Big gains in U.S. soybean futures Monday and Tuesday helped lift canola futures almost two percent when the Canadian ICE market reopened Tuesday after Thanksgiving.
Canola’s rise trailed November soybeans, which gained almost three percent today and 1.75 percent on Monday.
Soy oil dipped 0.16 percent on Monday but rose 2.11 percent today.
Soybeans rose on signs of strong demand and when then topped $9 a bushel that triggered more buying.
Excessive rain in southern Brazil is slowing the seeding campaign there.
November canola closed at $478.50, up $9 or 1.92 percent.
A three percent gain in palm also helped lift oilseeds. Malaysian palm oil gained on sort covering and talk of China buying.
Wheat also rallied, with spring wheat Minneapolis December climbing almost one percent today after a slight decline on Monday.
Support today came on concern about dry soil in the hard and soft winter wheat areas of the U.S. and dry soils in Ukraine and parts of Russia.
For more on the dry weather in the Black Sea region click on this story: Dry weather plagues sowing in the Black Sea: Braun COLUMN
Rising wheat and soybeans helped lift corn futures modestly.
It was the first rally in corn in five sessions and came even as the U.S. harvest advanced under good weather conditions.
For a story on issues in the pulse market see our daily pulse update here: PULSES: India mulls creation of pulse intelligence agency
The Canadian Oilseed Processors Association today noted that last week’s record crush number of 184,493 tonnes included about 9,000 tonnes related to the previous week’s crush. Removing that amount puts the crush use rate at 88 percent.
For issues affecting feed grain markets see out daily feed grain report: FEED GRAINS DAILY: Corn edges up, world supplies tighten.
Worries about the coming quarterly profit report and China’s economy weighed down stock markets.
Reuters reported that Chinese imports fell 20 percent in September due to weak domestic demand, indicating that growth in the world’s second-largest economy was sputtering.
Light crude oil nearby futures in New York were down 44 cents to US$46.66 per barrel.
The Canadian dollar at noon was US77.01 cents, down from 77.24 cents the previous trading day. The U.S. dollar at noon was C$1.2986.
The Toronto Stock Exchange’s S&P/TSX composite index unofficially closed down 119.63 points, or 0.86 percent, at 13,844.73.
The Dow Jones industrial average fell 49.97 points, or 0.29 percent, to 17,081.89, the S&P 500 lost 13.77 points, or 0.68 percent, to 2,003.69 and the Nasdaq Composite dropped 42.03 points, or 0.87 percent, to 4,796.61.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 478.50 +9.00 +1.92%
Canola Jan 2016 482.90 +8.50 +1.79%
Canola Mar 2016 485.70 +8.70 +1.82%
Canola May 2016 486.10 +8.70 +1.82%
Canola Jul 2016 484.20 +8.70 +1.83%
Milling Wheat Oct 2015 234.00 -1.00 -0.43%
Milling Wheat Dec 2015 236.00 -3.00 -1.26%
Milling Wheat Mar 2016 240.00 -3.00 -1.23%
Durum Wheat Oct 2015 335.00 unch 0.00%
Durum Wheat Dec 2015 335.00 unch 0.00%
Durum Wheat Mar 2016 340.00 unch 0.00%
Barley Oct 2015 190.00 unch 0.00%
Barley Dec 2015 185.00 unch 0.00%
Barley Mar 2016 187.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2015 914 +26.5 +2.99%
Soybeans Jan 2016 918.25 +25.75 +2.89%
Soybeans Mar 2016 921.25 +25.25 +2.82%
Soybeans May 2016 925.25 +24.75 +2.75%
Soybeans Jul 2016 931 +24.75 +2.73%
Soybeans Aug 2016 929.5 +23.75 +2.62%
Soybean Meal Oct 2015 320.7 +11.4 +3.69%
Soybean Meal Dec 2015 317.7 +8.2 +2.65%
Soybean Meal Jan 2016 316.6 +8 +2.59%
Soybean Oil Oct 2015 28.6 +0.59 +2.11%
Soybean Oil Dec 2015 28.79 +0.61 +2.16%
Soybean Oil Jan 2016 29.08 +0.62 +2.18%
Corn Dec 2015 384.5 +3.75 +0.98%
Corn Mar 2016 395.5 +3.75 +0.96%
Corn May 2016 401.75 +3.5 +0.88%
Corn Jul 2016 406.75 +3.5 +0.87%
Corn Sep 2016 403.75 +3.5 +0.87%
Oats Dec 2015 232 +3.5 +1.53%
Oats Mar 2016 232.5 +4 +1.75%
Oats May 2016 234.25 +5.25 +2.29%
Oats Jul 2016 237.75 +4.75 +2.04%
Oats Sep 2016 240 +4.75 +2.02%
Wheat Dec 2015 519 +12.25 +2.42%
Wheat Mar 2016 527 +12.5 +2.43%
Wheat May 2016 532 +12.75 +2.46%
Wheat Jul 2016 535.5 +12.25 +2.34%
Wheat Sep 2016 544.25 +12 +2.25%
Minneapolis
Spring Wheat Dec 2015 536.25 +5.25 +0.99%
Spring Wheat Mar 2016 549 +4.5 +0.83%
Spring Wheat May 2016 558 +5.25 +0.95%
Spring Wheat Jul 2016 566.75 +5.25 +0.93%
Spring Wheat Sep 2016 577 +6.75 +1.18%
Kansas City
Hard Red Wheat Dec 2015 511 +13.25 +2.66%
Hard Red Wheat Mar 2016 525.75 +13.25 +2.59%
Hard Red Wheat May 2016 535.25 +13.25 +2.54%
Hard Red Wheat Jul 2016 545.25 +13 +2.44%
Hard Red Wheat Sep 2016 558.25 +12.75 +2.34%
