Canola fell for the third day even though a heavy frost is expected overnight in large parts of Western Canada and the U.S. soybean market edged higher on bargain buying.
Snow has been falling in western and southern Alberta for the past couple of days flattening crops and creating headaches for farmers when harvest resumes in several days.
Temperatures are expected to fall to -6 to -7 C in many parts of Alberta’s central grain belt overnight. The frost will likely be less severe in central Alberta and Saskatchewan
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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.
But ideas that global oilseed supplies will be ample this year kept canola futures on the defensive. Falling palm oil futures, pressured by a rise in monthly Malaysian stocks, contributed to the downward pressure on canola, as did falling crude oil prices.
Soybeans and oil edged higher, mostly simply bouncing off of long term lows reached on Tuesday.
Soybeans got a bit of support from forecast for frost in the far northwestern Midwest on Friday and Saturday.
Soy meal prices fell to a five-year low.
Trade on U.S. markets was light ahead of the USDA supply and demand monthly report due Thursday. The report is expected to increase its forecasts of U.S. corn and soybean production.
Corn edged higher on bargain buying.
Wheat edged lower, partly on easing of tensions between Ukraine and Russia.
Ukrainian farms have started seeding for the 2015 grain harvest, the agriculture ministry said. Winter wheat area was likely to total 15.3 million acres, up from 15.07 million a year ago.
European forecasters pushed their crop estimates higher this week.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014 414.70 -1.80 -0.43%
Canola Jan 2015 419.20 -2.10 -0.50%
Canola Mar 2015 424.20 -2.50 -0.59%
Canola May 2015 427.80 -3.00 -0.70%
Canola Jul 2015 431.10 -3.40 -0.78%
Milling Wheat Oct 2014 197.00 +1.00 +0.51%
Milling Wheat Dec 2014 203.00 +1.00 +0.50%
Milling Wheat Mar 2015 212.00 +2.00 +0.95%
Durum Wheat Oct 2014 288.80 +4.00 +1.40%
Durum Wheat Dec 2014 294.80 +4.00 +1.38%
Durum Wheat Mar 2015 295.80 +4.00 +1.37%
Barley Oct 2014 124.00 unch 0.00%
Barley Dec 2014 126.00 unch 0.00%
Barley Mar 2015 127.00 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 1071 -5.5 -0.51%
Soybeans Nov 2014 993.75 +1 +0.10%
Soybeans Jan 2015 1000.25 +1 +0.10%
Soybeans Mar 2015 1005.75 +0.75 +0.07%
Soybeans May 2015 1012.5 +1.25 +0.12%
Soybeans Jul 2015 1018.5 +1 +0.10%
Soybean Meal Sep 2014 442.8 -10.9 -2.40%
Soybean Meal Oct 2014 349 -3.4 -0.96%
Soybean Meal Dec 2014 337.2 -1.5 -0.44%
Soybean Oil Sep 2014 31.58 -0.01 -0.03%
Soybean Oil Oct 2014 31.63 +0.07 +0.22%
Soybean Oil Dec 2014 31.83 +0.11 +0.35%
Corn Sep 2014 338.75 +2.5 +0.74%
Corn Dec 2014 345.75 +1.5 +0.44%
Corn Mar 2015 358.5 +1.25 +0.35%
Corn May 2015 366.75 +1.25 +0.34%
Corn Jul 2015 374 +1.25 +0.34%
Oats Sep 2014 386.75 +7.75 +2.04%
Oats Dec 2014 356.75 +7.75 +2.22%
Oats Mar 2015 336.5 +5 +1.51%
Oats May 2015 327.5 +4.75 +1.47%
Oats Jul 2015 321.25 +0.25 +0.08%
Wheat Sep 2014 518.75 -8.75 -1.66%
Wheat Dec 2014 519.75 -7.75 -1.47%
Wheat Mar 2015 536 -8 -1.47%
Wheat May 2015 547.5 -7.5 -1.35%
Wheat Jul 2015 557.75 -6.75 -1.20%
Minneapolis
Spring Wheat Sep 2014 614 -10.25 -1.64%
Spring Wheat Dec 2014 598.75 -6.5 -1.07%
Spring Wheat Mar 2015 613.5 -6.25 -1.01%
Spring Wheat May 2015 623.75 -5.75 -0.91%
Spring Wheat Jul 2015 632 -5 -0.78%
Kansas City
Hard Red Wheat Sep 2014 605.25 -7.75 -1.26%
Hard Red Wheat Dec 2014 615.5 -7.5 -1.20%
Hard Red Wheat Mar 2015 621.75 -7.5 -1.19%
Hard Red Wheat May 2015 625 -6.75 -1.07%
Hard Red Wheat Jul 2015 614.5 -5.75 -0.93%
Light crude oil nearby futures in New York dropped $1.08 at $91.67 US per barrel.
The Canadian dollar at noon was 91.28 cents US, up from 90.81 cents the previous trading day. The U.S. dollar at noon was $1.0955 Cdn.
The Toronto Stock Exchange composite fell 64.92 points or 0.42 percent to 15,471.89
The Dow Jones industrial average rose 54.42 points, or 0.32 percent, to 17,068.29.
The S&P 500 gained 7.31 points, or 0.37 percent, to 1,995.75.
The Nasdaq Composite added 34.24 points, or 0.75 percent, to 4,586.52.
