By D’Arce McMillan
Markets editor
Twitter @ darcemcmillan
Soy meal futures jumped six percent higher Wednesday and dragged canola, soybeans, corn and wheat higher.
It is the same story that played out repeatedly this week.
There is good demand for soy meal but American farmers are not rushing to deliver. Also, rail congestion is slowing the movement of soybeans to crushers and to export points.
Traders had early staked out positions on the short side of the market and now that the price is rising instead of falling, traders are liquidating those short positions. It’s called a short squeeze.
Soy oil also rose, supported by the rise in meal and stronger crude oil values as well as Malaysia’s plan to add more palm oil to its biodiesel program.
That helped November canola rise to a two and half month high, gaining $10.70 to $444.40 per tonne. Most traded January rose $6.50 TO $431.50.
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Near record September major grain deliveries: Statistics Canada
Canadian farmers made heavy deliveries of grains and oilseeds off the combine and into the commercial pipeline this September, with total deliveries of the major crops up 13.3 per cent from the same month the previous year, reported Statistics Canada.
December corn rose about three percent, supported by soybeans, but also by weekly ethanol data showing production up and stocks down, indicating strong demand for the bio fuel.
Wheat was up, with Chicago leading the way. December Chicago climbed 1.4 percent and Minneapolis up one percent.
Corn helped lift wheat, but there is also concern about dry cold weather stressing the Russian winter wheat crop.
Light crude oil nearby futures in New York rose 78 cents at $82.20 US per barrel.
The Canadian dollar at noon was 89.80 cents US, up from 89.46 cents the previous trading day. The U.S. dollar at noon was $1.1136 Cdn.
Gold and gold miner shares fell after the U.S. Federal Reserve ended its bond-buying program and expressed optimism about U.S. economic recovery.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 96.68 points, or 0.66 percent, at 14,527.57.
The Dow Jones industrial average fell 31.44 points, or 0.18 percent, to 16,974.31, the S&P 500 lost 2.75 points, or 0.14 percent, to 1,982.3 and the Nasdaq Composite dropped 15.07 points, or 0.33 percent, to 4,549.23.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014Â Â Â Â Â Â Â Â 444.40Â Â Â Â Â Â Â Â +10.70Â Â Â Â Â Â Â Â +2.47%
Canola Jan 2015Â Â Â Â Â Â Â Â 431.50Â Â Â Â Â Â Â Â +6.50Â Â Â Â Â Â Â Â +1.53%
Canola Mar 2015Â Â Â Â Â Â Â Â 431.50Â Â Â Â Â Â Â Â +6.80Â Â Â Â Â Â Â Â +1.60%
Canola May 2015Â Â Â Â Â Â Â Â 433.60Â Â Â Â Â Â Â Â +6.90Â Â Â Â Â Â Â Â +1.62%
Canola Jul 2015Â Â Â Â Â Â Â Â 434.40Â Â Â Â Â Â Â Â +7.20Â Â Â Â Â Â Â Â +1.69%
Milling Wheat Dec 2014Â Â Â Â Â Â Â Â 227.00Â Â Â Â Â Â Â Â +2.00Â Â Â Â Â Â Â Â +0.89%
Milling Wheat Mar 2015Â Â Â Â Â Â Â Â 233.00Â Â Â Â Â Â Â Â +2.00Â Â Â Â Â Â Â Â +0.87%
Milling Wheat May 2015Â Â Â Â Â Â Â Â 237.00Â Â Â Â Â Â Â Â +3.00Â Â Â Â Â Â Â Â +1.28%
Durum Wheat Dec 2014        356.50        unch        0.00%
Durum Wheat Mar 2015        357.50        unch        0.00%
Durum Wheat May 2015        357.50        unch        0.00%
Barley Dec 2014        140.00        unch        0.00%
Barley Mar 2015        143.00        unch        0.00%
Barley May 2015        143.00        unch        0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2014Â Â Â Â Â Â Â Â 1043Â Â Â Â Â Â Â Â +35Â Â Â Â Â Â Â Â +3.47%
Soybeans Jan 2015Â Â Â Â Â Â Â Â 1049Â Â Â Â Â Â Â Â +34Â Â Â Â Â Â Â Â +3.35%
Soybeans Mar 2015Â Â Â Â Â Â Â Â 1056Â Â Â Â Â Â Â Â +35Â Â Â Â Â Â Â Â +3.43%
Soybeans May 2015Â Â Â Â Â Â Â Â 1062.75Â Â Â Â Â Â Â Â +35Â Â Â Â Â Â Â Â +3.41%
Soybeans Jul 2015Â Â Â Â Â Â Â Â 1069.25Â Â Â Â Â Â Â Â +36Â Â Â Â Â Â Â Â +3.48%
Soybeans Aug 2015Â Â Â Â Â Â Â Â 1067.75Â Â Â Â Â Â Â Â +36.25Â Â Â Â Â Â Â Â +3.51%
Soybean Meal Dec 2014Â Â Â Â Â Â Â Â 397.2Â Â Â Â Â Â Â Â +22.1Â Â Â Â Â Â Â Â +5.89%
Soybean Meal Jan 2015Â Â Â Â Â Â Â Â 374.6Â Â Â Â Â Â Â Â +16.9Â Â Â Â Â Â Â Â +4.72%
Soybean Meal Mar 2015Â Â Â Â Â Â Â Â 352.2Â Â Â Â Â Â Â Â +10.2Â Â Â Â Â Â Â Â +2.98%
Soybean Oil Dec 2014Â Â Â Â Â Â Â Â 34.18Â Â Â Â Â Â Â Â +1.39Â Â Â Â Â Â Â Â +4.24%
Soybean Oil Jan 2015Â Â Â Â Â Â Â Â 34.41Â Â Â Â Â Â Â Â +1.39Â Â Â Â Â Â Â Â +4.21%
Soybean Oil Mar 2015Â Â Â Â Â Â Â Â 34.68Â Â Â Â Â Â Â Â +1.39Â Â Â Â Â Â Â Â +4.18%
Corn Dec 2014Â Â Â Â Â Â Â Â 375.25Â Â Â Â Â Â Â Â +10.75Â Â Â Â Â Â Â Â +2.95%
Corn Mar 2015Â Â Â Â Â Â Â Â 388.5Â Â Â Â Â Â Â Â +10.5Â Â Â Â Â Â Â Â +2.78%
Corn May 2015Â Â Â Â Â Â Â Â 397Â Â Â Â Â Â Â Â +10.25Â Â Â Â Â Â Â Â +2.65%
Corn Jul 2015Â Â Â Â Â Â Â Â 403.5Â Â Â Â Â Â Â Â +9.75Â Â Â Â Â Â Â Â +2.48%
Corn Sep 2015Â Â Â Â Â Â Â Â 409.25Â Â Â Â Â Â Â Â +8.75Â Â Â Â Â Â Â Â +2.18%
Oats Dec 2014Â Â Â Â Â Â Â Â 350.5Â Â Â Â Â Â Â Â -5.5Â Â Â Â Â Â Â Â -1.54%
Oats Mar 2015Â Â Â Â Â Â Â Â 341.5Â Â Â Â Â Â Â Â -1.5Â Â Â Â Â Â Â Â -0.44%
Oats May 2015Â Â Â Â Â Â Â Â 334.5Â Â Â Â Â Â Â Â -2Â Â Â Â Â Â Â Â -0.59%
Oats Jul 2015Â Â Â Â Â Â Â Â 327.25Â Â Â Â Â Â Â Â -1.5Â Â Â Â Â Â Â Â -0.46%
Oats Sep 2015Â Â Â Â Â Â Â Â 330.5Â Â Â Â Â Â Â Â -0.25Â Â Â Â Â Â Â Â -0.08%
Wheat Dec 2014Â Â Â Â Â Â Â Â 538.25Â Â Â Â Â Â Â Â +7.5Â Â Â Â Â Â Â Â +1.41%
Wheat Mar 2015Â Â Â Â Â Â Â Â 551Â Â Â Â Â Â Â Â +6.5Â Â Â Â Â Â Â Â +1.19%
Wheat May 2015Â Â Â Â Â Â Â Â 558Â Â Â Â Â Â Â Â +5.5Â Â Â Â Â Â Â Â +1.00%
Wheat Jul 2015Â Â Â Â Â Â Â Â 565.75Â Â Â Â Â Â Â Â +5.25Â Â Â Â Â Â Â Â +0.94%
Wheat Sep 2015Â Â Â Â Â Â Â Â 576Â Â Â Â Â Â Â Â +5.25Â Â Â Â Â Â Â Â +0.92%
Minneapolis
Spring Wheat Dec 2014Â Â Â Â Â Â Â Â 582.5Â Â Â Â Â Â Â Â +5.75Â Â Â Â Â Â Â Â +1.00%
Spring Wheat Mar 2015Â Â Â Â Â Â Â Â 592.5Â Â Â Â Â Â Â Â +6Â Â Â Â Â Â Â Â +1.02%
Spring Wheat May 2015Â Â Â Â Â Â Â Â 601.25Â Â Â Â Â Â Â Â +7Â Â Â Â Â Â Â Â +1.18%
Spring Wheat Jul 2015Â Â Â Â Â Â Â Â 610.5Â Â Â Â Â Â Â Â +7.5Â Â Â Â Â Â Â Â +1.24%
Spring Wheat Sep 2015Â Â Â Â Â Â Â Â 618.5Â Â Â Â Â Â Â Â +7.75Â Â Â Â Â Â Â Â +1.27%
Kansas City
Hard Red Wheat Dec 2014Â Â Â Â Â Â Â Â 606.5Â Â Â Â Â Â Â Â +4.75Â Â Â Â Â Â Â Â +0.79%
Hard Red Wheat Mar 2015Â Â Â Â Â Â Â Â 611.25Â Â Â Â Â Â Â Â +5.5Â Â Â Â Â Â Â Â +0.91%
Hard Red Wheat May 2015Â Â Â Â Â Â Â Â 612.5Â Â Â Â Â Â Â Â +6.75Â Â Â Â Â Â Â Â +1.11%
Hard Red Wheat Jul 2015Â Â Â Â Â Â Â Â 606.25Â Â Â Â Â Â Â Â +6.75Â Â Â Â Â Â Â Â +1.13%
Hard Red Wheat Sep 2015Â Â Â Â Â Â Â Â 615.75Â Â Â Â Â Â Â Â +6.75Â Â Â Â Â Â Â Â +1.11%
