Canola and other crops rise on soaring oil

Crop futures edged higher on Tuesday, riding the coattails of a more than five percent rally in crude oil.

Renewed hopes that OPEC can agree to reduce production lifted crude.

January canola closed at $511.10 per tonne, up $1.40.

Some moisture is expected in Alberta and Saskatchewan today and tomorrow as the temperatures cool to seasonal normals.

Temperature highs around the freezing mark will be common for the rest of the week.

Corn and wheat, the Chicago and Kansas City contracts, rose more than one percent. Spring wheat trailed.

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Soybeans edged up about a half a percent.

The U.S. soybean crush for October was 164.641 million bushels, well above the trade’s expectations and up 3.6 percent from October last year.

The USDA on Monday said 94 percent of the U.S. winter wheat crop was planted.

U.S. corn harvest was 93 percent complete as of Sunday, ahead of the five-year average of 92 percent.

U.S. soybean harvest was 97 percent complete as of Sunday, ahead of the five-year average of 95 percent.

The rising crude oil price helped lift the Canadian dollar for the first time since the American election.

Saudi Arabia’s energy minister is expected to go to Doha this week to try to shore up support for a proposed agreement negotiated in September to cut OPEC oil production. But final agreement has been complicated by Iran’s refusal to cap production below four million barrels per day.

OPEC ministers are expected to meet Nov. 30 in Vienna to finalize the September agreement.

Light crude oil nearby futures in New York soared $2.49 to US$45.81 per barrel.

The Canadian dollar at noon was US74.25 cents, up from 73.63 cents the previous trading day. The U.S. dollar at noon was C$1.3468.

Rising oil helped the Toronto Stock Exchange composite rise 157.83 points or 1.08 percent to 14,756.28.

The Dow Jones industrial average was up 54.37 points, or 0.29 percent, to 18,923.06, the S&P 500 had gained 16.19 points, or 0.75 percent, to 2,180.39 and the Nasdaq Composite had added 57.23 points, or 1.1 percent, to 5,275.62.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jan 2017 511.10 +1.40 +0.27%

Canola Mar 2017 518.00 +1.80 +0.35%

Canola May 2017 521.10 +1.90 +0.37%

Canola Jul 2017 522.00 +2.00 +0.38%

Canola Nov 2017 506.70 +5.30 +1.06%

Milling Wheat Dec 2016 228.00 +1.00 +0.44%

Milling Wheat Mar 2017 232.00 unch 0.00%

Milling Wheat May 2017 236.00 +1.00 +0.43%

Durum Wheat Dec 2016 329.00 +2.00 +0.61%

Durum Wheat Mar 2017 340.00 +6.00 +1.80%

Durum Wheat May 2017 343.00 +6.00 +1.78%

Barley Dec 2016 132.50 unch 0.00%

Barley Mar 2017 134.50 unch 0.00%

Barley May 2017 135.50 unch 0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago

Soybeans Jan 2017 989.50 +5.25 +0.53%

Soybeans Mar 2017 998.00 +5.50 +0.55%

Soybeans May 2017 1005.50 +5.50 +0.55%

Soybeans Jul 2017 1010.75 +5.25 +0.52%

Soybeans Aug 2017 1010.00 +5.25 +0.52%

Soybeans Sep 2017 996.75 +5.25 +0.53%

Soybean Meal Dec 2016 310.10 +0.20 +0.06%

Soybean Meal Jan 2017 312.30 +0.20 +0.06%

Soybean Meal Mar 2017 314.40 +0.60 +0.19%

Soybean Oil Dec 2016 34.21 +0.26 +0.77%

Soybean Oil Jan 2017 34.46 +0.28 +0.82%

Soybean Oil Mar 2017 34.70 +0.30 +0.87%

Corn Dec 2016 341.50 +4.25 +1.26%

Corn Mar 2017 349.25 +4.00 +1.16%

Corn May 2017 356.50 +4.00 +1.13%

Corn Jul 2017 363.50 +3.75 +1.04%

Corn Sep 2017 370.25 +3.75 +1.02%

Oats Dec 2016 233.00 +5.25 +2.31%

Oats Mar 2017 231.50 +6.00 +2.66%

Oats May 2017 229.25 +2.00 +0.88%

Oats Jul 2017 231.50 +1.00 +0.43%

Oats Sep 2017 226.75 +1.00 +0.44%

Wheat Dec 2016 399.00 +5.00 +1.27%

Wheat Mar 2017 418.75 +6.25 +1.52%

Wheat May 2017 432.25 +6.00 +1.41%

Wheat Jul 2017 446.75 +5.25 +1.19%

Wheat Sep 2017 462.75 +4.75 +1.04%

Minneapolis

Spring Wheat Dec 2016 514.75 +2.75 +0.54%

Spring Wheat Mar 2017 518.00 +2.25 +0.44%

Spring Wheat May 2017 524.50 +2.25 +0.43%

Spring Wheat Jul 2017 531.50 +2.00 +0.38%

Spring Wheat Sep 2017 539.00 +2.00 +0.37%

Kansas City

Hard Red Wheat Dec 2016 408.00 +5.25 +1.30%

Hard Red Wheat Mar 2017 425.50 +5.00 +1.19%

Hard Red Wheat May 2017 437.25 +5.00 +1.16%

Hard Red Wheat Jul 2017 448.50 +4.75 +1.07%

Hard Red Wheat Sep 2017 463.00 +4.50 +0.98%

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Dec 2016 105.48 -0.09 -0.09%

Live Cattle (P) Feb 2017 106.52 -0.01 -0.01%

Live Cattle (P) Apr 2017 106.95 +0.73 +0.69%

Feeder Cattle (P) Nov 2016 126.60 +0.57 +0.45%

Feeder Cattle (P) Jan 2017 123.02 +0.69 +0.56%

Feeder Cattle (P) Mar 2017 118.78 +0.33 +0.28%

Lean Hogs (P) Dec 2016 46.12 -0.78 -1.66%

Lean Hogs (P) Feb 2017 52.90 -0.70 -1.31%

Lean Hogs (P) Apr 2017 60.22 -0.68 -1.12%

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