(Reuters) — ICE Canada canola futures rose due to bargain buying on Tuesday, taking further support from wet weather concerns in Western Canada.
Heavy rain in parts of Western Canada during the long weekend delayed harvest, while cooler temperatures slowed development of some immature crops.
Canola fell nearly five percent in August and on Tuesday traded near its November contract low before buying accelerated. November canola rose $4.70 to $424.50 per tonne.
Upside is limited by ample supplies. Statistics Canada will report on Friday the size of crop stocks at July 31, 2014, and the trade expects an all-time high of three million tonnes of canola.
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In the U.S., Chicago Board of Trade November soybeans gained on Tuesday.
“You have basis at the highest levels ever for this time of year,” Futures International analyst Terry Reilly said of strong cash bids among U.S. bean crushers. “That’s supporting the expiring September contract and giving some life to the November contract.”
Most-active November soy futures were up US 7 3/4 cents at US $10.32, bouncing after testing their contract low reached on Friday.
The looming harvest of expected record U.S. soybean and corn crops continued to anchor prices, with each commodity hovering near four-year lows on continuous charts.
U.S. grains fell on Tuesday, with wheat futures down more than one percent on pressure from plentiful global supplies and selling by investment funds on the first trading day of the month, analysts said.
Wheat futures, which rose to a three-week high last Thursday on short-covering tied to escalating Ukraine-Russia tensions, reversed course and notched their largest two-session decline since Aug. 13.
The European Union was considering extending a capital borrowing ban on Russian-owned firms in the European Union but the Black Sea grain export hub was otherwise relatively quiet. Rising wheat, corn and barley exports out of Ukraine also weighed as data showed no disruptions in shipments.
“There’s no new story and that’s kind of bearish,” said Austin Damiani, an analyst at Frontier Futures in Minneapolis.
Most-active Chicago Board of Trade December wheat finished US 8 1/2 cents lower at US $5.55 per bushel, while corn for December delivery shed one cent to US $3.63 3/4.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014 424.50 +4.70 +1.12%
Canola Jan 2015 430.70 +4.90 +1.15%
Canola Mar 2015 436.40 +5.20 +1.21%
Canola May 2015 439.20 +5.60 +1.29%
Canola Jul 2015 441.60 +7.20 +1.66%
Milling Wheat Oct 2014 202.00 -3.00 -1.46%
Milling Wheat Dec 2014 207.40 -2.60 -1.24%
Durum Wheat Oct 2014 250.00 unch 0.00%
Durum Wheat Dec 2014 256.00 unch 0.00%
Durum Wheat Mar 2015 257.00 unch 0.00%
Barley Oct 2014 125.00 unch 0.00%
Barley Dec 2014 127.00 unch 0.00%
Barley Mar 2015 128.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Sep 2014 1097.25 +7.75 +0.71%
Soybeans Nov 2014 1032 +7.75 +0.76%
Soybeans Jan 2015 1039.75 +7.25 +0.70%
Soybeans Mar 2015 1047 +6.5 +0.62%
Soybeans May 2015 1052.75 +6.5 +0.62%
Soybeans Jul 2015 1057.5 +7.25 +0.69%
Soybean Meal Sep 2014 450.1 +10.6 +2.41%
Soybean Meal Oct 2014 372.2 +9.1 +2.51%
Soybean Meal Dec 2014 360 +9.3 +2.65%
Soybean Oil Sep 2014 32.01 -0.03 -0.09%
Soybean Oil Oct 2014 31.95 -0.06 -0.19%
Soybean Oil Dec 2014 32.12 -0.02 -0.06%
Corn Sep 2014 355.75 -3.25 -0.91%
Corn Dec 2014 363.75 -1 -0.27%
Corn Mar 2015 376.5 -1.25 -0.33%
Corn May 2015 384.75 -1.25 -0.32%
Corn Jul 2015 391.5 -1.25 -0.32%
Oats Sep 2014 370 +7.75 +2.14%
Oats Dec 2014 346.75 +4.5 +1.31%
Oats Mar 2015 333.25 +5 +1.52%
Oats May 2015 324.75 +4 +1.25%
Oats Jul 2015 321.25 +3.5 +1.10%
Wheat Sep 2014 543.5 -6.75 -1.23%
Wheat Dec 2014 555 -8.5 -1.51%
Wheat Mar 2015 573.5 -9 -1.55%
Wheat May 2015 584 -8.25 -1.39%
Wheat Jul 2015 591 -8.25 -1.38%
Minneapolis
Spring Wheat Sep 2014 618.75 +3.75 +0.61%
Spring Wheat Dec 2014 622.75 -7 -1.11%
Spring Wheat Mar 2015 635.5 -7.5 -1.17%
Spring Wheat May 2015 645.25 -7.5 -1.15%
Spring Wheat Jul 2015 652.5 -7.5 -1.14%
Kansas City
Hard Red Wheat Sep 2014 617.5 -8.75 -1.40%
Hard Red Wheat Dec 2014 632.5 -10.25 -1.59%
Hard Red Wheat Mar 2015 640.5 -11 -1.69%
Hard Red Wheat May 2015 644.75 -10.75 -1.64%
Hard Red Wheat Jul 2015 635 -11 -1.70%
Light crude oil nearby futures in New York dropped $3.08 at $92.88 US per barrel.
The Canadian dollar at noon was 91.53 cents US, down from 92.10 cents the previous trading day. The U.S. dollar at noon was $1.0925 Cdn.
