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.

WATCH THE LATEST CROP MARKET VIDEO UPDATE

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%

 

 

About the author

Comments

explore

Stories from our other publications