Wheat rises but canola down on profit taking

Reading Time: 3 minutes

Published: November 26, 2014

Oilseeds fell Wednesday with canola down more than soybeans.

Corn and wheat rose again.

Oilseeds were off on profit taking and technical factors.

Canola was further pressured by the stronger loonie.

Wheat was the strongest performer, supported by concerns about the health of the Russian winter wheat crop and a downgrading of the condition of the U.S. winter wheat crops.

As the price rose it gained technical strength, adding to momentum.

Corn rose with support from wheat and a strong domestic cash market. American ethanol makers turned out a record amount of the fuel last week.

American markets are closed Thursday for Thanksgiving. ICE Futures Canada will trade but the volume will likely be light.

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Detail from the front of the CBOT building in Chicago. (Vito Palmisano/iStock/Getty Images)

U.S. grains: Corn futures edge up, soybeans sag on improving US crop ratings

Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.

Trade resumes in a shortened session in the U.S. n Friday.

The weekly U.S. export sales report normally out on Thursday will be released on Friday.

Light crude oil nearby futures in New York dropped 40 cents to US$73.69 per barrel.

The Canadian dollar at noon was US89 cents, up from 88.80 cents the previous trading day. The U.S. dollar at noon was C$1.1236.

Weaker oil prices pressured the TSX composite lower. Strong gains in high tech shares lifted the Dow and S&P 500 to new record highs.

In unofficial tallies –

The Toronto Stock Exchange’s S&P/TSX composite index closed down 35.24 points, or 0.23 percent, at 15,038.41.

The Dow Jones industrial average rose 12.81 points, or 0.07 percent, to 17,827.75, the S&P 500 gained 5.8 points, or 0.28 percent, to 2,072.83 and the Nasdaq Composite added 29.07 points, or 0.61 percent, to 4,787.32.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Jan 2015       429.90       -5.30       -1.22%

Canola Mar 2015       430.80       -5.50       -1.26%

Canola May 2015       432.50       -5.30       -1.21%

Canola Jul 2015       433.30       -4.80       -1.10%

Canola Nov 2015       430.30       -2.70       -0.62%

 

Milling Wheat Dec 2014       230.00       unch       0.00%

Milling Wheat Mar 2015       238.00       unch       0.00%

Milling Wheat May 2015       241.00       unch       0.00%

 

Durum Wheat Dec 2014       356.50       unch       0.00%

Durum Wheat Mar 2015       357.50       unch       0.00%

Durum Wheat May 2015       357.50       unch       0.00%

 

Barley Dec 2014       170.00       unch       0.00%

Barley Mar 2015       173.00       unch       0.00%

Barley May 2015       173.00       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       1047       -4       -0.38%

Soybeans Mar 2015       1052.75       -3.5       -0.33%

Soybeans May 2015       1058.75       -2.5       -0.24%

Soybeans Jul 2015       1063       -2.25       -0.21%

Soybeans Aug 2015       1062       -2       -0.19%

Soybeans Sep 2015       1038       -2.25       -0.22%

 

Soybean Meal Dec 2014       401.6       +11       +2.82%

Soybean Meal Jan 2015       376.7       +1.9       +0.51%

Soybean Meal Mar 2015       358.1       -0.3       -0.08%

 

Soybean Oil Dec 2014       33.48       +0.06       +0.18%

Soybean Oil Jan 2015       33.61       +0.02       +0.06%

Soybean Oil Mar 2015       33.77       -0.02       -0.06%

 

Corn Dec 2014       378.25       +4       +1.07%

Corn Mar 2015       391.5       +4.25       +1.10%

Corn May 2015       400.25       +4.5       +1.14%

Corn Jul 2015       407       +4       +0.99%

Corn Sep 2015       412.5       +3.75       +0.92%

 

Oats Dec 2014       295       -4       -1.34%

Oats Mar 2015       308.5       -0.5       -0.16%

Oats May 2015       313.25       +1.75       +0.56%

Oats Jul 2015       314.75       +2.5       +0.80%

Oats Sep 2015       309.75       +1.75       +0.57%

 

Wheat Dec 2014       562       +10.5       +1.90%

Wheat Mar 2015       562.75       +5       +0.90%

Wheat May 2015       569.25       +4.5       +0.80%

Wheat Jul 2015       574.5       +4.5       +0.79%

Wheat Sep 2015       581.75       +4       +0.69%

 

Minneapolis

Spring Wheat Dec 2014       598.5       +7.75       +1.31%

Spring Wheat Mar 2015       602.75       +2       +0.33%

Spring Wheat May 2015       610.75       +1.25       +0.21%

Spring Wheat Jul 2015       618.75       +1       +0.16%

Spring Wheat Sep 2015       627       +1       +0.16%

 

Kansas City

Hard Red Wheat Dec 2014       621       +3.75       +0.61%

Hard Red Wheat Mar 2015       623.25       +4.25       +0.69%

Hard Red Wheat May 2015       624.25       +3.75       +0.60%

Hard Red Wheat Jul 2015       621       +3.5       +0.57%

Hard Red Wheat Sep 2015       630.75       +3       +0.48%

 

About the author

D'Arce McMillan

Markets editor, Saskatoon newsroom

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