Canola futures were up slightly most of the trading day, but closed mixed with July dropping $2 per tonne and November up 90 cents.
Trade was in a narrow range after fairly strong gains on Wednesday.
Support came from concerns about unseeded acreage, damage from excess rains in several areas of Western Canada and slow crop development.
If you are looking to sell canola to a crusher, make sure to shop around because of wide variations in basis levels. Today the Louis Dreyfus crushing plant at Yorkton posted a +$5 basis for immediate delivery.
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Support for canola futures also came from rising soybeans and corn futures.
The U.S. has its own excess moisture concerns with parts of Iowa, Minnesota, South Dakota and Nebraska that received five to 10 inches of rain in the past week, the equivalent of about two months of rainfall. More rain is expected in the coming days.
Some of the rise in corn and soybeans was also simply a technical rebound from oversold levels.
Saskatchewan Agriculture’s weekly crop report said that about 95 percent of the province’s crop was seeded as of June 16, up from 93 percent last week.
Last year, 98 percent of the crop was in the ground at this time.
Unfortunately there are pockets in the southeast where less than half the crop has been seeded due to the excess rain.
Reuters reports that the drought-reduced U.S. hard red winter wheat crop will likely mean U.S. millers will continue to show good demand for spring wheat from the northern Plains and Western Canada.
Old crop wheat prices advanced today.
The USDA forecasts U.S. wheat imports in the current crop year will be the largest ever at 170 million bushels or 4.63 million tonnes, almost all of it from Canada.
Statistics Canada figures show that this crop year, to the end of April, Canada has exported 2.44 million tonnes of wheat (ex durum), up 733,000 tonnes or 43 percent over the same period in 2012-13.
Durum exports to the U.S. stand at 597,425 tonnes, up 70 percent over the same period in the previous crop year.
Early harvest results from U.S. hard red winter crop show lower than expected yields in Texas, Oklahoma and southern Kansas and very high protein. However, there are concerns that recent and forecasted rain could hurt quality.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2014Â Â Â Â Â Â Â Â 476.80Â Â Â Â Â Â Â Â -2.00Â Â Â Â Â Â Â Â -0.42%
Canola Nov 2014Â Â Â Â Â Â Â Â 464.10Â Â Â Â Â Â Â Â +0.90Â Â Â Â Â Â Â Â +0.19%
Canola Jan 2015Â Â Â Â Â Â Â Â 469.10Â Â Â Â Â Â Â Â +0.20Â Â Â Â Â Â Â Â +0.04%
Canola Mar 2015Â Â Â Â Â Â Â Â 471.40Â Â Â Â Â Â Â Â -0.50Â Â Â Â Â Â Â Â -0.11%
Canola May 2015Â Â Â Â Â Â Â Â 473.20Â Â Â Â Â Â Â Â -1.00Â Â Â Â Â Â Â Â -0.21%
Milling Wheat Jul 2014        205.00        unch        0.00%
Milling Wheat Oct 2014        206.00        unch        0.00%
Milling Wheat Dec 2014        210.00        unch        0.00%
Durum Wheat Jul 2014        239.00        unch        0.00%
Durum Wheat Oct 2014        230.00        unch        0.00%
Durum Wheat Dec 2014        232.00        unch        0.00%
Barley Jul 2014        125.00        unch        0.00%
Barley Oct 2014        132.50        unch        0.00%
Barley Dec 2014        134.50        unch        0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2014Â Â Â Â Â Â Â Â 1420.75Â Â Â Â Â Â Â Â +11.75Â Â Â Â Â Â Â Â +0.83%
Soybeans Aug 2014Â Â Â Â Â Â Â Â 1369Â Â Â Â Â Â Â Â +11.75Â Â Â Â Â Â Â Â +0.87%
Soybeans Sep 2014Â Â Â Â Â Â Â Â 1263Â Â Â Â Â Â Â Â +13.5Â Â Â Â Â Â Â Â +1.08%
Soybeans Nov 2014Â Â Â Â Â Â Â Â 1227.25Â Â Â Â Â Â Â Â +14.25Â Â Â Â Â Â Â Â +1.17%
Soybeans Jan 2015Â Â Â Â Â Â Â Â 1234.25Â Â Â Â Â Â Â Â +14.25Â Â Â Â Â Â Â Â +1.17%
Soybeans Mar 2015Â Â Â Â Â Â Â Â 1240.5Â Â Â Â Â Â Â Â +14.25Â Â Â Â Â Â Â Â +1.16%
Soybean Meal Jul 2014Â Â Â Â Â Â Â Â 451.2Â Â Â Â Â Â Â Â -2Â Â Â Â Â Â Â Â -0.44%
Soybean Meal Aug 2014Â Â Â Â Â Â Â Â 436.1Â Â Â Â Â Â Â Â -0.1Â Â Â Â Â Â Â Â -0.02%
Soybean Meal Sep 2014Â Â Â Â Â Â Â Â 414Â Â Â Â Â Â Â Â +3.4Â Â Â Â Â Â Â Â +0.83%
Soybean Oil Jul 2014Â Â Â Â Â Â Â Â 40.61Â Â Â Â Â Â Â Â +0.48Â Â Â Â Â Â Â Â +1.20%
Soybean Oil Aug 2014Â Â Â Â Â Â Â Â 40.71Â Â Â Â Â Â Â Â +0.47Â Â Â Â Â Â Â Â +1.17%
Soybean Oil Sep 2014Â Â Â Â Â Â Â Â 40.69Â Â Â Â Â Â Â Â +0.44Â Â Â Â Â Â Â Â +1.09%
Corn Jul 2014Â Â Â Â Â Â Â Â 450.5Â Â Â Â Â Â Â Â +9Â Â Â Â Â Â Â Â +2.04%
Corn Sep 2014Â Â Â Â Â Â Â Â 444.25Â Â Â Â Â Â Â Â +8.75Â Â Â Â Â Â Â Â +2.01%
Corn Dec 2014Â Â Â Â Â Â Â Â 447.5Â Â Â Â Â Â Â Â +8Â Â Â Â Â Â Â Â +1.82%
Corn Mar 2015Â Â Â Â Â Â Â Â 457.75Â Â Â Â Â Â Â Â +8Â Â Â Â Â Â Â Â +1.78%
Corn May 2015Â Â Â Â Â Â Â Â 464.75Â Â Â Â Â Â Â Â +7.5Â Â Â Â Â Â Â Â +1.64%
Oats Jul 2014Â Â Â Â Â Â Â Â 347.25Â Â Â Â Â Â Â Â +4.5Â Â Â Â Â Â Â Â +1.31%
Oats Sep 2014Â Â Â Â Â Â Â Â 340.25Â Â Â Â Â Â Â Â +8.5Â Â Â Â Â Â Â Â +2.56%
Oats Dec 2014Â Â Â Â Â Â Â Â 339.25Â Â Â Â Â Â Â Â +7.5Â Â Â Â Â Â Â Â +2.26%
Oats Mar 2015Â Â Â Â Â Â Â Â 335.25Â Â Â Â Â Â Â Â +6.5Â Â Â Â Â Â Â Â +1.98%
Oats May 2015Â Â Â Â Â Â Â Â 328.75Â Â Â Â Â Â Â Â +3Â Â Â Â Â Â Â Â +0.92%
Wheat Jul 2014Â Â Â Â Â Â Â Â 593.5Â Â Â Â Â Â Â Â +6.5Â Â Â Â Â Â Â Â +1.11%
Wheat Sep 2014Â Â Â Â Â Â Â Â 602.5Â Â Â Â Â Â Â Â +6.25Â Â Â Â Â Â Â Â +1.05%
Wheat Dec 2014Â Â Â Â Â Â Â Â 623.75Â Â Â Â Â Â Â Â +6Â Â Â Â Â Â Â Â +0.97%
Wheat Mar 2015Â Â Â Â Â Â Â Â 642.75Â Â Â Â Â Â Â Â +6Â Â Â Â Â Â Â Â +0.94%
Wheat May 2015Â Â Â Â Â Â Â Â 654.5Â Â Â Â Â Â Â Â +5.25Â Â Â Â Â Â Â Â +0.81%
Minneapolis
Spring Wheat Jul 2014Â Â Â Â Â Â Â Â 703Â Â Â Â Â Â Â Â +5.75Â Â Â Â Â Â Â Â +0.82%
Spring Wheat Sep 2014Â Â Â Â Â Â Â Â 701.75Â Â Â Â Â Â Â Â +1Â Â Â Â Â Â Â Â +0.14%
Spring Wheat Dec 2014Â Â Â Â Â Â Â Â 712Â Â Â Â Â Â Â Â -0.75Â Â Â Â Â Â Â Â -0.11%
Spring Wheat Mar 2015Â Â Â Â Â Â Â Â 721.5Â Â Â Â Â Â Â Â +0.25Â Â Â Â Â Â Â Â +0.03%
Spring Wheat May 2015Â Â Â Â Â Â Â Â 726Â Â Â Â Â Â Â Â -0.25Â Â Â Â Â Â Â Â -0.03%
Kansas City
KC HRW Wheat Jul 2014Â Â Â Â Â Â Â Â 729.25Â Â Â Â Â Â Â Â +1.5Â Â Â Â Â Â Â Â +0.21%
KC HRW Wheat Sep 2014Â Â Â Â Â Â Â Â 726.75Â Â Â Â Â Â Â Â -0.5Â Â Â Â Â Â Â Â -0.07%
KC HRW Wheat Dec 2014Â Â Â Â Â Â Â Â 733Â Â Â Â Â Â Â Â -0.75Â Â Â Â Â Â Â Â -0.10%
KC HRW Wheat Mar 2015Â Â Â Â Â Â Â Â 735.25Â Â Â Â Â Â Â Â -0.75Â Â Â Â Â Â Â Â -0.10%
KC HRW Wheat May 2015Â Â Â Â Â Â Â Â 731.25Â Â Â Â Â Â Â Â -1.5Â Â Â Â Â Â Â Â -0.20%
Light crude oil nearby futures in New York rose 46 cents at $106.43 US per barrel.
The Canadian dollar at noon was 92.35 cents US, up from 92 cents the previous trading day. The U.S. dollar at noon was $1.0828 Cdn.
The TSX composite edged higher to a new record high, with support from Blackberry, which posted a quarterly profit, and stronger gold mining company shares.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 2.97 points, or 0.02 percent, at 15,112.22.
The Dow Jones industrial average .DJI rose 14.84 points or 0.09 percent, to end at 16,921.46.
The S&P 500 gained 2.50 points or 0.13 percent, to close at a record high 1,959.48.
The Nasdaq Composite fell 3.51 points or 0.08 percent, to 4,359.33.
