Wheat up in Thursday trading

Wheat was the winner Thursday, rising seven to 10 cents per bushel on American wheat futures contracts, while soybeans were the loser, falling eight to nine cents for most contracts.

Perhaps the most interesting aspect of Thursday price action was the lack of major follow-through from Wednesday’s “no tapering yet” news from the U.S. Federal Reserve bank. Overall, crop futures prices were modestly higher but patchy, rather than exuberantly higher.

That lack of excitement affected most other commodity classes, with crude oil falling and only precious metals showing much upward energy. Gold rose on the expectation of inflationary pressures, while copper rose on hopes for continued economic recovery as long as the taper doesn’t take it away.

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Canola prices fell slightly, declining $1.20 per tonne to $491.50 for November but only falling 20 cents per tonne for January to $501.

Harvest pressure continues to be a major factor in nearby canola markets, with continuing decent weather allowing crops in many places to come in.

Wheat prices Thursday created some excitement when the December Minneapolis hard red spring wheat contract played with a medium term resistance level, offering wheat growers the hopes that the long, slow, grinding decline of the past year might be passing, but after briefly piercing the level, they fell back, still ending the day with a gain but not doing anything to suggest the trend has changed.

ICE Futures Canada, dollars per tonne

Canola Nov 2013    491.50    -1.20    -0.24%
Canola Jan 2014    501.00    -0.20    -0.04%
Canola Mar 2014    509.10    +0.90    +0.18%
Canola May 2014    514.90    +0.50    +0.10%
Canola Jul 2014    520.10    +0.60    +0.12%

Milling Wheat Oct 2013    230.00    -3.00    -1.29%
Milling Wheat Dec 2013    236.00    -2.00    -0.84%
Milling Wheat Mar 2014    242.00    -2.00    -0.82%

Durum Wheat Oct 2013    259.00    unch    0.00%
Durum Wheat Dec 2013    267.00    unch    0.00%
Durum Wheat Mar 2014    273.00    unch    0.00%

Barley Oct 2013    158.30    -0.20    -0.13%
Barley Dec 2013    161.30    -0.20    -0.12%
Barley Mar 2014    163.30    -0.20    -0.12%

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

Chicago
Soybeans Nov 2013    1339.5    -8.25    -0.61%
Soybeans Jan 2014    1341.5    -8.75    -0.65%
Soybeans Mar 2014    1323.25    -9.25    -0.69%
Soybeans May 2014    1301.75    -6    -0.46%
Soybeans Jul 2014    1293.75    -5.5    -0.42%
Soybeans Aug 2014    1275.5    unch    0.00%

Soybean Meal Oct 2013    421.6    -5.4    -1.26%
Soybean Meal Dec 2013    420.4    -5.4    -1.27%
Soybean Meal Jan 2014    419.5    -5    -1.18%

Soybean Oil Oct 2013    42.71    +0.24    +0.57%
Soybean Oil Dec 2013    42.96    +0.25    +0.59%
Soybean Oil Jan 2014    43.19    +0.24    +0.56%

Corn Dec 2013    459.5    +3.25    +0.71%
Corn Mar 2014    472    +3.25    +0.69%
Corn May 2014    480.25    +3.25    +0.68%
Corn Jul 2014    486.75    +3    +0.62%
Corn Sep 2014    491    +2.5    +0.51%

Oats Dec 2013    312    +8.25    +2.72%

Oats Mar 2014    309.5    +3.25    +1.06%
Oats May 2014    310.5    +3    +0.98%
Oats Jul 2014    303.75    +3    +1.00%
Oats Sep 2014    309.75    +2.5    +0.81%

Wheat Dec 2013    657    +10.5    +1.62%
Wheat Mar 2014    667.5    +10    +1.52%
Wheat May 2014    673    +10.25    +1.55%
Wheat Jul 2014    668.5    +10.25    +1.56%
Wheat Sep 2014    673    +10.25    +1.55%

Minneapolis
Spring Wheat Dec 2013    708.5    +8.25    +1.18%
Spring Wheat Mar 2014    719.75    +7.25    +1.02%
Spring Wheat May 2014    728    +5.5    +0.76%
Spring Wheat Jul 2014    734.75    +6.75    +0.93%
Spring Wheat Sep 2014    738.25    +6.5    +0.89%

Kansas City
KCBT Red Wheat Dec 2013    702    +9.5    +1.37%
KCBT Red Wheat Mar 2014    707    +8.5    +1.22%
KCBT Red Wheat May 2014    709.75    +8.75    +1.25%
KCBT Red Wheat Jul 2014    699.5    +8.5    +1.23%
KCBT Red Wheat Sep 2014    708.5    +7.75    +1.11%

Light crude oil nearby futures in New York dropped $1.68 at $106.39 US per barrel.

The Bank of Canada noon rate for the loonie was 97.68 cents US, up from 96.97 cents the previous trading day. The U.S. dollar at noon was $1.0237 Cdn.