Winter wheat and corn rose more than one percent on Thursday and canola edged slightly higher even though soybeans fell.
May canola closed at $462 per tonne, up $1.70 or 0.37 percent. Over the week, the May contract rose three percent.
November closed today at $454.50, up $2.90 or 0.64 percent. Over the week November gained $12.40 or 2.8 percent.
Rising soy oil futures, which climbed on short covering, provided support for canola today, along with a spring weather risk premium.
Soybeans fell today on disappointing weekly export sales.
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For the week, soybeans rose 1.8 percent, largely due to a government forecast for plantings that fell below market expectations.
Soymeal gained 1.9 percent while soyoil rose 1.1 percent during the week
It is raining a lot in the Mississippi Delta and more rain is expected over the next several day delaying planting efforts.
Some analysts think the delay could cause farmers there to shift corn acres into soybeans.
That helped support corn futures today. Short covering also supported corn.
Weekly export sales of corn were within the range of expectations.
For the week, nearby corn rose about one percent.
The USDA will release its first weekly planting progress report on Monday.
Markets in Canada and the U.S. are closed on Good Friday.
Kansas hard red winter wheat May contract rose 1.88 percent today while Chicago soft wheat rose 1.47 percent and hard red spring wheat climbed 0.85 percent.
The U.S. Drought Monitor today showed an expansion of the moderate drought category into Nebraska and South Dakota on lack of rain and warmer than normal temperatures.
Nearly 36 percent of the High Plains from Kansas to North Dakota are now in moderate to exceptional drought, up from 28 percent a week ago.
The central and southern Plains have received 33 percent of normal rainfall during the past 90 days, Eric Luebehusen, lead author of the Drought Monitor, told Reuters on Thursday.
Last week’s average temperature in many spots was 10 degrees Fahrenheit or more above normal. Places in Texas and Oklahoma were in the low 90s F or around 33 C.
There is a chance for rain in the middle of next week for Kansas and Nebraska, perhaps a half inch.
In addition to the stress caused by dry warm weather, the amount of winter kill in the southern plains might be larger than normal, meaning the number of acres that get harvested might be smaller than currently expected.
Iran and world powers reached a framework agreement on curbing Iran’s nuclear program for at least a decade after eight days of marathon talks in Switzerland.
Light crude oil nearby futures in New York were down 95 cents to US$49.14 per barrel.
U.S. jobless claims came in lower than expected indicating a strengthening labour market in the U.S.
The Bank of Canada said the dollar at noon was US79.46 cents, up from 79.29 cents the previous trading day. The U.S. dollar at noon was C$1.2585.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 84.07 points, or 0.56 percent, at 15,026.62.
The Dow Jones industrial average rose 65.06 points, or 0.37 percent, to 17,763.24, the S&P 500 gained 7.27 points, or 0.35 percent, to 2,066.96 and the Nasdaq Composite added 6.71 points, or 0.14 percent, to 4,886.94.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2015 462.00 +1.70 +0.37%
Canola Jul 2015 462.20 +2.50 +0.54%
Canola Nov 2015 454.50 +2.90 +0.64%
Canola Jan 2016 455.50 +2.90 +0.64%
Canola Mar 2016 456.10 +2.90 +0.64%
Milling Wheat May 2015 243.00 +2.00 +0.83%
Milling Wheat Jul 2015 240.00 +2.00 +0.84%
Milling Wheat Oct 2015 241.00 +2.00 +0.84%
Durum Wheat May 2015 323.00 unch 0.00%
Durum Wheat Jul 2015 313.00 unch 0.00%
Durum Wheat Oct 2015 318.00 unch 0.00%
Barley May 2015 204.00 unch 0.00%
Barley Jul 2015 204.00 unch 0.00%
Barley Oct 2015 189.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2015 986 -3.75 -0.38%
Soybeans Jul 2015 991.25 -3.25 -0.33%
Soybeans Aug 2015 991 -3 -0.30%
Soybeans Sep 2015 980.5 unch 0.00%
Soybeans Nov 2015 974.25 +1.5 +0.15%
Soybeans Jan 2016 979.5 +1.75 +0.18%
Soybean Meal May 2015 327.3 -4.6 -1.39%
Soybean Meal Jul 2015 326.5 -4.2 -1.27%
Soybean Meal Aug 2015 325.2 -3.9 -1.19%
Soybean Oil May 2015 31.04 +0.35 +1.14%
Soybean Oil Jul 2015 31.24 +0.33 +1.07%
Corn May 2015 386.5 +4.75 +1.24%
Corn Jul 2015 394.5 +4.5 +1.15%
Corn Sep 2015 401.75 +4 +1.01%
Corn Dec 2015 410.5 +3.75 +0.92%
Corn Mar 2016 420 +3.75 +0.90%
Oats May 2015 269 +7 +2.67%
Oats Jul 2015 269.75 +6.75 +2.57%
Oats Sep 2015 272 +6.5 +2.45%
Oats Dec 2015 273 +4.25 +1.58%
Oats Mar 2016 280.25 +3.25 +1.17%
Wheat May 2015 536.25 +7.75 +1.47%
Wheat Jul 2015 535.75 +6.25 +1.18%
Wheat Sep 2015 544.25 +6.25 +1.16%
Wheat Dec 2015 558.25 +6.25 +1.13%
Wheat Mar 2016 571.5 +6 +1.06%
Minneapolis
Spring Wheat May 2015 595.5 +5 +0.85%
Spring Wheat Jul 2015 600.25 +5.75 +0.97%
Spring Wheat Sep 2015 607.75 +6 +1.00%
Spring Wheat Dec 2015 619.5 +7 +1.14%
Spring Wheat Mar 2016 630.75 +6.5 +1.04%
Kansas City
Hard Red Wheat May 2015 582.75 +10.75 +1.88%
Hard Red Wheat Jul 2015 586 +10.25 +1.78%
Hard Red Wheat Sep 2015 596 +9.75 +1.66%
Hard Red Wheat Dec 2015 610.25 +9.75 +1.62%
Hard Red Wheat Mar 2016 621.5 +10.75 +1.76%
