The weak Canadian dollar helped the oilseed’s futures price to rise Wednesday.
Rising soybeans also support to canola.
May canola closed at $469.60, up $7.80 or about 1.7 percent.
U.S. soybean futures rose on Wednesday, with support from a report Tuesday from Brazil’s government crop supply agency, Conab. It trimmed 1.3 million tonnes from its soybean crop forecast to 93.3 million.
However, gains were limited by the strong American dollar.
Reuters reported May soymeal broke through its 100-day moving average but hit resistance at its 200-day moving average.
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Most Argentine farmers halted crop sales on Wednesday, a farming group said, as they kicked off a three-day strike that will reduce the delivery of grains to port.
Corn futures rose, lifted by investor short-covering and worries of delayed plantings or reduced acreage in the United States.
The U.S. Department of Agriculture’s surprise cut in its domestic and global ending stocks forecast on Tuesday also buoyed the market, while cash markets were firm and ethanol production rose, further supporting prices, Reuters reported.
Brokerage house Allendale reported on its survey. It said U.S. farmers would seed 88.508 million acres of corn, down from 90.597 million last year.
That is about a half million acres less than USDA’s estimate.
Allendale pegged soybean acres at 86.1 million acres. That would be a record, but is less than what traders were forecasting a few weeks ago.
Chicago wheat futures rose for a fourth straight session, with benchmark May reaching a one-week top on fund short-covering and concern about dry conditions in the U.S. Plains, Reuters reported.
Forecasts call for dry weather this week in the southern Plains as winter wheat starts to emerge from dormancy.
Hard red winter and spring wheat also rose, but the gains in MGEX spring wheat were limited by a weaker Canadian dollar making Canadian spring wheat more competitive on the world market, Reuters reported.
Ukraine’s wheat exports in 2015-16 could fall by 3.6 percent to 10.8 million tonnes due to a smaller harvest, the UkrAgroConsult consulting firm said.
Light crude oil nearby futures in New York were down 12 cents to US$48.17 per barrel.
The Canadian dollar at noon was US78.35 cents, down from US79.16 cents the previous trading day. The U.S. dollar at noon was C$1.2764.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2015 464.50 +7.70
Canola May 2015 469.50 +7.70
Canola Jul 2015 464.50 +7.50
Canola Nov 2015 451.40 +2.90
Canola Jan 2016 453.10 +2.90
Milling Wheat Mar 2015 228.00 +1.00
Milling Wheat May 2015 235.00 +1.00
Milling Wheat Jul 2015 238.00 +1.00
Durum Wheat Mar 2015 333.00 unch 0.00%
Durum Wheat May 2015 323.00 unch 0.00%
Durum Wheat Jul 2015 313.00 unch 0.00%
Barley Mar 2015 182.00 unch 0.00%
Barley May 2015 184.00 unch 0.00%
Barley Jul 2015 186.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2015 989 +9 +0.92%
Soybeans May 2015 992.75 +8.25 +0.84%
Soybeans Jul 2015 997 +7.75 +0.78%
Soybeans Aug 2015 995.25 +7.25 +0.73%
Soybeans Sep 2015 980.5 +7.25 +0.74%
Soybeans Nov 2015 971.5 +6.25 +0.65%
Soybean Meal Mar 2015 345.7 +3.7 +1.08%
Soybean Meal May 2015 333.3 +2.3 +0.69%
Soybean Meal Jul 2015 329.8 +2.5 +0.76%
Soybean Oil Mar 2015 30.97 +0.13 +0.42%
Soybean Oil May 2015 31.1 +0.14 +0.45%
Soybean Oil Jul 2015 31.28 +0.13 +0.42%
Corn Mar 2015 384 +1.75 +0.46%
Corn May 2015 391 +3 +0.77%
Corn Sep 2015 405.75 +2.5 +0.62%
Corn Dec 2015 414.25 +2 +0.49%
Oats Mar 2015 280.5 -8.25 -2.86%
Oats May 2015 282 -0.5 -0.18%
Oats Jul 2015 284.5 -0.5 -0.18%
Oats Sep 2015 288 +0.25 +0.09%
Oats Dec 2015 285 -0.75 -0.26%
Wheat Mar 2015 503 +6.5 +1.31%
Wheat May 2015 499 +5.75 +1.17%
Wheat Jul 2015 501.75 +4.75 +0.96%
Wheat Sep 2015 511 +4 +0.79%
Wheat Dec 2015 524.75 +3 +0.57%
Minneapolis
Spring Wheat Mar 2015 554.5 +2.75 +0.50%
Spring Wheat May 2015 567 +2.25 +0.40%
Spring Wheat Jul 2015 572.75 +2.25 +0.39%
Spring Wheat Sep 2015 580.25 +2 +0.35%
Spring Wheat Dec 2015 590.25 +2 +0.34%
Kansas City
Hard Red Wheat Mar 2015 538.5 +3.75 +0.70%
Hard Red Wheat May 2015 540.75 +4.75 +0.89%
Hard Red Wheat Jul 2015 544.75 +4.25 +0.79%
Hard Red Wheat Sep 2015 555.75 +4 +0.72%
Hard Red Wheat Dec 2015 570.75 +2.75 +0.48%
