Canola makes small gains

Nudged upward by soybean markets, canola made small moves to the upside on the ICE futures market today. Gains yesterday were retained, but soy narrowed the small gap yesterday’s trading opened up between the two commodities.

Both oilseeds benefited by continued dry conditions for the South American crop overall and weather forecasts for Brazil’s Mato Grosso state.

Three contract months out on the futures canola is holding above $500 per tonne. The March contract finished at $485.90, up 40 cents, May was up 90 cents to $494.40, while July rose $1 to $502.50 and November finished the day at $500.80, up an optimistic $2.10.

Soy remains above US$9.00 per bushel. March futures put on US5.75 cents to reach $9.15, with May up six cents to $9.28-75.

Corn pulled back a little with Chicago’s March futures dropping a quarter cent to $3.78-75 and May futures steady at $3.87-25.

Wheat is showing signs of buyer activity, with North Africa, Turkey, Japan, Bangladesh and Jordan all in the market. March Chicago SRW futures were up 4.75 cents to $5.26, March Kansas City HRW pushed up 5.25 cents to $5.15, and hard red spring on the March MGEX added 3.5 cents to reach $5.74-50.

Canadian markets were up slightly, with No. 1 HRSW 13.5 up as much as C$1.25 per tonne at the elevators. Offers were in the $249 to $260 range on the day, according to Alberta Wheat’s PDQ markets service.

Some limited USDA information will be flowing over the coming weeks as parts of the market analysis teams have been deemed essential services in preparation for government spring loan and support information that is needed by producers. The American government shutdown has meant that most of the major and many minor grains and oilseed data sets from the USDA that producers and markets rely on have been switched off.

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