Canola and soy oil futures rose with crude oil today on news that OPEC members have tentatively agreed to cut production.
But U.S. crop futures mostly fell on the strong U.S. dollar and month end position squaring.
January canola rose $5.60 to close at $525.20 per tonne.
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Canola is also supported by the recent strength in exports as well as the record pace of the domestic crush.
The big news of the day was OPEC’s agreement to cut production by 1.4 million barrels per day. There had been friction between Saudi Arabia, Iran and Iraq over how the cut should be allocated but they worked out a deal, even if the details are not yet complete. It seems that maybe the Saudis are taking the biggest hit.
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Crude oil rallied more than nine percent on the news.
Light crude oil nearby futures in New York soared $4.21 to US$49.44 per barrel.
But the rally in oil did little for the loonie.
The Canadian dollar at noon was US74.48 cents, up from 74.43 cents the previous trading day. The U.S. dollar at noon was C$1.3426.
The oil rally pushed the TSX composite index up to the highest level since June 2015. The Toronto market was also buoyed by the federal government’s decision announced on Tuesday to allow two pipeline projects.
The TSX composite rose 83.04 points of 0.55 percent to close at 15,082.85
The Dow Jones industrial average rose 1.98 points, or 0.01 percent, to 19,123.58, the S&P 500 lost 5.85 points, or 0.27 percent, to 2,198.81 and the Nasdaq Composite dropped 56.24 points, or 1.05 percent, to 5,323.68.
For the month, the Dow gained 5.4 percent, the S&P added 3.4 percent and the Nasdaq Composite rose 2.6 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 17 525.20s +5.60 +1.08%
Canola Mar 17 532.50s +6.20 +1.18%
Canola May 17 537.60s +6.20 +1.17%
Canola Jul 17 537.40s +5.70 +1.07%
Canola Nov 17 508.80s -0.10 -0.02%
Milling Wheat Dec 16 236.00s +4.00 +1.72%
Milling Wheat Mar 17 238.00s +1.00 +0.42%
Milling Wheat May 17 240.00s unch unch
Durum Wheat Dec 16 315.00s unch unch
Durum Wheat Mar 17 323.00s unch unch
Durum Wheat May 17 326.00s unch unch
Barley Dec 16 138.00s unch unch
Barley Mar 17 142.00s unch unch
Barley May 17 144.00s unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2017 1032.25 -10.25 -0.98%
Soybeans May 2017 1049.00 -8.25 -0.78%
Soybeans Jul 2017 1054.00 -7.75 -0.73%
Soybeans Aug 2017 1051.00 -7.50 -0.71%
Soybeans Sep 2017 1032.75 -7.75 -0.74%
Soybean Meal Dec 2016 316.40 -5.30 -1.65%
Soybean Meal Jan 2017 318.30 -5.90 -1.82%
Soybean Meal Mar 2017 321.10 -5.60 -1.71%
Soybean Oil Dec 2016 36.79 +0.43 +1.18%
Soybean Oil Jan 2017 36.99 +0.37 +1.01%
Soybean Oil Mar 2017 37.25 +0.36 +0.98%
Corn Dec 2016 336.75 unch 0.00%
Corn Mar 2017 348.50 -0.50 -0.14%
Corn May 2017 355.75 -0.75 -0.21%
Corn Jul 2017 363.50 -0.50 -0.14%
Corn Sep 2017 370.75 -0.25 -0.07%
Oats Dec 2016 199.25 +0.75 +0.38%
Oats Mar 2017 212.25 +0.25 +0.12%
Oats May 2017 216.75 +0.50 +0.23%
Oats Jul 2017 219.75 +0.50 +0.23%
Oats Sep 2017 221.25 +0.50 +0.23%
Minneapolis
Wheat Dec 2016 380.50 -3.50 -0.91%
Wheat Mar 2017 402.75 -6.00 -1.47%
Wheat May 2017 415.50 -6.75 -1.60%
Wheat Jul 2017 431.25 -6.50 -1.48%
Wheat Sep 2017 447.25 -5.75 -1.27%
Kansas City
Spring Wheat Dec 2016 539.50 +5.25 +0.98%
Spring Wheat Mar 2017 534.50 +0.75 +0.14%
Spring Wheat May 2017 536.75 +0.50 +0.09%
Spring Wheat Jul 2017 540.75 +0.25 +0.05%
Hard Red Wheat Dec 2016 391.25 -7.50 -1.88%
Hard Red Wheat Mar 2017 410.25 -8.00 -1.91%
Hard Red Wheat May 2017 422.00 -8.00 -1.86%
Hard Red Wheat Jul 2017 433.00 -8.00 -1.81%
Hard Red Wheat Sep 2017 447.75 -7.75 -1.70%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Dec 2016 110.75 +1.83 +1.68%
Live Cattle (P) Feb 2017 111.95 +1.65 +1.50%
Live Cattle (P) Apr 2017 111.72 +1.52 +1.38%
Feeder Cattle (P) Jan 2017 128.42 +1.44 +1.13%
Feeder Cattle (P) Mar 2017 124.45 +1.18 +0.96%
Feeder Cattle (P) Apr 2017 124.12 +1.10 +0.89%
Lean Hogs (P) Dec 2016 51.02 +0.67 +1.33%
Lean Hogs (P) Feb 2017 55.22 +0.52 +0.95%
Lean Hogs (P) Apr 2017 61.50 +0.48 +0.79%
