Canola futures rose Thursday, supported by rising soybeans and speculator ideas that canola has more upside price potential than soybeans.
Also, the loonie trading at less than US87 cents supported canola.
Gains were capped by increased farmer cash selling as the weather warms and prices recover from recent weakness.
Wheat also rose. Reuters reported that traders said wheat’s gain was triggered by technical signals and revived talk that Russia might restrict exports.
However, Russia this week won a major portion, 120,000 tonnes, of a tender to supply Egypt with 180,000 tonnes of wheat. That was evidence for some analysts that there should be no concern of a Russia export slowdown.
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There remain concerns in Russia about rising domestic prices for wheat and flour. The price on the domestic market has been forced to rise to match the international price. As the value of the rouble plunges, Russian wheat sellers get more domestic currency when they sell to international buyers.
The USDA said U.S. wheat export sales in the last week were 442,300 tonnes, in line with expectations.
On Wednesday the USDA pegged world year end stocks above market expectations, while French farm agency FranceAgriMer on the same day lifted its forecast of soft wheat stocks in the European Union’s top producer to a new 10-year high.
Soybeans rose on thoughts that Wednesday’s declines were overdone. On Wednesday the market shrugged off a monthly USDA report that had a bullish decline in domestic soybean ending stocks.
Weekly U.S. soybean export sales were 810,300 tonnes, in line with market forecasts.
The market expects the monthly report from the U.S. National Oilseed Processors Association on Monday will show a record soybean crush in November.
American crushers were enjoying record strong crushing margins.
Soybean seeding in Argentina is advancing and so far 67 percent of the 20.6 million hectares expected to be sown with soy this season has been planted,
Rain last week replenished soil moisture in a number of areas.
Corn rose on strong weekly export sales and technical buying, but prices closed below their peaks on a lack of follow-through buying amid plentiful supplies.
Light crude oil nearby futures in New York down 99 cents to US$59.95 per barrel.
The Canadian dollar at noon was US86.69 cents, down from 87.09 cents the previous trading day. The U.S. dollar at noon was C$1.1535.
In early unofficial tallies:
The Toronto Stock Exchange composite recovered a little of the ground lost in the heavy sell off Wednesday. U.S. indexes rose, supported by strong consumer spending data for November.
The TSX composite rose 52.17 points or 0.38 percent to 13,905.12
The Dow Jones industrial average rose 63.13 points, or 0.36 percent, to 17,596.28, the S&P 500 gained 9.2 points, or 0.45 percent, to 2,035.34 and the Nasdaq added 24.14 points, or 0.52 percent, to 4,708.16.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2015 435.00 +3.10
Canola Mar 2015 430.40 +3.90
Canola May 2015 430.70 +2.90
Canola Jul 2015 431.80 +3.00
Canola Nov 2015 428.80 +2.60
Milling Wheat Dec 2014 224.00 -1.00 -0.44%
Milling Wheat Mar 2015 232.00 -1.00 -0.43%
Milling Wheat May 2015 235.00 -1.00 -0.42%
Durum Wheat Dec 2014 356.50 unch 0.00%
Durum Wheat Mar 2015 357.50 unch 0.00%
Durum Wheat May 2015 357.50 unch 0.00%
Barley Dec 2014 174.00 unch 0.00%
Barley Mar 2015 177.00 unch 0.00%
Barley May 2015 179.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2015 1042.25 +10.25 +0.99%
Soybeans Mar 2015 1048.75 +10.25 +0.99%
Soybeans May 2015 1054.75 +9.75 +0.93%
Soybeans Jul 2015 1059.75 +9.75 +0.93%
Soybeans Aug 2015 1056.75 +9.25 +0.88%
Soybeans Sep 2015 1035.5 +9.5 +0.93%
Soybean Meal Dec 2014 406.1 +0.9 +0.22%
Soybean Meal Jan 2015 371.5 +2.4 +0.65%
Soybean Meal Mar 2015 358.2 +2.1 +0.59%
Soybean Oil Dec 2014 31.93 +0.26 +0.82%
Soybean Oil Jan 2015 32.02 +0.27 +0.85%
Soybean Oil Mar 2015 32.24 +0.28 +0.88%
Corn Dec 2014 390 +7.5 +1.96%
Corn Mar 2015 398.5 +4.75 +1.21%
Corn May 2015 406.5 +4.25 +1.06%
Corn Jul 2015 412.5 +4 +0.98%
Corn Sep 2015 417.25 +3.5 +0.85%
Oats Dec 2014 304.75 +0.25 +0.08%
Oats Mar 2015 311.5 +1.25 +0.40%
Oats May 2015 314.5 +1.5 +0.48%
Oats Jul 2015 314.5 -1.25 -0.40%
Oats Sep 2015 313.25 -1 -0.32%
Wheat Dec 2014 610.25 +17 +2.87%
Wheat Mar 2015 597.5 +15.75 +2.71%
Wheat May 2015 600.25 +15.25 +2.61%
Wheat Jul 2015 601.5 +13.25 +2.25%
Wheat Sep 2015 610 +13.25 +2.22%
Minneapolis
Spring Wheat Dec 2014 620 +22 +3.68%
Spring Wheat Mar 2015 615.25 +10.75 +1.78%
Spring Wheat May 2015 622.75 +9.25 +1.51%
Spring Wheat Jul 2015 630.5 +9.25 +1.49%
Spring Wheat Sep 2015 637.75 +8.25 +1.31%
Kansas City
Hard Red Wheat Mar 2015 627.5 +10 +1.62%
Hard Red Wheat May 2015 631.5 +10 +1.61%
Hard Red Wheat Jul 2015 634.75 +10.25 +1.64%
Hard Red Wheat Sep 2015 644.75 +9.75 +1.54%
