Canola futures edged higher on Wednesday, supported by crusher buying and rising soybean futures.
Reuters reported that traders were also adjusting positions ahead of Friday’s Statistics Canada crop stocks report. Traders expect a nine percent drop in Dec. 31 canola supplies compared to last year at the same point, according to a Reuters poll. Canola crush and exports are topping last year’s record pace.
The loonie was also a little weaker, providing additional support for the oilseed.
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Soybeans edged higher on an unexpected notice that private exporters sold 236,700 tonnes of soybeans to unknown destinations.
“The sale that we had for soybeans this morning, while it’s not a huge number, it does say there was some buying interest on the recent weakness,” said Ted Seifried, chief market strategist for Zaner Ag Hedge, told Reuters.
There are also ideas that the current buying lull from China as it celebrates the spring festival holiday will soon end leading perhaps to new demand.
Funds were buying crop futures on the first day of February and that provided support for all the grains.
Corn rose as the U.S. government reported ethanol production in the last week hit a record high.
Chicago wheat rose on short covering.
A couple of monthly reports on U.S. economic activity today showed better than expected results. The U.S. Federal Reserve met today and issued an upbeat statement leading to expectations that it will, as expected, continue to raise interest rates to prevent inflation.
The Toronto Stock Exchange’s S&P/TSX composite index rose 16.43 points, or 0.11 percent, closing at 15,402.39.
The Dow Jones Industrial Average rose 26.85 points, or 0.14 percent, to 19,890.94, the S&P 500 gained 0.68 points, or 0.03 percent, to 2,279.55 and the Nasdaq Composite added 27.87 points, or 0.5 percent, to 5,642.65.
Light crude oil nearby futures in New York were up $1.07 cents to US$53.88 per barrel.
The Canadian dollar at noon was US76.40 cents, down from 76.75 cents the previous trading day. The U.S. dollar at noon was C$1.3089.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 17 512.10 +4.60 +0.91%
Canola May 17 519.20 +5.10 +0.99%
Canola Jul 17 522.20 +4.60 +0.89%
Canola Nov 17 498.90 +2.90 +0.58%
Canola Jan 18 503.10 +2.60 +0.52%
Milling Wheat Mar 17 235.00 +4.00 +1.73%
Milling Wheat May 17 237.00 +2.00 +0.85%
Milling Wheat Jul 17 238.00 +1.00 +0.42%
Durum Wheat Mar 17 296.00 unch unch
Durum Wheat May 17 298.00 unch unch
Durum Wheat Jul 17 298.00 unch unch
Barley Mar 17 135.00 unch unch
Barley May 17 137.00 unch unch
Barley Jul 17 138.00 unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2017 1036.75 +12.25 +1.20%
Soybeans May 2017 1046.75 +12.50 +1.21%
Soybeans Jul 2017 1054.50 +12.50 +1.20%
Soybeans Aug 2017 1051.75 +12.25 +1.18%
Soybeans Sep 2017 1031.50 +12.00 +1.18%
Soybeans Nov 2017 1012.00 +11.00 +1.10%
Soybean Meal Mar 2017 336.00 +1.40 +0.42%
Soybean Meal May 2017 339.50 +1.60 +0.47%
Soybean Meal Jul 2017 341.60 +1.50 +0.44%
Soybean Oil Mar 2017 34.31 +0.46 +1.36%
Soybean Oil May 2017 34.60 +0.46 +1.35%
Soybean Oil Jul 2017 34.86 +0.46 +1.34%
Corn Mar 2017 368.25 +8.50 +2.36%
Corn May 2017 375.75 +8.75 +2.38%
Corn Jul 2017 382.75 +9.00 +2.41%
Corn Sep 2017 389.25 +8.75 +2.30%
Corn Dec 2017 396.25 +9.00 +2.32%
Oats Mar 2017 250.75 +6.50 +2.66%
Oats May 2017 246.00 +7.25 +3.04%
Oats Jul 2017 242.75 +6.75 +2.86%
Oats Sep 2017 241.75 +8.50 +3.64%
Oats Dec 2017 232.75 +7.00 +3.10%
Wheat Mar 2017 433.75 +13.00 +3.09%
Wheat May 2017 446.00 +12.50 +2.88%
Wheat Jul 2017 459.75 +12.50 +2.79%
Wheat Sep 2017 474.00 +11.75 +2.54%
Wheat Dec 2017 491.00 +11.25 +2.34%
Minneapolis
Spring Wheat Mar 2017 555.75 +7.25 +1.32%
Spring Wheat May 2017 554.00 +6.50 +1.19%
Spring Wheat Jul 2017 557.50 +6.50 +1.18%
Spring Wheat Sep 2017 561.00 +6.50 +1.17%
Spring Wheat Dec 2017 567.75 +6.75 +1.20%
Kansas
Hard Red Wheat Mar 2017 440.50 +11.00 +2.56%
Hard Red Wheat May 2017 453.25 +11.00 +2.49%
Hard Red Wheat Jul 2017 465.50 +11.25 +2.48%
Hard Red Wheat Sep 2017 479.75 +11.00 +2.35%
Hard Red Wheat Dec 2017 500.75 +10.75 +2.19%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Feb 2017 115.58 -0.02 -0.02%
Live Cattle (P) Apr 2017 113.70 -0.47 -0.41%
Live Cattle (P) Jun 2017 104.22 +0.02 +0.02%
Feeder Cattle (P) Mar 2017 122.08 -0.70 -0.57%
Feeder Cattle (P) Apr 2017 121.72 -0.70 -0.57%
Feeder Cattle (P) May 2017 120.62 -0.70 -0.58%
Lean Hogs (P) Feb 2017 69.42 +0.34 +0.49%
Lean Hogs (P) Apr 2017 69.10 -0.15 -0.22%
Lean Hogs (P) May 2017 73.68 -0.29 -0.39%
