Wheat down on profit taking; canola climbs with soy

Oilseeds edged higher again Wednesday but wheat and corn fell.

Forecasts for light rain in the U.S. southern plains gave traders an excuse to take profits on wheat after a couple of days of strong gains, fueled mostly by worries about the situation in Ukraine.

Corn fell more than one percent on forecasts for warmer weather in the U.S. Midwest, which should allow farmers to pick up the pace of seeding.

Soybeans gained on the tight situation for old crop supply in the United States and lingering support from yesterday’s report showing stronger than expected pace of domestic crush in March.

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May beans climbed 1.17 percent, gaining on new crop November, which rose only 0.67 percent. More fund money went into soybeans today

The strength in soy spilled over into canola, with the May contract rising.

The basis in canola has also improved recently.

Oilseeds in general were supported by stronger than expected economic data from China.

China’s economy grew an annual 7.4 percent in the first quarter, slower than the 7.7 percent pace in the previous three months but ahead of market expectations of 7.3 percent.

Although there are worries that clashes between pro-Russia forces and Ukraine government troops could lead to civil war or Russian invasion, farmers in that country have finished off most of their seeding.

Ukraine farmers have sown 6.38 million acres, or 92 percent of the expected area of spring crops.

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2014 473.30 +2.40 +0.51%

Canola Jul 2014 482.30 +2.40 +0.50%

Canola Nov 2014 497.10 +2.30 +0.46%

Canola Jan 2015 504.00 +2.30 +0.46%

Canola Mar 2015 510.30 +2.00 +0.39%

Milling Wheat May 2014 220.00 -5.00 -2.22%

Milling Wheat Jul 2014 218.00 -5.00 -2.24%

Milling Wheat Oct 2014 221.00 -5.00 -2.21%

Durum Wheat May 2014 250.00 unch 0.00%

Durum Wheat Jul 2014 250.00 unch 0.00%

Durum Wheat Oct 2014 252.00 unch 0.00%

Barley May 2014 140.00 unch 0.00%

Barley Jul 2014 141.00 +3.00 +2.17%

Barley Oct 2014 141.00 +3.00 +2.17%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago

Soybeans May 2014 1518.75 +17.5 +1.17%

Soybeans Jul 2014 1508.75 +21.25 +1.43%

Soybeans Aug 2014 1424 +14.5 +1.03%

Soybeans Sep 2014 1299.75 +9.25 +0.72%

Soybeans Nov 2014 1237.25 +8.25 +0.67%

Soybeans Jan 2015 1242.25 +8.25 +0.67%

Soybean Meal May 2014 491 +3.6 +0.74%

Soybean Meal Jul 2014 479.8 +5.4 +1.14%

Soybean Meal Aug 2014 448.8 +2.6 +0.58%

Soybean Oil May 2014 43.71 +0.88 +2.05%

Soybean Oil Jul 2014 43.93 +0.88 +2.04%

Soybean Oil Aug 2014 43.73 +0.83 +1.93%

Corn May 2014 497.5 -6.25 -1.24%

Corn Jul 2014 503.5 -6.25 -1.23%

Corn Sep 2014 500.75 -5.5 -1.09%

Corn Dec 2014 499 -4.25 -0.84%

Corn Mar 2015 506.5 -4 -0.78%

Oats May 2014 405 +6 +1.50%

Oats Jul 2014 357.75 +5.5 +1.56%

Oats Sep 2014 340.25 -1 -0.29%

Oats Dec 2014 330.75 -1.75 -0.53%

Oats Mar 2015 331 -0.5 -0.15%

Wheat May 2014 688 -13.75 -1.96%

Wheat Jul 2014 695.25 -14.5 -2.04%

Wheat Sep 2014 704.5 -14.25 -1.98%

Wheat Dec 2014 716.75 -14.75 -2.02%

Wheat Mar 2015 729 -14.5 -1.95%

Minneapolis

Spring Wheat May 2014 726.5 -12 -1.62%

Spring Wheat Jul 2014 735 -12.25 -1.64%

Spring Wheat Sep 2014 740.75 -12.5 -1.66%

Spring Wheat Dec 2014 752 -11.75 -1.54%

Spring Wheat Mar 2015 760.5 -11 -1.43%

Kansas City

KC HRW Wheat May 2014 754.5 -11 -1.44%

KC HRW Wheat Jul 2014 760.75 -10.75 -1.39%

KC HRW Wheat Sep 2014 767.75 -9.5 -1.22%

KC HRW Wheat Dec 2014 777.75 -9 -1.14%

KC HRW Wheat Mar 2015 781.75 -9 -1.14%

Light crude oil nearby futures in New York rose one cent at $103.76 US per barrel.

The Canadian dollar at noon was 90.68 cents US, down from 91.07 cents the previous trading day. The U.S. dollar at noon was $1.1028 Cdn.

Stock indexes rallied on Federal Reserve chair Janet Yellen comments, reaffirming the U.S central bank’s commitment to keeping interest rates low and on the better than expected economic data from China.

In early tallies —

The Toronto Stock Exchange’s S&P/TSX composite index closed up 142.60 points, or one percent, at 14,446.52.

The Dow Jones industrial average shot up 162.29 points, or 1.00 percent, to close at 16,424.85.

The Standard & Poor’s 500 Index gained 19.33 points, or 1.05 percent, to finish at 1,862.31.

The Nasdaq Composite Index jumped 52.06 points, or 1.29 percent, to close at 4,086.23.