Canola carved out a narrow increase Wednesday mostly on a weaker loonie.
The Canadian dollar fell along with crude oil, which was down on some disappointing numbers in a weekly U.S. crude supply report and on forecasts that if OPEC does not cut production as it has committed, the global surplus next year will rise even more than had been expected.
The loonie also felt a little pressure from comments by the U.S. Federal Reserve.
The Fed today raised U.S. interest rates by a quarter of a percentage point. That was expected but it also advised that it might increase rates three times in 2017. In September it had forecast just two increases in 2017.
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Chicago soybeans dipped on a forecast for rain in dry areas of Argentina. However, soy oil rose slightly.
March corn was up a penny a bushel.
Wheat was mostly higher with Kansas hard red winter leading the way, up about one percent, with gains in Minneapolis spring wheat trailing.
Wheat has edged up for several days, mostly on short covering. Also there might be a little support, but not much, from the cold weather that has blanketed much of the U.S.
That could threaten winter wheat that is not protected by snow, but so far analysts expect there has been no damage.
A Reuters survey of Indonesian palm oil planters and analysts shows that on average they expect Indonesian production to rise by 10 percent in 2017, with most of the gain happening in the second half of the year.
Production this year was cut by dry weather related to El Nino. That pushed palm prices up by 25 percent over the year, which helped to support other vegetable oils, including canola oil
Crude oil in New York closed down $1.94 at $51.04 per barrel.
The Bank of Canada’s closing value for the Canadian dollar was US75.335 cents, down 0.809 cent
One US dollar was worth $C1.327
The Toronto Stock Exchange’s S&P/TSX composite index closed down 188.09 points, or 1.22 percent, at 15,197.18.
The Dow Jones industrial average fell 118.48 points, or 0.6 percent, to 19,792.73, the S&P 500 lost 18.42 points, or 0.810839 percent, to 2,253.3 and the Nasdaq Composite dropped 27.16 points, or 0.5 percent, to 5,436.67.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 17 516.20 +0.20 +0.04%
Canola Mar 17 522.60 +0.90 +0.17%
Canola May 17 527.10 +0.90 +0.17%
Canola Jul 17 529.40 +0.20 +0.04%
Canola Nov 17 500.40 +1.30 +0.26%
Milling Wheat Mar 17 236.00 +1.00 +0.43%
Milling Wheat May 17 239.00 unch unch
Milling Wheat Jul 17 239.00 unch unch
Durum Wheat Mar 17 319.00 unch unch
Durum Wheat May 17 322.00 unch unch
Durum Wheat Jul 17 327.00 unch unch
Barley Mar 17 142.00 unch unch
Barley May 17 144.00 unch unch
Barley Jul 17 145.00 unch inch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2017 1023.75 -4.25 -0.41%
Soybeans Mar 2017 1034.50 -5.00 -0.48%
Soybeans May 2017 1042.50 -5.50 -0.52%
Soybeans Jul 2017 1048.00 -5.25 -0.50%
Soybeans Aug 2017 1045.50 -5.25 -0.50%
Soybeans Sep 2017 1029.25 -5.00 -0.48%
Soybean Meal Dec 2016 311.10 -2.40 -0.77%
Soybean Meal Jan 2017 312.80 -2.30 -0.73%
Soybean Meal Mar 2017 317.20 -2.50 -0.78%
Soybean Oil Dec 2016 36.73 +0.16 +0.44%
Soybean Oil Jan 2017 36.92 +0.14 +0.38%
Soybean Oil Mar 2017 37.17 +0.13 +0.35%
Corn Dec 2016 351.75 -4.50 -1.26%
Corn Mar 2017 362.00 +1.00 +0.28%
Corn May 2017 368.50 +0.75 +0.20%
Corn Jul 2017 375.50 +0.75 +0.20%
Corn Sep 2017 382.00 +0.75 +0.20%
Oats Dec 2016 216.00 -2.25 -1.03%
Oats Mar 2017 229.75 -2.75 -1.18%
Oats May 2017 231.75 -2.75 -1.17%
Oats Jul 2017 234.50 -3.00 -1.26%
Oats Sep 2017 239.75 unch 0.00%
Wheat Dec 2016 391.50 -6.50 -1.63%
Wheat Mar 2017 418.00 +0.50 +0.12%
Wheat May 2017 429.00 +0.75 +0.18%
Wheat Jul 2017 441.00 +1.00 +0.23%
Wheat Sep 2017 454.00 +1.00 +0.22%
Minneapolis
Spring Wheat Dec 2016 541.75 +1.00 +0.18%
Spring Wheat Mar 2017 541.25 +3.50 +0.65%
Spring Wheat May 2017 540.75 +2.25 +0.42%
Spring Wheat Jul 2017 543.75 +1.25 +0.23%
Spring Wheat Sep 2017 549.25 +1.50 +0.27%
Kansas City
Hard Red Wheat Dec 2016 400.50 +1.25 +0.31%
Hard Red Wheat Mar 2017 420.00 +4.75 +1.14%
Hard Red Wheat May 2017 431.25 +4.50 +1.05%
Hard Red Wheat Jul 2017 443.00 +4.25 +0.97%
Hard Red Wheat Sep 2017 457.25 +3.25 +0.72%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Dec 2016 111.10 -0.03 -0.03%
Live Cattle (P) Feb 2017 113.70 -0.27 -0.24%
Live Cattle (P) Apr 2017 112.75 -0.47 -0.42%
Feeder Cattle (P) Jan 2017 127.70 -1.27 -0.98%
Feeder Cattle (P) Mar 2017 124.62 -1.48 -1.17%
Feeder Cattle (P) Apr 2017 124.22 -1.13 -0.90%
Lean Hogs (P) Dec 2016 57.85 +0.68 +1.19%
Lean Hogs (P) Feb 2017 61.78 +0.03 +0.05%
Lean Hogs (P) Apr 2017 66.95 unch 0.00%
