Canola futures closed mixed but Chicago wheat hit a six month high on worries about Russia possibly restricting wheat exports.
Trade sources told Reuters today that Russia’s Veterinary and Phytosanitary Surveillance Service has restricted grain export certificates for some countries.
The trade is riveted on Russia and how it will react to rapidly rising domestic wheat and flour prices as its currency plummets even after its central bank jacked up its key interest rate to 17 percent from 10.5 percent to defend the ruble.
Chicago soft wheat jumped as high as $6.39, the highest price since May 29 before settling at 6.23 ¼ , up 4 ¼ cents.
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Gains were limited by favourable moisture falling in U.S. winter wheat regions in recent days.
Canola futures barely moved. With January up $1.10 and March down 80 cents. The tight cash market supported prices, but that was offset by falling soybeans.
They fell as soymeal dropped more than 2.5 percent. Reuters said American soybean were encountering cheaper meal from South America. Also generally favourable growing weather in South American weighed down soybeans.
The weaker soybean price spilled over into corn. Profit taking after the four day rally also weighted on corn.
The recent rally was partly driven by hopes that China might soon approve Syngenta’s MIR 162 genetically modified corn variety. China has blocked American corn because it could contain the variety, which China has not approved.
Commercial interests in China would like access to cheap American corn, however, China’s government is not keen on importing grain while it is sitting on huge stockpiles of Chinese corn purchased at much higher prices.
Light crude oil nearby futures in New York rose two cents to US$55.93 per barrel.
The Canadian dollar at noon was US86.02 cents, up from 85.98 cents the previous trading day. The U.S. dollar at noon was C$1.1625.
The Toronto Stock Exchange’s S&P/TSX composite index unofficially closed up 156.38 points, or 1.14 percent, at 13,861.52. Talisman Energy Inc. shares soared 46 percent after it said it had an agreement for a sale to Spanish oil company Repsol for C$15.1 billion.
U.S. stocks fell for a third straight session in volatile trading.
The Dow Jones industrial average fell 111.9 points, or 0.65 percent, to 17,068.94, the S&P 500 lost 16.85 points, or 0.85 percent, to 1,972.78 and the Nasdaq Composite dropped 57.32 points, or 1.24 percent, to 4,547.83.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2015 441.10 +1.10 +0.25%
Canola Mar 2015 436.00 -0.80 -0.18%
Canola May 2015 435.20 -1.30 -0.30%
Canola Jul 2015 436.50 -1.10 -0.25%
Canola Nov 2015 433.20 -0.50 -0.12%
Milling Wheat Mar 2015 238.00 unch 0.00%
Milling Wheat May 2015 241.00 +1.00 +0.42%
Milling Wheat Jul 2015 243.00 unch 0.00%
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 1023.5 -16 -1.54%
Soybeans Mar 2015 1031.25 -14.75 -1.41%
Soybeans May 2015 1036.5 -14.5 -1.38%
Soybeans Jul 2015 1041.5 -14.5 -1.37%
Soybeans Aug 2015 1039.5 -13.5 -1.28%
Soybeans Sep 2015 1018.75 -11.25 -1.09%
Soybean Meal Jan 2015 356.6 -8.8 -2.41%
Soybean Meal Mar 2015 348.5 -5.4 -1.53%
Soybean Meal May 2015 343.3 -4 -1.15%
Soybean Oil Jan 2015 31.77 -0.5 -1.55%
Soybean Oil Mar 2015 31.99 -0.47 -1.45%
Soybean Oil May 2015 32.22 -0.45 -1.38%
Corn Mar 2015 406 -2.5 -0.61%
Corn May 2015 414.5 -2 -0.48%
Corn Jul 2015 421 -1.5 -0.36%
Corn Sep 2015 424 -1.5 -0.35%
Corn Dec 2015 430.75 -2 -0.46%
Oats Mar 2015 314 +0.25 +0.08%
Oats May 2015 317.75 +0.5 +0.16%
Oats Jul 2015 318.25 -0.75 -0.24%
Oats Sep 2015 317 -0.5 -0.16%
Oats Dec 2015 313.25 +3.75 +1.21%
Wheat Mar 2015 623.25 +4.25 +0.69%
Wheat May 2015 626.25 +5 +0.80%
Wheat Jul 2015 626 +5.75 +0.93%
Wheat Sep 2015 632.5 +4.75 +0.76%
Wheat Dec 2015 643 +4.25 +0.67%
Minneapolis
Spring Wheat Mar 2015 634.25 +1.75 +0.28%
Spring Wheat May 2015 639.5 +1.75 +0.27%
Spring Wheat Jul 2015 646.75 +2.25 +0.35%
Spring Wheat Sep 2015 652.75 +2 +0.31%
Spring Wheat Dec 2015 665 +2.25 +0.34%
Kansas City
Hard Red Wheat Mar 2015 654.75 +7.75 +1.20%
Hard Red Wheat May 2015 658 +8.5 +1.31%
Hard Red Wheat Jul 2015 660.5 +7.25 +1.11%
Hard Red Wheat Sep 2015 669.25 +7 +1.06%
Hard Red Wheat Dec 2015 682 +6.25 +0.92%
