Wheat rises on sale of US grain to Morocco

November canola futures were unchanged on Wednesday showing no reaction to the snow and rain that hit much of Saskatchewan and northern Manitoba Tuesday and Wednesday.

Kansas hard red winter wheat rallied more than two percent on short covering, supported by a sale of U.S. wheat to Morocco.

The trade is heavily net short in wheat and is open to bouts of short covering.

Gains were more modest in Minneapolis wheat, which had been gaining on Kansas wheat in recent days because of the concern about supplies of quality, high protein wheat.

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Corn futures were little changed and soybeans dipped a few cents on the advancing American harvest and signs of higher than expected soy yields.

Looking ahead to the South American crops seeded in the next few months, Reuters reported today that Argentina’s farmers will likely favour corn over soybeans.

Argentina’s new government trimmed the export tax on soybeans soon after arriving in office but the president said this week there would be no further cuts until 2018.

The Buenos Aires grains exchange forecast that corn seeded area could rise by about 25 percent to 4.9 million hectares while soybeans would fall back by about 500,000 hectares.

Activity in the U.S. services sector hit an 11-month high in September, indicating economic growth that increases the potential for the Federal Reserve toward an interest rate increase before the year ends.

Crude oil rose on data in a weekly report that showed a bigger-than-expected draw in U.S. inventories.

The Toronto Stock Exchange’s S&P/TSX composite index settled up 89.57 points, or 0.62 percent, at 14,610.58.

The Dow Jones industrial average climbed 112.58 points, or 0.62 percent, to 18,281.03, the S&P 500 rose 9.24 points, or 0.43 percent, to 2,159.73 and the Nasdaq Composite closed up 26.36 points, or 0.5 percent, to 5,316.02.

Light crude oil nearby futures in New York were up $1.14 to US$49.83 per barrel.

The Canadian dollar at noon was US75.88 cents, down from 75.93 cents the previous trading day. The U.S. dollar at noon was C$1.3178.

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2016 467.00 unch 0.00%

Canola Jan 2017 474.90 +0.20 +0.04%

Canola Mar 2017 480.10 unch 0.00%

Canola May 2017 484.20 unch 0.00%

Canola Jul 2017 486.10 +0.30 +0.06%

Durum Wheat Dec 2016 282.00 unch 0.00%

Durum Wheat Mar 2017 289.00 unch 0.00%

Durum Wheat May 2017 293.00 unch 0.00%

Barley Dec 2016 132.50 unch 0.00%

Barley Mar 2017 134.50 unch 0.00%

Barley May 2017 135.50 unch 0.00%

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

Chicago

Soybeans Nov 2016 956.75 -6.75 -0.70%

Soybeans Jan 2017 963.50 -5.75 -0.59%

Soybeans Mar 2017 970.25 -5.75 -0.59%

Soybeans May 2017 976.50 -5.50 -0.56%

Soybeans Jul 2017 981.75 -5.75 -0.58%

Soybeans Aug 2017 981.50 -5.25 -0.53%

Soybean Meal Oct 2016 303.80 -0.70 -0.23%

Soybean Meal Dec 2016 305.40 -0.90 -0.29%

Soybean Meal Jan 2017 306.30 -1.10 -0.36%

Soybean Oil Oct 2016 32.66 -0.23 -0.70%

Soybean Oil Dec 2016 32.84 -0.26 -0.79%

Soybean Oil Jan 2017 33.08 -0.26 -0.78%

Corn Dec 2016 347.75 -0.50 -0.14%

Corn Mar 2017 357.50 -0.75 -0.21%

Corn May 2017 364.50 -0.75 -0.21%

Corn Jul 2017 371.50 -0.50 -0.13%

Corn Sep 2017 378.00 -0.50 -0.13%

Oats Dec 2016 184.00 +2.75 +1.52%

Oats Mar 2017 187.00 +1.50 +0.81%

Oats May 2017 191.75 +1.25 +0.66%

Oats Jul 2017 198.50 +1.75 +0.89%

Oats Sep 2017 207.50 +3.00 +1.47%

Wheat Dec 2016 405.00 +9.50 +2.40%

Wheat Mar 2017 425.75 +8.75 +2.10%

Wheat May 2017 439.50 +9.25 +2.15%

Wheat Jul 2017 450.75 +9.75 +2.21%

Wheat Sep 2017 466.50 +10.50 +2.30%

Minneapolis

Spring Wheat Dec 2016 524.50 +2.25 +0.43%

Spring Wheat Mar 2017 527.25 +4.25 +0.81%

Spring Wheat May 2017 533.00 +5.00 +0.95%

Spring Wheat Jul 2017 539.75 +5.00 +0.94%

Spring Wheat Sep 2017 547.50 +5.50 +1.01%

Kansas City

Hard Red Wheat Dec 2016 415.00 +12.00 +2.98%

Hard Red Wheat Mar 2017 431.50 +12.00 +2.86%

Hard Red Wheat May 2017 442.25 +12.00 +2.79%

Hard Red Wheat Jul 2017 452.75 +12.00 +2.72%

Hard Red Wheat Sep 2017 467.25 +11.25 +2.47%

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Oct 2016 102.85 +0.95 +0.93%

Live Cattle (P) Dec 2016 103.05 +0.38 +0.37%

Live Cattle (P) Feb 2017 103.58 +0.43 +0.42%

Feeder Cattle (P) Oct 2016 127.45 -0.55 -0.43%

Feeder Cattle (P) Nov 2016 122.85 -0.90 -0.73%

Feeder Cattle (P) Jan 2017 119.30 -0.73 -0.61%

Lean Hogs (P) Oct 2016 48.22 -0.41 -0.84%

Lean Hogs (P) Dec 2016 41.45 -2.05 -4.71%

Lean Hogs (P) Feb 2017 47.92 -2.01 -4.03%

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