Canola closes higher but is range bound looking for new information to trade on

Canola futures edged higher Tuesday as crop futures generally gained modestly in technical trading.

U.S. markets regained some of the ground lost on Monday.

As well, a nearly four percent jump in U.S. crude oil futures appeared to help buoy the grains complex, Reuters noted.

Canola is trading in a fairly narrow range, with gains limited by adequate oilseed supply, with a large crop here, a large soybean crop in the United Sates and expected record production in South America.

USDA said the U.S. soybean harvest was 92 percent complete as of Sunday, ahead of the five-year average of 88 percent.

Private forecasters today slightly lifted their expectation of Brazil’s soybean crop and beneficial rain was falling in the country’s cropping areas.

On the other hand, canola is supported by the strong pace of exports and domestic crush so far this crop year.

>>>More market news: Record canola demand offsets production forecast increases>>>

Wheat rebounded some from Monday’s sharp declines.

The newly seeded U.S. winter wheat crop has benefited from recent rain.

The USDA late Monday rated 49 percent of the U.S. winter wheat crop as good to excellent, up from 47 percent a week earlier.

Pre harvest rain in Australia threatens to hurt quality there. Ukraine’s newly seeded wheat crop is struggling in dry soils.

Corn edged higher in range bound trade. Support is coming from firm cash markets in the Midwest but downward pressure is coming from expectations that the U.S. Department of Agriculture will increase its estimate of the domestic corn crop.

USDA said late Monday that as of Sunday the U.S. corn harvest was 85 percent complete, ahead of the five-year average of 79 percent.

Informa today raised its U.S. 2015 corn production forecast to 13.718 billion bushels, with a yield of 170.1 bushels per acre.

That compares to the USDA forecast of 13.555 billion bu. and yield of 168 bu. per acre.

Informa pegs the soybean crop at 3.952 with a yield of 47.9 bu. per acre. USDA’s forecast is 3.888 billion bu. and a yield of  47.2 bu. per acre.

USDA updates its numbers on Nov. 10.

Crude oil rose on an oil workers strike in Brazil and a rally in gasoline and diesel, linked to the temporary shutdown of a U.S. pipeline due to flooding.

As well, ideas are circulating that the hedging that protected oil producers from the falling market are coming to an end and the full impact of the low price will start to be felt, causing a further reduction in production.

Light crude oil nearby futures in New York were up $1.76 to US$47.90 per barrel.

The Canadian dollar at noon slipped to US76.30 cents, down from 76.37 cents the previous trading day. The U.S. dollar at noon was C$1.3106.

In early unofficial tallies –

The Toronto Stock Exchange’s S&P/TSX composite index closed up 87.30 points, or 0.64 percent, at 13,710.31.

The Dow Jones industrial average rose 89.39 points, or 0.5 percent, to 17,918.15, the S&P 500 gained 5.74 points, or 0.27 percent, to 2,109.79 and the Nasdaq Composite added 17.98 points, or 0.35 percent, to 5,145.13.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2015   468.50   +5.00   +1.08%

Canola Jan 2016   475.70   +3.50   +0.74%

Canola Mar 2016   481.40   +3.30   +0.69%

Canola May 2016   483.60   +3.30   +0.69%

Canola Jul 2016   483.10   +3.10   +0.65%

 

Milling Wheat Dec 2015   239.00   +4.00   +1.70%

Milling Wheat Mar 2016   243.00   +3.00   +1.25%

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Milling Wheat May 2016   247.00   +3.00   +1.23%

 

Durum Wheat Dec 2015   315.00   unch   0.00%

Durum Wheat Mar 2016   320.00   unch   0.00%

Durum Wheat May 2016   330.00   unch   0.00%

 

Barley Dec 2015   185.00   unch   0.00%

Barley Mar 2016   187.00   unch   0.00%

Barley May 2016   188.00   unch   0.00%

 

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

Chicago

Soybeans Nov 2015   878.5   +0.75   +0.09%

Soybeans Jan 2016   879   +0.25   +0.03%

Soybeans Mar 2016   881.25   -0.25   -0.03%

Soybeans May 2016   886.5   -0.5   -0.06%

Soybeans Jul 2016   891.5   -0.75   -0.08%

Soybeans Aug 2016   890   -0.75   -0.08%

 

Soybean Meal Dec 2015   301.3   -0.9   -0.30%

Soybean Meal Jan 2016   300.3   -1.3   -0.43%

Soybean Meal Mar 2016   298.5   -1.5   -0.50%

 

Soybean Oil Dec 2015   28.15   +0.3   +1.08%

Soybean Oil Jan 2016   28.45   +0.3   +1.07%

Soybean Oil Mar 2016   28.68   +0.3   +1.06%

 

Corn Dec 2015   380.5   +4   +1.06%

Corn Mar 2016   388.75   +3.5   +0.91%

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Corn May 2016   394.75   +3.75   +0.96%

Corn Jul 2016   399.25   +4   +1.01%

Corn Sep 2016   399.75   +4.25   +1.07%

 

Oats Dec 2015   225   +2.5   +1.12%

Oats Mar 2016 223.5   unch   0.00%

Oats May 2016   223.75   -0.5   -0.22%

Oats Jul 2016   226.75   -0.5   -0.22%

Oats Sep 2016   231   -0.25   -0.11%

 

Wheat Dec 2015   516.5   +8.5   +1.67%

Wheat Mar 2016   519.5   +7.5   +1.46%

Wheat May 2016   523   +7   +1.36%

Wheat Jul 2016   523.5   +6.5   +1.26%

Wheat Sep 2016   531.75   +6.75   +1.29%

 

Minneapolis

Spring Wheat Dec 2015   519.75   +6.25   +1.22%

Spring Wheat Mar 2016   530.75   +7   +1.34%

Spring Wheat May 2016   540   +8.5   +1.60%

Spring Wheat Jul 2016   549.5 +8.25   +1.52%

Spring Wheat Sep 2016   560.25   +9.25   +1.68%

 

Kansas City

Hard Red Wheat Dec 2015   487.5   +4.75   +0.98%

Hard Red Wheat Mar 2016   503.25   +4.25   +0.85%

Hard Red Wheat May 2016   513   +4   +0.79%

Hard Red Wheat Jul 2016   523.5   +4.25   +0.82%

Hard Red Wheat Sep 2016   537.25   +4.75   +0.89%

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