Canola closed higher on Wednesday, supported by talk of exporter demand and support from rising wheat and soybeans.
Rain in large arts of the Prairie has stalled harvest. Here is a map of today’s expected rain fall.
Gains were limited by expectations of a record shattering Canadian canola crop and general weakness in global veg oil market.
Wheat posted strong gains, supported by overnight frost yesterday and today in Argentina that is expected to do some damage to the newly planted wheat crop there. However, Reuters reports that farmers there say the damage is not serious.
Read Also
U.S. livestock: Hog futures hit contract highs on shock herd decline
Chicago | Reuters – Lean hog futures stormed to contract highs at the Chicago Mercantile Exchange on Friday as smaller-than-expected…
USDA’s forecast for the Argentine wheat crop is 12 million tonnes, up from 10 million tonnes the previous season. Planting intentions increased this year thanks to a local price surge caused by high early-season exports.
Wheat was also supported by Chinese domestic prices have hit record highs due to the damage that late rains did to its harvest a few months back. China is already expected to be the world’s largest wheat importer this year and some analysts think current forecasts for its imports might have to be revised upward.
Crop forecaster Lanworth raised its forecast of the 2013-14 global soybean harvest to 284 million tonnes, up three million tonnes from last week.
Winnipeg ICE Futures Canada in $Cdn per tonne
Canola Nov 13      484.90s   +4.80
Canola Jan 14      494.60s   +4.80
Canola Mar 14      502.30s   +4.70
Canola May 14      508.40s   +4.30
Canola Jul 14      514.40s   +4.10
Milling Wheat Oct 13      233.00s   +4.00
Milling Wheat Dec 13      237.00s   +4.00
Milling Wheat Mar 14      244.00s   +4.00
Durum Wheat Oct 13   259.00s   unch
Durum Wheat Dec 13   267.00s   unch
Durum Wheat Mar 14   273.00s   unch
Barley Oct 13      158.30s   unch
Barley Dec 13      161.30s   unch
Barley Mar 14      163.30s   unch
Soybeans Nov 13   1321-6s   +9-2
Soybeans Jan 14   1324-0s   +9-2
Soybeans Mar 14   1305-4s   +7-0
Soybeans May 14   1283-4s   +4-4
Soybeans Jul 14   1274-6s   +3-2
Soybean Meal Oct 13      418.6s   +4.5
Soybean Meal Dec 13   417.1s   +4.8
Soybean Meal Jan 14   `   415.9s   +4.7
Soybean Oil Oct 13      41.82s   -0.02
Soybean Oil Dec 13      42.09s   unch
Soybean Oil Jan 14      42.37s   unch
Corn Dec 13   454-6s   +6-0
Corn Mar 14   467-2s   +5-6
Corn May 14   475-4s   +5-6
Corn Jul 14   481-6s   +5-6
Corn Sep 14   484-0s   +5-0
Oats Dec 13   313-6s   +3-2
Oats Mar 14   310-4s   +1-0
Oats May 14   312-0s   +3-0
Oats Jul 14   307-2s   +3-0
Oats Sep 14   312-2s   +2-4
Wheat Dec 13   670-4s   +12-2
Wheat Mar 14   680-6s   +12-2
Wheat May 14   685-4s   +11-6
Wheat Jul 14   677-0s   +10-4
Wheat Sep 14   682-0s   +10-4
Spring Wheat Dec 13      718-2s   +13-2
Spring Wheat Mar 14      727-2s   +12-4
Spring Wheat May 14   732-6s   +11-0
Spring Wheat Jul 14      737-6s   +10-2
Spring Wheat Sep 14      740-0s   +10-0
KCBT Red Wheat Dec 13      718-2s   +13-2
KCBT Red Wheat May 14      719-4s   +11-4
KCBT Red Wheat Jul 14      705-0s   +11-0
KCBT Red Wheat Sep 14      713-2s   +10-2
Light crude oil nearby futures in New York dropped 47 cents at $102.66 US per barrel.
The Canadian dollar at noon was 97.13 cents US, unchanged from the previous trading day. The U.S. dollar at noon was $1.0295 Cdn.
The U.S. government is back to battling over whether to lift the debt ceiling and over funding to continue to run federal agencies. That uncertainty weighed on stock markets.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 12.18 points, or 0.09 percent, at 12,836.71.
The Dow Jones industrial average was down 61.33 points, or 0.40 percent, at 15,273.26.
The Standard & Poor’s 500 Index was down 4.65 points, or 0.27 percent, at 1,692.77.
The Nasdaq Composite Index was down 7.16 points, or 0.19 percent, at 3,761.10.
