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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Chicago Mercantile Exchange cattle futures declined for a second straight session on Wednesday in a profit-taking and technical-selling correction from recent highs.
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 2014 419.20 +3.70 +0.89%
Canola May 2014 429.80 +4.30 +1.01%
Canola Jul 2014 439.30 +4.00 +0.92%
Canola Nov 2014 454.80 +2.60 +0.57%
Canola Jan 2015 462.00 +2.60 +0.57%
Milling Wheat Mar 2014 188.00 -5.00 -2.59%
Milling Wheat May 2014 189.00 -5.00 -2.58%
Milling Wheat Jul 2014 190.00 -5.00 -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 2014 1393.5 -13.75 -0.98%
Soybeans May 2014 1390 -7 -0.50%
Soybeans Jul 2014 1366.75 -6.5 -0.47%
Soybeans Aug 2014 1313 -10.75 -0.81%
Soybeans Sep 2014 1216.25 -18 -1.46%
Soybeans Nov 2014 1155.5 -13.75 -1.18%
Soybean Meal Mar 2014 464 -4.3 -0.92%
Soybean Meal May 2014 451.6 -2.1 -0.46%
Soybean Meal Jul 2014 438.2 -1.8 -0.41%
Soybean Oil Mar 2014 40.9 -0.3 -0.73%
Soybean Oil May 2014 41.15 -0.31 -0.75%
Soybean Oil Jul 2014 41.29 -0.33 -0.79%
Corn Mar 2014 448 -7.5 -1.65%
Corn May 2014 454.5 -6.5 -1.41%
Corn Jul 2014 458.5 -6.25 -1.34%
Corn Sep 2014 458.5 -5 -1.08%
Corn Dec 2014 461 -5.5 -1.18%
Oats Mar 2014 510.5 +3.75 +0.74%
Oats May 2014 464 +3.25 +0.71%
Oats Jul 2014 404.5 +0.75 +0.19%
Oats Sep 2014 350.25 +1.75 +0.50%
Oats Dec 2014 343 +3.25 +0.96%
Wheat Mar 2014 582.25 -17.75 -2.96%
Wheat May 2014 589.25 -16.25 -2.68%
Wheat Jul 2014 595.75 -15.25 -2.50%
Wheat Sep 2014 604 -15.25 -2.46%
Wheat Dec 2014 616.25 -15.75 -2.49%
Minneapolis
Spring Wheat Mar 2014 655.5 -14.75 -2.20%
Spring Wheat May 2014 643.25 -11.25 -1.72%
Spring Wheat Jul 2014 644 -13.75 -2.09%
Spring Wheat Sep 2014 651.75 -13.75 -2.07%
Spring Wheat Dec 2014 663 -13.75 -2.03%
Kansas City
KCBT Red Wheat Mar 2014 662.25 -16.75 -2.47%
KCBT Red Wheat May 2014 665.5 -14.5 -2.13%
KCBT Red Wheat Jul 2014 661.25 -15 -2.22%
KCBT Red Wheat Sep 2014 668.75 -13.25 -1.94%
KCBT Red Wheat Dec 2014 679.75 -12.25 -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 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.
