Canola futures contracts made a big recovery late Wednesday after plunging down as low as $435.50 in overnight trade in the day.
May closed at $452.10 per tonne, up $5.30 from Tuesday’s close.
A U.S. monthly report on soybean oil stocks showed levels were higher than expected.
That pressured soy oil an early loss, helping to push May Canola below technical support at $440, but then bargain buying kicked in around mid morning and prices gained momentum.
A weaker Canadian dollar provided support, as did a late day partial recovery in soy oil and bargain buying.
The Canadian canola industry is still uncertain about the effect of China’s more stringent requirement that canola shipments contain only one percent dockage beginning April 1.
The head of Paterson Grain today told Reuters that the new standard will be a hardship for exporters and urged the government and regulatory bodies to “make sure these things are not accepted without a very good argument and fight.”
Click here to view our coverage of the Canola Council of Canada’s annual meeting this week
On U.S. exchanges bargain buying helped lift soybeans, soy meal, corn and wheat.
Large world supplies of grain limited the rallies.
Light crude oil nearby futures in New York were up 26 cents to US$34.66 per barrel.
The Canadian dollar at noon was US74.25 cents, down from 74.59 cents the previous trading day. The U.S. dollar at noon was C$1.3468.
The TSX composite closed up 35.83 points or 0.28percent at 13,017.93.
The Dow Jones industrial average closed up 8.04 points, or 0.05 percent, to 16,873.12, the S&P 500 gained 4.05 points, or 0.2 percent, to 1,982.4 and the Nasdaq Composite added 2.12 points, or 0.05 percent, to 4,691.71.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2016 450.10 +5.30 +1.19%
Canola May 2016 452.10 +5.30 +1.19%
Canola Jul 2016 455.60 +5.00 +1.11%
Canola Nov 2016 462.80 +5.00 +1.09%
Canola Jan 2017 467.10 +4.90 +1.06%
Milling Wheat Mar 2016 220.00 +1.00 +0.46%
Milling Wheat May 2016 223.00 +1.00 +0.45%
Milling Wheat Jul 2016 227.00 +1.00 +0.44%
Durum Wheat Mar 2016 294.00 unch 0.00%
Durum Wheat May 2016 299.00 unch 0.00%
Durum Wheat Jul 2016 286.00 unch 0.00%
Barley Mar 2016 178.00 -5.00 -2.73%
Barley May 2016 180.00 -5.00 -2.70%
Barley Jul 2016 180.00 -7.00 -3.74%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2016 854.25 +3.5 +0.41%
Soybeans May 2016 861.5 +3.5 +0.41%
Soybeans Jul 2016 867.75 +4 +0.46%
Soybeans Aug 2016 870 +4 +0.46%
Soybeans Sep 2016 871 +4.5 +0.52%
Soybeans Nov 2016 875 +5 +0.57%
Soybean Meal Mar 2016 261.2 +3.1 +1.20%
Soybean Meal May 2016 264.5 +3 +1.15%
Soybean Meal Jul 2016 267.1 +3 +1.14%
Soybean Oil Mar 2016 30.17 -0.15 -0.49%
Soybean Oil May 2016 30.37 -0.17 -0.56%
Soybean Oil Jul 2016 30.62 -0.16 -0.52%
Corn Mar 2016 354.5 +0.75 +0.21%
Corn May 2016 356.25 +0.5 +0.14%
Corn Jul 2016 360.75 +0.5 +0.14%
Corn Sep 2016 366.25 +0.75 +0.21%
Corn Dec 2016 374.5 +0.75 +0.20%
Oats Mar 2016 167.5 +2.25 +1.36%
Oats May 2016 180.25 +2 +1.12%
Oats Jul 2016 189.5 +1.25 +0.66%
Oats Sep 2016 196 +1.25 +0.64%
Oats Dec 2016 202.25 unch 0.00%
Wheat Mar 2016 442.75 +4.25 +0.97%
Wheat May 2016 450.25 +4.25 +0.95%
Wheat Jul 2016 456.25 +3.75 +0.83%
Wheat Sep 2016 466.25 +3.75 +0.81%
Wheat Dec 2016 481.25 +3.75 +0.79%
Minneapolis
Spring Wheat Mar 2016 497.5 +11.5 +2.37%
Spring Wheat May 2016 488.5 +3.25 +0.67%
Spring Wheat Jul 2016 496.5 +3.5 +0.71%
Spring Wheat Sep 2016 505.75 +3.25 +0.65%
Spring Wheat Dec 2016 521 +3.25 +0.63%
Kansas City
Hard Red Wheat Mar 2016 443 +5.5 +1.26%
Hard Red Wheat May 2016 455 +5.5 +1.22%
Hard Red Wheat Jul 2016 464.75 +5.5 +1.20%
Hard Red Wheat Sep 2016 478.25 +5.25 +1.11%
Hard Red Wheat Dec 2016 498.5 +5.25 +1.06%
