Canola futures closed lower Tuesday after trading higher for most of the day, supported by soybeans.
July canola closed at $604.90, down $3.00
November closed at $559.90, down $1.60.
Warmer weather this week is welcome to advance seeded crops in Western Canada.
Showers and thundershowers are expected during the week. More widespread rain is expected in large parts of the Prairies on the weekend, according to the Weather Network.
Canola was supported by soybeans, which rose on a lower than expected USDA weekly crop condition rating. After the close Monday, USDA in its first read of the new soybean crop pegged the soybean crop at 65 percent good-to-excellent. Traders had expected 69 percent.
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Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
Corn was unchanged at 72 percent.
USDA said the winter wheat harvest was 20 percent complete as of Sunday, a record pace,
Soybeans were also supported by a report from Brazil’s government that pegged soybean crop there at 66.37 million tonnes, down about 300,000 tonnes from its last report. It increased the corn crop estimate to 67.79 million tonnes, from 65.90 million in the review a month ago.
Gains in canola were limited by generally good growing conditions in Western Canada. Northern Alberta is getting showers today.
A conference call of G7 finance ministers and central bankers today discussed “progress towards a financial and fiscal union in Europe” and agreed to monitor developments closely, but the group will take no immediate action.
Winnipeg (per tonne)
Canola Jul 12 $604.90, down $3.00 -0.49%
Canola Nov 12 $559.90, down $1.60 -0.28%
Canola Jan 13 $564.90, down $2.00 -0.35%
Canola Mar 13 $569.50, down $2.00 -0.35%
The previous day’s best basis in the par region was $14 over the July contract.
The relative strength index for the July contract was 45.
Western Barley Jul 12 $237.00, unchanged
Western Barley Oct 12 $210.00, unchanged
Milling Wheat Oct 12 $252.70, down $4.00 -1.56%
Milling Wheat Dec 12 $260.00, down $4.00 -1.52%
Milling Wheat Mar 13 $269.00, down $4.00 -1.47%
Durum Wheat Oct 12 $275.60, unchanged
Durum Wheat Dec 12 $280.10, unchanged
Durum Wheat Mar 13 $286.70, unchanged
Barley Oct 12 $180.00, unchanged
Barley Dec 12 $183.50, unchanged
Barley Mar 13 $186.50, unchanged
Chicago (per bushel)
Soybeans (P) Jul 12 $13.495, up 9.5 cents +0.71%
Soybeans (P) Aug 12 $13.325, up 12.75 +0.97%
Soybeans (P) Sep 12 $13.025, up 10.75 +0.83%
Soybeans (P) Nov 12 $12.77, up 8.75 +0.69%
Corn (P) Jul 12 $5.675, down 0.5 -0.09%
Corn (P) Sep 12 $5.16, down 11.5 -2.18%
Corn (P) Dec 12 $5.0775, down 16.0 -3.05%
Oats (P) Jul 12 $2.89, up 1.5 +0.52%
Oats (P) Sep 12 $2.9175, up 3.75 +1.30%
Oats (P) Dec 12 $2.8375, down 1.25 -0.44%
Minneapolis (per bushel)
Spring Wheat Jul 12 $7.2875, down 13.75 cents -1.85%
Spring Wheat Sep 12 $7.30, down 13.5 -1.82%
Spring Wheat Dec 12 $7.395, down 12.25 -1.63%
Nearby light crude oil in New York closed at $84.29 per barrel, up 31 cents.
The Bank of Canada noon rate for the Canadian dollar was 96.02 cents US, slightly up from 95.99 the day before.
The U.S. dollar was $1.0414 Cdn.
