It was another day of modest moves in crop futures markets Tuesday with canola and soybeans up, corn almost unchanged and wheat mixed.
Most-traded January canola closed at $520.10 per tonne, up $1.20.
The loonie was weaker, helping to support canola futures.
ALBERTA HARVEST
The final crop report of the year from Alberta Agriculture showed that almost all crops in the province are in the bin.
As of Oct. 31 there was almost five percent of all crops still out in the Peace region. In the Peace, seven percent of canola was still out, as well as about 4.5 percent of the oats and three percent of barley and wheat.
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Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
US MARKETS
The trade was adjusting positions ahead of Thursday’s USDA supply and demand report.
Analysts mostly expect the USDA will lower its soybean yield estimate, raise the corn yield estimate and confirm that global grain and oilseed supply is ample.
Chicago and Kansas wheat closed down, but Minneapolis spring wheat edged up by 0.6 percent.
The USDA late on Monday reported 55 percent of the American winter crop was in good-to-excellent condition as of Sunday, up from 52 percent a week earlier and above the average analyst estimate for 53 percent.
The USDA said that 91 percent of the crop was seeded, up from 84 percent last week and in line with the five year average of 91 percent.
Corn futures were down a fraction of a cent even with a second large export sales announcement by the USDA in as many days. The agency on Tuesday said an unknown buyer booked 130,000 tonnes of the grain for shipment in the current marketing year.
Soybeans, meanwhile, drew support from news that China will commit to buy more U.S. soybeans during President Donald Trump’s visit to Beijing this week.
U.S. farmers have finished harvesting 90 percent of the soybean crop, almost matching the five-year average pace of 91 percent, the USDA said after the market closed on Monday.
It said 70 percent of the corn crop has been harvested, in line with market expectations although still well below the five-year average pace of 83 percent.
Soy oil rose 0.8 percent even as crude oil dipped for the first time since the Nov. 1 session.
RISING CRUDE OIL
Crude has recently posted strong gains as OPEC successfully limits members’ production and crude stocks in the U.S. fall.
Saudi Arabia wants oil prices to rise to enhance the value of its giant state-owned oil company Aramco. It plans to sell five percent of the company next year in what is expected to be the world’s biggest initial public offering ever, raising as much as $100 billion. The kingdom intends to use the money to diversify its economy and build infrastructure.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 15 cents at US$57.20 per barrel.
In the afternoon, the Canadian dollar was trading around US78.26 cents, down from 78.68 cents the previous trading day. The U.S. dollar was C$1.2777.
The TSX closed at 16,131.79 up 39.59 points or 0.25 percent.
The Dow Jones Industrial Average rose 8.81 points, or 0.04 percent, to 23,557.23, the S&P 500 lost 0.56 points, or 0.02 percent, to 2,590.57 and the Nasdaq Composite dropped 18.65 points, or 0.27 percent, to 6,767.78.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 517.60s +1.20 +0.23%
Canola Jan 18 520.10s +1.20 +0.23%
Canola Mar 18 527.10s +1.80 +0.34%
Canola May 18 531.60s +2.20 +0.42%
Canola Jul 18 535.00s +3.00 +0.56%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybeans Nov 17 986-0s +2-0 +0.20%
Soybeans Jan 18 996-0s +2-0 +0.20%
Soybeans Mar 18 1006-4s +2-2 +0.22%
Soybeans May 18 1015-2s +1-6 +0.17%
Soybeans Jul 18 1023-4s +1-4 +0.15%
Soybean Meal Dec 17 315.5s -0.6 -0.19%
Soybean Meal Jan 18 317.7s -0.4 -0.13%
Soybean Meal Mar 18 321.1s -0.1 -0.03%
Soybean Oil Dec 17 35.02s +0.29 +0.84%
Soybean Oil Jan 18 35.18s +0.29 +0.83%
Soybean Oil Mar 18 35.40s +0.30 +0.85%
Corn Dec 17 347-6s -0-2 -0.07%
Corn Mar 18 361-0s -0-4 -0.14%
Corn May 18 369-6s -0-4 -0.14%
Corn Jul 18 377-2s -0-2 -0.07%
Corn Sep 18 384-2s unch unch
Oats Dec 17 270-4s +1-4 +0.56%
Oats Mar 18 272-6s +0-4 +0.18%
Oats May 18 276-4s +0-6 +0.27%
Oats Jul 18 277-0s +0-6 +0.27%
Oats Sep 18 277-0s +0-6 +0.27%
Wheat Dec 17 427-2s -3-4 -0.81%
Wheat Mar 18 444-6s -3-4 -0.78%
Wheat May 18 457-2s -3-4 -0.76%
Wheat Jul 18 471-0s -3-2 -0.69%
Wheat Sep 18 486-2s -3-2 -0.66%
Minneapolis
Spring Wheat Dec 17 634-6s +3-6 +0.59%
Spring Wheat Mar 18 646-0s +2-0 +0.31%
Spring Wheat May 18 653-0s +2-0 +0.31%
Spring Wheat Jul 18 655-2s +0-6 +0.11%
Spring Wheat Sep 18 641-0s -3-0 -0.47%
Kansas City
Hard Red Wheat Dec 17 426-4s -3-4 -0.81%
Hard Red Wheat Mar 18 443-6s -3-2 -0.73%
Hard Red Wheat May 18 457-4s -3-2 -0.71%
Hard Red Wheat Jul 18 474-0s -3-4 -0.73%
Hard Red Wheat Sep 18 491-0s -3-4 -0.71%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 17 124.625s -0.700 -0.56%
Live Cattle Feb 18 130.375s -0.275 -0.21%
Live Cattle Apr 18 129.375s -0.025 -0.02%
Feeder Cattle Nov 17 159.875s -0.275 -0.17%
Feeder Cattle Jan 18 160.525s -0.350 -0.22%
Feeder Cattle Mar 18 157.350s -0.725 -0.46%
Lean Hogs Dec 17 63.925s -0.700 -1.08%
Lean Hogs Feb 18 70.875s -1.350 -1.87%
Lean Hogs Apr 18 74.675s -0.925 -1.22%
