Canola futures climbed Tuesday for a second day, supported by rising soybeans and positioning ahead of Wednesday morning’s Statistics Canada March 31 stocks report.
May closed at $472.30, up $1.50 or 0.32 percent.
July closed at $458.80, up $1.50 or 0.33 percent.
New crop November closed at $450.40, also up $1.50 or 0.33 percent.
Gains were limited by the rising loonie, which is climbing along with crude oil values.
On Monday, most-traded July canola rose 2.3 percent.
Reuters reported that funds were seen as light buyers of July canola, with the contract trading over its 100-day moving average. Funds are estimated with a net short position of 5,000 contracts.
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Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
Canadian canola stocks at March 31, 2015 are seen down 14 percent from last year at the same time but second-highest level on record, according to Reuters trade survey.
Some traders are concerned that the pace of exports is not high enough to match Agriculture Canada’s forecast, raising the potential for higher than expected year-end stocks. Read the story here: Canadian wheat carryout might grow
Soybeans rose Tuesday, supported by gains in the soyoil market for the second day in a row amid talk of strong overseas demand. Firm cash markets also boosted soybeans, Reuters reported.
Wheat fell again on improving U.S. crop conditions.
The United States Department of Agriculture reported late Monday that the U.S. winter wheat condition was 43 percent good to excellent, up one percent from last week.
Last year 31 percent was good-excellent.
Corn edged higher on bargain buying, but gains were limited by the USDA crop progress report that showed seeding is ahead of the normal pace.
The USDA said 55 percent of the crop was in the ground, up from just 28 percent at this time last year and the five-year average of 38 percent.
Also, gains were held in check by concerns that spreading avian influenza in the U.S. will hurt demand for feedstuffs.
For soybeans, 13 percent have been seeded compared to five percent last year and the five-year average of nine percent.
For spring wheat, 75 percent of the crop is seeded, up from 25 percent last year and the five-year average of 40 percent.
Oilseed prices are supported by rising crude oil values.
Crude prices today hit the highest level this year, supported by unrest in Libya that is interfering with its crude exports. Also Saudi Arabia raised the price it charges for oil sold to the U.S. and Western Europe.
Light crude oil nearby futures in New York were up $1.47 to US$60.40 per barrel.
The Canadian dollar at noon was US83.06 cents, up from 82.57 cents the previous trading day. The U.S. dollar at noon was C$1.2040.
Stock markets were sharply lower on weaker than expected trade deficit reports in Canada and the U.S. Canada’s balance of trade was hurt by falling energy export revenue and rising consumer imports.
In the U.S., the Commerce Department said the trade deficit jumped 43.1 percent to $51.4 billion in March, the largest since October 2008.
In unofficial tallies —
The TSX composite fell 204.06 points or 1.33 percent to close at 15,163.41.
The Dow Jones industrial average fell 142.2 points, or 0.79 percent, to 17,928.2.
The S&P 500 lost 25.01 points, or 1.18 percent, to 2,089.48 and the Nasdaq Composite dropped 77.60 points, or 1.55 percent, to 4,939.33.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2015 472.30 +1.50 +0.32%
Canola Jul 2015 458.80 +1.50 +0.33%
Canola Nov 2015 450.40 +1.50 +0.33%
Canola Jan 2016 451.20 +1.00 +0.22%
Canola Mar 2016 451.00 +0.90 +0.20%
Milling Wheat May 2015 193.00 -2.00 -1.03%
Milling Wheat Jul 2015 196.00 -2.00 -1.01%
Milling Wheat Oct 2015 202.00 -2.00 -0.98%
Durum Wheat May 2015 313.00 unch 0.00%
Durum Wheat Jul 2015 303.00 unch 0.00%
Durum Wheat Oct 2015 308.00 unch 0.00%
Barley May 2015 200.00 unch 0.00%
Barley Jul 2015 202.00 unch 0.00%
Barley Oct 2015 187.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2015 993.5 +10.5 +1.07%
Soybeans Jul 2015 984.75 +8.5 +0.87%
Soybeans Aug 2015 977 +7.5 +0.77%
Soybeans Sep 2015 962.25 +6 +0.63%
Soybeans Nov 2015 954.5 +5.5 +0.58%
Soybeans Jan 2016 960.75 +5.5 +0.58%
Soybean Meal May 2015 318.1 +2.3 +0.73%
Soybean Meal Jul 2015 315.2 +2.2 +0.70%
Soybean Meal Aug 2015 312.6 +1.7 +0.55%
Soybean Oil May 2015 32.88 +0.41 +1.26%
Soybean Oil Jul 2015 33.05 +0.42 +1.29%
Soybean Oil Aug 2015 33.06 +0.41 +1.26%
Corn May 2015 361.25 +2.5 +0.70%
Corn Jul 2015 362.75 +1.5 +0.42%
Corn Sep 2015 369 +1.25 +0.34%
Corn Dec 2015 379 +1.25 +0.33%
Corn Mar 2016 390 +1 +0.26%
Oats May 2015 227.25 -2 -0.87%
Oats Jul 2015 230 -2 -0.86%
Oats Sep 2015 236.25 -2.75 -1.15%
Oats Dec 2015 244.5 -2.5 -1.01%
Oats Mar 2016 254 -2.25 -0.88%
Wheat May 2015 464 -5.25 -1.12%
Wheat Jul 2015 466.5 -6.25 -1.32%
Wheat Sep 2015 474.75 -6.5 -1.35%
Wheat Dec 2015 491.25 -7 -1.40%
Wheat Mar 2016 508.25 -7 -1.36%
Minneapolis
Spring Wheat May 2015 513.25 -2.75 -0.53%
Spring Wheat Jul 2015 524.75 -5.5 -1.04%
Spring Wheat Sep 2015 536 -5 -0.92%
Spring Wheat Dec 2015 549.75 -5 -0.90%
Spring Wheat Mar 2016 565.75 -4.5 -0.79%
Kansas City
Hard Red Wheat May 2015 486.25 -7.5 -1.52%
Hard Red Wheat Jul 2015 490.25 -8 -1.61%
Hard Red Wheat Sep 2015 500 -8 -1.57%
Hard Red Wheat Dec 2015 519.5 -8 -1.52%
Hard Red Wheat Mar 2016 533 -8 -1.48%
