Grain and oilseed markets were little changed Thursday, mostly a few pennies per bushel down, but a late session surge allowed canola to post a slight gain.
The market was still digesting the implications of the huge Canadian crops outlined in the Statistics Canada production report on Wednesday.
That report said farmer grew almost 18 million tonnes of canola.
The market so far seems satisfied that canola is properly priced relative to other oilseeds.
January closed at $481, up 60 cents.
The wheat market is feeling a little more pressure from the StatsCan report with the Minneapolis contract down slightly again today.
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Otherwise, there was little market moving news. Weekly U.S. wheat exports announced today were a little disappointing.
Reuters reported that lobbyists for and against the U.S. government’s renewable fuel policy aired grievances at a Washington hearing on plans to cut the volume of biofuels that must be used next year.
Traders said they had not heard any news or rumours from Washington, where the hearing was part of the EPA’s procedures for setting blending volumes for 2014. A public comment period will run through to late January, after which a decision will be made, Reuters reported.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2014 481.00 +0.60 +0.12%
Canola Mar 2014 491.10 +0.60 +0.12%
Canola May 2014 500.70 +0.80 +0.16%
Canola Jul 2014 507.80 +0.50 +0.10%
Canola Nov 2014 518.60 -0.50 -0.10%
Milling Wheat Dec 2013 204.00 -3.00 -1.45%
Milling Wheat Mar 2014 216.00 -3.00 -1.37%
Milling Wheat May 2014 229.00 -3.00 -1.29%
Durum Wheat Dec 2013 245.00 -2.00 -0.81%
Durum Wheat Mar 2014 251.00 -2.00 -0.79%
Durum Wheat May 2014 255.00 -2.00 -0.78%
Barley Dec 2013 152.00 unch 0.00%
Barley Mar 2014 154.00 unch 0.00%
Barley May 2014 155.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2014 1328 -1.5 -0.11%
Soybeans Mar 2014 1311.75 -0.5 -0.04%
Soybeans May 2014 1297.25 +1.5 +0.12%
Soybeans Jul 2014 1289.75 +1.75 +0.14%
Soybeans Aug 2014 1258.75 -1 -0.08%
Soybeans Sep 2014 1200.75 -2.25 -0.19%
Soybean Meal Dec 2013 446.1 -1.8 -0.40%
Soybean Meal Jan 2014 428.1 -2.2 -0.51%
Soybean Meal Mar 2014 418.5 -2.2 -0.52%
Soybean Oil Dec 2013 40.38 +0.24 +0.60%
Soybean Oil Jan 2014 40.61 +0.26 +0.64%
Soybean Oil Mar 2014 41.02 +0.27 +0.66%
Corn Dec 2013 422.75 -2.75 -0.65%
Corn Mar 2014 433.5 -3 -0.69%
Corn May 2014 442 -2.5 -0.56%
Corn Jul 2014 449 -2.5 -0.55%
Corn Sep 2014 455 -1.5 -0.33%
Oats Dec 2013 364.25 -2.25 -0.61%
Oats Mar 2014 325.75 -1 -0.31%
Oats May 2014 315 -1.75 -0.55%
Oats Jul 2014 315.25 -0.75 -0.24%
Oats Sep 2014 321.75 -0.75 -0.23%
Wheat Dec 2013 638 -9.25 -1.43%
Wheat Mar 2014 652 -9.75 -1.47%
Wheat May 2014 657 -9.25 -1.39%
Wheat Jul 2014 654 -9.5 -1.43%
Wheat Sep 2014 661.75 -9 -1.34%
Minneapolis
Spring Wheat Dec 2013 666.25 -6.25 -0.93%
Spring Wheat Mar 2014 684.25 -8.25 -1.19%
Spring Wheat May 2014 693.25 -7.5 -1.07%
Spring Wheat Jul 2014 700 -8.5 -1.20%
Spring Wheat Sep 2014 706.5 -7.25 -1.02%
Kansas City
KCBT Red Wheat Dec 2013 705 -4.25 -0.60%
KCBT Red Wheat Mar 2014 695.25 -9 -1.28%
KCBT Red Wheat May 2014 695 -7.75 -1.10%
KCBT Red Wheat Jul 2014 688 -7 -1.01%
KCBT Red Wheat Sep 2014 696.25 -5.75 -0.82%
Light crude oil nearby futures in New York rose 18 cents at $97.38 US per barrel.
The Canadian dollar at noon was 94.00 cents US, up from 93.49 cents the previous trading day. The U.S. dollar at noon was $1.0638 Cdn.
Canada’s main stock index dropped to a six-week low on Thursday after results from major banks weighed on financial shares and strong U.S. economic data heightened expectations that the Federal Reserve will scale back its monetary stimulus program, Reuters reported.
The Toronto Stock Exchange’s S&P/TSX composite index closed 104.52 points, or 0.79 percent, lower at 13,200.40, its lowest since October 22.
The Dow Jones industrial average slipped 68.26 points, or 0.43 percent, to end at 15,821.51.
The Standard & Poor’s 500 Index fell 7.78 points, or 0.43 percent, to finish at 1,785.04.
The Nasdaq Composite Index dropped 4.84 points, or 0.12 percent, to close at 4,033.17.
