Canola futures rose Wednesday, bucking lower prices in soybeans.
Factors supporting canola were tight supplies, a weaker loonie, the potential for seeding delays due to rain forecasts for Friday and the weekend in eastern Saskatchewan and Manitoba.
The weekend forecast for central Saskatchewan turned drier today.
Good seeding progress in the U.S. Midwest pressured corn and soybeans lower. But rain is expected to slow seeding in several parts of the region over the next couple of days.
Soft wheat took the biggest hit today, falling more than two percent. Hard red spring fell only about one percent. The harvest of winter wheat will begin in a few weeks.
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U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
Reuters reported that a record two million tonnes of South American corn has been booked to supply American livestock operations on the East Coast. Arrivals are for the summer when U.S. stocks of corn are expected to be exceptionally tight before the harvest.
A Reuters survey of trades says on average the number of cattle placed on feed will be up 13.1 percent over the same time last year. The USDA cattle on feed report comes out on Friday. After the big drop in corn prices following the March stocks report it became cheaper to feed cattle.
The Reuters survey shows traders on average expect the number of cattle in U.S. feedlots as of May 1 will be down 3.9 percent from a year ago
Concerns about late seeding in northeast China, a key corn-growing region, are increasing.
Winnipeg ICE Futures Canada in dollars per tonne
Canola Jul 2013 628.00 +1.80 +0.29%
Canola Nov 2013 544.20 +1.80 +0.33%
Canola Jan 2014 546.50 +2.20 +0.40%
Canola Mar 2014 543.30 +3.50 +0.65%
Canola May 2014 537.90 +3.50 +0.65%
Milling Wheat Jul 2013 294.00 unch 0.00%
Milling Wheat Oct 2013 294.00 unch 0.00%
Milling Wheat Dec 2013 294.00 unch 0.00%
Durum Wheat Jul 2013 301.90 unch 0.00%
Durum Wheat Oct 2013 294.90 unch 0.00%
Durum Wheat Dec 2013 299.40 unch 0.00%
Barley Jul 2013 244.00 unch 0.00%
Barley Oct 2013 194.00 unch 0.00%
Barley Dec 2013 199.00 unch 0.00%
U.S. crops in cents US per bushel, soy meal $US per short ton, soy oil in cents per pound.
Chicago
Soybeans Jul 2013 1412.75 -2 -0.14%
Soybeans Aug 2013 1342 -4.25 -0.32%
Soybeans Sep 2013 1262.5 -5.5 -0.43%
Soybeans Nov 2013 1209.75 -4.25 -0.35%
Soybeans Jan 2014 1217.25 -4.5 -0.37%
Soybeans Mar 2014 1223 -4.75 -0.39%
Soybean Meal Jul 2013 410.5 -1.3 -0.32%
Soybean Meal Aug 2013 387.9 -0.7 -0.18%
Soybean Meal Sep 2013 362.7 -0.9 -0.25%
Soybean Oil Jul 2013 49.35 -0.41 -0.82%
Soybean Oil Aug 2013 49.13 -0.38 -0.77%
Soybean Oil Sep 2013 48.9 -0.33 -0.67%
Corn Jul 2013 650.75 -1.75 -0.27%
Corn Sep 2013 563.5 -6.25 -1.10%
Corn Dec 2013 531.75 -6.25 -1.16%
Corn Mar 2014 542.25 -5.5 -1.00%
Corn May 2014 550 -5.5 -0.99%
Oats Jul 2013 379.5 -4.75 -1.24%
Oats Sep 2013 370.25 +1 +0.27%
Oats Dec 2013 362.25 +0.75 +0.21%
Oats Mar 2014 366.25 +0.75 +0.21%
Oats May 2014 368.5 +0.75 +0.20%
Chicago soft red winter
Wheat Jul 2013 693.75 -17 -2.39%
Wheat Sep 2013 702.25 -17.25 -2.40%
Wheat Dec 2013 718.5 -17 -2.31%
Wheat Mar 2014 735.25 -17.25 -2.29%
Wheat May 2014 740.75 -17.25 -2.28%
Minneapolis Hard red spring
Spring Wheat Jul 2013 803.75 -7.5 -0.92%
Spring Wheat Sep 2013 798.5 -8 -0.99%
Spring Wheat Dec 2013 806 -8.75 -1.07%
Spring Wheat Mar 2014 819 -7.5 -0.91%
Spring Wheat May 2014 824.5 -9.75 -1.17%
Kansas City hard red winter wheat
KCBT Red Wheat Jul 2013 751.75 -15.25 -1.99%
KCBT Red Wheat Sep 2013 759.25 -15.75 -2.03%
KCBT Red Wheat Dec 2013 775 -16.75 -2.12%
KCBT Red Wheat Mar 2014 788.75 -16 -1.99%
KCBT Red Wheat May 2014 792.25 -15 -1.86%
The Bank of Canada noon rate for the loonie was 98.30 cents US, down from 98.54 on Tuesday. The U.S. buck was $1.173.
Nearby crude oil in New York was up nine cents at $94.30 per barrel.
Weak economic data from Europe and the United States pressured the TSX lower but the Dow and S&P 500 stuck with the trend and posed new record highs. The Nasdaq closed lower as Apple shares fell.
The TSX composite closed down 109.07 points or 0.87 percent at 12,467.98.
The Dow Jones industrial average rose 29.70 points, or 0.20 percent, at 15,244.95.
The Standard & Poor’s 500 Index was up 4.90 points, or 0.30 percent, at 1,655.24.
The Nasdaq Composite Index climbed 1.21 points, or 0.03 percent, at 3,463.82.
