By D’Arce McMillan, markets editor
Twiiter @ darcemcmillan
Soy meal again dominated the oilseed trade on Wednesday, dragging down canola and soybeans after rumours circulated that American meal users were planning to import soybean meal from Argentina.
Canola rose in overnight and morning trade, trying to catch up with the big gains seen in U.S. soybeans and soy meal on Tuesday, when markets were closed here for Remembrance Day.
Soy meal futures rose more than five percent Tuesday and soybeans climbed three percent on a shortage of soybeans in the cash market. Farmers are not delivering enough soybeans to meet the demand from soy crushers and exporters.
But once the talk circulated today that Argentine product could soon arrive, the price dropped and then the fall escalated as traders liquidated to lock in the profit from the previous day’s run up. Canola, soybeans, meal and oil all closed lower.
It was a good day for wheat futures today, with Chicago climbing more than three percent on concerns about what the cold snap would do to newly seeded winter wheat in the U.S. Midwest.
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Also, concerns about dry weather in Australia and Russia are also supporting wheat futures.
Corn edged higher on slow U.S. farmer selling, early support from soybeans and ideas that the delay in soybean seeding in Brazil will lead to a smaller corn crop, which is seeded into soybean stubble immediately after the soy harvest.
The trade is also keeping an eye on long range forecasts that see less rain than previously forecast in central Brazil in December and January.
Light crude oil nearby futures in New York dropped 76 cents at US$77.18 per barrel.
The Canadian dollar at noon was US88.62 cents, up from 88.14 cents the previous trading day. The U.S. dollar at noon was C$1.1284.
Most major North American stock indexes were trading fractionally higher on Wednesday afternoon
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014 445.00 -7.60 -1.68%
Canola Jan 2015 429.60 -7.00 -1.60%
Canola Mar 2015 430.50 -4.80 -1.10%
Canola May 2015 430.90 -3.50 -0.81%
Canola Jul 2015 431.60 -2.70 -0.62%
Milling Wheat Dec 2014 227.00 +8.00 +3.65%
Milling Wheat Mar 2015 234.00 +8.00 +3.54%
Milling Wheat May 2015 237.00 +7.00 +3.04%
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 158.00 +3.00 +1.94%
Barley Mar 2015 161.00 +2.00 +1.26%
Barley May 2015 161.00 +2.00 +1.26%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2014 1048.25 -18.25 -1.71%
Soybeans Jan 2015 1047.75 -16.25 -1.53%
Soybeans Mar 2015 1053.5 -14 -1.31%
Soybeans May 2015 1058.25 -12.75 -1.19%
Soybeans Jul 2015 1062.75 -12.75 -1.19%
Soybeans Aug 2015 1063.25 -12 -1.12%
Soybean Meal Dec 2014 395 -5.6 -1.40%
Soybean Meal Jan 2015 380.7 -3.4 -0.89%
Soybean Meal Mar 2015 365.8 -1 -0.27%
Soybean Oil Dec 2014 32.22 -0.65 -1.98%
Soybean Oil Jan 2015 32.37 -0.67 -2.03%
Soybean Oil Mar 2015 32.56 -0.7 -2.10%
Corn Dec 2014 377.75 +4 +1.07%
Corn Mar 2015 390.5 +4 +1.03%
Corn May 2015 399 +3.5 +0.88%
Corn Jul 2015 406.75 +4 +0.99%
Corn Sep 2015 413.5 +3.75 +0.92%
Oats Dec 2014 338 +2 +0.60%
Oats Mar 2015 338.25 +2.5 +0.74%
Oats May 2015 337.5 +3 +0.90%
Oats Jul 2015 332 +2.75 +0.84%
Oats Sep 2015 334.5 +2.5 +0.75%
Wheat Dec 2014 542.75 +17.5 +3.33%
Wheat Mar 2015 548 +17.25 +3.25%
Wheat May 2015 555.25 +17 +3.16%
Wheat Jul 2015 561.5 +16.75 +3.07%
Wheat Sep 2015 570.25 +16.25 +2.93%
Minneapolis
Spring Wheat Dec 2014 581.25 +14.5 +2.56%
Spring Wheat Mar 2015 590.5 +12 +2.07%
Spring Wheat May 2015 598.5 +11 +1.87%
Spring Wheat Jul 2015 606.5 +10 +1.68%
Spring Wheat Sep 2015 614.5 +8.75 +1.44%
Kansas City
Hard Red Wheat Dec 2014 599.25 +20.75 +3.59%
Hard Red Wheat Mar 2015 599 +19 +3.28%
Hard Red Wheat May 2015 601 +17.75 +3.04%
Hard Red Wheat Jul 2015 598 +19.5 +3.37%
Hard Red Wheat Sep 2015 609.25 +19.25 +3.26%
