Canola futures edged higher on Wednesday, supported by a modest bounce back in the soybean market and short covering.
Slow farmer sales also supported canola.
July at $454.50 per tonne, up $1.80.
New-crop November canola closed at $447.50 per tonne, up $2.30.
Gains were limited by a stronger loonie.
The May canola contract expires tomorrow.
July soybeans regained some ground today after falling almost two percent on Wednesday following a mildly bearish USDA report. The forecast for 2015-16 soy endings stocks was higher than expected.
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Wheat and corn futures also edged higher on largely technical buying with ample global grain supplies limiting gains.
Commodity funds already hold a large net short position in CBOT wheat, leaving the market open to periodic short-covering.
Corn firmed but gains were limited by generally good growing weather and a fast planting pace that should support strong U.S. yields.
Japan and Australian weather services say an El Nino has formed in the Pacifc and could build into the summer.
El Ninos tend to deliver dry weather to the western Pacific, including Australia and sometimes India and wet weather to South America.
El Nino summers tend to be good for U.S. crop production in the Midwest.
Light crude oil nearby futures in New York were down 25 cents to US$60.50 per barrel.
The Canadian dollar at noon was US83.68 cents, up from 83.42 cents the previous trading day. The U.S. dollar at noon was C$1.1951.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2015 461.50 +1.30 +0.28%
Canola Jul 2015 454.50 +1.80 +0.40%
Canola Nov 2015 447.50 +2.30 +0.52%
Canola Jan 2016 449.50 +3.10 +0.69%
Canola Mar 2016 448.80 +2.90 +0.65%
Milling Wheat May 2015 198.00 +1.00 +0.51%
Milling Wheat Jul 2015 201.00 +1.00 +0.50%
Milling Wheat Oct 2015 205.00 unch 0.00%
Durum Wheat May 2015 308.00 unch 0.00%
Durum Wheat Jul 2015 298.00 unch 0.00%
Durum Wheat Oct 2015 298.00 unch 0.00%
Barley May 2015 195.00 unch 0.00%
Barley Jul 2015 197.00 unch 0.00%
Barley Oct 2015 180.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2015 975 +8 +0.83%
Soybeans Jul 2015 957.25 +1.75 +0.18%
Soybeans Aug 2015 950.25 +2.25 +0.24%
Soybeans Sep 2015 938.75 +2.75 +0.29%
Soybeans Nov 2015 934.5 +3.75 +0.40%
Soybeans Jan 2016 941 +4 +0.43%
Soybean Meal May 2015 301.7 -0.8 -0.26%
Soybean Meal Jul 2015 302.4 -1 -0.33%
Soybean Meal Aug 2015 300.7 -0.6 -0.20%
Soybean Oil May 2015 33.11 +0.3 +0.91%
Soybean Oil Jul 2015 33.24 +0.27 +0.82%
Soybean Oil Aug 2015 33.27 +0.28 +0.85%
Corn May 2015 356 -1 -0.28%
Corn Jul 2015 362.25 +1.25 +0.35%
Corn Sep 2015 368.25 +2.25 +0.61%
Corn Dec 2015 378.5 +2.5 +0.66%
Corn Mar 2016 389.75 +2.25 +0.58%
Oats May 2015 233.75 -6.25 -2.60%
Oats Jul 2015 235.75 -7 -2.88%
Oats Sep 2015 241.75 -7 -2.81%
Oats Dec 2015 250.75 -7 -2.72%
Oats Mar 2016 257.5 -7.5 -2.83%
Wheat May 2015 481 +1.75 +0.37%
Wheat Jul 2015 481.5 +1 +0.21%
Wheat Sep 2015 488 +0.5 +0.10%
Wheat Dec 2015 504.5 unch 0.00%
Wheat Mar 2016 521 +0.25 +0.05%
Minneapolis
Spring Wheat May 2015 531.25 +4.5 +0.85%
Spring Wheat Jul 2015 540 +3.5 +0.65%
Spring Wheat Sep 2015 551.75 +3.25 +0.59%
Spring Wheat Dec 2015 566 +1.75 +0.31%
Spring Wheat Mar 2016 580 +1.5 +0.26%
Kansas City
Hard Red Wheat May 2015 510 +1.75 +0.34%
Hard Red Wheat Jul 2015 509.5 +1.75 +0.34%
Hard Red Wheat Sep 2015 519.25 +1.75 +0.34%
Hard Red Wheat Dec 2015 534.25 +1.5 +0.28%
Hard Red Wheat Mar 2016 546.75 +1.5 +0.28%
