Canola futures rose for a sixth day, part of a general up trend in crop markets on Wednesday.
The rise in canola continued to be modest with the November contract still well shy of the $500 a tonne mark, but January flirted with $500 mark.
Snow in parts of Alberta as well as rain in some regions and overnight frost all provided modest direct support for canola prices but the upside was limited by the expectation of a record large canola crop.
On Tuesday Statistics Canada issued new crop forecasts based on satellite monitoring and weather data. It pegged the canola crop at a new record high of 19.7 million tonnes, up 1.5 million from the August report, which was based on farmer survey in late July.
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Last year’s canola crop was 19.6 million tonnes.
Canola today was supported by rising soybeans, pushed higher by a strong pace of U.S. exports.
Corn and wheat were supported by bargain buying after falling the past two sessions.
US DOLLAR RISES
The U.S. Federal Reserve kept interest rates steady today but it said in its policy statement said that it would begin to reduce the amount of stimulus it has in the market in October.
The Canadian dollar had been trading higher in the morning but it fell sharply near the close as the U.S. rose on the Fed news.
WEATHER
A drier trend in the Canadian prairies is expected over the next seven days.
Warmer weather is expected next week.
The U.S. hard red winter wheat region is expected to get significant moisture over the next seven days which will be helpful for wheat seeding and emergence.
EU CANOLA
Canola seeded area in the European Union will likely increase this fall as its price is attractive compared to cereals.
Area was discouraged in the last year or two because of the banning of pesticides to control flea beetles.
But confidence appears to be growing in alternative insect management approaches, analysts told Reuters News Agency.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 93 cents at US$50.41 per barrel.
In the afternoon, the Canadian dollar was trading around US81.14 cents, down from 81.46 cents the previous trading day. The U.S. dollar was C$1.2324.
The Toronto Stock Exchange composite rose 96.63 points or 0.63 percent to 15,389.60.
The Dow Jones set a new record high, climbing 41.79 points or 0.19 percent to 22,412.59.
The S&P 500 also closed at a record, up 1.59 points or 0.06 percent at 2,508.24.
The NASDQ fell 5.28 points or 0.08 percent at 6,456.04.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 492.90s +0.80 +0.16%
Canola Jan 18 499.70s +0.90 +0.18%
Canola Mar 18 504.60s +0.10 +0.02%
Canola May 18 508.20s -0.30 -0.06%
Canola Jul 18 510.00s -0.50 -0.10%
Milling Wheat Oct 17 224.00s +3.00 +1.36%
Milling Wheat Dec 17 226.00s +3.00 +1.35%
Milling Wheat Mar 18 231.00s +1.00 +0.43%
Durum Wheat Oct 17 279.00s unch unch
Durum Wheat Dec 17 283.00s unch unch
Durum Wheat Mar 18 286.00s unch unch
Barley Oct 17 145.00s unch unch
Barley Dec 17 148.00s unch unch
Barley Mar 18 151.00s unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybeans Nov 17 970-0s +4-4 +0.47%
Soybeans Jan 18 980-4s +4-4 +0.46%
Soybeans Mar 18 989-6s +4-4 +0.46%
Soybeans May 18 998-0s +4-4 +0.45%
Soybeans Jul 18 1004-6s +4-4 +0.45%
Soybean Meal Oct 17 306.3s +1.3 +0.43%
Soybean Meal Dec 17 310.1s +1.4 +0.45%
Soybean Meal Jan 18 312.1s +1.5 +0.48%
Soybean Oil Oct 17 34.67s +0.15 +0.43%
Soybean Oil Dec 17 34.91s +0.15 +0.43%
Soybean Oil Jan 18 35.06s +0.14 +0.40%
Corn Dec 17 350-0s +1-6 +0.50%
Corn Mar 18 362-4s +1-6 +0.49%
Corn May 18 371-0s +1-6 +0.47%
Corn Jul 18 377-6s +1-4 +0.40%
Corn Sep 18 384-0s +1-4 +0.39%
Oats Dec 17 246-2s +6-0 +2.50%
Oats Mar 18 252-2s +4-4 +1.82%
Oats May 18 251-4s +4-2 +1.72%
Oats Jul 18 248-2s +3-2 +1.33%
Oats Sep 18 248-2s +3-2 +1.33%
Wheat Dec 17 449-6s +6-6 +1.52%
Wheat Mar 18 469-6s +5-6 +1.24%
Wheat May 18 483-2s +5-2 +1.10%
Wheat Jul 18 494-4s +5-2 +1.07%
Wheat Sep 18 508-4s +5-0 +0.99%
Minneapolis
Spring Wheat Dec 17 621-4s +4-2 +0.69%
Spring Wheat Mar 18 634-2s +3-2 +0.52%
Spring Wheat May 18 638-2s +2-0 +0.31%
Spring Wheat Jul 18 637-6s +2-6 +0.43%
Spring Wheat Sep 18 629-4s +1-2 +0.20%
Kansas City
Hard Red Wheat Dec 17 448-0s +6-0 +1.36%
Hard Red Wheat Mar 18 466-0s +6-2 +1.36%
Hard Red Wheat May 18 478-6s +6-0 +1.27%
Hard Red Wheat Jul 18 495-6s +6-2 +1.28%
Hard Red Wheat Sep 18 514-0s +6-0 +1.18%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 17 110.950s +2.975 +2.76%
Live Cattle Dec 17 116.250s +2.850 +2.51%
Live Cattle Feb 18 119.050s +1.875 +1.60%
Feeder Cattle Sep 17 153.975s +2.400 +1.58%
Feeder Cattle Oct 17 157.275s +4.475 +2.93%
Feeder Cattle Nov 17 157.550s +4.425 +2.89%
Lean Hogs Oct 17 58.650s -1.475 -2.45%
Lean Hogs Dec 17 59.925s +0.200 +0.33%
Lean Hogs Feb 18 64.500s +0.125 +0.19%
