Canola rallies again on Argentina worries

Canola was one of the market leaders on Wednesday, climbing more than one percent, catching up with soybeans, which rallied again on worries about Argentina’s crop.

March canola closed up $6.30 or 1.24 percent at $515.30 per tonne.

Canola also benefited from the weaker loonie today, which dropped almost USone cent.

March soybeans climbed 0.5 percent on concerns about excess rain in Argentina and the potential to cut production there.

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While soybeans and soy meal have been rising, soy oil has been mostly static.

The vegetable oil market will feel the effects of an expected decline in palm oil prices this year as production recovers from El Nino dryness and the price backs down current levels, that are the highest since the summer of 2014.

Corn futures consolidated after a modest rally on Tuesday.

Minneapolis spring wheat gained back some of the ground lost on Tuesday but Kansas and Chicago were little changed.

ETHANOL

Oklahoma Attorney General Scott Pruitt, President-elect Donald Trump’s choice to lead the Environmental Protection Agency, said on Wednesday he would honor the intent of the U.S. biofuels program, but remained open to tweaking it, Reuters reported.

Renewable Fuels Association chief executive officer and President Bob Dinneen described Pruitt’s comments as “heartening” in a statement.

While generally supportive of program, Pruitt said it was too soon to say whether it needed to be altered.

BANK OF CANADA

The Bank of Canada today kept interest rates steady and nudged up its financial forecast but said an interest rate cut was still in its arsenal if potential negative developments, such as a trade spat with the United States, drag down economic growth.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 43.51 points, or 0.28 percent, at 15,397.85.

The Dow Jones Industrial Average closed down 22.05 points, or 0.11 percent, to 19,804.72, the S&P 500 gained 4 points, or 0.18 percent, to 2,271.89 and the Nasdaq Composite added 16.93 points, or 0.31 percent, to 5,555.65.

Light crude oil nearby futures in New York were down $1.40 to US$51.08 per barrel.

The Canadian dollar at noon was US75.89 cents, down from 76.57 cents the previous trading day. The U.S. dollar at noon was C$1.3177.

Winnipeg ICE Futures Canada dollars per tonne

Canola Mar 2017 515.30 +6.30 +1.24%

Canola May 2017 522.20 +6.20 +1.20%

Canola Jul 2017 525.60 +6.20 +1.19%

Canola Nov 2017 505.40 +4.50 +0.90%

Canola Jan 2018 507.20 +5.00 +1.00%

Milling Wheat Mar 2017 240.00 +6.00 +2.56%

Milling Wheat May 2017 243.00 +2.00 +0.83%

Milling Wheat Jul 2017 242.00 +5.00 +2.11%

Durum Wheat Mar 2017 311.00 -4.00 -1.27%

Durum Wheat May 2017 314.00 -4.00 -1.26%

Durum Wheat Jul 2017 323.00 unch 0.00%

Barley Mar 2017 139.00 unch 0.00%

Barley May 2017 141.00 unch 0.00%

Barley Jul 2017 142.00 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 2017 1075.00 +5.75 +0.54%

Soybeans May 2017 1083.75 +5.75 +0.53%

Soybeans Jul 2017 1088.00 +4.75 +0.44%

Soybeans Aug 2017 1080.75 +5.00 +0.46%

Soybeans Sep 2017 1055.00 +6.25 +0.60%

Soybeans Nov 2017 1028.25 +8.25 +0.81%

Soybean Meal Mar 2017 351.10 +2.30 +0.66%

Soybean Meal May 2017 352.70 +2.50 +0.71%

Soybean Meal Jul 2017 352.10 +2.00 +0.57%

Soybean Oil Mar 2017 35.58 +0.02 +0.06%

Soybean Oil May 2017 35.82 +0.02 +0.06%

Soybean Oil Jul 2017 36.04 +0.02 +0.06%

Corn Mar 2017 365.00 -0.50 -0.14%

Corn May 2017 372.25 -0.50 -0.13%

Corn Jul 2017 379.25 -0.75 -0.20%

Corn Sep 2017 385.50 -0.75 -0.19%

Corn Dec 2017 391.75 -0.75 -0.19%

Oats Mar 2017 257.00 +7.75 +3.11%

Oats May 2017 246.25 +7.25 +3.03%

Oats Jul 2017 244.25 +5.00 +2.09%

Oats Sep 2017 241.00 +3.00 +1.26%

Oats Dec 2017 237.50 +1.25 +0.53%

Wheat Mar 2017 431.00 -2.50 -0.58%

Wheat May 2017 446.00 -2.25 -0.50%

Wheat Jul 2017 461.50 -1.75 -0.38%

Wheat Sep 2017 477.00 -1.75 -0.37%

Wheat Dec 2017 494.50 -1.50 -0.30%

Minneapolis

Spring Wheat Mar 2017 573.50 +7.00 +1.24%

Spring Wheat May 2017 564.00 +5.25 +0.94%

Spring Wheat Jul 2017 561.25 +5.00 +0.90%

Spring Wheat Sep 2017 562.50 +4.50 +0.81%

Spring Wheat Dec 2017 570.00 +4.50 +0.80%

Kansas City

Hard Red Wheat Mar 2017 452.25 +0.25 +0.06%

Hard Red Wheat May 2017 464.25 +0.50 +0.11%

Hard Red Wheat Jul 2017 475.50 +0.25 +0.05%

Hard Red Wheat Sep 2017 489.25 +0.25 +0.05%

Hard Red Wheat Dec 2017 509.25 +1.00 +0.20%

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Feb 2017 120.28 +0.70 +0.59%

Live Cattle (P) Apr 2017 119.40 +0.40 +0.34%

Live Cattle (P) Jun 2017 108.92 +0.39 +0.36%

Feeder Cattle (P) Jan 2017 131.00 +0.07 +0.05%

Feeder Cattle (P) Mar 2017 129.55 -0.50 -0.38%

Feeder Cattle (P) Apr 2017 129.08 -0.42 -0.32%

Lean Hogs (P) Feb 2017 65.20 -0.60 -0.91%

Lean Hogs (P) Apr 2017 68.82 -0.91 -1.31%

Lean Hogs (P) May 2017 73.80 -0.98 -1.31%

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