More snow and rain in parts of the prairies over the weekend and today helped lift canola futures on Monday.
Worries are increasing that the amount of overwintered canola that will be fit for crushing is dropping with the poor weather. Also the weather is delaying field work. It will put extreme pressure on those who have to get rid of old crop before they can seed new crop.The moisture is expected to continue in southern Alberta for the next few days and be unsettled and cool in other areas of the Prairies.
Soybeans and soy meal rose but soy oil was down.
Soybeans were helped by a weaker U.S. dollar compared to the euro. The euro bounced higher following the Sunday presidential vote in France where centrist candidate Emmanuel Macron did better than expected and will now move into a run-off vote May 7 against right wing popularist Marine Le Pen. Polls indicate Macron would defeat Le Pen in the run off. Today, Le Pen said she would step down from the leadership of her party, the National Front, and complete her run for the presidency as an independent.
Traders have been talking about potential delays in U.S. Midwest seeding due to rain but today’s weekly crop progress report said 17 percent of the corn crop is in the ground, only slightly behind the five-year average of 18 percent.
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The condition of the winter wheat crop was little changed, with 54 percent good to excellent. Last year it was 59 percent.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 39 cents to US$49.23 per barrel.
In the afternoon, the Canadian dollar was trading around US74.04 cents, steady with 74.04 cents the previous trading day. The U.S. dollar was C$1.3506.
The French voting results also lifted stock markets.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 97.98 points, or 0.63 percent, to 15,712.46, its highest close since April 11.
The Dow Jones Industrial Average rose 216.13 points, or 1.05 percent, to 20,763.89, the S&P 500 gained 25.46 points, or 1.08 percent, to 2,374.15 and the Nasdaq Composite added 73.30 points, or 1.24 percent, to 5,983.82.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2017 530.50 +4.60 +0.87%
Canola Jul 2017 523.90 +3.90 +0.75%
Canola Nov 2017 494.80 +2.70 +0.55%
Canola Mar 2018 502.30 +2.30 +0.46%
Milling Wheat May 2017 228.00 -1.00 -0.44%
Milling Wheat Jul 2017 229.00 -1.00 -0.43%
Milling Wheat Oct 2017 223.00 -1.00 -0.45%
Durum Wheat May 2017 271.00 unch 0.00%
Durum Wheat Jul 2017 272.00 +1.00 +0.37%
Durum Wheat Oct 2017 264.00 +1.00 +0.38%
Barley May 2017 137.00 unch 0.00%
Barley Jul 2017 138.00 unch 0.00%
Barley Oct 2017 140.00 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 2017 961.25 +10.25 +1.08%
Soybeans Jul 2017 971.75 +11.00 +1.14%
Soybeans Aug 2017 973.25 +11.00 +1.14%
Soybeans Sep 2017 969.75 +9.00 +0.94%
Soybeans Nov 2017 967.50 +7.75 +0.81%
Soybeans Jan 2018 974.00 +7.25 +0.75%
Soybean Meal May 2017 316.40 +6.60 +2.13%
Soybean Meal Jul 2017 320.60 +6.70 +2.13%
Soybean Meal Aug 2017 321.60 +6.50 +2.06%
Soybean Oil May 2017 31.69 -0.26 -0.81%
Soybean Oil Jul 2017 31.93 -0.23 -0.72%
Soybean Oil Aug 2017 32.04 -0.24 -0.74%
Corn May 2017 359.25 +2.75 +0.77%
Corn Jul 2017 365.50 +2.50 +0.69%
Corn Sep 2017 372.50 +2.00 +0.54%
Corn Dec 2017 383.50 +2.25 +0.59%
Corn Mar 2018 393.25 +2.00 +0.51%
Oats May 2017 218.75 +1.75 +0.81%
Oats Jul 2017 217.75 +1.50 +0.69%
Oats Dec 2017 216.75 +0.50 +0.23%
Oats Mar 2018 224.25 +0.75 +0.34%
Wheat May 2017 402.50 -2.50 -0.62%
Wheat Jul 2017 419.25 -1.75 -0.42%
Wheat Sep 2017 434.25 -1.25 -0.29%
Wheat Dec 2017 458.00 -1.25 -0.27%
Wheat Mar 2018 476.75 -1.75 -0.37%
Minneapolis
Spring Wheat May 2017 521.50 -4.00 -0.76%
Spring Wheat Jul 2017 531.50 -2.75 -0.51%
Spring Wheat Sep 2017 538.75 -3.25 -0.60%
Spring Wheat Dec 2017 547.25 -3.75 -0.68%
Spring Wheat Mar 2018 557.00 -5.50 -0.98%
Kansas City
Hard Red Wheat May 2017 401.75 -3.00 -0.74%
Hard Red Wheat Jul 2017 414.25 -3.25 -0.78%
Hard Red Wheat Sep 2017 430.75 -2.50 -0.58%
Hard Red Wheat Dec 2017 457.25 -4.50 -0.97%
Hard Red Wheat Mar 2018 474.50 -5.50 -1.15%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Apr 2017 129.00 -0.85 -0.65%
Live Cattle (P) Jun 2017 114.85 -1.90 -1.63%
Live Cattle (P) Aug 2017 110.98 -1.82 -1.61%
Feeder Cattle (P) Apr 2017 138.25 -0.53 -0.38%
Feeder Cattle (P) Aug 2017 140.70 -1.45 -1.02%
Lean Hogs (P) May 2017 64.40 +1.48 +2.35%
Lean Hogs (P) Jun 2017 69.52 +1.20 +1.76%
Lean Hogs (P) Jul 2017 70.40 +0.88 +1.27%
