Worries about seeding delays from predicted heavy rain this week helped lift canola futures on Tuesday.
July closed at $525.80, up $2.60 and November crept back above the $500 mark to close at $501.20, up $1.30.
The rain expected Wednesday and Thursday is forecast for areas of the northern grain belt that are already well behind the normal pace.
Environment Canada has issued a weather statement for Alberta about the heavy rain. Also, this system will bring strong winds to much of the province. Beginning Wednesday afternoon much of east-central Alberta will likely see northerly winds with gusts up to 100 km/h.
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Maps from the U.S. weather service show the heaviest accumulations of about 1.5 inches near the border with Saskatchewan around Lloydminster. Northeastern Saskatchewan could also see heavy accumulations.
CLICK HERE FOR MORE DETAILS AND MAP OF RAIN
U.S. CROP MARKETS
Corn fell after the U.S. Department of Agriculture said late on Monday that the U.S. corn crop was 84 percent planted, slightly behind an average of trade expectations but close to the five-year average of 85 percent.
The USDA estimated that U.S. soybean plantings were 53 percent complete, above the five-year average of 52 percent.
“If you look at a spring rainfall map in the Midwest, you have to be impressed (that) these planting numbers are as high as they are,” Rich Feltes, vice president for research with R.J. O’Brien, told Reuters.
Traders await the USDA’s first corn condition ratings for the season, which the government expects to release in its next weekly crop progress report on May 30.
Chicago wheat futures declined after the USDA rated 52 percent of the U.S. winter wheat crop as good to excellent, up from 51 percent a week earlier.
Analysts on average had expected a decline, given wet conditions in the southern Plains and Midwest that raised concerns about yield prospects and grain quality.
“Wheat condition is also shown by the USDA as pretty decent, again not confirming some earlier fears about the impact of rain,” Matt Ammermann, commodity risk manager at INTL FCStone, told Reuters.
OUTSIDE MARKETS
The Toronto Stock Exchange’s S&P/TSX composite index closed up 18.48 points, or 0.12 percent, at 15,476.94. Blackberry shares jumped on hopes for increased business in cyber security and auto software markets.
U.S. stock markets were higher following the release of a Trump Administration austerity budget. The proposal would slash spending on healthcare, food stamps, diplomacy and foreign aid and increase spending on the military and homeland defense.
Presidential budget papers rarely survive review by Congress, which controls the federal purse strings.
The Dow Jones Industrial Average was up 43.08 points, or 0.21 percent, to 20,937.91, the S&P 500 had gained 4.40 points, or 0.18 percent, to 2,398.4 and the Nasdaq Composite had added 5.09 points, or 0.08 percent, to 6,138.71.
Light crude oil nearby futures in New York were up 34 cents to US$51.47 per barrel.
In the afternoon, the Canadian dollar was trading around US74.00 cents, up from 73.98 cents on Friday. The U.S. dollar was C$1.3514.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2017 525.80 +2.60 +0.50%
Canola Nov 2017 501.20 +1.30 +0.26%
Canola Jan 2018 507.00 +1.60 +0.32%
Canola Mar 2018 511.90 +1.90 +0.37%
Canola May 2018 514.70 unch 0.00%
Milling Wheat Jul 2017 239.00 -2.00 -0.83%
Milling Wheat Oct 2017 238.00 -2.00 -0.83%
Milling Wheat Dec 2017 240.00 -2.00 -0.83%
Durum Wheat Jul 2017 276.00 +1.00 +0.36%
Durum Wheat Oct 2017 267.00 unch 0.00%
Durum Wheat Dec 2017 267.00 unch 0.00%
Barley Jul 2017 138.00 unch 0.00%
Barley Oct 2017 140.00 unch 0.00%
Barley Dec 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 Jul 2017 948.25 -8.25 -0.86%
Soybeans Aug 2017 950.25 -8.00 -0.83%
Soybeans Sep 2017 948.00 -8.00 -0.84%
Soybeans Nov 2017 948.50 -7.75 -0.81%
Soybeans Jan 2018 955.75 -7.50 -0.78%
Soybeans Mar 2018 959.25 -6.50 -0.67%
Soybean Meal Jul 2017 306.30 -1.50 -0.49%
Soybean Meal Aug 2017 307.50 -1.50 -0.49%
Soybean Meal Sep 2017 308.80 -1.50 -0.48%
Soybean Oil Jul 2017 32.34 -0.60 -1.82%
Soybean Oil Aug 2017 32.45 -0.59 -1.79%
Soybean Oil Sep 2017 32.57 -0.59 -1.78%
Corn Jul 2017 369.50 -5.50 -1.47%
Corn Sep 2017 377.00 -5.50 -1.44%
Corn Dec 2017 387.75 -5.00 -1.27%
Corn Mar 2018 397.50 -5.00 -1.24%
Corn May 2018 403.75 -4.25 -1.04%
Oats Jul 2017 241.25 -5.50 -2.23%
Oats Sep 2017 232.50 -1.75 -0.75%
Oats Dec 2017 225.25 -1.25 -0.55%
Oats Mar 2018 226.50 -1.75 -0.77%
Oats May 2018 226.50 -1.75 -0.77%
Wheat Jul 2017 429.50 -4.75 -1.09%
Wheat Sep 2017 444.00 -4.00 -0.89%
Wheat Dec 2017 466.25 -3.50 -0.75%
Wheat Mar 2018 485.00 -2.75 -0.56%
Wheat May 2018 497.50 -1.75 -0.35%
Minneapolis
Spring Wheat Jul 2017 554.25 -5.00 -0.89%
Spring Wheat Sep 2017 560.25 -5.25 -0.93%
Spring Wheat Dec 2017 567.75 -4.75 -0.83%
Spring Wheat Mar 2018 575.00 -5.00 -0.86%
Spring Wheat May 2018 579.25 -6.00 -1.03%
Kansas City
Hard Red Wheat Jul 2017 430.50 -5.50 -1.26%
Hard Red Wheat Sep 2017 448.25 -4.75 -1.05%
Hard Red Wheat Dec 2017 474.00 -4.50 -0.94%
Hard Red Wheat Mar 2018 489.75 -3.75 -0.76%
Hard Red Wheat May 2018 500.25 -3.50 -0.69%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Jun 2017 123.08 -0.84 -0.68%
Live Cattle (P) Aug 2017 121.32 -0.71 -0.58%
Live Cattle (P) Oct 2017 118.05 -0.35 -0.30%
Feeder Cattle (P) May 2017 144.25 unch 0.00%
Feeder Cattle (P) Aug 2017 151.50 -1.28 -0.84%
Feeder Cattle (P) Sep 2017 151.68 -0.97 -0.64%
Lean Hogs (P) Jun 2017 80.15 +0.80 +1.01%
Lean Hogs (P) Jul 2017 80.02 -0.03 -0.04%
Lean Hogs (P) Aug 2017 79.90 +0.23 +0.29%
