Continued strength in the oilseed complex helped canola futures to post another modest gain on Tuesday.
It was an up day generally in crop markets with soybeans and corn supported by ideas that the United States Department of Agriculture will trim the 2015 crop forecast in its monthly supply and demand report on Friday.
Canola was also supported by steady demand from exporters and domestic crushers. Also, rising crude oil prices are supporting vegetable oil markets, including canola.
Rain over the weekend in a large part of the Prairies has delayed the home stretch of the harvest .
Soybeans edged a little higher but gains were kept in check by the ongoing U.S. harvest and reports of good yields.
Corn gained about one percent on ideas that the USDA on Friday may reduce estimates of corn yield and for the number of acres of corn harvested.
Farmers had harvested 27 percent of the U.S. corn crop as of Sunday and 42 percent of soybeans.
Chicago and Kansas wheat jumped more than two percent and December Minneapolis spring wheat was up 1.5 percent.
The U.S. dollar weakened against several currencies offering hope to improved exports even though U.S. wheat faces stiff competition from ample current supplies of European and Black Sea grain.
Wheat is also supported by threats to future harvests.
There are worries about dry weather hurting winter wheat seeding and emergence in the Black Sea region. That crop would be harvested in 2016
Dry hot weather in eastern Australia in recent days is trimming the outlook for its wheat crop. Harvest starts there in about a month.
The El Nino could bring drier and warmer than normal weather to eastern growing areas in Australia in October to December while growing areas in Western Australia could have wetter than normal conditions according to a forecast from Australia’s national weather service.
Crude oil futures rose again. An oil company officials at a meeting in London said U.S. shale oil production is about to fall steeply because of low prices and lack of bank financing.
Light crude oil nearby futures in New York were up $2.27 to US$48.53 per barrel.
The Canadian dollar at noon was US76.59 cents, up from 76.42 cents the previous trading day. The U.S. dollar at noon was C$1.3056.
The stronger oil price helped lift energy company shares driving the Toronto Stock Exchange’s S&P/TSX composite index up 95.06 points, or 0.70 percent, at 13,647.26.
U.S. stock markets closed lower, ending a five session rally.
Based on the latest available data, the Dow Jones industrial average rose 13.69 points, or 0.08 percent, to 16,790.12, the S&P 500 lost 7.12 points, or 0.36 percent, to 1,979.93 and the Nasdaq Composite dropped 32.90 points, or 0.69 percent, to 4,748.36.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 477.10 +3.90 +0.82%
Canola Jan 2016 481.90 +4.20 +0.88%
Canola Mar 2016 484.10 +4.30 +0.90%
Canola May 2016 484.00 +4.20 +0.88%
Canola Jul 2016 482.60 +3.90 +0.81%
Milling Wheat Oct 2015 243.00 +3.00 +1.25%
Milling Wheat Dec 2015 247.00 +3.00 +1.23%
Milling Wheat Mar 2016 252.00 +3.00 +1.20%
Durum Wheat Oct 2015 345.00 unch 0.00%
Durum Wheat Dec 2015 345.00 unch 0.00%
Durum Wheat Mar 2016 350.00 unch 0.00%
Barley Oct 2015 190.00 unch 0.00%
Barley Dec 2015 185.00 unch 0.00%
Barley Mar 2016 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 Nov 2015 888 +3.75 +0.42%
Soybeans Jan 2016 892 +3.75 +0.42%
Soybeans May 2016 899.25 +3.75 +0.42%
Soybeans Jul 2016 904.5 +3.75 +0.42%
Soybeans Aug 2016 904.25 +4.25 +0.47%
Soybean Meal Oct 2015 301.8 +0.8 +0.27%
Soybean Meal Dec 2015 303.6 -0.2 -0.07%
Soybean Meal Jan 2016 302.5 -0.1 -0.03%
Soybean Oil Oct 2015 28.51 +0.03 +0.11%
Soybean Oil Dec 2015 28.71 +0.05 +0.17%
Soybean Oil Jan 2016 28.98 +0.07 +0.24%
Corn Dec 2015 398.25 +4.75 +1.21%
Corn Mar 2016 408.5 +4.75 +1.18%
Corn May 2016 414.75 +4.75 +1.16%
Corn Jul 2016 419.5 +5 +1.21%
Corn Sep 2016 412.5 +5 +1.23%
Oats Dec 2015 219 +3 +1.39%
Oats Mar 2016 223.5 +2.75 +1.25%
Oats May 2016 227.75 +2.75 +1.22%
Oats Jul 2016 232.25 +3 +1.31%
Oats Sep 2016 234.5 +3 +1.30%
Wheat Dec 2015 526.25 +10.75 +2.09%
Wheat Mar 2016 533 +11.5 +2.21%
Wheat May 2016 537.75 +11.75 +2.23%
Wheat Jul 2016 540.5 +12 +2.27%
Wheat Sep 2016 548.5 +12 +2.24%
Minneapolis
Spring Wheat Dec 2015 540.75 +8 +1.50%
Spring Wheat Mar 2016 553.25 +7.75 +1.42%
Spring Wheat May 2016 562.25 +9.5 +1.72%
Spring Wheat Jul 2016 571.25 +9.5 +1.69%
Spring Wheat Sep 2016 581.75 +7.5 +1.31%
Kansas City
Hard Red Wheat Dec 2015 515.75 +13.75 +2.74%
Hard Red Wheat Mar 2016 529.75 +13.25 +2.57%
Hard Red Wheat May 2016 539.75 +13 +2.47%
Hard Red Wheat Jul 2016 550 +13 +2.42%
Hard Red Wheat Sep 2016 563.5 +12.75 +2.32%
