By D’Arce McMillan, Markets editor
Twitter @ darcemcmillan
Canola fell Wednesday for the sixth session as the price fell below technical support, triggering additional selling.
Soybeans were down for most of the day and that weighed on canola, which did not catch the late rally that pushed soy into positive territory at the close.
The January canola contract now has a premium over March indicating that users and exporters want canola.
Statistics Canada releases its final crop report of the year on Thursday morning. The trade expects the estimates will increase from the September report.
Watch for our coverage of the StatsCan report at Producer.com.
Wheat fell hard today, as traders believe the recent rally has made American grain uncompetitive with other sources.
Romania and Ukraine sold wheat to Egypt at prices $25 per tonne below the American price.
Also more people believe that Russia will not trim exports anytime soon.
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Chicago Board of Trade soybean futures jumped on hopes for U.S. export demand on Wednesday, while corn futures rose for a third day to extend a recovery from contract lows, analysts said.
Corn edged slightly higher.
Gains in Soybeans and corn were limited by good growing conditions in South America.
Light crude oil nearby futures in New York rose 50 cents to US$67.38 per barrel.
The Canadian dollar at noon was US88.03 cents, up from 87.72 cents the previous trading day. The U.S. dollar at noon was C$1.1360.
New data showing the U.S. economy gathering strength lifted stock markets.
The Toronto Stock Exchange’s S&P/TSX composite index was up 133.99 points, or 0.92 percent, at 14,754.06.
The Dow and the S&P 500 hit new record highs.
The Dow Jones industrial average rose 33.07 points, or 0.18 percent, to 17,912.62, the S&P 500 gained 7.78 points, or 0.38 percent, to 2,074.33 and the Nasdaq Composite added 18.66 points, or 0.39 percent, to 4,774.47.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2015 412.30 -4.60 -1.10%
Canola Mar 2015 410.30 -5.00 -1.20%
Canola May 2015 411.50 -5.40 -1.30%
Canola Jul 2015 412.50 -5.60 -1.34%
Canola Nov 2015 409.00 -6.00 -1.45%
Milling Wheat Dec 2014 232.00 -7.00 -2.93%
Milling Wheat Mar 2015 239.00 -8.00 -3.24%
Milling Wheat May 2015 242.00 -8.00 -3.20%
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 172.00 unch 0.00%
Barley Mar 2015 175.00 unch 0.00%
Barley May 2015 177.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2015 998.25 +2.5 +0.25%
Soybeans Mar 2015 1005.25 +2.25 +0.22%
Soybeans May 2015 1012.25 +2.25 +0.22%
Soybeans Jul 2015 1017.25 +2.5 +0.25%
Soybeans Aug 2015 1016.75 +2.5 +0.25%
Soybeans Sep 2015 996.5 +2.25 +0.23%
Soybean Meal Dec 2014 381.1 -2 -0.52%
Soybean Meal Jan 2015 353.8 -4.1 -1.15%
Soybean Meal Mar 2015 340.9 -2.3 -0.67%
Soybean Oil Dec 2014 31.86 +0.69 +2.21%
Soybean Oil Jan 2015 31.94 +0.66 +2.11%
Soybean Oil Mar 2015 32.15 +0.62 +1.97%
Corn Dec 2014 368.75 +1 +0.27%
Corn Mar 2015 382 +0.75 +0.20%
Corn May 2015 390.5 +0.75 +0.19%
Corn Jul 2015 397.5 +0.75 +0.19%
Corn Sep 2015 402.5 +1 +0.25%
Oats Dec 2014 295.25 -0.75 -0.25%
Oats Mar 2015 307.75 -0.75 -0.24%
Oats May 2015 308.5 -2 -0.64%
Oats Jul 2015 308 -5.5 -1.75%
Oats Sep 2015 306.75 -5.25 -1.68%
Wheat Dec 2014 597 -8.25 -1.36%
Wheat Mar 2015 589.5 -13.75 -2.28%
Wheat May 2015 595.25 -13.5 -2.22%
Wheat Jul 2015 599 -13.75 -2.24%
Wheat Sep 2015 605.75 -14 -2.26%
Minneapolis
Spring Wheat Dec 2014 635.5 -20.5 -3.12%
Spring Wheat Mar 2015 621.25 -11.25 -1.78%
Spring Wheat May 2015 627 -12.75 -1.99%
Spring Wheat Jul 2015 634.25 -13.25 -2.05%
Spring Wheat Sep 2015 641.75 -12.75 -1.95%
Kansas City
Hard Red Wheat Dec 2014 631.75 -17 -2.62%
Hard Red Wheat Mar 2015 639.75 -12.5 -1.92%
Hard Red Wheat May 2015 642.5 -12.5 -1.91%
Hard Red Wheat Jul 2015 642.5 -11.5 -1.76%
Hard Red Wheat Sep 2015 651.5 -12 -1.81%
