Canola futures continued their march upward today, with prices nearing highs not seen since last summer.
The July canola contract in Winnipeg closed the day at $524 per tonne, up $6.00 per tonne.
New crop canola also had a positive day. The November futures contract gained $5.10 per tonne to finish at $529.10.
Canola futures dipped below $450 per tonne in late winter but have jumped approximately $75 a tonne since March, a rise of more than 16 percent.
The sustained gains for canola have run parallel to a three month rally in soybeans.
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Soy hit a two year high this morning, closing at $11.7775 per bu. The July contract was up nearly 50 cents at one point in the day but finished 36.5 cents higher.
• Soybeans traded at more than $14 a bu. in the spring of 2014 but prices dove over the summer and fell below $10 per bu. by October 2014.
• In early March, soy futures were around $9 per bu. but have gained more than 20 percent over the last 12 weeks.
Hot weather in the U.S. Midwest was a key factor in today’s rally. Temperatures of 34 to 37 C are forecast for Iowa over the next week, potentially damaging immature soy crops.
U.S. weather concerns may provide short-term strength for soybeans, but worries over Argentina’s soy production is also a factor. April rains soaked Argentina’s soy growing regions, provoking uncertainty about the size of the South American crop.
Demand for soybeans remains strong, as the U.S. Department of Agriculture reported several export shipments to China in early June.
Corn had a quiet day compared to soy. The July contract in Chicago gained 3.5 cents per bu. to close at $4.3125.
Wheat futures also finished higher, gaining 10.5 cents and ending the day at $5.165 per bu. in Chicago. New crop wheat closed at $5.4825 per bu., up 10.25 cents.
Contact robert.arnason@producer.com
Canola Jul 2016 (updated 2:20PM(CST) on 6/8/2016)Â Â Â Â Â Â Â Â Â Â Â 524.00Â Â Â Â Â Â Â Â Â Â Â +6.00Â +1.16%
Canola Nov 2016 (updated 2:20PM(CST) on 6/8/2016)Â Â Â Â Â Â Â Â Â 529.10Â Â Â Â Â Â Â Â Â Â Â +5.10Â +0.97%
Canola Jan 2017 (updated 2:20PM(CST) on 6/8/2016)Â Â Â Â Â Â Â Â Â Â 532.40Â Â Â Â Â Â Â Â Â Â Â +5.00Â +0.95%
Canola Mar 2017 (updated 2:20PM(CST) on 6/8/2016)Â Â Â Â Â Â Â Â Â 533.80Â Â Â Â Â Â Â Â Â Â Â +4.90Â +0.93%
Canola May 2017 (updated 2:20PM(CST) on 6/8/2016)Â Â Â Â Â Â Â Â Â 534.80Â Â Â Â Â Â Â Â Â Â Â +4.90Â +0.92%
Milling Wheat Jul 2016       241.00           unch  0.00%
Milling Wheat Oct 2016      239.00           unch  0.00%
Durum Wheat Jul 2016      302.00           unch  0.00%
Durum Wheat Oct 2016     296.00           unch  0.00%
Barley Jul 2016        171.50           unch  0.00%
Barley Oct 2016       171.50           unch  0.00%
Soybeans Jul 2016Â Â Â 1177.75Â Â Â Â Â Â Â Â +36.50Â Â Â Â Â Â Â Â Â Â Â +3.20%
Soybeans Aug 2016Â 1173.00Â Â Â Â Â Â Â Â +34.75Â Â Â Â Â Â Â Â Â Â Â +3.05%
Soybeans Sep 2016Â 1159.25Â Â Â Â Â Â Â Â +32.75Â Â Â Â Â Â Â Â Â Â Â +2.91%
Soybeans Nov 2016Â 1150.25Â Â Â Â Â Â Â Â +33.50Â Â Â Â Â Â Â Â Â Â Â +3.00%
Soybeans Jan 2017Â Â 1145.00Â Â Â Â Â Â Â Â +31.25Â Â Â Â Â Â Â Â Â Â Â +2.81%
Soybeans Mar 2017 1108.25Â Â Â Â Â Â Â Â +20.75Â Â Â Â Â Â Â Â Â Â Â +1.91%
Soybean Meal Jul 2016Â Â Â Â Â Â Â 417.10Â Â Â Â Â Â Â Â Â Â Â +9.30Â +2.28%
Soybean Meal Aug 2016Â Â Â Â Â 410.40Â Â Â Â Â Â Â Â Â Â Â +9.30Â +2.32%
Soybean Meal Sep 2016Â Â Â Â Â 407.20Â Â Â Â Â Â Â Â Â Â Â +10.10Â Â Â Â Â Â Â Â Â Â Â +2.54%
Soybean Oil Jul 2016Â Â Â Â Â Â Â Â Â Â Â 32.89Â +0.60Â +1.86%
Soybean Oil Aug 2016Â Â Â Â Â Â Â Â Â 33.02Â +0.60Â +1.85%
Soybean Oil Sep 2016Â Â Â Â Â Â Â Â Â 33.15Â +0.59Â +1.81%
Corn Jul 2016Â Â Â Â Â Â Â Â Â Â Â 431.25Â Â Â Â Â Â Â Â Â Â Â +3.50Â +0.82%
Corn Sep 2016Â Â Â Â Â Â Â Â Â 434.75Â Â Â Â Â Â Â Â Â Â Â +4.25Â +0.99%
Corn Dec 2016Â Â Â Â Â Â Â Â Â 437.00Â Â Â Â Â Â Â Â Â Â Â +3.75Â +0.87%
Corn Mar 2017Â Â Â Â Â Â Â Â 441.25Â Â Â Â Â Â Â Â Â Â Â +2.50Â +0.57%
Corn May 2017Â Â Â Â Â Â Â Â 444.00Â Â Â Â Â Â Â Â Â Â Â +2.50Â +0.57%
Oats Jul 2016Â Â Â Â Â Â Â Â Â Â Â 205.75Â Â Â Â Â Â Â Â Â Â Â +9.25Â +4.71%
Oats Sep 2016Â Â Â Â Â Â Â Â Â Â 218.00Â Â Â Â Â Â Â Â Â Â Â +8.50Â +4.06%
Oats Dec 2016Â Â Â Â Â Â Â Â Â Â 228.75Â Â Â Â Â Â Â Â Â Â Â +6.50Â +2.92%
Oats Mar 2017Â Â Â Â Â Â Â Â Â 237.50Â Â Â Â Â Â Â Â Â Â Â +5.50Â +2.37%
Oats May 2017Â Â Â Â Â Â Â Â Â 237.50Â Â Â Â Â Â Â Â Â Â Â +5.50Â +2.37%
Wheat Jul 2016Â Â Â Â Â Â Â Â 519.50Â Â Â Â Â Â Â Â Â Â Â +10.50Â Â Â Â Â Â Â Â Â Â Â +2.06%
Wheat Sep 2016Â Â Â Â Â Â 530.50Â Â Â Â Â Â Â Â Â Â Â +11.25Â Â Â Â Â Â Â Â Â Â Â +2.17%
Wheat Dec 2016Â Â Â Â Â Â 548.25Â Â Â Â Â Â Â Â Â Â Â +10.25Â Â Â Â Â Â Â Â Â Â Â +1.91%
Wheat Mar 2017Â Â Â Â Â 566.00Â Â Â Â Â Â Â Â Â Â Â +10.00Â Â Â Â Â Â Â Â Â Â Â +1.80%
Wheat May 2017Â Â Â Â Â 576.75Â Â Â Â Â Â Â Â Â Â Â +10.00Â Â Â Â Â Â Â Â Â Â Â +1.76%
Spring Wheat Jul 2016Â Â Â Â Â Â Â 555.50Â Â Â Â Â Â Â Â Â Â Â +9.25Â +1.69%
Spring Wheat Sep 2016Â Â Â Â Â Â 564.50Â Â Â Â Â Â Â Â Â Â Â +9.50Â +1.71%
Spring Wheat Dec 2016Â Â Â Â Â Â 579.50Â Â Â Â Â Â Â Â Â Â Â +9.50Â +1.67%
Spring Wheat Mar 2017Â Â Â Â Â 593.25Â Â Â Â Â Â Â Â Â Â Â +9.50Â +1.63%
Spring Wheat May 2017Â Â Â Â Â 599.75Â Â Â Â Â Â Â Â Â Â Â +8.25Â +1.39%
Hard Red Weat Jul 2016Â Â Â Â Â 492.75Â Â Â Â Â Â Â Â Â Â Â +7.75Â +1.60%
Hard Red Weat Sep 2016Â Â Â 509.25Â Â Â Â Â Â Â Â Â Â Â +8.25Â +1.65%
Hard Red Weat Dec 2016Â Â Â 533.50Â Â Â Â Â Â Â Â Â Â Â +8.25Â +1.57%
Hard Red Weat Mar 2017Â Â 549.75Â Â Â Â Â Â Â Â Â Â Â +7.75Â +1.43%
Hard Red Weat May 2017Â Â 559.50Â Â Â Â Â Â Â Â Â Â Â +7.75Â +1.40%
Live Cattle (P) Jun 2016Â Â Â Â Â 123.02Â Â Â Â Â Â Â Â Â Â Â +1.80Â +1.48%
Live Cattle (P) Aug 2016Â Â Â Â 118.72Â Â Â Â Â Â Â Â Â Â Â +2.72Â +2.34%
Live Cattle (P) Oct 2016Â Â Â Â Â 117.88Â Â Â Â Â Â Â Â Â Â Â +2.38Â +2.06%
Feeder Cattle (P) Aug 2016Â Â Â Â Â Â Â Â Â Â Â 147.37Â Â Â Â Â Â Â Â Â Â Â +1.92Â +1.32%
Feeder Cattle (P) Sep 2016 145.38Â Â Â Â Â Â Â Â Â Â Â +1.85Â +1.29%
Feeder Cattle (P) Oct 2016 143.52Â Â Â Â Â Â Â Â Â Â Â +1.72Â +1.21%
Lean Hogs (P) Jun 2016Â Â Â Â Â 82.05Â +0.20Â +0.24%
Lean Hogs (P) Jul 2016Â Â Â Â Â Â Â 87.02Â +0.74Â +0.86%
Lean Hogs (P) Aug 2016Â Â Â Â Â 87.32Â +1.15Â +1.33%
Canadian Dollar Jun 2016Â Â 0.7874Â Â Â Â Â Â Â Â Â Â Â +0.0039Â Â Â Â Â Â Â Â +0.50%
