Canola closed higher Thursday but off its daily highs, propelled by an early rally in soybeans and a weak loonie.
Solid weekly U.S. export sales and no indication of cancelled orders ignited soybeans in the early going and canola tagged along.
But late in the session soybean gave back ground on profit taking and on talk that a large port in northern China has stopped unloading soybeans from ships after running out of space at its storage facilities.
Drier weather in Mato Grosso in Brazil today will help resumption of harvest, but the delays have supported oilseed prices and kept importers going to the U.S. for supply.
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Palm oil also closed lower on profit taking after recent gains. But concerns about dry weather in southeast Asia limited the fall.
Most traded May canola climbed as high as $433.20 before settling at $429.80 per tonne, up $4.30.
November hit 459.50 before setttling at $454.80, up 2.60.
Wheat was hammered lower with March Chicago falling almost three percent. Kansas March fell about 2.5 percent and Minneapolis fell about 2.2 percent.
The market appears to think that U.S. wheat is too expensive. The fact the U.S. got no part of an Egyptian tender was seen to confirm that perception. Russia and Ukraine got the business.
European Union wheat exporters are having a excellent year and export pace is still strong with this week’s shipments the highest so fara in the marketing year.
Falling wheat weighed down corn.
The International Grains Council issued it first outlook for the new crop year. It pegged global wheat production at 696 million tonnes, down two percent from 708 million in 2013-14.
It sees total use will rise to 698 million, exceeding production by two million tonnes.
It sees corn production in the new year down one percent from the current year’s 959 million tonnes,.
The production reductions are based on a return to average yields after bumper crops this year.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2014Â Â Â Â Â Â 419.20Â Â Â Â Â Â +3.70Â Â Â Â Â Â +0.89%
Canola May 2014Â Â Â Â Â Â 429.80Â Â Â Â Â Â +4.30Â Â Â Â Â Â +1.01%
Canola Jul 2014Â Â Â Â Â Â 439.30Â Â Â Â Â Â +4.00Â Â Â Â Â Â +0.92%
Canola Nov 2014Â Â Â Â Â Â 454.80Â Â Â Â Â Â +2.60Â Â Â Â Â Â +0.57%
Canola Jan 2015Â Â Â Â Â Â 462.00Â Â Â Â Â Â +2.60Â Â Â Â Â Â +0.57%
Milling Wheat Mar 2014Â Â Â Â Â Â 188.00Â Â Â Â Â Â -5.00Â Â Â Â Â Â -2.59%
Milling Wheat May 2014Â Â Â Â Â Â 189.00Â Â Â Â Â Â -5.00Â Â Â Â Â Â -2.58%
Milling Wheat Jul 2014Â Â Â Â Â Â 190.00Â Â Â Â Â Â -5.00Â Â Â Â Â Â -2.56%
Durum Wheat Mar 2014      245.00      unch      0.00%
Durum Wheat May 2014      249.00      unch      0.00%
Durum Wheat Jul 2014      250.00      unch      0.00%
Barley Mar 2014      126.50      unch      0.00%
Barley May 2014      128.50      unch      0.00%
Barley Jul 2014      128.50      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 2014Â Â Â Â Â Â 1393.5Â Â Â Â Â Â -13.75Â Â Â Â Â Â -0.98%
Soybeans May 2014Â Â Â Â Â Â 1390Â Â Â Â Â Â -7Â Â Â Â Â Â -0.50%
Soybeans Jul 2014Â Â Â Â Â Â 1366.75Â Â Â Â Â Â -6.5Â Â Â Â Â Â -0.47%
Soybeans Aug 2014Â Â Â Â Â Â 1313Â Â Â Â Â Â -10.75Â Â Â Â Â Â -0.81%
Soybeans Sep 2014Â Â Â Â Â Â 1216.25Â Â Â Â Â Â -18Â Â Â Â Â Â -1.46%
Soybeans Nov 2014Â Â Â Â Â Â 1155.5Â Â Â Â Â Â -13.75Â Â Â Â Â Â -1.18%
Soybean Meal Mar 2014Â Â Â Â Â Â 464Â Â Â Â Â Â -4.3Â Â Â Â Â Â -0.92%
Soybean Meal May 2014Â Â Â Â Â Â 451.6Â Â Â Â Â Â -2.1Â Â Â Â Â Â -0.46%
Soybean Meal Jul 2014Â Â Â Â Â Â 438.2Â Â Â Â Â Â -1.8Â Â Â Â Â Â -0.41%
Soybean Oil Mar 2014Â Â Â Â Â Â 40.9Â Â Â Â Â Â -0.3Â Â Â Â Â Â -0.73%
Soybean Oil May 2014Â Â Â Â Â Â 41.15Â Â Â Â Â Â -0.31Â Â Â Â Â Â -0.75%
Soybean Oil Jul 2014Â Â Â Â Â Â 41.29Â Â Â Â Â Â -0.33Â Â Â Â Â Â -0.79%
Corn Mar 2014Â Â Â Â Â Â 448Â Â Â Â Â Â -7.5Â Â Â Â Â Â -1.65%
Corn May 2014Â Â Â Â Â Â 454.5Â Â Â Â Â Â -6.5Â Â Â Â Â Â -1.41%
Corn Jul 2014Â Â Â Â Â Â 458.5Â Â Â Â Â Â -6.25Â Â Â Â Â Â -1.34%
Corn Sep 2014Â Â Â Â Â Â 458.5Â Â Â Â Â Â -5Â Â Â Â Â Â -1.08%
Corn Dec 2014Â Â Â Â Â Â 461Â Â Â Â Â Â -5.5Â Â Â Â Â Â -1.18%
Oats Mar 2014Â Â Â Â Â Â 510.5Â Â Â Â Â Â +3.75Â Â Â Â Â Â +0.74%
Oats May 2014Â Â Â Â Â Â 464Â Â Â Â Â Â +3.25Â Â Â Â Â Â +0.71%
Oats Jul 2014Â Â Â Â Â Â 404.5Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.19%
Oats Sep 2014Â Â Â Â Â Â 350.25Â Â Â Â Â Â +1.75Â Â Â Â Â Â +0.50%
Oats Dec 2014Â Â Â Â Â Â 343Â Â Â Â Â Â +3.25Â Â Â Â Â Â +0.96%
Wheat Mar 2014Â Â Â Â Â Â 582.25Â Â Â Â Â Â -17.75Â Â Â Â Â Â -2.96%
Wheat May 2014Â Â Â Â Â Â 589.25Â Â Â Â Â Â -16.25Â Â Â Â Â Â -2.68%
Wheat Jul 2014Â Â Â Â Â Â 595.75Â Â Â Â Â Â -15.25Â Â Â Â Â Â -2.50%
Wheat Sep 2014Â Â Â Â Â Â 604Â Â Â Â Â Â -15.25Â Â Â Â Â Â -2.46%
Wheat Dec 2014Â Â Â Â Â Â 616.25Â Â Â Â Â Â -15.75Â Â Â Â Â Â -2.49%
Minneapolis
Spring Wheat Mar 2014Â Â Â Â Â Â 655.5Â Â Â Â Â Â -14.75Â Â Â Â Â Â -2.20%
Spring Wheat May 2014Â Â Â Â Â Â 643.25Â Â Â Â Â Â -11.25Â Â Â Â Â Â -1.72%
Spring Wheat Jul 2014Â Â Â Â Â Â 644Â Â Â Â Â Â -13.75Â Â Â Â Â Â -2.09%
Spring Wheat Sep 2014Â Â Â Â Â Â 651.75Â Â Â Â Â Â -13.75Â Â Â Â Â Â -2.07%
Spring Wheat Dec 2014Â Â Â Â Â Â 663Â Â Â Â Â Â -13.75Â Â Â Â Â Â -2.03%
Kansas City
KCBT Red Wheat Mar 2014Â Â Â Â Â Â 662.25Â Â Â Â Â Â -16.75Â Â Â Â Â Â -2.47%
KCBT Red Wheat May 2014Â Â Â Â Â Â 665.5Â Â Â Â Â Â -14.5Â Â Â Â Â Â -2.13%
KCBT Red Wheat Jul 2014Â Â Â Â Â Â 661.25Â Â Â Â Â Â -15Â Â Â Â Â Â -2.22%
KCBT Red Wheat Sep 2014Â Â Â Â Â Â 668.75Â Â Â Â Â Â -13.25Â Â Â Â Â Â -1.94%
KCBT Red Wheat Dec 2014Â Â Â Â Â Â 679.75Â Â Â Â Â Â -12.25Â Â Â Â Â Â -1.77%
Light crude oil nearby futures in New York dropped 19 cents at $102.40 US per barrel.
The Canadian dollar at noon was 89.77 cents US, down from 89.95 cents the previous trading day. The U.S. dollar at noon was $1.1140 Cdn.
Federal Reserve chair Janet Yellen spoke to the U.S. Senate banking committee, saying the slower pace of economic growth early this year appears to be the result of severe winter weather but the bank would be alert to any signs of afundamental weakness.
In unofficial tallies —
The Toronto Stock Exchange’s S&P/TSX composite index closed up 26.16 points, or 0.18 percent, at 14,214.74.
The Dow Jones industrial average  rose 74.30 points or 0.46 percent, to end at 16,272.71.
The S&P 500 Â gained 9.13 points or 0.49 percent, to finish at 1,854.29.
The Nasdaq Composite added 26.869 points or 0.63 percent, to close at 4,318.933.
