By D’Arce McMillan
Saskatoon newsroom
Canola futures fell Tuesday along with declining soy oil and much improved harvest weather in Western Canada and the U.S. Midwest.
The stronger loonie also weighed on canola, as did commercial hedging.
Soybean futures fell on the good harvest prospect but corn edged higher on bargain buying and on hopeful news about U.S. ethanol policy.
Reuters reported that the Obama administration is committed to eventually getting U.S. ethanol production to the 15 billion-gallon level envisioned by Congress, USDA Secretary Thomas Vilsack said on Tuesday.
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U.S. livestock: Cattle hit fresh highs, hogs inch upward
Chicago cattle futures hit fresh highs on Monday while hogs made small gains.
Soy oil futures weakened on profit taking after a two-day rally pushed prices to a one-month high. October soy oil futures hit resistance at their 40-day moving average, a level they have not surpassed since June 30.
Wheat fell again on the prospect for a large global harvest.
Ag consultancy SovEcon raised its forecast of Russia’s 2014-15 wheat exports to 22.5 million tonnes, from 22.0 million tonnes previously, Reuters reported.
USDA late Monday said the U.S. spring wheat harvest was 74 percent complete, above an average trade estimate of 71 percent but behind the five-year average of 86 percent. USDA said the winter wheat crop was 12 percent seeded, near the five-year average of 11 percent.
Statistics Canada has published its monthly update on exports of grains by final destination. See its website here.
The U.S. dollar fell against the loonie and other major currencies on speculation the Federal Reserve will maintain a pledge to keep interest rates low for a “considerable time” in its policy statement tomorrow, Bloomberg reported.
ICE Futures Canada ($ per tonne)
Canola Nov 2014 412.20 -3.80 -0.91%
Canola Jan 2015 416.90 -3.50 -0.83%
Canola Mar 2015 422.60 -3.70 -0.87%
Canola May 2015 426.50 -3.40 -0.79%
Canola Jul 2015 429.90 -3.30 -0.76%
Milling Wheat Oct 2014 191.00 -1.00 -0.52%
Milling Wheat Dec 2014 198.00 -1.00 -0.50%
Milling Wheat Mar 2015 207.00 -1.00 -0.48%
Durum Wheat Oct 2014 288.80 unch 0.00%
Durum Wheat Dec 2014 294.80 unch 0.00%
Durum Wheat Mar 2015 295.80 unch 0.00%
Barley Oct 2014 123.50 unch 0.00%
Barley Dec 2014 125.50 unch 0.00%
Barley Mar 2015 126.50 unch 0.00%
Chicago (American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound)
Soybeans Nov 2014 980.75 -8.75 -0.88%
Soybeans Jan 2015 989.25 -8.25 -0.83%
Soybeans Mar 2015 997 -7.25 -0.72%
Soybeans May 2015 1004.75 -6.5 -0.64%
Soybeans Jul 2015 1010.5 -5.75 -0.57%
Soybeans Aug 2015 1012.5 -5.5 -0.54%
Soybean Meal Oct 2014 338.3 -0.5 -0.15%
Soybean Meal Dec 2014 326.1 -0.9 -0.28%
Soybean Meal Jan 2015 322.7 -0.8 -0.25%
Soybean Oil Oct 2014 32.81 -0.46 -1.38%
Soybean Oil Dec 2014 33 -0.47 -1.40%
Soybean Oil Jan 2015 33.27 -0.46 -1.36%
Corn Dec 2014 343.75 +0.75 +0.22%
Corn Mar 2015 355.5 +0.5 +0.14%
Corn May 2015 364.25 +0.75 +0.21%
Corn Jul 2015 371.25 +0.75 +0.20%
Corn Sep 2015 379.25 +1 +0.26%
Oats Dec 2014 350.75 -3.75 -1.06%
Oats Mar 2015 333.75 -3 -0.89%
Oats May 2015 327.25 -2.25 -0.68%
Oats Jul 2015 320 -4 -1.23%
Oats Sep 2015 327.25 -3.25 -0.98%
Wheat Dec 2014 496.25 -4.5 -0.90%
Wheat Mar 2015 512.75 -5.5 -1.06%
Wheat May 2015 524 -5.25 -0.99%
Wheat Jul 2015 533 -5.25 -0.98%
Wheat Sep 2015 544.75 -4.5 -0.82%
Minneapolis
Spring Wheat Dec 2014 565.5 -3 -0.53%
Spring Wheat Mar 2015 581.75 -2.75 -0.47%
Spring Wheat May 2015 593.5 -2.5 -0.42%
Spring Wheat Jul 2015 604.5 -2 -0.33%
Spring Wheat Sep 2015 614 -2.5 -0.41%
Kansas City Hard Red Winter Wheat
Hard Red Wheat Dec 2014 583.25 -3 -0.51%
Hard Red Wheat Mar 2015 591 -3.75 -0.63%
Hard Red Wheat May 2015 595.25 -4.25 -0.71%
Hard Red Wheat Jul 2015 586.75 -4.25 -0.72%
Hard Red Wheat Sep 2015 597.75 -4.25 -0.71%
Crude oil in New York rose $1.96 per barrel to $94.88.
The Canadian dollar at noon was $0.9099 US, up $0.005,
The U.S. buck was $1.099 Cdn.
