Rising soyoil and a weaker loonie helped lift canola futures by more than one percent on Wednesday.
The January canola contract regained most of the ground it had lost since last week’s bearish USDA report.
Soybean oil rose more than two percent as the U.S. National Oilseed Processors Association (NOPA) said its members crushed 164.2 million bushels of U.S. soybeans in October, the fifth highest monthly total on record, in line with trade expectations, Reuters reported.
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Seasonally, soybean futures tend to climb after the U.S. harvest ends and farmer selling slows down, said Brian Hoops of Midwest Market Solutions.
“We are seeing a bounce, and some bargain-hunting, anticipating that. (And) NOPA came out in line with expectations, near record highs,” Hoops said.
CBOT soyoil futures surged after NOPA pegged soyoil stocks at the end of the month at 1.224 billion pounds, a decline from 1.302 billion at the end of September, bucking trade expectations for an increase.
Also bullish for futures, a senior executive at COFCO Corp. forecast that China, the biggest global soy buyer, will import 100 million tonnes of soybeans in 2017-18, topping official U.S. and Chinese estimates.
WHEAT
Minneapolis spring wheat fell more than two percent, weighed down by large global supplies.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 37 cents at US$55.30 per barrel.
The weaker crude oil price and concerns about forthcoming NAFTA talks weighed on the loonie.
In the afternoon, the Canadian dollar was trading around US78.33 cents, down from 78.53 cents the previous trading day. The U.S. dollar was C$1.2767.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 34.65 points, or 0.22 percent, at 15,878.48,
The Dow Jones Industrial Average fell 138.19 points, or 0.59 percent, to close at 23,271.2, the S&P 500 closed down 0.55 percent at 2,564.62 and the Nasdaq Composite dropped 31.66 points, or 0.47 percent, to 6,706.21.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 18 519.20s +6.60 +1.29%
Canola Mar 18 526.50s +6.70 +1.29%
Canola May 18 531.00s +6.80 +1.30%
Canola Jul 18 534.00s +6.80 +1.29%
Canola Nov 18 506.50s +6.00 +1.20%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybeans Jan 18 976-2s +8-4 +0.88%
Soybeans Mar 18 987-2s +8-4 +0.87%
Soybeans May 18 996-6s +8-4 +0.86%
Soybeans Jul 18 1005-0s +8-0 +0.80%
Soybeans Aug 18 1007-0s +8-0 +0.80%
Soybean Meal Dec 17 311.3s +1.0 +0.32%
Soybean Meal Jan 18 313.4s +1.1 +0.35%
Soybean Meal Mar 18 316.5s +0.9 +0.29%
Soybean Oil Dec 17 34.75s +0.74 +2.18%
Soybean Oil Jan 18 34.88s +0.72 +2.11%
Soybean Oil Mar 18 35.08s +0.68 +1.98%
Corn Dec 17 338-2s +0-6 +0.22%
Corn Mar 18 351-0s +0-4 +0.14%
Corn May 18 359-2s +0-2 +0.07%
Corn Jul 18 367-0s +0-2 +0.07%
Corn Sep 18 374-2s +0-2 +0.07%
Oats Dec 17 269-2s -7-0 -2.53%
Oats Mar 18 280-2s -6-0 -2.10%
Oats May 18 286-6s -6-6 -2.30%
Oats Jul 18 288-2s -7-4 -2.54%
Oats Sep 18 288-0s -6-0 -2.04%
Wheat Dec 17 420-0s -8-0 -1.87%
Wheat Mar 18 437-6s -7-4 -1.68%
Wheat May 18 450-0s -6-6 -1.48%
Wheat Jul 18 463-4s -6-4 -1.38%
Wheat Sep 18 478-0s -6-6 -1.39%
Minneapolis
Spring Wheat Dec 17 624-6s -4-2 -0.68%
Spring Wheat Mar 18 639-2s -3-6 -0.58%
Spring Wheat May 18 645-4s -3-4 -0.54%
Spring Wheat Jul 18 646-0s -3-2 -0.50%
Spring Wheat Sep 18 637-2s -1-0 -0.16%
Kansas City
Hard Red Wheat Dec 17 417-6s -10-2 -2.39%
Hard Red Wheat Mar 18 435-2s -10-0 -2.25%
Hard Red Wheat May 18 448-0s -9-4 -2.08%
Hard Red Wheat Jul 18 465-2s -9-0 -1.90%
Hard Red Wheat Sep 18 482-4s -8-6 -1.78%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 17 120.200s +0.700 +0.59%
Live Cattle Feb 18 125.750s +0.600 +0.48%
Live Cattle Apr 18 126.275s +0.250 +0.20%
Feeder Cattle Nov 17 158.000s +0.375 +0.24%
Feeder Cattle Jan 18 154.250s +0.350 +0.23%
Feeder Cattle Mar 18 152.400s +0.525 +0.35%
Lean Hogs Dec 17 61.125s +1.150 +1.92%
Lean Hogs Feb 18 67.450s -0.050 -0.07%
Lean Hogs Apr 18 71.625s -0.800 -1.10%
