Canola finally moved off its downward trajectory, settling up $2.70 per tonne over the day, finishing at $488.60 on the ICE futures market.
March and May canola held at and above $500, while canola appeared to grab some technical support around $490 as it fell against that number a couple of time during the session.
Soybeans carried canola up, testing higher numbers during the day, but settling in at US$8.23-25 per bushel on Sept., up 2.75 US cents. The support translated well to canola.
Wheat was the big winner on the day, with previous news over the past weeks that wheat was going to be in less supply and more demand than the market was willing to accept. More rumours about Russian state restrictions on wheat exports likely triggered the move. Chicago markets rewarded Minneapolis spring wheat with 15 cents per bushel of upward movement, Kansas City wheat with 20.5 cents and Chicago wheat with 17.5 cents. MGEX finished at $5.69.
On Alberta Wheat’s PDQ system hard red spring wheat was up $C5 to $8 per tonne, while durum saw elevator prices up $2 to $3. Prices ranged from $6.40 to $7.02 per bushel for No. 1 CWRS 13.5. Durum was in a range of $6.72 to $7.02.
Canola took a good boost at the elevator, up $1.60 to $6.60, with most locations up $4.50 per tonne or more over yesterday. With the exceptions of western Manitoba and the Peace, offering about $445 per tonne, the rest of the west appeared to be in a range of $455 to $465.