Canola futures rose Monday with support from rising soybeans.
Gains were limited by generally good growing weather in Western Canada and weakness in European rapeseed prices as well as lower soybean oil values. Large parts of Western Canada got rain over the weekend, although hail storms damaged some crops.
Soybeans were led higher by meal prices, which jumped the daily limit on tight old crop stocks. Soybeans also got support from slow farmer selling.
Large parts of the Midwest got rain on the weekend. Showers and cooler weather are expected this week, ideal for pollination and that pushed corn lower. Wheat was under pressure from the advancing U.S. harvest.
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Feed Grains Weekly: Price likely to keep stepping back
As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
However, parts of Iowa did bake in dry heat last week. That helped to cause the overall good-to-excellent condition of the U.S. corn crop to fall three percentage points to 63 percent in the weekly USDA crop progress report issued today.
Soybean good-to-excellent ratings fell one percentage point to 64 percent.
Traders had expected a one to two percentage point decline in corn and soybeans.
Seventy five percent of the U.S. winter wheat crop is harvested, up from 67 percent the week before and in line with five-year average of 76 percent.
Favourable growing conditions in Europe are lifting production forecasts there.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2013 519.70 +3.20 +0.62%
Canola Jan 2014 524.90 +2.50 +0.48%
Canola Mar 2014 529.00 +1.50 +0.28%
Canola May 2014 531.20 +2.70 +0.51%
Canola Jul 2014 531.70 +2.80 +0.53%
Milling Wheat Oct 2013 264.00 -1.00 -0.38%
Milling Wheat Dec 2013 268.00 -1.00 -0.37%
Milling Wheat Mar 2014 275.00 -1.00 -0.36%
Durum Wheat Oct 2013 302.00 unch 0.00%
Durum Wheat Dec 2013 307.00 unch 0.00%
Durum Wheat Mar 2014 312.00 unch 0.00%
Barley Oct 2013 194.00 unch 0.00%
Barley Dec 2013 199.00 unch 0.00%
Barley Mar 2014 199.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Aug 2013 1520.25 +29.5 +1.98%
Soybeans Sep 2013 1348.75 +22.75 +1.72%
Soybeans Nov 2013 1288.5 +14.5 +1.14%
Soybeans Jan 2014 1292.5 +13.25 +1.04%
Soybeans Mar 2014 1289.25 +11.5 +0.90%
Soybeans May 2014 1280.25 +8.25 +0.65%
Soybean Meal Aug 2013 502.4 +20 +4.15%
Soybean Meal Sep 2013 440.4 +16.7 +3.94%
Soybean Meal Oct 2013 395.5 +8.2 +2.12%
Soybean Oil Aug 2013 45.41 -0.09 -0.20%
Soybean Oil Sep 2013 45.4 -0.07 -0.15%
Soybean Oil Oct 2013 45.3 -0.04 -0.09%
Corn Sep 2013 540.75 -3.25 -0.60%
Corn Dec 2013 498 -2.75 -0.55%
Corn Mar 2014 510.25 -2.5 -0.49%
Corn May 2014 518.25 -2.25 -0.43%
Corn Jul 2014 524 -2.5 -0.47%
Oats Sep 2013 357 +2 +0.56%
Oats Dec 2013 342.25 +1.25 +0.37%
Oats Mar 2014 347.75 +1.25 +0.36%
Oats May 2014 348.25 unch 0.00%
Oats Jul 2014 357.75 unch 0.00%
Wheat Sep 2013 659.75 -4.75 -0.71%
Wheat Dec 2013 671.25 -4 -0.59%
Wheat Mar 2014 682.5 -3 -0.44%
Wheat May 2014 688.75 -3.75 -0.54%
Wheat Jul 2014 687.25 -3.25 -0.47%
Minneapolis
Spring Wheat Sep 2013 746.75 -3.75 -0.50%
Spring Wheat Dec 2013 757.75 -3.75 -0.49%
Spring Wheat Mar 2014 770.5 -3.75 -0.48%
Spring Wheat May 2014 778.25 -3.75 -0.48%
Spring Wheat Jul 2014 784 -2.75 -0.35%
Kansas City
KCBT Red Wheat Sep 2013 702 -3.25 -0.46%
KCBT Red Wheat Dec 2013 714.75 -2.75 -0.38%
KCBT Red Wheat Mar 2014 725 -2 -0.28%
KCBT Red Wheat May 2014 730 -2 -0.27%
KCBT Red Wheat Jul 2014 726.25 -2 -0.27%
Light crude oil nearby futures in New York dropped $1.14 at $106.91 US per barrel.
The Canadian dollar at noon was 96.74 cents US, up from 96.50 cents the previous trading day. The U.S. dollar at noon was $1.0337 Cdn.
Gold bullion jumped three percent on declining worries about U.S. Federal Reserve policy. The stronger gold price lifted gold mining stocks on the TSX.
The Toronto Stock Exchange’s S&P/TSX composite index rose 73.25 points, or 0.58 percent, at 12,758.38, after touching 12,761.44, its highest point since May 30
The Dow Jones Industrial Average was up 1.81 points, or 0.01 percent, at 15,545.55.
The Standard & Poor’s 500 Index rose 3.44 points, or 0.20 percent, at 1,695.53,
The Nasdaq Composite Index added 12.77 points, or 0.36 percent, at 3,600.39.
