Canola, spring wheat close higher on weather Tuesday

Weather concerns helped to lift spring wheat and canola futures on Tuesday.

November canola closed up $4.30 or 0.85 percent at $510.50 per tonne.

Kansas and Chicago wheat contracts closed lower, but Minneapolis December wheat jumped up 1.7 percent or 13 1/4 cents, to close at US$7.83 ¼ per bushel.

American crop markets were higher earlier in the day on forecasts that were a little hotter and drier for the Midwest, but then mid-day forecast models put a little more moisture in the outlook and corn and soybeans closed off their highs. The seven-day forecast now has heavy accumulations of four inches or more for southern Minnesota and Wisconsin and lesser but still welcome accumulations or an inch or more in most of Iowa and Illinois.

The forecast shows a system on Friday delivering welcome rain to eastern Saskatchewan, moving into Manitoba on Saturday-Sunday.

The slightly higher soybean market helped to lift canola but the loonie rallied above US79 cents, taking some of the shine off the oilseed rally.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up 38 cents US$46.40 per barrel.

In the afternoon, the Canadian dollar was trading around US79.22 cents, down from 78.79 cents the previous trading day. The U.S. dollar was C$1.2623.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 15.79 points, or 0.1 percent, at 15,149.57.

The Dow Jones Industrial Average fell 54.99 points, or 0.25 percent, to 21,574.73, the S&P 500 gained 1.47 points, or 0.06 percent, to 2,460.61 and the Nasdaq Composite added 29.87 points, or 0.47 percent, to 6,344.31.

Both the Nasdaq and the S&P 500 set record closing highs.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2017   510.50   +4.30   +0.85%

Canola Jan 2018   514.70   +4.50   +0.88%

Canola Mar 2018   517.80   +4.40   +0.86%

Canola May 2018   517.40   +4.60   +0.90%

Canola Jul 2018   517.30   +4.90   +0.96%

 

Milling Wheat Oct 2017   295.00   +6.00   +2.08%

Milling Wheat Dec 2017   302.00   +7.00   +2.37%

Milling Wheat Mar 2018   306.00   +5.00   +1.66%

 

Durum Wheat Oct 2017   284.00   unch   0.00%

Durum Wheat Dec 2017   286.00   unch   0.00%

Durum Wheat Mar 2018   287.00   unch   0.00%

 

Barley Oct 2017   140.00   unch   0.00%

Barley Dec 2017   140.00   unch   0.00%

Barley Mar 2018   140.00   unch   0.00%

 

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

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Chicago

Soybeans Aug 2017   989.50   +4.75   +0.48%

Soybeans Sep 2017   993.75   +4.75   +0.48%

Soybeans Nov 2017   1001.75   +4.50   +0.45%

Soybeans Jan 2018   1010.00   +4.25   +0.42%

Soybeans Mar 2018   1012.00   +2.25   +0.22%

Soybeans May 2018   1015.50   +1.00   +0.10%

 

Soybean Meal Aug 2017   323.50   +1.90   +0.59%

Soybean Meal Sep 2017   325.50   +1.70   +0.53%

Soybean Meal Oct 2017   327.50   +1.70   +0.52%

 

Soybean Oil Aug 2017   33.17   +0.15   +0.45%

Soybean Oil Sep 2017   33.29   +0.15   +0.45%

Soybean Oil Oct 2017   33.39   +0.18   +0.54%

 

Corn Sep 2017   377.00   +2.00   +0.53%

Corn Dec 2017   390.75   +2.50   +0.64%

Corn Mar 2018   401.50   +2.50   +0.63%

Corn May 2018   406.50   +2.50   +0.62%

Corn Jul 2018   411.50   +2.75   +0.67%

 

Oats Sep 2017   291.75   +5.50   +1.92%

Oats Dec 2017   292.00   +2.75   +0.95%

Oats Mar 2018   289.75   +3.00   +1.05%

Oats May 2018   288.75   +3.00   +1.05%

Oats Jul 2018   287.50   +3.00   +1.05%

 

Wheat Sep 2017   503.75   -1.75   -0.35%

Wheat Dec 2017  526.75   -3.25   -0.61%

Wheat Mar 2018   546.00   -3.75   -0.68%

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Wheat May 2018   556.50   -3.50   -0.62%

Wheat Jul 2018   561.25   -4.00   -0.71%

 

Minneapolis

Spring Wheat Sep 17 780.5 +13.25         +1.73%

Spring Wheat Dec 17 783.25 +13.25         +1.72%

Spring Wheat Mar 18 776.5 +13.75         +1.80%

Spring Wheat May 18 763.25 +13.25         +1.77%

Spring Wheat Jul 18 745.25 +10.0         +1.36%

 

Kansas City

Hard Red Wheat Sep 2017   502.75   -4.00   -0.79%

Hard Red Wheat Dec 2017   529.25   -3.75   -0.70%

Hard Red Wheat Mar 2018 545.50   -4.25   -0.77%

Hard Red Wheat May 2018   558.50   -3.25   -0.58%

Hard Red Wheat Jul 2018   569.00   -3.00   -0.52%

 

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Aug 2017   115.08   -1.73   -1.48%

Live Cattle (P) Oct 2017   116.88   -1.68   -1.42%

Live Cattle (P) Dec 2017   117.50   -1.75   -1.47%

 

Feeder Cattle (P) Aug 2017   151.60   -3.13   -2.02%

Feeder Cattle (P) Sep 2017   151.65   -3.22   -2.08%

Feeder Cattle (P) Oct 2017   150.42   -3.23   -2.10%

 

Lean Hogs (P) Aug 2017   80.50   -0.30   -0.37%

Lean Hogs (P) Oct 2017   67.88   -0.15   -0.22%

Lean Hogs (P) Dec 2017   62.62   +0.05   +0.08%

 

 

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