Bargain buying, slow farmer sales and stronger soybeans supported canola prices on Tuesday.
Canola is generally supported by tight stocks in Canada and what appears to be a slow start to the seeding season. However, the recently announced agreement that will allow Australian canola into China means that Canada no longer has an exclusive access to that huge market and that might lessen what was shaping up to be a major squeeze this summer before product from the new harvest was available.
May canola closed at $624.40, up $4.30 and November closed at $559.30, also up $4.30.
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U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
Oilworld said the worst of the Brazilian port congestion is now over and exports from that country should pick up.
Parts of the U.S. Plains and Midwest are getting more moisture this week, again lessening the grip of drought. However, cool temperatures are delaying corn seeding in the Midwest and leading some to hedge bets that late seeding might shift some corn acres over to soybeans.
The cold spring is also delaying the start of field work in Western Canada. It is also cold in Europe, raising the same issues of slow winter crop development, frost damage in spots and a late start to seeding of spring crops.
Spring wheat in Minneapolis edged higher on bargain buying and a slow down in farmer selling.
New crop corn also stopped its fall that was triggered by last week’s USDA March 1 stocks report that was much larger than expected.
Winnipeg ICE Futures Canada in dollars per tonne
Canola May 2013 624.40 +4.30 +0.69%
Canola Jul 2013 610.70 +4.30 +0.71%
Canola Nov 2013 559.30 +4.30 +0.77%
Canola Jan 2014 559.80 +4.30 +0.77%
Canola Mar 2014 556.30 +4.30 +0.78%
Milling Wheat May 2013 292.00 unch 0.00%
Milling Wheat Jul 2013 294.00 unch 0.00%
Milling Wheat Oct 2013 294.00 unch 0.00%
Durum Wheat May 2013 311.00 unch 0.00%
Durum Wheat Jul 2013 314.00 unch 0.00%
Durum Wheat Oct 2013 299.30 unch 0.00%
Barley May 2013 243.50 unch 0.00%
Barley Jul 2013 244.00 unch 0.00%
Barley Oct 2013 244.00 unch 0.00%
U.S. crop futures in cents US per bushel, soy oil in dollars per short ton and soy meal in cents per pound.
Chicago
Soybeans May 2013 1394 +3.25 +0.23%
Soybeans Jul 2013 1374.5 +2.25 +0.16%
Soybeans Aug 2013 1342 +3 +0.22%
Soybeans Sep 2013 1285 +1.5 +0.12%
Soybeans Nov 2013 1248.75 -4 -0.32%
Soybeans Jan 2014 1254.5 -3.75 -0.30%
Soybean Meal May 2013 402.1 +3.6 +0.90%
Soybean Meal Jul 2013 399 +3.8 +0.96%
Soybean Meal Aug 2013 386.7 +4.4 +1.15%
Soybean Oil May 2013 49.59 -0.47 -0.94%
Soybean Oil Jul 2013 49.88 -0.44 -0.87%
Soybean Oil Aug 2013 49.91 -0.46 -0.91%
Corn May 2013 640.5 -1.75 -0.27%
Corn Jul 2013 627.25 +0.5 +0.08%
Corn Sep 2013 554.75 +3.75 +0.68%
Corn Dec 2013 536.5 +1 +0.19%
Corn Mar 2014 546.75 +1.5 +0.28%
Oats May 2013 367.5 -8.75 -2.33%
Oats Jul 2013 363 -8.25 -2.22%
Oats Sep 2013 347.5 -10.75 -3.00%
Oats Dec 2013 341.25 -4.5 -1.30%
Oats Mar 2014 345 -4.5 -1.29%
Chicago soft red winter
Wheat May 2013 670.75 +6.75 +1.02%
Wheat Jul 2013 677.25 +8.25 +1.23%
Wheat Sep 2013 688 +9.75 +1.44%
Wheat Dec 2013 703.75 +11 +1.59%
Wheat Mar 2014 718.5 +11.25 +1.59%
Minneapolis hard red spring
Spring Wheat May 2013 776.25 +10.5 +1.37%
Spring Wheat Jul 2013 772.25 +8.25 +1.08%
Spring Wheat Sep 2013 772 +6.25 +0.82%
Spring Wheat Dec 2013 783.75 +6.75 +0.87%
Spring Wheat Mar 2014 798.5 +5.25 +0.66%
Kansas City hard red winter
KCBT Red Wheat May 2013 716.75 +7 +0.99%
KCBT Red Wheat Jul 2013 724.25 +7.5 +1.05%
KCBT Red Wheat Sep 2013 736.75 +8 +1.10%
KCBT Red Wheat Dec 2013 755.25 +10.25 +1.38%
KCBT Red Wheat Mar 2014 768.75 +12 +1.59%
The Bank of Canada noon rate for the loonie was 98.54 cents US, up from 98.36 on Monday. The U.S. buck was $1.0148 Cdn.
Nearby crude oil in New York rose 12 cents to $97.19 US per barrel.
Falling gold prices hurt gold miner stocks and that pulled down the Toronto Stock Exchange’s S&P/TSX composite index, which closed down 13.04 points, or 0.10 percent, at 12,682.10.
The Dow Jones industrial average was up 89.16 points, or 0.61 percent, at 14,662.01.
The Standard & Poor’s 500 Index was up 8.08 points, or 0.52 percent, at 1,570.25.
The Nasdaq Composite Index was up 15.69 points, or 0.48 percent, at 3,254.86.
