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 2015 443.40 +2.40 +0.54%
Canola Mar 2015 437.70 +1.80 +0.41%
Canola May 2015 437.00 +2.10 +0.48%
Canola Jul 2015 438.10 +1.80 +0.41%
Canola Nov 2015 434.30 +0.50 +0.12%
Milling Wheat Mar 2015 246.00 +8.00 +3.36%
Milling Wheat May 2015 248.00 +7.00 +2.90%
Milling Wheat Jul 2015 249.00 +6.00 +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 2015 1027 +3.5 +0.34%
Soybeans Mar 2015 1035.25 +4 +0.39%
Soybeans May 2015 1041 +4.5 +0.43%
Soybeans Jul 2015 1046.75 +5.25 +0.50%
Soybeans Aug 2015 1044.5 +5 +0.48%
Soybeans Sep 2015 1025 +6.25 +0.61%
Soybean Meal Jan 2015 359.3 +2.7 +0.76%
Soybean Meal Mar 2015 349.7 +1.2 +0.34%
Soybean Meal May 2015 345.2 +1.9 +0.55%
Soybean Oil Jan 2015 31.77 unch 0.00%
Soybean Oil Mar 2015 31.97 -0.02 -0.06%
Soybean Oil May 2015 32.19 -0.03 -0.09%
Corn Mar 2015 408.25 +2.25 +0.55%
Corn May 2015 416.5 +2 +0.48%
Corn Jul 2015 423.25 +2.25 +0.53%
Corn Sep 2015 425.25 +1.25 +0.29%
Corn Dec 2015 432 +1.25 +0.29%
Oats Mar 2015 315 +1 +0.32%
Oats May 2015 318.75 +1 +0.31%
Oats Jul 2015 319.25 +1 +0.31%
Oats Sep 2015 318.5 +1.5 +0.47%
Oats Dec 2015 311 -2.25 -0.72%
Wheat Mar 2015 648.5 +25.25 +4.05%
Wheat May 2015 650.75 +24.5 +3.91%
Wheat Jul 2015 646.75 +20.75 +3.31%
Wheat Sep 2015 654 +21.5 +3.40%
Wheat Dec 2015 663.5 +20.5 +3.19%
Minneapolis
Spring Wheat Mar 2015 659.75 +20.75 +3.25%
Spring Wheat May 2015 663.75 +20.5 +3.19%
Spring Wheat Jul 2015 668 +17 +2.61%
Spring Wheat Sep 2015 671.25 +13.5 +2.05%
Spring Wheat Dec 2015 680.5 +15 +2.25%
Kansas City
Hard Red Wheat Mar 2015 681.5 +26.75 +4.09%
Hard Red Wheat May 2015 684.5 +26.5 +4.03%
Hard Red Wheat Jul 2015 684 +23.5 +3.56%
Hard Red Wheat Sep 2015 691.25 +22 +3.29%
Hard Red Wheat Dec 2015 702.75 +20.75 +3.04%
