Old crop canola futures rose more than one percent on Wednesday supported by the rising U.S. crop market and technical strength.
The gains in new crop canola were more modest, rising only 0.2 percent.
Spring wheat, corn and soybeans all gained more than two percent. Chicago and Kansas City winter wheat contracts rose more than three percent and oats futures jumped more than five percent.
The trade in Canada was awaiting the Statistics Canada survey on planting intentions due Thursday morning. Watch for our coverage at Producer.com.
Canola area is expected to be little changed from last year.
The Canadian dollar rose again and remained above US79 cents.
Soybeans closed above US$10 a bushel for the first time since mid August last year on fund buying and concern about excess rain in Argentina.
Lanworth, a unit of Thomson Reuters, on Wednesday lowered its forecast for Argentina’s soybean crop by one percent, to 62.7 million tonnes.
Chicago May wheat was up 3.7 percent on short covering and support from soybeans, corn and other commodities.
Wheat’s price rise is all technically driven, not because of any fundamental supply or demand reason. Supply remains ample.
Short covering and technical momentum also drove corn higher.
Support also came from dry weather in Brazil where the second corn crop is growing.
Brazil exported heavily from its first crop and it might have to import corn. With Argentina’s rain problems and Brazil’s rising currency, there is a chance Brazil will import from the United States.
Light crude oil nearby futures in New York were up $1.55 cents to US$42.63 per barrel.
The Canadian dollar at noon was US79.20 cents, up from 79.01 cents the previous trading day. The U.S. dollar at noon was C$1.2627.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 44.01 points, or 0.32 percent, at 13,911.29.
The Dow Jones industrial average rose 0.24 percent to end at 18,096.27 points and the S&P 500 gained 0.08 percent to 2,102.4. The S&P earlier traded as high as 2,111 points.
The Nasdaq Composite added 0.16 percent to 4,948.13.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2016 489.90 +5.30 +1.09%
Canola Jul 2016 493.30 +5.30 +1.09%
Canola Nov 2016 489.40 +1.00 +0.20%
Canola Jan 2017 494.40 +0.60 +0.12%
Canola Mar 2017 495.40 +0.70 +0.14%
Milling Wheat May 2016 245.00 +4.00 +1.66%
Milling Wheat Jul 2016 244.00 +4.00 +1.67%
Milling Wheat Oct 2016 240.00 +4.00 +1.69%
Durum Wheat May 2016 297.00 -1.00 -0.34%
Durum Wheat Jul 2016 292.00 -1.00 -0.34%
Durum Wheat Oct 2016 281.00 -1.00 -0.35%
Barley May 2016 172.00 unch 0.00%
Barley Jul 2016 174.00 unch 0.00%
Barley Oct 2016 174.00 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 2016 1009.75 +24.25 +2.46%
Soybeans Jul 2016 1019 +24.25 +2.44%
Soybeans Aug 2016 1019.25 +22.5 +2.26%
Soybeans Sep 2016 1008.25 +12.75 +1.28%
Soybeans Nov 2016 999.75 +3.75 +0.38%
Soybeans Jan 2017 1001 +4 +0.40%
Soybean Meal May 2016 318.9 +13.8 +4.52%
Soybean Meal Jul 2016 321.5 +13.6 +4.42%
Soybean Meal Aug 2016 321.1 +12.5 +4.05%
Soybean Oil May 2016 34.64 -0.14 -0.40%
Soybean Oil Jul 2016 34.93 -0.14 -0.40%
Soybean Oil Aug 2016 35.03 -0.15 -0.43%
Corn May 2016 394.75 +10.25 +2.67%
Corn Jul 2016 399.75 +10.25 +2.63%
Corn Sep 2016 399.25 +9 +2.31%
Corn Dec 2016 402.75 +6.25 +1.58%
Corn Mar 2017 410.25 +5.75 +1.42%
Oats May 2016 207 +11.25 +5.75%
Oats Jul 2016 214.75 +10.25 +5.01%
Oats Sep 2016 222.75 +9.25 +4.33%
Oats Dec 2016 230.25 +7.75 +3.48%
Oats Mar 2017 237.75 +7.75 +3.37%
Wheat May 2016 504.25 +18 +3.70%
Wheat Jul 2016 512.25 +18 +3.64%
Wheat Sep 2016 521 +17.5 +3.48%
Wheat Dec 2016 536.5 +17.25 +3.32%
Wheat Mar 2017 550.75 +16.5 +3.09%
Minneapolis
Spring Wheat May 2016 550.25 +12.75 +2.37%
Spring Wheat Jul 2016 557.5 +14 +2.58%
Spring Wheat Sep 2016 564.5 +12.75 +2.31%
Spring Wheat Dec 2016 574.75 +12.5 +2.22%
Spring Wheat Mar 2017 584.75 +12.5 +2.18%
Kansas City
Hard Red Wheat May 2016 493.25 +16.5 +3.46%
Hard Red Wheat Jul 2016 504.5 +16.75 +3.43%
Hard Red Wheat Sep 2016 519 +17 +3.39%
Hard Red Wheat Dec 2016 541.25 +17.25 +3.29%
Hard Red Wheat Mar 2017 555 +17 +3.16%
