A rally in soy meal futures and the rain-delayed Midwest harvest helped lift soybean futures Thursday and that pushed canola higher.
November canola finished at $495.20 per tonne, up $1.80 or 0.36 percent. A weaker loonie also supported canola.
Soybeans were also supported by some reports of disappointing yields in areas of the Midwest, Reuters reported.
The soy harvest is behind the normal pace, limiting the supply to crushers and tightening the production of soy meal.
Soy and corn markets are also watching the pace of seeding in South America. It has been too dry in central parts of Brazil, but southern Brazil and Argentina have recently received rain.
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Alberta crop conditions improve: report
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.
Argentina has had too much moisture and the recent rain is causing problems for the wheat crop already in the field.
Analysts expect that because soybeans have better profitability than corn, acres will switch to the oilseed. However, the dry weather in Brazil might offset the larger acreage.
On the Prairies Friday should be a good day for harvest but unsettled and cooler weather could spread through the weekend. However if there is rain, accumulations should be light.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 81 cents at US$50.79 per barrel.
In the afternoon, the Canadian dollar was trading around US79.56 cents, down from 80.14 cents the previous trading day. The U.S. dollar was C$1.2569.
The TSX composite rose 55.3 points or 0.35 percent to 15,776.30.
The Dow Jones Industrial Average rose 113.75 points, or 0.5 percent, to 22,775.39, the S&P 500 gained 14.33 points, or 0.56 percent, to 2,552.07 and the Nasdaq Composite added 50.73 points, or 0.78 percent, to 6,585.36.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 495.20s +1.80 +0.36%
Canola Jan 18 500.70s +1.00 +0.20%
Canola Mar 18 505.00s -0.20 -0.04%
Canola May 18 507.50s -0.30 -0.06%
Canola Jul 18 508.30s -0.50 -0.10%
Milling Wheat Oct 17 228.00s +1.00 +0.44%
Milling Wheat Dec 17 230.00s +1.00 +0.44%
Milling Wheat Mar 18 236.00s +2.00 +0.85%
Durum Wheat Oct 17 279.00s unch unch
Durum Wheat Dec 17 281.00s unch unch
Durum Wheat Mar 18 286.00s unch unch
Barley Oct 17 145.00s unch unch
Barley Dec 17 148.00s unch unch
Barley Mar 18 151.00s unch unch
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 17 968-2s +10-0 +1.04%
Soybeans Jan 18 979-0s +10-2 +1.06%
Soybeans Mar 18 988-0s +9-6 +1.00%
Soybeans May 18 997-0s +9-6 +0.99%
Soybeans Jul 18 1004-4s +9-6 +0.98%
Soybean Meal Oct 17 312.9s +6.0 +1.96%
Soybean Meal Dec 17 316.9s +5.9 +1.90%
Soybean Meal Jan 18 319.0s +5.9 +1.88%
Soybean Oil Oct 17 32.77s -0.22 -0.67%
Soybean Oil Dec 17 33.00s -0.23 -0.69%
Soybean Oil Jan 18 33.18s -0.23 -0.69%
Corn Dec 17 349-4s +1-2 +0.36%
Corn Mar 18 362-4s +1-2 +0.35%
Corn May 18 371-4s +1-2 +0.34%
Corn Jul 18 379-2s +1-0 +0.26%
Corn Sep 18 386-4s +1-0 +0.26%
Oats Dec 17 247-2s +1-0 +0.41%
Oats Mar 18 251-2s +1-0 +0.40%
Oats May 18 250-0s +1-0 +0.40%
Oats Jul 18 248-6s +0-6 +0.30%
Oats Sep 18 248-6s +0-6 +0.30%
Wheat Dec 17 440-6s -1-2 -0.28%
Wheat Mar 18 459-4s -1-0 -0.22%
Wheat May 18 473-6s -0-4 -0.11%
Wheat Jul 18 486-0s -0-2 -0.05%
Wheat Sep 18 501-0s -0-4 -0.10%
Minneapolis
Spring Wheat Dec 17 615-4s +5-4 +0.90%
Spring Wheat Mar 18 629-0s +5-4 +0.88%
Spring Wheat May 18 635-4s +5-4 +0.87%
Spring Wheat Jul 18 639-4s +5-6 +0.91%
Spring Wheat Sep 18 639-0s +4-0 +0.63%
Kansas City
Hard Red Wheat Dec 17 434-2s -1-6 -0.40%
Hard Red Wheat Mar 18 452-0s -1-6 -0.39%
Hard Red Wheat May 18 465-6s -2-0 -0.43%
Hard Red Wheat Jul 18 483-4s -1-6 -0.36%
Hard Red Wheat Sep 18 502-4s -1-2 -0.25%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 17 110.150s +1.075 +0.99%
Live Cattle Dec 17 116.050s +1.125 +0.98%
Live Cattle Feb 18 119.775s +0.850 +0.71%
Feeder Cattle Oct 17 153.575s +1.475 +0.97%
Feeder Cattle Nov 17 154.850s +1.350 +0.88%
Feeder Cattle Jan 18 152.575s +1.550 +1.03%
Lean Hogs Oct 17 60.925s +0.600 +0.99%
Lean Hogs Dec 17 62.800s +0.900 +1.45%
Lean Hogs Feb 18 67.600s +0.300 +0.45%
