 million acres and a crop of 14.53 billion bu.
Lanworth sees 81.3 million acres of soybeans, producing a crop of 3.455 billion bu.
USDA sees 77.5 million acres of soybeans and a crop of 3.405 billion bu.
Winnipeg ICE Futures Canada in dollar per tonne
Canola May 2013 623.30 -0.60 -0.10%
Canola Jul 2013 610.30 -0.10 -0.02%
Canola Nov 2013 558.90 +4.00 +0.72%
Canola Jan 2014 560.90 +4.40 +0.79%
Canola Mar 2014 559.40 +4.10 +0.74%
Milling Wheat May 2013 292.00 unch 0.00%
Milling Wheat Jul 2013 294.00 unch 0.00%
Milling Wheat Oct 2013 294.00 unch 0.00%
Durum Wheat May 2013 311.00 unch 0.00%
Durum Wheat Jul 2013 314.00 unch 0.00%
Durum Wheat Oct 2013 299.30 unch 0.00%
Barley May 2013 243.00 unch 0.00%
Barley Oct 2013 243.50 unch 0.00%
U.S. crops in cents per bushel, soybean meal in dollars per short ton and soybean oil in cents per pound
Chicago
Soybeans May 2013 1419.75 +13 +0.92%
Soybeans Jul 2013 1399.25 +11.25 +0.81%
Soybeans Aug 2013 1359 +9 +0.67%
Soybeans Sep 2013 1294.75 +7 +0.54%
Soybeans Nov 2013 1261 +5.5 +0.44%
Soybeans Jan 2014 1265.75 +5.5 +0.44%
Soybean Meal May 2013 413.8 +2.2 +0.53%
Soybean Meal Jul 2013 408.2 +2.5 +0.62%
Soybean Meal Aug 2013 393 +1.8 +0.46%
Soybean Oil May 2013 49.84 +0.36 +0.73%
Soybean Oil Jul 2013 50.1 +0.38 +0.76%
Soybean Oil Aug 2013 50.01 +0.35 +0.70%
Corn May 2013 732.5 +4 +0.55%
Corn Jul 2013 717.25 +5.25 +0.74%
Corn Sep 2013 595 +4.75 +0.80%
Corn Dec 2013 567 +4.75 +0.84%
Corn Mar 2014 576 +4.75 +0.83%
Oats May 2013 399.25 +3.25 +0.82%
Oats Jul 2013 389.75 +2.75 +0.71%
Oats Sep 2013 365.5 -3 -0.81%
Oats Dec 2013 359.5 -2.5 -0.69%
Oats Mar 2014 371.5 -2.5 -0.67%
Chicago soft red wheat
Wheat May 2013 736 +14 +1.94%
Wheat Jul 2013 734 +13.25 +1.84%
Wheat Sep 2013 739.25 +12.75 +1.75%
Wheat Dec 2013 750.25 +11.75 +1.59%
Wheat Mar 2014 762.5 +11.25 +1.50%
Minneapolis hard spring wheat
Spring Wheat May 2013 809.5 +10.75 +1.35%
Spring Wheat Jul 2013 809 +11 +1.38%
Spring Wheat Sep 2013 809 +12 +1.51%
Spring Wheat Dec 2013 815.25 +11.5 +1.43%
Spring Wheat Mar 2014 826.25 +12.75 +1.57%
Kansas City hard winter wheat
KCBT Red Wheat May 2013 766.25 +14.5 +1.93%
KCBT Red Wheat Jul 2013 771 +14.25 +1.88%
KCBT Red Wheat Sep 2013 782 +13.75 +1.79%
KCBT Red Wheat Dec 2013 796.25 +13 +1.66%
KCBT Red Wheat Mar 2014 809.5 +14 +1.76%
The Bank of Canada noon rate for the loonie was 97.39 cents US, up slightly from 97.33 cents on Tuesday. The U.S. buck was $1.0268 Cdn.
Crude oil in New York rose 80 cents to $92.96 per barrel.
Cyprus’s financial crisis continued to keep markets on edge, however U.S. Federal Reserve decision today to keep its bond-buying stimulus plan in place lifted indexes.
In early tallies —
The Toronto Stock Exchange’s S&P/TSX composite index was up 52.68 points, or 0.41 percent, at 12,826.55.
The Dow Jones industrial average rose 55.98 points, or 0.39 percent, to finish at 14,511.80.
The Standard & Poor’s 500 Index gained 10.38 points, or 0.67 percent, to end at 1,558.72.
The Nasdaq Composite Index added 25.09 points, or 0.78 percent, to close at 3,254.19.
