It was a case of sell on the rumour and buy on the fact with crop futures recovering a little on Wednesday even as rain moved into the driest parts of the Midwest.
Also there were ideas that recent declines were overdone.
Trade late in the day might have reflected ideas that the major rain expected today and Thursday in Iowa and Illinois was so far disappointing.
In canola, the forecast for hot, dry weather for the next several days supported the price even as the loonie climbed above US80 cents.
The second day of the US. Wheat Quality Council tour of North Dakota and adjoining states found that the drought had devastated yields in the western and central parts of the state.
The U.S. dollar fell following comments from the Federal Reserve that were interpreted to be a little less aggressive than in the June meeting. The Fed left interest rates unchanged, as expected.
The Fed is expected to dial back its various stimulus policies but the timing might be a little delayed because the U.S. economy is a little softer than expected. Also, stimulus measures promised by President Donald Trump have yet to be put forward as the administration struggles amid the Russian election interference story and Congress is tied up on differences over the health care legislation.
Read Also
Government to invest in biofuel production
The federal government will invest $370 million in a new biofuel production incentive.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 86 cents US$48.75 per barrel.
In the afternoon, the Canadian dollar was trading around US80.36 cents, up from 79.96 cents the previous trading day. The U.S. dollar was C$1.2444.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 30.98 points, or 0.2 percent, at 15,171.39.
The Dow Jones Industrial Average rose 97.58 points, or 0.45 percent, to 21,711.01, the S&P 500 gained 0.7 points, or 0.03 percent, to 2,477.83 and the Nasdaq Composite added 10.57 points, or 0.16 percent, to 6,422.75.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 497.50s +7.90 +1.61%
Canola Jan 18 502.70s +7.70 +1.56%
Canola Mar 18 507.20s +8.00 +1.60%
Canola May 18 510.90s +8.30 +1.65%
Canola Jul 18 513.90s +8.10 +1.60%
Milling Wheat Oct 17 270.00s +2.00 +0.75%
Milling Wheat Dec 17 277.00s +3.00 +1.09%
Milling Wheat Mar 18 283.00s +2.00 +0.71%
Durum Wheat Oct 17 308.00s unch unch
Durum Wheat Dec 17 309.00s unch unch
Durum Wheat Mar 18 291.00s unch unch
Barley Oct 17 140.00s unch unch
Barley Dec 17 140.00s unch unch
Barley Mar 18 140.00s 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 INSTEAD OF DECIMALS. -2 equals .25, -4 equals .50. -6 equals .75. The “s” means it is the settlement.
Chicago
Soybeans Aug 17 988-6s +7-2 +0.74%
Soybeans Sep 17 993-6s +7-6 +0.79%
Soybeans Nov 17 1000-2s +7-4 +0.76%
Soybeans Jan 18 1008-6s +7-2 +0.72%
Soybeans Mar 18 1012-2s +6-6 +0.67%
Soybean Meal Aug 17 319.8s +1.5 +0.47%
Soybean Meal Sep 17 321.9s +1.6 +0.50%
Soybean Meal Oct 17 323.6s +1.6 +0.50%
Soybean Oil Aug 17 33.73s +0.23 +0.69%
Soybean Oil Sep 17 33.85s +0.23 +0.68%
Soybean Oil Oct 17 33.97s +0.24 +0.71%
Corn Sep 17 372-6s +4-0 +1.08%
Corn Dec 17 386-0s +3-6 +0.98%
Corn Mar 18 397-6s +4-2 +1.08%
Corn May 18 402-6s +4-0 +1.00%
Corn Jul 18 407-4s +4-0 +0.99%
Oats Sep 17 288-4s +6-4 +2.30%
Oats Dec 17 287-6s +7-2 +2.58%
Oats Mar 18 286-4s +6-0 +2.14%
Oats May 18 286-6s +6-4 +2.32%
Oats Jul 18 285-4s +6-4 +2.33%
Wheat Sep 17 477-6s +3-6 +0.79%
Wheat Dec 17 502-6s +3-6 +0.75%
Wheat Mar 18 524-0s +2-0 +0.38%
Wheat May 18 535-6s +2-2 +0.42%
Wheat Jul 18 543-0s +2-0 +0.37%
Minneapolis
Spring Wheat Sep 17 730-0s +12-4 +1.74%
Spring Wheat Dec 17 740-0s +13-0 +1.79%
Spring Wheat Mar 18 739-6s +12-2 +1.68%
Spring Wheat May 18 732-0s +12-2 +1.70%
Spring Wheat Jul 18 719-6s +10-6 +1.52%
Kansas City
Hard Red Wheat Sep 17 475-4s +2-6 +0.58%
Hard Red Wheat Dec 17 502-4s +3-0 +0.60%
Hard Red Wheat Mar 18 520-2s +3-2 +0.63%
Hard Red Wheat May 18 533-6s +3-0 +0.57%
Hard Red Wheat Jul 18 548-2s +3-2 +0.60%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (Pit) Aug 17 114.300s +1.125 +0.99%
Live Cattle (Pit) Oct 17 113.375s +0.600 +0.53%
Live Cattle (Pit) Dec 17 113.975s +0.350 +0.31%
Feeder Cattle (Pit) Aug 17 146.475s -0.050 -0.03%
Feeder Cattle (Pit) Sep 17 147.075s -0.075 -0.05%
Feeder Cattle (Pit) Oct 17 146.525s +0.100 +0.07%
Lean Hogs (Pit) Aug 17 82.000s +0.550 +0.68%
Lean Hogs (Pit) Oct 17 67.650s +0.800 +1.20%
Lean Hogs (Pit) Dec 17 61.925s +0.375 +0.61%
