Canola futures rose again Wednesday, the ninth increase in 10 trading days.
They were supported by lack of farmer sales and by rising soybeans.
Wheat led the market higher, with Minneapolis hard red spring wheat up four percent on developments in Russia.
Reuters reported Russia is taking steps to restrict grain exports in an attempt to cool domestic prices, as it tackles a financial crisis linked to plunging oil prices and Western sanctions.
In a meeting with grain exporters on Wednesday, deputy prime Minister Arkady Dvorkovich said the government was using all informal instruments to restrict grain exports, two sources familiar with the matter told Reuters.
Analysts say Russia is keen to avoid formal export curbs which might take time to implement and damage relations with its customers, but that it is stepping up other measures — such as quality controls — that can prevent grain leaving the country.
Russia’s Veterinary and Phytosanitary Surveillance Service said on Wednesday it had started to pay “special attention” to the quality of grain sent for export, Reuters reported.
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It said it was issuing export certificates only when the quality conformed with the rules of importing countries.
Traders have forward contracts for Russian grain until April and say the country can export about 30 million tonnes without eating into its domestic needs, the grain export lobby group told Reuters.
Corn edged higher, supported by the hot wheat market and news that a top Chinese government official said the country has approved imports of genetically modified Agrisure Viptera corn and two varieties of biotech soybeans after years of review.
China had been rejecting American corn and DDGS because of traces of the GM corn variety that had not been approved by Beijing.
U.S. soybean futures rose, supported by bargain buying and technical strength following two straight days of declines.
Chicago January soybeans found support after falling to the 100-day moving average of $10.15 a bushel.
Light crude oil nearby futures in New York rose 54 cents to US$56.47 per barrel.
The Canadian dollar at noon was US85.99 cents, down from 86.02 cents the previous trading day. The U.S. dollar at noon was C$1.1629.
The U.S. Federal Reserve gave an upbeat assessment of the American economy and said it would take a patient approach toward lifting interest rates. The markets reacted positively and the S&P 500 posted its best day this year.
Canada’s main stock index jumped more than 2.5 percent and hit a one-week high as a rebound in the price of oil sent the influential energy sector up by more than seven percent.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 352.36 points, or 2.54 percent, at 12,213.88.
The Dow Jones industrial average rose 288 points, or 1.69 percent, to 17,356.87, the S&P 50 gained 40.15 points, or 2.04 percent, to 2,012.89 and the Nasdaq Composite added 96.48 points, or 2.12 percent, to 4,644.31.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2015Â Â Â Â Â Â 443.40Â Â Â Â Â Â +2.40Â Â Â Â Â Â +0.54%
Canola Mar 2015Â Â Â Â Â Â 437.70Â Â Â Â Â Â +1.80Â Â Â Â Â Â +0.41%
Canola May 2015Â Â Â Â Â Â 437.00Â Â Â Â Â Â +2.10Â Â Â Â Â Â +0.48%
Canola Jul 2015Â Â Â Â Â Â 438.10Â Â Â Â Â Â +1.80Â Â Â Â Â Â +0.41%
Canola Nov 2015Â Â Â Â Â Â 434.30Â Â Â Â Â Â +0.50Â Â Â Â Â Â +0.12%
Milling Wheat Mar 2015Â Â Â Â Â Â 246.00Â Â Â Â Â Â +8.00Â Â Â Â Â Â +3.36%
Milling Wheat May 2015Â Â Â Â Â Â 248.00Â Â Â Â Â Â +7.00Â Â Â Â Â Â +2.90%
Milling Wheat Jul 2015Â Â Â Â Â Â 249.00Â Â Â Â Â Â +6.00Â Â Â Â Â Â +2.47%
Durum Wheat Mar 2015      357.50      unch      0.00%
Durum Wheat May 2015      357.50      unch      0.00%
Durum Wheat Jul 2015      357.50      unch      0.00%
Barley Mar 2015      177.00      unch      0.00%
Barley May 2015      179.00      unch      0.00%
Barley Jul 2015      181.00      unch      0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2015Â Â Â Â Â Â 1027Â Â Â Â Â Â +3.5Â Â Â Â Â Â +0.34%
Soybeans Mar 2015Â Â Â Â Â Â 1035.25Â Â Â Â Â Â +4Â Â Â Â Â Â +0.39%
Soybeans May 2015Â Â Â Â Â Â 1041Â Â Â Â Â Â +4.5Â Â Â Â Â Â +0.43%
Soybeans Jul 2015Â Â Â Â Â Â 1046.75Â Â Â Â Â Â +5.25Â Â Â Â Â Â +0.50%
Soybeans Aug 2015Â Â Â Â Â Â 1044.5Â Â Â Â Â Â +5Â Â Â Â Â Â +0.48%
Soybeans Sep 2015Â Â Â Â Â Â 1025Â Â Â Â Â Â +6.25Â Â Â Â Â Â +0.61%
Soybean Meal Jan 2015Â Â Â Â Â Â 359.3Â Â Â Â Â Â +2.7Â Â Â Â Â Â +0.76%
Soybean Meal Mar 2015Â Â Â Â Â Â 349.7Â Â Â Â Â Â +1.2Â Â Â Â Â Â +0.34%
Soybean Meal May 2015Â Â Â Â Â Â 345.2Â Â Â Â Â Â +1.9Â Â Â Â Â Â +0.55%
Soybean Oil Jan 2015      31.77      unch      0.00%
Soybean Oil Mar 2015Â Â Â Â Â Â 31.97Â Â Â Â Â Â -0.02Â Â Â Â Â Â -0.06%
Soybean Oil May 2015Â Â Â Â Â Â 32.19Â Â Â Â Â Â -0.03Â Â Â Â Â Â -0.09%
Corn Mar 2015Â Â Â Â Â Â 408.25Â Â Â Â Â Â +2.25Â Â Â Â Â Â +0.55%
Corn May 2015Â Â Â Â Â Â 416.5Â Â Â Â Â Â +2Â Â Â Â Â Â +0.48%
Corn Jul 2015Â Â Â Â Â Â 423.25Â Â Â Â Â Â +2.25Â Â Â Â Â Â +0.53%
Corn Sep 2015Â Â Â Â Â Â 425.25Â Â Â Â Â Â +1.25Â Â Â Â Â Â +0.29%
Corn Dec 2015Â Â Â Â Â Â 432Â Â Â Â Â Â +1.25Â Â Â Â Â Â +0.29%
Oats Mar 2015Â Â Â Â Â Â 315Â Â Â Â Â Â +1Â Â Â Â Â Â +0.32%
Oats May 2015Â Â Â Â Â Â 318.75Â Â Â Â Â Â +1Â Â Â Â Â Â +0.31%
Oats Jul 2015Â Â Â Â Â Â 319.25Â Â Â Â Â Â +1Â Â Â Â Â Â +0.31%
Oats Sep 2015Â Â Â Â Â Â 318.5Â Â Â Â Â Â +1.5Â Â Â Â Â Â +0.47%
Oats Dec 2015Â Â Â Â Â Â 311Â Â Â Â Â Â -2.25Â Â Â Â Â Â -0.72%
Wheat Mar 2015Â Â Â Â Â Â 648.5Â Â Â Â Â Â +25.25Â Â Â Â Â Â +4.05%
Wheat May 2015Â Â Â Â Â Â 650.75Â Â Â Â Â Â +24.5Â Â Â Â Â Â +3.91%
Wheat Jul 2015Â Â Â Â Â Â 646.75Â Â Â Â Â Â +20.75Â Â Â Â Â Â +3.31%
Wheat Sep 2015Â Â Â Â Â Â 654Â Â Â Â Â Â +21.5Â Â Â Â Â Â +3.40%
Wheat Dec 2015Â Â Â Â Â Â 663.5Â Â Â Â Â Â +20.5Â Â Â Â Â Â +3.19%
Minneapolis
Spring Wheat Mar 2015Â Â Â Â Â Â 659.75Â Â Â Â Â Â +20.75Â Â Â Â Â Â +3.25%
Spring Wheat May 2015Â Â Â Â Â Â 663.75Â Â Â Â Â Â +20.5Â Â Â Â Â Â +3.19%
Spring Wheat Jul 2015Â Â Â Â Â Â 668Â Â Â Â Â Â +17Â Â Â Â Â Â +2.61%
Spring Wheat Sep 2015Â Â Â Â Â Â 671.25Â Â Â Â Â Â +13.5Â Â Â Â Â Â +2.05%
Spring Wheat Dec 2015Â Â Â Â Â Â 680.5Â Â Â Â Â Â +15Â Â Â Â Â Â +2.25%
Kansas City
Hard Red Wheat Mar 2015Â Â Â Â Â Â 681.5Â Â Â Â Â Â +26.75Â Â Â Â Â Â +4.09%
Hard Red Wheat May 2015Â Â Â Â Â Â 684.5Â Â Â Â Â Â +26.5Â Â Â Â Â Â +4.03%
Hard Red Wheat Jul 2015Â Â Â Â Â Â 684Â Â Â Â Â Â +23.5Â Â Â Â Â Â +3.56%
Hard Red Wheat Sep 2015Â Â Â Â Â Â 691.25Â Â Â Â Â Â +22Â Â Â Â Â Â +3.29%
Hard Red Wheat Dec 2015Â Â Â Â Â Â 702.75Â Â Â Â Â Â +20.75Â Â Â Â Â Â +3.04%
