Canola and soybeans closed higher on Wednesday but corn and wheat fell in a day where traders were positioning ahead of Monday’s USDA reports.
Canola rose on speculative fund buying on thoughts that the oilseed is undervalued compared to other veg oils and that the sharp sell off late last week was overdone.
Soybeans also rose with traders positioning for the USDA stocks report . Many believe USDA will cut its year end soybean stocks to reflect the very strong demand this year.
Wheat fell, with the hard winter and hard spring May contracts down more than two percent. The recent rally had carried wheat into technically overbought territory and traders decided to lock in profits ahead of uncertainty going into the big USDA reports on stocks and seeding intensions.
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Also weighing on wheat were light showers in the U.S. southern Plains but accumulations were small and unlikely to have much effect on the drought. High winds in Kansas are causing blowing dust again today. The long term forecast is for better moisture in April in the Plains.
Also, Australia’s eastern wheat growing areas, which had been very dry, got some rain in recent days.
Wheat pulled corn lower. Also a slight increase in U.S. ethanol stocks weighed on corn.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2014 458.20 +5.00 +1.10%
Canola Jul 2014 467.60 +4.70 +1.02%
Canola Nov 2014 484.10 +3.90 +0.81%
Canola Jan 2015 491.60 +3.90 +0.80%
Canola Mar 2015 498.70 +3.80 +0.77%
Milling Wheat May 2014 224.00 -5.00 -2.18%
Milling Wheat Jul 2014 222.00 -4.00 -1.77%
Milling Wheat Oct 2014 223.00 -4.00 -1.76%
Durum Wheat May 2014 250.00 unch 0.00%
Durum Wheat Jul 2014 250.00 unch 0.00%
Durum Wheat Oct 2014 252.00 unch 0.00%
Barley May 2014 130.50 unch 0.00%
Barley Jul 2014 128.50 unch 0.00%
Barley Oct 2014 128.50 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 2014 1440 +12 +0.84%
Soybeans Jul 2014 1410 +8.75 +0.62%
Soybeans Aug 2014 1348.75 +6.5 +0.48%
Soybeans Sep 2014 1251.25 +5.25 +0.42%
Soybeans Nov 2014 1193.25 +4.5 +0.38%
Soybeans Jan 2015 1197.75 +5 +0.42%
Soybean Meal May 2014 469.1 +5.4 +1.16%
Soybean Meal Jul 2014 453.2 +4 +0.89%
Soybean Meal Aug 2014 429.4 +3.2 +0.75%
Soybean Oil May 2014 40.73 -0.01 -0.02%
Soybean Oil Jul 2014 40.96 unch 0.00%
Soybean Oil Aug 2014 40.85 -0.06 -0.15%
Corn May 2014 484.5 -2 -0.41%
Corn Jul 2014 489.25 -2 -0.41%
Corn Sep 2014 486 -2.25 -0.46%
Corn Dec 2014 484 -2.25 -0.46%
Corn Mar 2015 491.5 -2.25 -0.46%
Oats May 2014 404.5 +2.25 +0.56%
Oats Jul 2014 361.75 -5 -1.36%
Oats Sep 2014 338.5 -4 -1.17%
Oats Dec 2014 333 -2 -0.60%
Oats Mar 2015 329.75 -2.75 -0.83%
Wheat May 2014 696.75 -11.5 -1.62%
Wheat Jul 2014 701.25 -10.5 -1.48%
Wheat Sep 2014 708.75 -10 -1.39%
Wheat Dec 2014 719.25 -9 -1.24%
Wheat Mar 2015 725.75 -8 -1.09%
Minneapolis
Spring Wheat May 2014 746.75 -16.25 -2.13%
Spring Wheat Jul 2014 744.5 -14.75 -1.94%
Spring Wheat Sep 2014 749.25 -11.75 -1.54%
Spring Wheat Dec 2014 756.75 -11 -1.43%
Spring Wheat Mar 2015 761.5 -10.5 -1.36%
Kansas City
KC HRW Wheat May 2014 771.25 -20.5 -2.59%
KC HRW Wheat Jul 2014 771.5 -18.75 -2.37%
KC HRW Wheat Sep 2014 775.75 -16.75 -2.11%
KC HRW Wheat Dec 2014 784.5 -15.5 -1.94%
KC HRW Wheat Mar 2015 786 -13.5 -1.69%
Light crude oil nearby futures in New York rose $1.07 at $100.26 US per barrel.
The Canadian dollar at noon was 89.74 cents US, up from 89.48 cents the previous trading day. The U.S. dollar at noon was $1.1143 Cdn.
The United States, Europe and Canada talked about preparing tougher sanctions on Russia over the Ukraine affair.
In unofficial, early tallies —
The Toronto Stock Exchange’s S&P/TSX composite index closed down 115.39 points, or 0.81 percent, at 14,184.10.
The Dow Jones industrial average was down 98.89 points, or 0.60 percent, to end at 16,268.99.
The Standard & Poor’s 500 Index closed lower by 13.06 points, or 0.70 percent, to finish at 1,852.56.
The Nasdaq Composite Index fell 60.69 points, or 1.43 percent, to close at 4,173.58.
