Canola again flirts with $500 while farmers prepare for big wind

Crop futures barely changed on Tuesday as drier weather in the U.S. Midwest raised the prospect for better harvest progress.

Canola edged slightly higher as the loonie drifted a little lower. The November contract again spent a good part of the day above $500 but weakened late.

The record pace of canola exports and improving weekly crush rate also supported canola.

Soybeans were off about six cents a bushel on the forecast for improved harvest weather. Progress in the Midwest over the past week was limited by rain.

Corn and wheat futures hardly moved.

The Manitoba crop report on Monday said harvest is almost complete in the province.

BIG WIND

The western Prairies were expecting damaging winds on Tuesday.

In the early afternoon Lethbridge, Alta., had winds of 56 kilometres per hour with gusts to 82 and Shaunavon in southwestern Saskatchewan, was reporting winds of 67 km an hour with gusts to 78.

Environment Canada said the gusts could climb to as high as 100 km per hour. In the southern foothills of the Rockies gusts of 130 km per hour are possible.

The Prairies should be mostly dry for the next three days.

US HARVEST PROGRESS

The USDA late on Monday said that the corn harvest was at only 28 percent complete, up only four percentage points from the previous week and way off the five-year average of 47 percent.

The soybean harvest was 49 percent complete, up from 36 percent the week before but still trailing the five-year average of 60 percent.

Winter wheat seeding was 60 percent complete, up from 48 percent the week before, but behind the five-year average of 71 percent.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up one cent at US$51.88 per barrel.

In the afternoon, the Canadian dollar was trading around US79.82 cents, little changed from 79.86 cents the previous trading day. The U.S. dollar was C$1.2524.

The Toronto Stock Exchange composite rose 14.20 points or 0.09 percent to close at 15,816.90.

The Dow Jones Industrial crossed the 23,000 point mark for the first time ever but closed lower.

The Dow Jones rose 40.48 points, or 0.18 percent, to close at 22,997.44, the S&P 500 gained 1.72 points, or 0.07 percent, to 2,559.36 and the Nasdaq Composite dropped 0.35 points, or 0.01 percent, to 6,623.66.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 17 499.20s +0.80 +0.16%

Canola Jan 18 506.10s +0.70 +0.14%

Canola Mar 18 510.70s +0.60 +0.12%

Canola May 18 512.60s +0.30 +0.06%

Canola Jul 18 513.40s +0.30 +0.06%

 

Milling Wheat Dec 17 231.00s +1.00 +0.43%

Milling Wheat Mar 18 236.00s +1.00 +0.43%

Milling Wheat May 18 242.00s +1.00 +0.41%

 

Durum Wheat Dec 17 281.00s unch unch

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Durum Wheat Mar 18 286.00s unch unch

Durum Wheat May 18 288.00s unch unch

 

Barley Dec 17 148.00s unch unch

Barley Mar 18 151.00s unch unch

Barley May 18 151.00s unch unch

 

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.

Chicago

Soybeans Nov 17 984-6s -6-2 -0.63%

Soybeans Jan 18 995-2s -6-2 -0.62%

Soybeans Mar 18 1005-0s -5-6 -0.57%

Soybeans May 18 1014-0s -5-6 -0.56%

Soybeans Jul 18 1022-0s -5-4 -0.54%

 

Soybean Meal Dec 17 321.6s -2.9 -0.89%

Soybean Meal Jan 18 323.9s -2.8 -0.86%

Soybean Meal Mar 18 327.0s -2.7 -0.82%

 

Soybean Oil Dec 17 33.59s unch unch

Soybean Oil Jan 18 33.74s -0.01 -0.03%

Soybean Oil Mar 18 33.98s -0.01 -0.03%

 

Corn Dec 17 350-0s -0-4 -0.14%

Corn Mar 18 363-6s -0-4 -0.14%

Corn May 18 372-0s -0-6 -0.20%

Corn Jul 18 378-4s -1-2 -0.33%

Corn Sep 18 385-2s -1-4 -0.39%

 

Oats Dec 17 264-6s +5-2 +2.02%

Oats Mar 18 266-4s +4-0 +1.52%

Oats May 18 269-6s +2-6 +1.03%

Oats Jul 18 266-6s +3-2 +1.23%

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Oats Sep 18 266-6s +3-2 +1.23%

 

Wheat Dec 17 434-6s -1-6 -0.40%

Wheat Mar 18 453-6s -1-2 -0.27%

Wheat May 18 467-4s -0-6 -0.16%

Wheat Jul 18 481-0s -0-4 -0.10%

Wheat Sep 18 496-4s -0-6 -0.15%

 

MINNEAPOLIS

Spring Wheat Dec 17 611-0s +1-4 +0.25%

Spring Wheat Mar 18 625-2s +1-6 +0.28%

Spring Wheat May 18 633-4s +2-4 +0.40%

Spring Wheat Jul 18 637-4s +2-6 +0.43%

Spring Wheat Sep 18 633-2s +4-0 +0.64%

 

KANSAS

Hard Red Wheat Dec 17 433-2s -0-4 -0.12%

Hard Red Wheat Mar 18 451-2s -0-4 -0.11%

Hard Red Wheat May 18 465-2s -0-4 -0.11%

Hard Red Wheat Jul 18 483-4s -0-2 -0.05%

Hard Red Wheat Sep 18 502-2s unch unch

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle (Pit) Oct 17 111.175s -0.550 -0.49%

Live Cattle (Pit) Dec 17 115.975s -0.850 -0.73%

Live Cattle (Pit) Feb 18 120.150s -0.775 -0.64%

 

Feeder Cattle (Pit) Oct 17 152.150s -1.850 -1.20%

Feeder Cattle (Pit) Nov 17 152.425s -2.125 -1.37%

Feeder Cattle (Pit) Jan 18 150.400s -2.150 -1.41%

Lean Hogs (Pit) Dec 17 62.175s -1.525 -2.39%

Lean Hogs (Pit) Feb 18 67.150s -1.150 -1.68%

Lean Hogs (Pit) Apr 18 71.300s -0.725 -1.01%

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