Another sharp drop in the Canadian dollar offset downward pressure from falling soy oil prices to allow defered canola futures to rise on Thursday.
The Nearby March contract edged 70 cents a tonne lower to $449.10 while May crept up 70 cents to $446.10. July and beyond rose a little more.
The loonie was under pressure as the U.S. buck rose following news from the Federal Reserve that it was upbeat about the U.S. economy. It was wary about slow global growth but still left the door open for a U.S. interest rate increase sometime this year.
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What had been a wide inverse in canola between the March and May contracts is now down to just $3.
Funds that were selling soybeans and buying canola have wound down that trading strategy.
Although commercial demand was steady today it does not appear there is strong immediate demand for canola as the inverse fades away and basis levels for nearby delivery are fairly wide.
Soy oil was still under pressure following an announcement this week by the U.S. Environmental Protection Agency that could clear the way for more soyoil-based biodiesel imports from Argentina.
The industry thinks it will result in large imports of Argentine biodiesel, a claim the EPA denies.
March soybeans were down slightly even though weekly U.S. export sales came in higher than expected.
The weakness in soy oil and the prospect of a record large South American soybean crop weighed down soybeans.
Dry areas of Brazil are set to get rain this week.
Corn futures again drifted lower on ample supplies. Weekly U.S. exports were within the range of expectations.
Wheat rose after the USDA reported U.S. export sales at 544,400 tonnes, above a range of trade expectations. The strongest gains were in hard red winter wheat.
News that Saudi Arabia was in the market for 660,000 tonnes of wheat also supported wheat futures.
There was no trade in the ICE Futures durum contract but the exchange lowered the price by $5 a tonne.
Nearby light crude oil nearby futures in New York rose eight cents to US$44.53 per barrel.
The Canadian dollar at noon was US79.09 cents, down from US80.31 cents the previous trading day. The U.S. dollar at noon was C$1.2644.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 33.08 points, or 0.23 percent, at 14,635.96.
The Dow Jones industrial average rose 225.6 points, or 1.31 percent, to 17,416.97, the S&P 500 gained 19.25 points, or 0.96 percent, to 2,021.41 and the Nasdaq Composite added 45.41 points, or 0.98 percent, to 4,683.41.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2015 449.10 -0.70 -0.16%
Canola May 2015 446.10 +0.70 +0.16%
Canola Jul 2015 443.80 +2.30 +0.52%
Canola Nov 2015 431.40 +3.20 +0.75%
Canola Jan 2016 433.60 +3.70 +0.86%
Milling Wheat Mar 2015 213.00 unch 0.00%
Milling Wheat May 2015 216.00 unch 0.00%
Milling Wheat Jul 2015 219.00 unch 0.00%
Durum Wheat Mar 2015 358.00 -5.00 -1.38%
Durum Wheat May 2015 348.00 -5.00 -1.42%
Durum Wheat Jul 2015 338.00 -5.00 -1.46%
Barley Mar 2015 195.00 unch 0.00%
Barley May 2015 197.00 unch 0.00%
Barley Jul 2015 199.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2015 968.25 -2 -0.21%
Soybeans May 2015 974.75 -2.5 -0.26%
Soybeans Jul 2015 979.75 -3.25 -0.33%
Soybeans Aug 2015 978.75 -4.25 -0.43%
Soybeans Sep 2015 963 -6.25 -0.64%
Soybeans Nov 2015 951.25 -7 -0.73%
Soybean Meal Mar 2015 337.9 +0.5 +0.15%
Soybean Meal May 2015 330.6 +0.7 +0.21%
Soybean Meal Jul 2015 328 +0.4 +0.12%
Soybean Oil Mar 2015 29.54 -0.8 -2.64%
Soybean Oil May 2015 29.78 -0.79 -2.58%
Soybean Oil Jul 2015 30.01 -0.77 -2.50%
Corn Mar 2015 371.5 -1.75 -0.47%
Corn May 2015 380 -1.5 -0.39%
Corn Jul 2015 387.75 -1.25 -0.32%
Corn Sep 2015 394.5 -1.25 -0.32%
Corn Dec 2015 402.75 -1.5 -0.37%
Oats Mar 2015 282.5 -5 -1.74%
Oats May 2015 286.75 -3.25 -1.12%
Oats Jul 2015 292.5 -2.25 -0.76%
Oats Sep 2015 298.5 -1 -0.33%
Oats Dec 2015 296.25 -1 -0.34%
Wheat Mar 2015 507.75 +2.5 +0.49%
Wheat May 2015 512.5 +2.25 +0.44%
Wheat Jul 2015 517 +1 +0.19%
Wheat Sep 2015 525.25 +0.5 +0.10%
Wheat Dec 2015 537.75 +0.5 +0.09%
Minneapolis
Spring Wheat Mar 2015 559.25 +4.25 +0.77%
Spring Wheat May 2015 565.5 +2.75 +0.49%
Spring Wheat Jul 2015 573 +2 +0.35%
Spring Wheat Sep 2015 581.5 +1.75 +0.30%
Spring Wheat Dec 2015 592 +1.5 +0.25%
Kansas City
Hard Red Wheat Mar 2015 544 +8.25 +1.54%
Hard Red Wheat May 2015 548.75 +7 +1.29%
Hard Red Wheat Jul 2015 553.5 +6.25 +1.14%
Hard Red Wheat Sep 2015 564.75 +5.25 +0.94%
Hard Red Wheat Dec 2015 578.5 +4.75 +0.83%
