All crop futures, including canola, rose Thursday on a pickup in U.S exports.
A lot of the canola trade reflected the roll out of March, which expires this week, and into May.
Exporter short covering and the weaker loonie supported canola prices, as did the general and ongoing concern about the tightness of supply.
The Buenos Aires Grain Exchange expects Argentina’s soybean crop will be 48.5 million tonnes, down from 50 million in a previous estimate. A few days ago the Rosario exchange pegged it at 48 million.
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U.S. soybean futures fell to a 1-1/2 week low on Tuesday as China continued to shun purchases from the United States and as forecasts for improved rains in the coming days reinforced expectations for a sizeable Midwest harvest.
March canola closed at $628.60, up $3.70. May closed at $625.00, up $6.90. November closed at $566.10, up $3.20.
You might have seen some reports last night and this morning that China was opening more crushing plants to Canadian canola. That was due to a slip up/confusion from a federal agriculture minister Gerry Ritz scrum interview with reporters where he talked about the relaxation that happened about a year ago on Canada-China canola trade. There is no new access.
Reuters reports that China, Japan, Taiwan and Egypt have recently bought U.S. hard wheat and that helped lift wheat futures today, Gains were limited by the moisture improvement in the U.S. Plains thanks to the two recent blizzards.
Today’s closing prices
Winnipeg ICE Futures (per tonne)
Canola Mar 13 $628.60, up $3.70 +0.59%
Canola May 13 $625.00, up $6.90 +1.12%
Canola Jul 13 $616.50, up $6.80 +1.12%
Canola Nov 13 $566.10, up $3.20 +0.57%
Milling Wheat Mar 13 $291.00, unchanged
Milling Wheat May 13 $294.00, unchanged
Milling Wheat Jul 13 $296.00, unchanged
Milling Wheat Oct 13 $296.00, unchanged
Durum Wheat Mar 13 $307.00, unchanged
Durum Wheat May 13 $311.00, unchanged
Durum Wheat Jul 13 $314.00, unchanged
Durum Wheat Oct 13 $299.30, unchanged
Barley Mar 13 $241.50, unchanged
Barley May 13 $242.50, unchanged
Barley Jul 13 $243.00, unchanged
Barley Oct 13 $243.00, unchanged
Chicago (per bushel)
Soybeans (P) Mar 13 $14.7425, up 16.75 cents +1.15%
Soybeans (P) May 13 $14.5225, up 12.75 +0.89%
Soybeans (P) Jul 13 $14.3525, up 9.25 +0.65%
Soybeans (P) Aug 13 $13.9175, up 10.0 +0.72%
Soybeans (P) Sep 13 $13.1675, up 7.5 +0.57%
Soybeans (P) Nov 13 $12.595, up 2.25 +0.18%
Corn (P) Mar 13 $7.17, up 7.5 +1.06%
Corn (P) May 13 $7.0375, up 8.5 +1.22%
Corn (P) Jul 13 $6.85, up 6.25 +0.92%
Corn (P) Sep 13 $5.8275, up 5.0 +0.87%
Corn (P) Dec 13 $5.57, up 3.25 +0.59%
Oats (P) Mar 13 $3.9175, up 9.0 +2.35%
Oats (P) May 13 $3.7725, up 5.5 +1.48%
Oats (P) Jul 13 $3.7125, up 3.0 +0.81%
Oats (P) Sep 13 $3.6825, up 0.25 +0.07%
Oats (P) Dec 13 $3.6625, up 3.5 +0.96%
Minneapolis (per bushel)
Spring Wheat Mar 13 $7.9975, up 12.5 cents +1.59%
Spring Wheat May 13 $8.0175, up 5.25 +0.66%
Spring Wheat Jul 13 $8.0775, up 4.5 +0.56%
Spring Wheat Sep 13 $8.0875, up 2.75 +0.34%
Spring Wheat Dec 13 $8.165, up 2.75 +0.34%
The Bank of Canada noon rate for the loonie was 97.23 cents U.S. down from 97.56 on Wednesday.
The U.S. greenback was 1.0285 Cdn.
Watch Friday for report on Canada’s fourth-quarter GDP growth. Markets expect a disappointing number.
Nearby crude oil in New York was down 71 cents at $92.05.
The S&P/TSX composite closed up 88.51 points, or 0.70 percent at 12,820.90. In February the index gained one percent
The Dow Jones industrial average rose 61.32 points today or 0.44 percent to close at 14,136.69.
The S&P 500 gained 8.03 points or 0.53 percent to finish at 1,524.02.
The Nasdaq Composite added 17.14 points or 0.55 percent, closing at 3,179.67.
