Canola closed mixed and wheat fell on Thursday.
Nearby canola was slightly lower on profit taking as well as falling soy oil and crude oil. New crop months rose, supported by new speculative buying and concern creeping in about dryness and lack of snow on the western Prairies.
March canola closed at $522.70 per tonne, down $1.10
November canola rose $2 to close at $512.
• Wheat markets edged lower on forecasts for warmer weather in Europe and questions about how much damage was caused by the current bitter cold in Europe and Russia.
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U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
One analysts quoted by Reuters suggested that rapeseed might have been hit harder by the cold than wheat. The greatest concern for crops appears to be for areas in eastern Europe, Ukraine and Russia were there is little snow cover.
• Dry areas of southern Brazil got rain.
• Citing smaller South American crops, Goldman Sachs today raised its three- and six-month price forecasts for corn to $6.90 per bushel, from $6.30 previously.
It left its 12-month corn forecast unchanged at $5.25, saying an expected increase in U.S. corn acres this spring should calm supply fears.
Goldman expects 94.5 million acres of corn, up from 91.9 million last year.
For soybeans, the bank raised its three-, six-and 12-month price forecasts to $12.90 per bu., from $12.15 previously.
It forecast 75.5 million acres of U.S. soybeans, up from 75 million last year.
It said the stronger corn price would support wheat. It raised its three- and six-month wheat price forecasts to $6.80 per bu., from $6.20. Its all-wheat seeding forecast is 58 million acres, up from 54.4 million in 2011.
Winnipeg (per tonne)
Canola Mar 12 $522.70, down $1.10 -0.21%
Canola May 12 $527.40, down $2.00 -0.38%
Canola Jul 12 $531.20, down $0.30 -0.06%
Canola Nov 12 $512.00, up $2.00 +0.39%
The previous trading day’s best basis was $7.27 per tonne off the March contract, said the ICE Futures Canada exchange in Winnipeg.
The 14-day relative strength index was 53.
Western Barley Mar 12 $212.00, unchanged
Western Barley May 12 $216.00, unchanged
Milling Wheat Oct 12 $264.50, down $1.70 -0.64%
Milling Wheat Dec 12 $269.00, down $1.70 -0.63%
Milling Wheat Mar 12 $276.00, down $1.70 -0.61%
Durum Wheat Oct 12 $270.00, up $1.50 +0.56%
Durum Wheat Dec 12 $274.50, up $1.50 +0.55%
Durum Wheat Mar 13 $279.50, up $1.50 +0.54%
Barley Oct 12 $180.50, unchanged
Barley Dec 12 $184.00, unchanged
Barley Mar 13 $185.50, unchanged
Chicago (per bushel)
Soybeans Mar 12 $12.17, up 1.75 cents +0.14%
Soybeans May 12 $12.255, up 1.25 +0.10%
Soybeans Nov 12 $12.2375, up 5.5 +0.45%
Corn Mar 12 $6.43, up 1.0 +0.16%
Corn May 12 $6.495, up 1.25 +0.19%
Corn Dec 12 $5.79, up 2.25 +0.39%
Oats Mar 12 $3.08, up 3.0 +0.98%
Oats May 12 $3.0225, up 1.0 +0.33%
Oats Dec 12 $3.1575, up 3.0 +0.96%
Minneapolis (per bushel)
Spring Wheat Mar 12 $8.36, down 0.75 cent -0.09%
Spring Wheat May 12 $8.23, down 1.25 -0.15%
Spring Wheat Dec 12 $7.925, down 5.0 -0.63%
Nearby light crude oil in New York fell $1.25 to settle at $96.36 a barrel.
The Canadian dollar at noon climbed above parity to $1.0015 US, down from $1.0029 the previous trading day. The U.S. dollar at noon was 99.85 cents Cdn.
The Toronto Stock Exchange composite Unofficially closed up 35.82 points, or 0.29 percent, at 12,553.48.
The Dow Jones industrial average dropped 7.68 points, or 0.06 percent, to 12,708.78. The Standard & Poor’s 500 Index gained 1.86 points, or 0.14 percent, to 1,325.95. The Nasdaq Composite Index rose 9.87 points, or 0.35 percent, to 2,858.14.
