Canola nudged a little higher n Wednesday, performing better than American crop futures, which generally fell.
It was the third consecutive increase for canola. Investors are rebalancing their positions in canola, which had become a little underpriced relative to soybeans.
Today’s Statistics Canada report pegged canola area at just over 20 million acres, which was similar to last year and in line with the trade’s expectation.
For video on the StatsCan report and other crop market highlights click here
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Alberta Crop Report: Rains in the south, dryness in the north
Rain fell onto the southern half of Alberta last week, while hot and dry conditions persisted in the northern half, according to the province’s crop report released on July 18.
The weather remains generally good for Prairie crop development although some areas of southern Alberta have had below normal rain in the past 30 days and some parts of southeastern Saskatchewan and Manitoba are too wet.
Chicago old crop corn and wheat contracts fell more than three percent today. The trade was rebalancing ahead of the USDA seeded area report on Thursday.
Also, forecasts for weekend rain in the drier parts of the Midwest weighed on corn.
Wheat is under pressure from the advance of the U.S. winter wheat harvest.
Soybeans dipped on profit taking.
The USDA’s plantings report is expected to show soybean seedings of 83.834 million acres, up from the March forecast of 82.236 million.
The trade expects 92.896 million acres of corn, down from the March forecast of 93.601 million, according to a Reuters poll.
Light crude oil nearby futures in New York were up $2.03 to US$49.88 per barrel. A weekly U.S. government report showed a larger than expected draw down in crude stocks. The potential for an oil workers strike in Norway and a crisis in Venezuela’s energy sector also added support to crude futures.
The Canadian dollar at noon was US76.98 cents, up from 76.39 cents the previous trading day. The U.S. dollar at noon was C$1.2991.
The strong oil price helped lift the Toronto Stock Exchange’s S&P/TSX composite index. It closed up 194.05 points, or 1.4 percent, at 14,036.74.
The Dow Jones industrial average rose 284.96 points, or 1.64 percent, to 17,694.68, the S&P 500 gained 34.68 points, or 1.7 percent, to 2,070.77 and the Nasdaq Composite added 87.38 points, or 1.86 percent, to 4,779.25.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2016 478.50 +5.20 +1.10%
Canola Nov 2016 488.40 +2.80 +0.58%
Canola Jan 2017 494.00 +2.20 +0.45%
Canola Mar 2017 499.50 +1.90 +0.38%
Canola May 2017 503.70 +1.30 +0.26%
Milling Wheat Oct 2016 219.00 unch 0.00%
Milling Wheat Dec 2016 224.00 unch 0.00%
Durum Wheat Oct 2016 291.00 unch 0.00%
Durum Wheat Dec 2016 293.00 unch 0.00%
Barley Oct 2016 171.50 unch 0.00%
Barley Dec 2016 171.50 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 2016 1144.50 -6.00 -0.52%
Soybeans Aug 2016 1140.50 -5.75 -0.50%
Soybeans Sep 2016 1123.00 -7.25 -0.64%
Soybeans Nov 2016 1112.50 -7.75 -0.69%
Soybeans Jan 2017 1108.50 -8.25 -0.74%
Soybeans Mar 2017 1073.50 -7.25 -0.67%
Soybean Meal Jul 2016 397.10 +4.70 +1.20%
Soybean Meal Aug 2016 396.40 +2.90 +0.74%
Soybean Meal Sep 2016 393.70 +1.60 +0.41%
Soybean Oil Jul 2016 30.82 -0.29 -0.93%
Soybean Oil Aug 2016 30.98 -0.27 -0.86%
Soybean Oil Sep 2016 31.11 -0.28 -0.89%
Corn Jul 2016 372.75 -12.50 -3.24%
Corn Sep 2016 377.75 -11.00 -2.83%
Corn Dec 2016 383.00 -11.25 -2.85%
Corn Mar 2017 390.25 -10.50 -2.62%
Corn May 2017 394.25 -10.25 -2.53%
Oats Jul 2016 203.75 -2.25 -1.09%
Oats Sep 2016 201.75 +2.75 +1.38%
Oats Dec 2016 201.25 -1.25 -0.62%
Oats Mar 2017 213.25 -1.75 -0.81%
Oats May 2017 217.75 -1.75 -0.80%
Wheat Jul 2016 429.50 -14.25 -3.21%
Wheat Sep 2016 444.50 -12.75 -2.79%
Wheat Dec 2016 465.25 -11.75 -2.46%
Wheat Mar 2017 484.25 -10.50 -2.12%
Wheat May 2017 494.75 -9.25 -1.84%
Minneapolis
Spring Wheat Jul 2016 492.75 -8.50 -1.70%
Spring Wheat Sep 2016 506.00 -7.25 -1.41%
Spring Wheat Dec 2016 522.50 -6.25 -1.18%
Spring Wheat Mar 2017 537.00 -5.75 -1.06%
Spring Wheat May 2017 546.00 -5.25 -0.95%
Kansas City
Hard Red Wheat Jul 2016 400.00 -8.75 -2.14%
Hard Red Wheat Sep 2016 419.75 -8.50 -1.98%
Hard Red Wheat Dec 2016 445.50 -8.50 -1.87%
Hard Red Wheat Mar 2017 462.00 -8.50 -1.81%
Hard Red Wheat May 2017 473.00 -8.00 -1.66%
Chicago livestock futures in US¢/pound
Live Cattle (P) Jun 2016 118.90 +1.83 +1.56%
Live Cattle (P) Aug 2016 114.13 +1.41 +1.25%
Live Cattle (P) Oct 2016 113.95 +0.90 +0.80%
Feeder Cattle (P) Aug 2016 143.05 +2.38 +1.69%
Feeder Cattle (P) Sep 2016 142.05 +2.33 +1.67%
Feeder Cattle (P) Oct 2016 140.45 +2.20 +1.59%
Lean Hogs (P) Jul 2016 83.10 -0.05 -0.06%
Lean Hogs (P) Aug 2016 83.32 -0.66 -0.79%
Lean Hogs (P) Oct 2016 71.65 -0.38 -0.53%
