November canola proved it had some room to grow on Monday, closing a dollar higher at $511.90 per tonne. The trade was based on soy oil gains on Chicago markets. Cooler temperatures across Western Canada failed to cool the market substantially, however the yield is mostly set for the crop now and it will just be a matter of the dry weather holding out long enough to put it into the bins.
Chicago soybeans were up slightly, but the grains in the market, with the exception of oats were lower as rain fell in the Midwest and heat helped to finish wheat crops everywhere else. With spring wheat harvest underway in the Great Plains and early crops coming off in Western Canada, the harvest-risk premiums are starting to fade, with the exception of durum.
But American softening of wheat markets, including winter crops, didn’t deter Canadian markets, which rose $6 to $9 per tonne, based on PDQ pricing Monday afternoon.
Week over week, American wheat is still up, despite pressures from improving results from Black Sea region harvests, countering some of the negativity that came out of the Aug. 10 World Agricultural Supply and Demand Estimates by the United States Department of Agriculture.