Canola futures edged higher on Wednesday, supported by stronger soybeans, which neared $10 a bushel.
The stronger Canadian dollar limited the gains in canola.
Soybeans were supported by a lack of farmer selling and some weather risk premium to account for the potential of the developing La Nina to bring dry weather to Argentina. the world’s third largest soybean producer. But soy oil was pressured by weakness in palm oil as India this week put a tariff on vegetable oil imports.
Generally, there was little market-moving news.
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Feed Grains Weekly: Price likely to keep stepping back
As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up $1.19 at US$58.02 per barrel.
The Canadian dollar closed at US78.74 cents up 0.5 cent from 78.24 cents the previous trading day. The U.S. dollar was $1.270.
The Toronto Stock Exchange’s S&P/TSX composite index dipped 3.07 points, or 0.02 percent, at 16,073.58.
The Dow Jones Industrial Average fell 64.65 points, or 0.27 percent, to 23,526.18, the S&P 500 lost 1.95 points, or 0.08 percent, to 2,597.08 and the Nasdaq Composite added 4.88 points, or 0.07 percent, to 6,867.36.
Winnipeg ICE Futures Canada, dollars per tonne
Canola Jan 18 515.30s +0.20 +0.04%
Canola Mar 18 523.30s +0.20 +0.04%
Canola May 18 528.00s +0.50 +0.09%
Canola Jul 18 530.80s +0.70 +0.13%
American crop price in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8 and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybeans Jan 18 997-2s +8-2 +0.83%
Soybeans Mar 18 1008-4s +8-2 +0.82%
Soybeans May 18 1018-2s +8-2 +0.82%
Soybeans Jul 18 1026-2s +8-2 +0.81%
Soybeans Aug 18 1026-2s +7-4 +0.74%
Soybean Meal Dec 17 324.4s +6.1 +1.92%
Soybean Meal Jan 18 326.7s +6.3 +1.97%
Soybean Meal Mar 18 329.8s +6.0 +1.85%
Soybean Oil Dec 17 34.05s -0.12 -0.35%
Soybean Oil Jan 18 34.20s -0.12 -0.35%
Soybean Oil Mar 18 34.42s -0.11 -0.32%
Corn Dec 17 345-2s +0-2 +0.07%
Corn Mar 18 357-0s +0-6 +0.21%
Corn May 18 365-2s +0-6 +0.21%
Corn Jul 18 373-2s +1-0 +0.27%
Corn Sep 18 380-4s +1-0 +0.26%
Oats Dec 17 250-6s -5-0 -1.96%
Oats Mar 18 266-4s -5-0 -1.84%
Oats May 18 273-0s -5-4 -1.97%
Oats Sep 18 280-0s -2-6 -0.97%
Wheat Dec 17 422-6s -2-0 -0.47%
Wheat Mar 18 440-6s -0-4 -0.11%
Wheat May 18 453-4s +0-4 +0.11%
Wheat Jul 18 467-4s +1-2 +0.27%
Wheat Sep 18 482-0s +1-4 +0.31%
Minneapolis
Spring Wheat Dec 17 626-6s -0-2 -0.04%
Spring Wheat Mar 18 641-2s unch unch
Spring Wheat May 18 646-4s -0-2 -0.04%
Spring Wheat Jul 18 648-6s +0-2 +0.04%
Spring Wheat Sep 18 634-2s -1-0 -0.16%
Kansas
Hard Red Wheat Dec 17 421-0s +0-6 +0.18%
Hard Red Wheat Mar 18 438-4s +0-6 +0.17%
Hard Red Wheat May 18 451-4s +1-0 +0.22%
Hard Red Wheat Jul 18 469-4s +1-2 +0.27%
Hard Red Wheat Sep 18 487-0s +1-4 +0.31%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle (Pit) Dec 17 119.050s +1.075 +0.91%
Live Cattle (Pit) Apr 18 125.950s +1.150 +0.92%
Feeder Cattle (Pit) Jan 18 152.725s +1.100 +0.73%
Feeder Cattle (Pit) Mar 18 151.150s +1.325 +0.88%
Feeder Cattle (Pit) Apr 18 150.925s +1.250 +0.84%
Lean Hogs (Pit) Dec 17 62.825s +2.125 +3.50%
Lean Hogs (Pit) Feb 18 69.100s +2.150 +3.21%
Lean Hogs (Pit) Apr 18 73.050s +1.675 +2.35%
