By D’Arce McMillan, Markets editor
Twitter @ darcemcmillan
Canola futures rose a little on Tuesday, supported by slow farmer selling and by slightly higher vegetable oil futures.
Soybeans and meal fell on the advancing U.S. harvest, which is in the home stretch. Also, soy meal demand, which has been red hot, is expected to fall off, as the U.S. price is higher than competing product from Brazil and Argentina.
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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.
Corn and wheat were also lower as traders took profits after recent gains.
Vegetable oil prices were slightly higher, supported by thoughts that palm production in Indonesia and Malaysia might contract, however, reduced exports from Malaysia in the first two weeks of this month capped the gain. Unwinding of some long soymeal/short soyoil spreads supported soy oil Reuters reported.
The U.S. Agriculture Department said after the close of trading on Monday that the corn harvest was 89 percent complete and the soy harvest 94 percent complete, mostly on pace with recent years after a slow start.
The unusually cold weather over much of Canada and the U.S. Plains could continue for another 10 days. Ideas that the cold could have harmed some winter wheat limited the fall in wheat.
Brazilian soybean crushing industry association Abiove said the dry weather that delayed seeding in central Brazil could cause the start of harvest to be delayed by 20 to 30 days.
Light crude oil nearby futures in New York dropped $1.03 at US$74.61 per barrel.
The Canadian dollar at noon was US88.46 cents, up from US88.43 cents the previous trading day. The U.S. dollar at noon was C$1.1305.
Stock markets rose. Japan, which is in recession, said it will not implement an expected tax increase, raising hopes the country will introduce other stimulus measures. A stronger than expected reading of German investor optimism also supported stocks.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 90.47 points, or 0.61 percent, at 14,972.97.
The Dow and S&P 500 posted new all time highs.
The Dow Jones industrial average rose 44.05 points, or 0.25 percent, to 17,691.8, the S&P 500 gained 10.72 points, or 0.53 percent, to 2,052.04 and the Nasdaq Composite added 31.44 points, or 0.67 percent, to 4,702.44.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2015 433.30 +2.00 +0.46%
Canola Mar 2015 436.00 +1.90 +0.44%
Canola May 2015 437.00 +1.70 +0.39%
Canola Jul 2015 438.60 +1.60 +0.37%
Canola Nov 2015 435.30 +3.30 +0.76%
Milling Wheat Dec 2014 225.00 -1.00 -0.44%
Milling Wheat Mar 2015 233.00 -1.00 -0.43%
Milling Wheat May 2015 236.00 -1.00 -0.42%
Durum Wheat Dec 2014 356.50 unch 0.00%
Durum Wheat Mar 2015 357.50 unch 0.00%
Durum Wheat May 2015 357.50 unch 0.00%
Barley Dec 2014 160.00 unch 0.00%
Barley Mar 2015 163.00 unch 0.00%
Barley May 2015 163.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2015 1023.25 -13 -1.25%
Soybeans Mar 2015 1031 -13 -1.25%
Soybeans May 2015 1037.25 -13 -1.24%
Soybeans Jul 2015 1042.5 -12.5 -1.18%
Soybeans Aug 2015 1042.75 -13 -1.23%
Soybeans Sep 2015 1023.75 -12.75 -1.23%
Soybean Meal Dec 2014 378 -9.1 -2.35%
Soybean Meal Jan 2015 363.6 -7.1 -1.92%
Soybean Meal Mar 2015 348.4 -5.5 -1.55%
Soybean Oil Dec 2014 32.65 +0.2 +0.62%
Soybean Oil Jan 2015 32.79 +0.18 +0.55%
Soybean Oil Mar 2015 33.02 +0.2 +0.61%
Corn Dec 2014 372 -5.5 -1.46%
Corn Mar 2015 385 -5.5 -1.41%
Corn May 2015 393.75 -5.25 -1.32%
Corn Jul 2015 401 -5.5 -1.35%
Corn Sep 2015 407.5 -5.25 -1.27%
Oats Dec 2014 334 -5.5 -1.62%
Oats Mar 2015 333 -6 -1.77%
Oats May 2015 330.75 -7.75 -2.29%
Oats Jul 2015 328.25 -5.75 -1.72%
Oats Sep 2015 329.25 -6.25 -1.86%
Wheat Dec 2014 549 -2.75 -0.50%
Wheat Mar 2015 551 -2.75 -0.50%
Wheat May 2015 557.75 -3 -0.53%
Wheat Jul 2015 564 -3.5 -0.62%
Wheat Sep 2015 573 -3 -0.52%
Minneapolis
Spring Wheat Dec 2014 578.5 -5 -0.86%
Spring Wheat Mar 2015 586.75 -4.75 -0.80%
Spring Wheat May 2015 595.25 -4.5 -0.75%
Spring Wheat Jul 2015 603.25 -4.25 -0.70%
Spring Wheat Sep 2015 611.75 -4.25 -0.69%
Kansas City
Hard Red Wheat Dec 2014 593.5 -3 -0.50%
Hard Red Wheat Mar 2015 596.5 -3.5 -0.58%
Hard Red Wheat May 2015 600 -3.75 -0.62%
Hard Red Wheat Jul 2015 600.5 -2.75 -0.46%
Hard Red Wheat Sep 2015 612 -2.75 -0.45%
